GREENBACKER RENEWABLE ENERGY COMPANY

Greenbacker Renewable Energy Company
Annual Shareholder Letter 2023

GREC 2023 Tax Information
K-1 tax forms are now available

Investors may access their tax forms by logging into our investor portal using the Investor Login link on this page, and financial representatives/advisors may access their customer tax forms on DST Vision using the Advisor Login link on this page.

GREC Share Repurchase Update - View notification

At the beginning of May 2024, our existing investor portal will be retired as we introduce a new, modernized portal to improve your online experience and upgrade user security. Existing login credentials will remain the same, but you will be asked to supply your Greenbacker account number upon initial login. You will find your account number on any previous quarterly statement. Please retain your account number for a smooth transition. 

PERFORMANCE OVERVIEW

6.63%

ITD Returns1

6.982%

Current Annual Distribution Yield2

$8.274

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-I0.59%2.09%0.50%3.41%5.49%

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2016----0.46%0.56%0.57%0.58%0.56%0.58%1.49%0.58%-
20170.58%-0.41%0.58%0.56%0.69%0.56%0.57%1.04%0.56%0.57%0.55%0.57%6.60%
20180.57%1.44%0.57%0.55%0.57%0.55%0.57%1.37%0.54%0.56%0.66%0.56%8.84%
20190.56%-0.97%0.57%0.55%0.45%0.55%0.57%0.45%0.55%0.57%2.29%0.56%6.89%
20200.56%0.52%0.33%0.54%1.02%0.54%0.56%1.13%0.54%0.56%2.79%0.54%10.07%
20210.54%-0.17%1.21%0.52%-0.52%0.53%0.55%0.45%0.53%0.55%-0.71%0.56%4.10%
20220.56%0.45%0.56%0.54%0.56%0.54%0.56%2.72%0.53%0.55%-1.54%0.56%6.71%
20230.56%0.61%0.56%0.54%0.83%0.54%0.56%-0.27%0.54%-5.31%0.58%0.59%0.15%
20240.59%0.88%0.59%---------2.09%

5.56%

ITD Returns1

6.859%

Current Annual Distribution Yield2

$8.105

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-A0.58%2.10%0.43%3.72%5.53%

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2016----0.46%0.56%0.57%0.58%0.56%0.58%0.56%0.58%-
20170.58%0.52%0.46%----------
2018-------0.56%0.56%0.58%-1.37%0.60%-
20190.60%-1.43%0.61%0.59%0.25%0.59%0.61%0.25%0.59%0.61%2.02%0.60%5.64%
20200.60%0.56%0.25%0.59%0.80%0.54%0.56%0.79%0.54%0.56%2.77%0.54%9.48%
20210.54%0.61%1.12%0.87%-0.35%0.53%0.54%1.15%0.52%0.54%-0.68%0.55%6.09%
20220.55%0.37%0.55%0.53%0.55%0.53%0.55%2.86%0.53%0.54%-1.81%0.55%6.40%
20230.55%0.66%0.55%0.53%0.84%0.53%0.55%-0.25%0.53%-5.36%0.57%0.58%0.10%
20240.58%0.92%0.58%---------2.10%

2.58%

ITD Returns1

6.972%

Current Annual Distribution Yield2

$8.286

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-D0.59%2.06%0.43%3.52%N/A

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2021-0.05%0.55%0.58%0.14%0.53%0.55%0.48%0.53%0.55%-0.62%0.55%3.94%
20220.55%0.31%0.55%0.54%0.55%0.54%0.55%2.39%0.53%0.56%-1.54%0.56%6.20%
20230.56%0.63%0.56%0.54%0.82%0.54%0.56%-0.29%0.54%-5.31%0.58%0.59%0.13%
20240.59%0.86%0.59%2.06%

4.38%

ITD Returns1

6.919%

Current Annual Distribution Yield2

$8.350

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-T0.52%2.29%-0.10%2.93%N/A

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2021-0.26%0.47%0.51%0.14%0.46%0.47%0.88%0.46%0.47%-0.85%0.48%3.82%
20220.48%0.25%0.48%0.46%0.48%0.46%0.48%2.53%0.46%0.48%-1.71%0.48%5.41%
20230.48%0.45%0.48%0.47%0.68%0.46%0.48%-0.39%0.47%-5.40%0.50%0.52%-0.96%
20240.52%1.25%0.52%---------2.29%

4.54%

ITD Returns1

6.926%

Current Annual Distribution Yield2

$8.341

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-S0.52%2.16%-0.29%3.14%N/A

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2021-0.47%0.52%0.55%0.39%0.50%0.52%0.27%0.50%0.52%-0.84%0.52%3.98%
20220.52%0.54%0.52%0.51%0.52%0.51%0.52%2.69%0.46%0.47%-1.71%0.48%6.13%
20230.48%0.65%0.48%0.47%0.65%0.46%0.48%-0.41%0.47%-5.41%0.50%0.52%-0.82%
20240.52%1.11%0.52%---------2.16%

Past performance is not indicative of future results. Return information is unaudited and subject to change. All returns shown assume reinvestment of distributions and are net of all expenses.

1 As of March 31, 2024. Inception to date (“ITD”) returns are annualized consistent with the IPA Practice Guideline 2018.

2 As of April 1, 2024. There is no assurance GREC will pay distributions in any particular amount, if at all. Any distributions will be at the discretion of the board of directors. GREC may fund distributions entirely from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, or offering proceeds. In no event, however, shall funds be advanced or borrowed for the purpose of distributions if the amount of such distributions would exceed the accrued and received revenues for the previous four quarters, less paid and accrued operating costs with respect to such revenues, and costs shall be made in accordance with generally accepted accounting principles, consistently applied. For the quarter ending December 31, 2023, 100% of distributions were funded from a return of principal, cash on hand and other financing sources. By funding distributions with a return of principal to investors, GREC will have less money to invest, which may lower its overall return. For a historical breakdown of the distribution funding sources, please see GREC’s SEC filings.

3 Monthly share value as of April 1, 2024. Monthly Share Value (MSV) based calculations involve significant professional judgment. The calculated value of our assets and liabilities may differ from our actual realizable value or future value, which would affect the MSV as well as any returns derived from MSV, and ultimately the value of your investment. See the Private Placement Memorandum (“PPM”) for additional details related to the calculation of MSV.

4 Returns shown reflect the percentage change in the MSV per share from the beginning of the applicable period, plus the amount of any distribution per share declared in the period. All returns are unaudited, assume the reinvestment of distributions, and are net of all expenses including G&A expenses, management fees, performance participation fees, and share class specific fees, as applicable.

PORTFOLIO STATISTICS

AS OF 12/31/23

3.3 GW

RATED SYSTEM CAPACITY¹

435

NUMBER OF ASSETS¹

35

STATES, PROVINCES, TERRITORIES, AND DISTRICTS

18 YEARS

WEIGHTED AVERAGE REMAINING TERM LENGTH²

263

OFFTAKERS WITH POWER PURCHASE AGREEMENTS (PPA)

93.3%

INVESTMENT-GRADE OFFTAKERS

Operational Growth Highlights

(Year Over Year)

AS OF 12/31/23

icon-growth

Fleet operating capacity increased by over 20%

icon-projects

Fleet generated 2,509,500 MWh of clean power, representing a year-over-year increase of 7%

Total Pre-Operating Capacity

(% Capacity)

Total Pre-Operating Capacity
    Solar, 72.8%
    Solar + Storage, 23.8%
    Wind, 3.1%
    Battery Storage, 0.6%

Total Operating Capacity

(% Capacity)

Total Operating Capacity
    Solar, 70.7%
    Wind, 25.4%
    Solar + Storage, 2.6%
    Biomass, 0.8%
    Battery Storage, 0.5%

High-Credit-Quality Offtakers

(% Capacity)

High-Credit-Quality Offtakers
    Investment-Grade Utility, 78.5%
   Investment-Grade Corporation, 10.6%
    Non-Rated36.7%
    Investment-Grade Municipality, 4.2%

Portfolio metrics are unaudited and subject to change.

1Prior to 3Q20 the Company did not formally track total asset and capacity statistics for projects the Company had contracted to acquire but had not yet closed.

2Weighted average remaining contract term refers to the power purchase agreements (“PPA”) of our total assets.

3Non-rated off-takers are unrated by credit rating agencies.

ASSET MAP

TEAM

ELLE BRUNSDALE

VP, INVESTMENTS

DAN DE BOER

HEAD OF INFRASTRUCTURE, MANAGING DIRECTOR

ARMAND DEHANEY

PRINCIPAL, INVESTMENTS

MIKE DUDUM

VP, INVESTMENTS

JACQUELINE FEDIDA

VP, INVESTMENTS

NEERAV JASHNANI

VP, INVESTMENTS

DONAL MAHONEY

VP, INVESTMENTS

Spencer Mash

SPENCER MASH

EXECUTIVE VICE PRESIDENT

BAILEY PLUMMER

PRINCIPAL, INVESTMENTS

CHRIS SMITH

CHIEF FINANCIAL OFFICER

BEN TILLAR

PRINCIPAL, INVESTMENTS

CARL WEATHERLEY-WHITE

HEAD OF CAPITAL MARKETS

CHARLES WHEELER

CEO | EXECUTIVE COMMITTEE

DELLA XU

AVP, INVESTMENTS

MANDY YANG

AVP, INVESTMENTS

GREC Portfolio Activity

Pollinator-Friendly Solar Projects Move Forward with New Initiative Led by Encore Renewable Energy and Greenbacker Capital

By GCM | December 7, 2020

Encore Renewable Energy and Greenbacker Capital announced a new agreement…

Greenbacker Renewable Energy Company LLC Acquires Solar Project Totaling 80 MW

By GCM | November 16, 2020

Greenbacker Renewable Energy Company LLC (“GREC”) announced today that, through…

Ameresco, Greenbacker Construct Solar Carports at Boston Apartments

By GCM | November 16, 2020

Boston Properties, a publicly-traded developer, owner and manager of Class…

Investor Center

For account-related inquiries, contact our Transfer Agent at (833) 404-4104

For completed Greenbacker paperwork:

Regular Mail
PO Box 219255
Kansas City, MO 64121-9255

Overnight Mail
430 W 7th St Ste 219255
Kansas City, MO 64105-1407