GREENBACKER RENEWABLE ENERGY COMPANY

GREC 2025 Annual Meeting of Shareholders

The GREC 2025 Annual Meeting of shareholders is scheduled for May 30, 2025 at 1:00PM Eastern. You may vote your shares online, review the proxy material and/or register to attend the Meeting by visiting https://web.viewproxy.com/grec/2025. You will need your personal control number found on your email or mailed materials to vote.  If you prefer to call-in your vote instead of voting online, you may speak to a live Proxy Specialist toll free at 1-844-202-5844 between the hours of 9:00am -10:00pm EST, Monday through Friday.

GREC Share Repurchase Suspension

GREC Distribution Suspension

BY THE NUMBERS

Monthly Share Value (1)

YearJanFebMarAprMayJunJulAugSepOctNovDec
2016----$8.810$8.810$8.810$8.950$8.950$8.95$8.830$8.830
2017$8.830$8.760$8.760$8.760$8.690$8.690$8.690$8.730$8.730$8.730$8.750$8.750
2018$8.750$8.810$8.810$8.810$8.840$8.840$8.840$8.900$8.90$8.900$8.890$8.890
2019$8.890$8.760$8.760$8.760$8.760$8.760$8.76$8.770$8.770$8.770$8.930$8.930
2020$8.930$8.930$8.900$8.900$8.950$8.950$8.950$9.020$9.020$9.020$9.020$9.020
2021$9.020$8.960$9.020$9.0190$8.923$8.923$8.923$8.914$8.914$8.914$8.803$8.803
2022$8.803$8.798$8.798$8.798$8.798$8.798$8.798$8.987$8.987$8.987$8.801$8.801
2023$8.801$8.810$8.810$8.810$8.834$8.834$8.834$8.761$8.761$8.761$8.247$8.247
2024$8.274$8.274$8.274$8.274$8.207$8.207$8.207$7.972$7.972$7.972$7.907$7.907
2025$7.907$7.907$7.907$5.129$5.142-------

Monthly Share Value (1)

YearJanFebMarAprMayJunJulAugSepOctNovDec
2021$8.670$8.680$8.731$8.760$8.682$8.682$8.682$8.735$8.735$8.735$8.630$8.630
2022$8.630$8.619$8.619$8.619$8.619$8.619$8.619$8.817$8.817$8.817$8.612$8.612
2023$8.612$8.626$8.626$8.626$8.651$8.651$8.651$8.582$8.582$8.582$8.075$8.075
2024$8.075$8.105$8.105$8.105$8.042$8.042$8.042$7.807$7.807$7.807$7.761$7.761
2025$7.761$7.761$7.761$4.981$4.992-------

Monthly Share Value (1)

YearJanFebMarAprMayJunJulAugSepOctNovDec
2021-$9.005$9.005$9.005$8.968$8.968$8.968$8.962$8.962$8.962$8.859$8.859
2022$8.859$8.842$8.842$8.842$8.842$8.842$8.842$9.003$9.003$9.003$8.817$8.817
2023$8.817$8.828$8.828$8.828$8.851$8.851$8.851$8.776$8.776$8.776$8.261$8.261
2024$8.261$8.268$8.268$8.268$8.216$8.216$8.216$7.979$7.979$7.979$7.933$7.933
2025$7.933$7.933$7.933$5.152$5.163-------

Monthly Share Value (1)

YearJanFebMarAprMayJunJulAugSepOctNovDec
2021-$9.005$9.005$9.005$8.975$8.975$8.975$9.012$9.012$9.012$8.894$8.894
2022$8.894$8.878$8.878$8.878$8.878$8.878$8.878$9.059$9.059$9.059$8.863$8.863
2023$8.894$8.864$8.864$8.864$8.882$8.882$8.882$8.805$8.805$8.805$8.287$8.287
2024$8.287$8.350$8.350$8.276$8.276$8.276$8.276$8.034$8.034$8.034$7.966$7.966
2025$7.966$7.966$7.966$5.181$5.177-------

Monthly Share Value (1)

YearJanFebMarAprMayJunJulAugSepOctNovDec
2021-$9.005$9.005$9.005$8.994$8.994$8.994$8.972$8.972$8.972$8.852$8.852
2022$8.852$8.858$8.858$8.858$8.858$8.858$8.858$9.049$9.049$9.049$8.853$8.853
2023$8.853$8.872$8.872$8.872$8.887$8.887$8.887$8.808$8.808$8.808$8.289$8.289
2024$8.289$8.341$8.341$8.341$8.262$8.262$8.262$8.015$8.015$8.015$7.947$7.947
2025$7.947$7.947$7.947$5.114$5.104-------

Calendar Year Returns (2)

Class P-I (3) 5.52% 6.60% 8.84% 6.89% 10.07% 4.10% 6.71% 0.15% -1.88% -35.13%
Class P-A (4,5) 4.55% 1.58% 0.92% 5.64% 9.48% 6.09% 6.40% 0.10% -1.68% -35.82%
Class P-D (6) - - - - - 3.94% 6.20% 0.13% -1.73% -35.06%
Class P-T (6) - - - - - 3.82% 5.41% -0.96% -1.92% -34.96%
Class P-S (6) - - - - - 3.98% 6.13% -0.82% -2.18% -35.65%

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. 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. On February 4, 2025, GREC filed an 8-K with the SEC regarding an update to the Company's net asset value update process, upon which MSV is based. For more information, please view the 8-K filing.
  2. 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.
  3. Fund launched in May 2016, no returns prior to launch.
  4. Fund launched in May 2016, no returns prior to launch.
  5. Class P-A shares were converted into Class P-I shares during the quarter ended June 30, 2017 and were not offered for sale for the period through April 15, 2018. Effective April 16, 2018, Class P-A shares were again offered.
  6. Fund launched in February 2021, no returns prior to launch.
  7. 2025 YTD figures are representative of the period of January 1, 2025 through April 30, 2025.

Operational Growth Highlights

(Year Over Year)

AS OF 12/31/24

icon-growth

Operating fleet grew by 8% as we turned on 22 new solar assets.

icon-projects

Greenbacker's solar assets generated over 1.5 million MWh of clean power, while its wind assets produced over 1.2 million MWh, representing year-over-year increases of 20% and 26%, respectively.

Converting pre-operating projects into assets generating revenue

Operating_pre operating_construction
pie-legend-battery

Operating

54%

Technology diversification

Pre-operating

23%

pie-legend-solar

Under construction

23%

callout1

3.1 GW

total clean power generating and storage capacity

callout1

1.6 GW

total operating capacity

callout6

23%

of project fleet is in construction, expected to be built by 2027

Long-term contracted cash flows1

Offtakers-1
pie-legend-solar

Investment-grade utility

80%

pie-legend-biomass

Investment-grade corporation

9%

pie-legend-battery

Non-rated3

7%

Technology diversification

Investment-grade municipality

4%

callout4

259

total unique offtakers contracted to purchase power from GREC

callout5

~10%

no single offtaker accounts for more than ~10% of our contracted revenue

callout6

17.4 years2

average remaining PPA term of total portfolio

Capturing value across strategic areas of the country

Technology diversification
Technology diversification

Solar

73%

pie-legend-battery

Wind

24%

Technology diversification

Solar + Storage

2%

pie-legend-solar

Battery Storage

1%

callout1

400+

renewable energy assets4 representing a total of 3.1 GW

callout2

Diversified

across solar, wind, and storage

callout3

35 States

provinces, territories, and Washington, D.C.

Diversification does not assure a profit or protect against loss in a declining market. Some figures may not add to stated totals due to rounding.

  1. References to cash flow reflect project-level cash flows and do not reflect investor-level cash flow or distributions.
  2. Weighted average remaining contract term refers to the power purchase agreements (“PPA”) of our total assets.
  3.  Non-rated off-takers are unrated by credit rating agencies.
  4. Prior 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.

ASSET MAP

TEAM

DAN DE BOER

INTERIM CHIEF EXECUTIVE OFFICER

ARMAND DEHANEY

PRINCIPAL, INVESTMENTS

MIKE DUDUM

VP, INVESTMENTS

JACQUELINE FEDIDA

VP, INVESTMENTS

DONAL MAHONEY

VP, INVESTMENTS

BAILEY PLUMMER

PRINCIPAL, INVESTMENTS

CARL WEATHERLEY-WHITE

INTERIM CFO | EXECUTIVE COMMITTEE

MANDY YANG

AVP, INVESTMENTS

GREC Portfolio Activity

2025 Outlook on Energy Transition Investment

By GCM | December 12, 2024

In Greenbacker’s 2025 Outlook Roundtable, available on Asset TV’s website and Bloomberg channel, heads of strategy Ben Baker, Dan De Boer, and David Zackowitz offer their insights on 2025 energy transition opportunities. Trends they see playing out next year include surging energy demand, the rising importance of grid resilience for homes and businesses, and the increasing need for datacenters to access outsized quantities of power.

Greenbacker delivers third quarter results

By GCM | November 22, 2024

Greenbacker Renewable Energy Company has announced financial results for the third quarter of 2024, including year-over-year increases in revenue, operating capacity, and clean power production, as the company placed 22 new projects into service. Highlights included $55.4 million in total operating revenue, a 13% increase, driven by a 21% increase in wind and solar energy production from Greenbacker’s expanding fleet of operating assets. The Greenbacker Capital Management business segment increased its revenue 72%, year-over-year, while expanding its team with two seasoned capital raising professionals.

Solar Array Moves Middlebury College Closer to 100 Percent Renewable Energy Goal

By GCM | November 6, 2024

Representatives from Middlebury College, Encore Renewable Energy, and Greenbacker Renewable Energy Company came together for a ribbon cutting event celebrating the activation of Greenbacker’s 5 MWac solar asset, providing the College with 40% of its total electricity. The solar array is one of the largest in the state with 15,348 solar panels mounted on single axis trackers. “This solar powerplant is one of the first in Vermont that actually tracks the sun from east to west allowing us to generate between 15 and 20 percent more energy, which provides a cheaper cost of electricity for Middlebury,” said Matt Murphy, COO of Greenbacker.

Greenbacker broadens fundraising capabilities with new senior business development hires

By GCM | October 7, 2024

Greenbacker Capital Management has expanded its distribution and fundraising capabilities, particularly in markets where Greenbacker is seeing increasing investor demand for sustainable investments. As senior members of the business development team, Adam Evans, CAIA, CIMA and John Hennessey broaden Greenbacker’s ability to offer individual and institutional investors the opportunity—across all distribution channels—to participate in the energy transition.

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