GREC 2025 Annual Meeting of Shareholders
The GREC 2025 Annual Meeting of Shareholders originally scheduled for May 30, 2025 has been adjourned and rescheduled to July 31, 2025 at 1:00pm Eastern, to allow additional time for shareholders to submit their votes. You may vote your shares online, review the proxy material and/or register to attend the Meeting by visiting https://web.viewproxy.com/
Greenbacker Renewable Energy Company (GREC) is a publicly reporting, non-traded limited liability company that acquires and manages income-generating renewable energy and other energy-related businesses. Our business objective is to generate attractive risk-adjusted returns for our investors, consisting of both current income and long-term capital appreciation. We do this by acquiring and financing the construction and operation of income-generating renewable energy and sustainable development projects, primarily within North America. GREC invests in a diversified portfolio of income-producing renewable energy power facilities that sell long-term electricity contracts to off-takers with high credit quality, such as utilities, municipalities, and corporations.
By the numbers
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% | -34.97% |
| Class P-A (4,5) | 4.55% | 1.58% | 0.92% | 5.64% | 9.48% | 6.09% | 6.40% | 0.10% | -1.68% | -35.68% |
| Class P-D (6) | - | - | - | - | - | 3.94% | 6.20% | 0.13% | -1.73% | -34.92% |
| Class P-T (6) | - | - | - | - | - | 3.82% | 5.41% | -0.96% | -1.92% | -35.01% |
| Class P-S (6) | - | - | - | - | - | 3.98% | 6.13% | -0.82% | -2.18% | -35.77% |
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.
- 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.
- 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.
- Class P-I shares launched in May 2016, no returns prior to launch.
- Class P-A shares launched in May 2016, no returns prior to launch.
- 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.
- Class P-D, P-T, and P-S shares launched in February 2021, no returns prior to launch.
- 2025 YTD figures are representative of the period of January 1, 2025 through May 31, 2025.
Operational growth highlights
(Year-over-year)
AS OF 3/31/25
Operating fleet grew by 3%.
Total power production increased by 12%.
Converting pre-operating projects into assets generating revenue
Operating
53%
Pre-operating
24%
Under construction
23%
3.0 GW
total clean power generating and storage capacity
1.6 GW
total operating capacity
23%
of project fleet is in construction, expected to be built by 2027
Long-term contracted cash flows1
Investment-grade utility
80%
Investment-grade corporation
9%
Non-rated3
7%
Investment-grade municipality
5%
256
total unique offtakers contracted to purchase power from GREC
<10%
no single offtaker accounts for more than ~10% of our contracted revenue
17.3 years2
average remaining PPA term of total portfolio
Capturing value across strategic areas of the country
Solar
73%
Wind
24%
Solar + Storage
2%
Battery Storage
1%
400+
renewable energy assets4 representing a total of 3.0 GW
Diversified
across solar, wind, and storage
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.
- References to cash flow reflect project-level cash flows and do not reflect investor-level cash flow or distributions. A portion of the portfolio of less than 1% includes offtakers that are categorized as non-investment grade and are not visually represented in the chart.
- Weighted average remaining contract term refers to the power purchase agreements (“PPA”) of our total assets.
- Non-rated off-takers are unrated by credit rating agencies.
- 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.
TEAM
DAN DE BOER
INTERIM CHIEF EXECUTIVE OFFICER
ARMAND DEHANEY
PRINCIPAL, INVESTMENTS
JACQUELINE FEDIDA
VP, INVESTMENTS
BAILEY PLUMMER
PRINCIPAL, INVESTMENTS
CARL WEATHERLEY-WHITE
INTERIM CFO | EXECUTIVE COMMITTEE
GREC Portfolio Activity
Greenbacker delivers 2024 results
Greenbacker Renewable Energy Company has announced annual results for 2024, including year-over-year increases in revenue, operating capacity, and power production, driven by the company’s milestone wind repowers and the new solar energy assets it brought online over the year. 2024 portfolio highlights also included Greenbacker’s development, acquisition, and beginning of construction on the largest solar project in the state of New York. Additionally, the company announced valuation adjustments and a restructuring of the business to better position the Company to capitalize on future market opportunities and deliver value to shareholders.
ORES greenlights New York’s largest solar farm; spurs start of construction
Hecate Energy LLC and Greenbacker Renewable Energy Company announce that the 674 MWdc / 500 MWac Cider Solar Farm is moving forward with construction as approved by the New York Office of Renewable Energy Siting and Transmission (“ORES”). With the ORES Siting Permit and a formal notice to proceed with construction with this flagship project, Hecate and Greenbacker reaffirm their commitments to powering New York’s clean energy future. The utility-scale solar project, spanning approximately 2,500 acres near the towns of Elba and Oakfield in Genesee County, is poised to bring transformative benefits to the region and help advance New York state’s renewable energy goals.
Greenbacker secures nearly $1 billion financing to support acquisition and construction of largest solar project in New York State
Greenbacker has secured $950 million in financing to support the acquisition, construction, and operation of its largest clean energy project to date. After acquiring the project from Hecate Energy LLC, one of the largest renewables developers in the US, Greenbacker partnered with six of the world’s leading project finance banks and financial institutions to secure $869 million in construction-to-term, letter of credit, and tax equity bridge loan financing and with a global investment manager for an additional $81 million development loan facility. When complete, the 674 MWdc “Cider” utility-scale solar farm will power over 120,000 homes as the largest solar project in the state of New York.
2025 Outlook on Energy Transition Investment
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.
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