GREENBACKER RENEWABLE ENERGY COMPANY

Proxy Voting for Current GREC Investors

Vote to re-elect board members by the May 10th, 2021 shareholder annual meeting

PERFORMANCE OVERVIEW

ITD Returns1

7.83%

Current Annual Distribution Yield2

6.48%

Monthly Share Value3

$8.923

Total Returns4

ClassMonthYTD1 Year3 Year
P-I0.52%2.11%10.22%8.03%

Monthly Total 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%

ITD Returns1

6.36%

Current Annual Distribution Yield2

6.40%

Monthly Share Value3

$8.682

Total Returns4

ClassMonthYTD1 Year3 Year
P-A0.87%3.17%10.73%N/A

Monthly Total 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%

ITD Returns1

N/A

Current Annual Distribution Yield2

6.44%

Monthly Share Value3

$8.968

Total Returns4

ClassMonthYTD1 Year3 Year
P-D0.58%1.96%N/AN/A

Monthly Total Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
20210.54%0.27%0.55%0.58%

ITD Returns1

N/A

Current Annual Distribution Yield2

6.44%

Monthly Share Value3

$8.975

Total Returns4

ClassMonthYTD1 Year3 Year
P-T0.58%1.96%N/AN/A

Monthly Total Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
20210.54%0.27%0.55%0.58%

ITD Returns1

N/A

Current Annual Distribution Yield2

6.42%

Monthly Share Value3

$8.994

Total Returns4

ClassMonthYTD1 Year3 Year
P-S0.58%1.96%N/AN/A

Monthly Total Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
20210.54%0.27%0.55%0.58%

Past performance is not a guarantee of future results.

1 Inception to date (“ITD”) returns are annualized consistent with the IPA Practice Guideline 2018.

2 Reflects the current month’s distribution annualized and divided by the prior month’s Monthly Share Value (MSV). MSV based calculations involve significant professional judgement. 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 derives from MSV, and ultimately the value of your investment. As return information is calculated based on MSV, return information presented will be impacted should the assumptions on which MSV was determined prove to be different.

3 The above share class information represents the MSV for subscriptions accepted as of May 3, 2021. The monthly share value is rounded to three decimal points.

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 shown assume the reinvestment of distributions, are derived from unaudited financial information and are net of all expenses. The returns have been prepared using unaudited data and valuations of underlying investments in GREC’s portfolio, which are estimates of fair value and form the basis for GREC’s MSV. Valuations based on unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value, and may not accurately reflect the price at which assets could be liquidated.

ASSET MAP

PORTFOLIO STATISTICS

AS OF 12/31/20

$1.08 B

GROSS INVESTMENT VALUE*

917.3 MW

RATED SYSTEM CAPACITY

235

NUMBER OF ASSETS

17.0 YEARS

WEIGHTED AVERAGE REMAINING TERM LENGTH

29

STATES, PROVINCES, TERRITORIES AND DISTRICTS

Portfolio metrics are estimates and subject to change

*Gross investment value (GIV) reflects the fair market value of our assets and cash as reported on GREC's latest quarterly financial statements, as well as project-level debt related to our projects. GIV amounts are unaudited and subject to change.

TEAM

MIKE DUDUM

INVESTMENTS ASSOCIATE

JACQUELINE FEDIDA

INVESTMENTS ASSOCIATE

DONAL MAHONEY

INVESTMENTS ASSOCIATE

Spencer Mash

SPENCER MASH

EVP, STRUCTURED FINANCE

Mehul Mehta

MEHUL MEHTA

EVP, INVESTING

BAILEY PLUMMER

VP, INVESTMENTS

Charles Wheeler

CHARLES WHEELER

CHIEF INVESTMENT OFFICER & CO-CEO

DELLA XU

INVESTMENTS ANALYST

MANDY YANG

INVESTMENTS ANALYST

GREC Portfolio Activity

Award-Winning 61 MWdc Turquoise Solar Project in Nevada Reaches Commercial Operation

Greenbacker Renewable Energy Company LLC Announces December 31, 2020 Net Asset Value

Greenbacker Renewable Energy Company LLC Acquires Solar Project Totaling 104 MWdc

Greenbacker Renewable Energy Company LLC Acquires Wind Portfolio Totaling 50 MW

Investor Center

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

The shares of limited liability company interests of Greenbacker Renewable Energy Company LLC, a Delaware limited liability company, have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or approved by the Securities and Exchange Commission (the “SEC”) or any state securities agency. This is a private offering made only pursuant to exemptions provided by Section 4(a)(2) of the Securities Act, Rule 506(b) of Regulation D promulgated thereunder and applicable state securities laws. Neither the SEC nor any state agency has passed upon the value of the shares, made any recommendations as to their purchase, approved or disapproved this offering. Any representation to the contrary is a criminal offense.

Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded, limited liability company that acquires and manages income-generating renewable energy projects and other energy-related businesses.