GREENBACKER RENEWABLE ENERGY COMPANY

GREC Share Repurchase Update

Greenbacker has announced a suspension of its Share Repurchase Program as it evaluates capital raising options. For more information regarding the suspension, please click on the link below to review the notification distributed to current shareholders and advisors. 
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PERFORMANCE OVERVIEW

6.33%

ITD Returns1

7.005%

Current Annual Distribution Yield2

$8.247

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-I0.58%-0.46%0.12%3.22%5.06%

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%-0.46%

5.13%

ITD Returns1

6.885%

Current Annual Distribution Yield2

$8.075

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year
P-A0.57%-0.48%0.07%3.76%

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%-0.48%

3.07%

ITD Returns1

6.993%

Current Annual Distribution Yield2

$8.261

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year
P-D0.58%-0.46%0.09%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%-0.46%

2.61%

ITD Returns1

6.972%

Current Annual Distribution Yield2

$8.287

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year
P-T0.50%-1.46%-0.99%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%-1.46%

2.98%

ITD Returns1

6.970%

Current Annual Distribution Yield2

$8.289

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year
P-S0.50%-1.33%-0.85%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%-1.33%

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 November 30, 2023. Inception to date (“ITD”) returns are annualized consistent with the IPA Practice Guideline 2018.

2 As of December 1, 2023. 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 September 30, 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 December 1, 2023. 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 9/30/23

3.3 GW

RATED SYSTEM CAPACITY¹

445

NUMBER OF ASSETS¹

35

STATES, PROVINCES, TERRITORIES, AND DISTRICTS

18 YEARS

WEIGHTED AVERAGE REMAINING TERM LENGTH²

267

OFFTAKERS WITH POWER PURCHASE AGREEMENTS (PPA)

93.1%

INVESTMENT-GRADE OFFTAKERS

Operational Growth Highlights

(Year Over Year)

AS OF 9/30/23

icon-growth

Fleet operating capacity increased by over 25%

icon-projects

Fleet generated 674,631 MWh of clean power, representing a year-over-year increase of 6%

For more details on our year-over-year highlights, please read our 3Q23 press release.

Total Pre-Operating Capacity

(% Capacity)

Total Pre-Operating Capacity
    Solar, 74.2%
    Solar + Storage, 22.2%
    Wind, 3.0%
    Battery Storage, 0.6%

Total Operating Capacity

(% Capacity)

Total Operating Capacity
    Solar, 70.2%
    Wind, 25.7%
    Solar + Storage, 2.7%
    Biomass, 0.8%
    Battery Storage, 0.6%

High-Credit-Quality Offtakers

(% Capacity)

High-Credit-Quality Offtakers
    Investment-Grade Utility, 79.1%
    Investment-Grade Corporation, 9.9%
    Non-Rated3, 6.9%
    Investment-Grade Municipality, 4.1%

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

AVP

ARMAND DEHANEY

VP, INVESTMENTS

MIKE DUDUM

AVP

JACQUELINE FEDIDA

VP, INVESTMENTS

NEERAV JASHNANI

VP, INVESTMENTS

DONAL MAHONEY

AVP

Spencer Mash

SPENCER MASH

EVP, CHIEF FINANCIAL OFFICER | EXECUTIVE COMMITTEE

BAILEY PLUMMER

PRINCIPAL, INVESTMENTS

BEN TILLAR

PRINCIPAL, INVESTMENTS

CHARLES WHEELER

CEO | EXECUTIVE COMMITTEE

DELLA XU

ASSOCIATE, INVESTMENTS

MANDY YANG

ASSOCIATE, INVESTMENTS

GREC Portfolio Activity

Greenbacker delivers second quarter results

By GCM | August 15, 2023

Greenbacker announces second quarter financial results, a 508 MW year-over-year increase in fleet capacity, and a 17% increase in power production, highlighting the company’s continued growth as its projects generated over 765,000 megawatt-hours of clean energy for communities across the country.

Greenbacker delivers first quarter results

By GCM | May 16, 2023

Greenbacker announces first quarter financial results and a 730 MW year-over-year increase in fleet capacity. This expansion encompassed 52 new assets and included a new milestone for the company, which closed on its largest solar-plus-storage project to date.

Greenbacker delivers 2022 results

By GCM | April 3, 2023

Greenbacker announces financial results and historic operational expansion for 2022. The Company brought online its largest operational clean energy project to date and added over 50 assets to its fleet, representing nearly 500 MW, including its first projects in a new segment of the fast-growing battery storage market.

Greenbacker wind energy investment

Greenbacker delivers third quarter results

By GCM | December 7, 2022

Greenbacker Renewable Energy Company delivers third quarter results which included financial and operational results across business segments.

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

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