Energy storage units
GREENBACKER IPP

Advancing clean energy as an independent power producer

With extensive integrated insight across the industry, Greenbacker’s IPP acquires, owns, and operates clean energy investments–at all stages of a project’s lifecycle—that power businesses and communities, drive sustainability, and create long-term value for investors.
Solar panels with a large, rigid mountain in the background

Investors powering the energy transition

Our shareholders own an IPP that leverages capital markets acumen and deal flow access to acquire, finance through construction, and own and operate real assets in the sustainable infrastructure space. Our portfolio of solar, wind, and energy storage assets generates revenue by selling electricity via long-term contract to high credit-worthy counterparties across the most resilient parts of the U.S. economy (e.g., municipalities, utilities, corporations). As a long-term owner-operator, Greenbacker IPP has brought online a well diversified fleet comprising hundreds of clean energy projects across the country.
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Solar Energy International (SEI) provides world-class training in renewable energy and sustainable technologies. They are dedicated to providing people, communities, and businesses with the knowledge to harness clean energy.
Earthwatch connects scientists, educators, and everyday people in the pursuit of sustainable environmental solutions. By involving individuals in hands-on research, they work to conserve biodiversity and protect natural ecosystems around the globe.
This initiative supports the professional development of educators in math and science, equipping them with advanced teaching strategies to inspire the next generation of STEM leaders. The program emphasizes critical thinking, problem-solving, and innovation.
$
3.4
Billion

Assets under management

A closeup of an energy storage unit
12.2
M
MWh

CLEAN POWER GENERATED SINCE 2016

Rows of solar panels in a desert
35
+

States, Provinces, Territories, & Districts

A high aerial view of a neighborhood of homes

Deep market insight and operational strength enhance shareholder value

Access to deal flow

Tapping decades of transactional experience and industry relationships to source proprietary opportunities across the sustainable infrastructure asset class.

Capital markets expertise

Deep relationships with tax-equity and debt capital providers allow us to obtain attractive project financing in power markets across the U.S.

In-house fleet operations

Owner-operator mindset with 50+
technical operations staff optimizes asset performance, prioritizes sustainability, and provides due diligence expertise to acquisitions team.

Active project management

Ability to mine existing portfolios for organic opportunities to enhance value (e.g., wind and solar repowers, site expansion, adding onsite storage).

Longevity of contracted cashflow

Clean power-producing assets offer long-dated, predictable cash flow from high-credit-quality counterparties.

Strategic diversification

A fleet of clean energy projects that are well diversified across size, technology, counterparty, and geography.

Growth that powers tomorrow

Converting pre-operating projects into assets generating revenue

Total operating /
pre-operating /
under construction
Category
Capacity
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

High-Credit Quality Offtakers
>90%
Investment grade
Category
Capacity
Investment-grade utility
80%
Investment-grade corporation
9%
Non-rated
3
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

Technology Diversification by Operating Capacity
Category
Capacity
Solar
73%
Wind
24%
Solar + Storage
2%
Battery Storage
1%

400+

renewable energy assets4 representing a total capacity of 3.0 GW

Diversified

across solar, wind, and storage

35

states, provinces, territories, & Washington, D.C.

Data as of March 31, 2025.

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.

Performance across share classes

Class
P-I
P-I
P-A
P-D
P-T
P-S
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Class P-I Summary

As of December 31, 2024
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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 $5.142 $5.142 - - - - -

Class P-A Summary

As of December 31, 2024
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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 $4.992 $4.992 - - - - -

Class P-D Summary

As of December 31, 2024
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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 $5.163 $5.163 - - - - -

Class P-T Summary

As of December 31, 2024
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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 $5.177 $5.177 - - - - -

Class P-S Summary

As of December 31, 2024
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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 $5.104 $5.104 - - - - -

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. Class P-I shares were launched in May 2016, no returns prior to launch.
  4. Class P-A shares were 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. Class P-D, P-T, and P-S shares launched in February 2021, no returns prior to launch.
  7. 2025 YTD figures are representative of the period of January 1, 2025 through June 30, 2025.
  8. Class P-A shares stopped being offered in March 2017 and started again in August 2018.
  9. On April 26, 2024, the Board of Directors of GREC approved the reduction to $0 of the daily distribution rates for each of the Class A, C, I, P-A, P-I, P-D, P-T, and P-S shares for the period from May 1, 2024 to December 31, 2024, or until such time as the Board affirmatively authorizes a change to these distribution rates.

Clean energy assets coast to coast

With hundreds of clean energy projects, Greenbacker is helping homes, businesses, and communities across America run on clean, homegrown power.
  • Solar
  • Solar + Storage
  • Storage
  • Wind
Energy storage units
Year
2023
Sector
Infrastructure
With a total power capacity of 30 MW and the ability to store up to 120 MWh of energy, the Holtville BESS (battery energy storage system) project represents the Greenbacker fleet's largest standalone battery storage asset to date. The project can store enough energy to power approximately 4000 average homes for a 24-hour period.
Holtville BESS
Imperial, CA
Dozens of wind turbines on a ridge
Year
2023
Sector
IPP
Located in the San Francisc Bay Area, this 57 MW wind project harnesses wind from the Altamont Pass, an area home to wind energy assets since the 1980s.
Altamont
Alameda County, CA
A crane lifting a wind turbine rotor
Year
2022
Sector
IPP
This project is part of Greenbacker’s milestone repower portfolio, in which the company replaced aging turbines with new, more efficient equipment to extend the useful life of three existing wind farms--one of the industry's first deals to utilize the newly created domestic content bonus tax incentive.
Hawkeye
Fayette County, IA
Dozens of rows of solar panels in a desert with a mountain in the background
Year
2022
Sector
Infrastructure
At 240 MWdc / 200 MWac, this utility-scale solar plant is the largest operational clean energy asset in Greenbacker's fleet.
Appaloosa Solar
Iron County, UT
Wind turbines in a field
Year
2021
Sector
IPP
With over 30 MW of clean power-generation capacity, this repowered wind farm is the largest of Greenbacker’s two dozen clean energy projects in Minnesota.
Community Wind South
Nobles County, MN
Aerial view of hundreds of solar panels in a desert
Year
2020
Sector
IPP
This 104 MWdc / 80 MWac utility-scale solar plant, Greenbacker’s second largest operating asset, sponsors a scholarship for Utah State University Eastern students.
Graphite
Carbon County, UT
A worker surveying rows of solar panels in a desert
Year
2019
Sector
IPP
This 61 MW solar plant earned Greenbacker the Solar Builder 2020 “Utility-Scale Project of the Year” award.
Turquoise
Washoe County, NV
Wind turbines seen over trees
Year
Sector
Infrastructure
With a clean power generation capacity of 73 MW, the Weaver wind project in Maine is the largest single asset in Greenbacker's wind portfolio
Weaver Wind
Hancock County, ME
Solar panels in a field near a river
Year
Sector
IPP
The 2 MW solar farm entered commercial operation on New Year’s Day in 2019.
Cameo
Mesa County, CO
Flowers with solar panels in the background
Year
Sector
IPP
This 1 MW solar project helps the Shelburne Museum run on clean energy, and has pollinator habitat planted beneath its panels.
Shelburne Museum
Shelburne, VT
Flowers with out of focus solar panels in the background
Year
Sector
IPP
Beneath the solar panels at the 3 MW Lawrence Brook solar energy project, Greenbacker plants habitat to support pollinator populations, like bees and butterflies.
Lawrence Brook
Lamoille County, VT
Solar panels on campus roofs
Year
Sector
IPP
This rooftop solar project at the University at Albany represents the largest rooftop array in the 64-campus State University of New York school system.
University of Albany
Albany, NY
Aerial view of dozens of rows of solar panels
Year
Sector
IPP
Rawhide Prairie was Greenbacker’s first solar-plus-storage project to reach commercial operation.
Rawhide Prairie
Larimer County, CO
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