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 third quarter results
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
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
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.
Greenbacker delivers second quarter results
Greenbacker Renewable Energy Company has announced financial results for the second quarter of 2024, including year-over-year increases in revenue, operating capacity, and clean power production, as the company brought online over two dozen additional solar assets and its recent wind repowers continued to benefit fleet performance. Quarterly highlights included $58 million in total operating revenue, 916,000 MWh of clean power produced, and $41 million raised in investment vehicles managed by Greenbacker Capital Management, boosting year-to-date capital raise to $85 million.
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