GREC 2025 Annual Meeting of Shareholders
The GREC 2025 Annual Meeting of shareholders is scheduled for May 30, 2025 at 1:00PM Eastern. 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% | -35.13% |
| Class P-A (4,5) | 4.55% | 1.58% | 0.92% | 5.64% | 9.48% | 6.09% | 6.40% | 0.10% | -1.68% | -35.82% |
| Class P-D (6) | - | - | - | - | - | 3.94% | 6.20% | 0.13% | -1.73% | -35.06% |
| Class P-T (6) | - | - | - | - | - | 3.82% | 5.41% | -0.96% | -1.92% | -34.96% |
| Class P-S (6) | - | - | - | - | - | 3.98% | 6.13% | -0.82% | -2.18% | -35.65% |
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.
- Fund launched in May 2016, no returns prior to launch.
- Fund 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.
- Fund launched in February 2021, no returns prior to launch.
- 2025 YTD figures are representative of the period of January 1, 2025 through April 30, 2025.
Operational Growth Highlights
(Year Over Year)
AS OF 12/31/24
Operating fleet grew by 8% as we turned on 22 new solar assets.
Greenbacker's solar assets generated over 1.5 million MWh of clean power, while its wind assets produced over 1.2 million MWh, representing year-over-year increases of 20% and 26%, respectively.
Converting pre-operating projects into assets generating revenue
Operating
54%
Pre-operating
23%
Under construction
23%
3.1 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
4%
259
total unique offtakers contracted to purchase power from GREC
~10%
no single offtaker accounts for more than ~10% of our contracted revenue
17.4 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 3.1 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.
- 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
MIKE DUDUM
VP, INVESTMENTS
JACQUELINE FEDIDA
VP, INVESTMENTS
DONAL MAHONEY
VP, INVESTMENTS
BAILEY PLUMMER
PRINCIPAL, INVESTMENTS
CARL WEATHERLEY-WHITE
INTERIM CFO | EXECUTIVE COMMITTEE
MANDY YANG
AVP, INVESTMENTS
GREC Portfolio Activity
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.
Greenbacker announces additional information regarding the Annual Meeting of Shareholders originally scheduled for May 30, 2024
Notice is hearby given that the Greenbacker Renewable Energy Company LLC Annual Meeting of Shareholders originally scheduled for May 30, 2024 at 9:00 a.m. Eastern Time was adjourned due to lack of sufficient votes. The date of the Annual Meeting of Shareholders has been rescheduled to Tuesday, July 30, 2024 at 9:00 a.m. Eastern Time.
Greenbacker delivers first quarter results
Greenbacker Renewable Energy Company has announced financial results for the first quarter of 2024, including year-over-year increases in revenue, operating capacity, and clean power production, as well as quarterly highlights including the completion of a $437 million financing for Greenbacker’s milestone repower portfolio and the expansion of the firm’s leadership team. The latter included appointing a new CFO and filling the newly created Head of Capital Markets position, which followed the late-2023 addition of the new Head of Infrastructure position. “We’re excited to have the right team in place at the right time, and we look forward to capitalizing on the opportunities we see across the energy transition investment landscape,” said CEO Charles Wheeler.
Greenbacker completes $437 million financing for repowers in company milestone: first wind repowers to leverage the domestic content bonus
These repowers mark a significant energy transition milestone for Greenbacker, as they’re among the first clean energy projects to qualify for both the 30% investment tax credit and the 10% domestic content bonus newly established under the Inflation Reduction Act. They also represent Greenbacker’s first projects financed via sale-leaseback, enhancing upfront proceeds and transaction efficiency by capturing the benefits of tax equity financing and back leverage lending in one transaction.
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