On April 29th, 2024, our existing investor portal was retired and replaced with a new, modernized portal to improve your online experience and upgrade user security. Existing login credentials remained the same, but you will be asked to supply your Greenbacker account number upon initial login. You will find this information on any previous quarterly statement. Please contact our Service Center at 833-404-4104 for assistance.
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.
PERFORMANCE OVERVIEW
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 July 31, 2024. Inception to date (“ITD”) returns are annualized consistent with the IPA Practice Guideline 2018.
2 As of August 1, 2024. 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 March 31, 2024, 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. 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.
3 Monthly share value as of August 1, 2024. 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 6/30/24
3.2 GW
RATED SYSTEM CAPACITY¹
425
NUMBER OF ASSETS¹
35
STATES, PROVINCES, TERRITORIES, AND DISTRICTS
17.7 YEARS
WEIGHTED AVERAGE REMAINING TERM LENGTH²
260
OFFTAKERS WITH POWER PURCHASE AGREEMENTS (PPA)
94.9%
INVESTMENT-GRADE OFFTAKERS
Operational Growth Highlights
(Year Over Year)
AS OF 6/30/24
Fleet operating capacity increased by 15%
Fleet generated 915,527 MWh of clean power, representing a year-over-year increase of 20%
Total Pre-Operating Capacity
(% Capacity)
Solar, 70.8%
Solar + Storage, 25.2%
Wind, 3.3%
Battery Storage, 0.7%Total Operating Capacity
(% Capacity)
Solar, 72.3% Wind, 24.6% Solar + Storage, 2.5% Battery Storage, 0.5%High-Credit-Quality Offtakers
(% Capacity)
Investment-Grade Utility, 80.3% Investment-Grade Corporation, 10.3% Non-Rated,3 5.1% Investment-Grade Municipality, 4.3%Portfolio metrics are unaudited and subject to change.
1 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.
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.
TEAM
ELLE BRUNSDALE
VP, INVESTMENTS
DAN DE BOER
HEAD OF INFRASTRUCTURE, MANAGING DIRECTOR
ARMAND DEHANEY
PRINCIPAL, INVESTMENTS
MIKE DUDUM
VP, INVESTMENTS
JACQUELINE FEDIDA
VP, INVESTMENTS
DONAL MAHONEY
VP, INVESTMENTS
SPENCER MASH
EXECUTIVE VICE PRESIDENT
BAILEY PLUMMER
PRINCIPAL, INVESTMENTS
CHRIS SMITH
CHIEF FINANCIAL OFFICER
BEN TILLAR
PRINCIPAL, INVESTMENTS
CARL WEATHERLEY-WHITE
HEAD OF CAPITAL MARKETS
CHARLES WHEELER
CEO | EXECUTIVE COMMITTEE
MANDY YANG
AVP, INVESTMENTS
GREC Portfolio Activity
Greenbacker delivers 2022 results
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 delivers third quarter results
Greenbacker Renewable Energy Company delivers third quarter results which included financial and operational results across business segments.
Greenbacker closes new $150 million senior secured sustainability revolving credit facility
Greenbacker announced that it completed the closing of a new $150.0 million senior secured sustainability revolving credit facility. The closing of the credit facility reaffirms Greenbacker’s position among renewable energy companies as a well-capitalized owner and operator with access to capital through market cycles.
Greenbacker delivers second quarter results
Greenbacker Renewable Energy Company delivers second quarter results which included historic operational expansion as the company reports results in new financial statement presentation.
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