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 acquires three solar power projects in Colorado
The 12 MW acquisition further scales Greenbacker’s clean energy footprint in the state, where the firm has over 100 MW of operational solar capacity. The projects are also part of Greenbacker’s second portfolio-level transaction with OneEnergy, a deal that also includes solar assets in Wisconsin, Maryland, and Iowa.
Greenbacker secures $75 million in warehouse facility financing
Greenbacker has closed on a new warehouse financing facility in an initial aggregate principal amount of $75 million, with the potential to increase up to $250 million. Greenbacker will deploy borrowings from the facility into investments across its solar, solar-plus-storage, and standalone energy storage portfolios.
Greenbacker delivers second quarter results
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
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.
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