GREENBACKER RENEWABLE ENERGY COMPANY

GREC Shareholders:

Vote to re-elect the GREC Board of Directors at the annual shareholder meeting, rescheduled for July 20, 2022.

PERFORMANCE OVERVIEW

ITD Returns1

7.30%

Current Annual Distribution Yield2

6.58%

Monthly Share Value3

$8.798

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-I0.56%2.69%5.23%7.53%7.43%

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2016----0.46%0.56%0.57%0.58%0.56%0.58%1.49%0.58%-
20170.58%-0.41%0.58%0.56%0.69%0.56%0.57%1.04%0.56%0.57%0.55%0.57%6.60%
20180.57%1.44%0.57%0.55%0.57%0.55%0.57%1.37%0.54%0.56%0.66%0.56%8.84%
20190.56%-0.97%0.57%0.55%0.45%0.55%0.57%0.45%0.55%0.57%2.29%0.56%6.89%
20200.56%0.52%0.33%0.54%1.02%0.54%0.56%1.13%0.54%0.56%2.79%0.54%10.07%
20210.54%-0.17%1.21%0.52%-0.52%0.53%0.55%0.45%0.53%0.55%-0.71%0.56%4.10%
20220.56%0.45%0.56%0.54%0.56%

ITD Returns1

5.93%

Current Annual Distribution Yield2

6.47%

Monthly Share Value3

$8.619

Returns4

ClassMonthYTD1 Year3 Year
P-A0.55%2.57%5.84%7.88%

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2016----0.46%0.56%0.57%0.58%0.56%0.58%0.56%0.58%-
20170.58%0.52%0.46%----------
2018-------0.56%0.56%0.58%-1.37%0.60%-
20190.60%-1.43%0.61%0.59%0.25%0.59%0.61%0.25%0.59%0.61%2.02%0.60%5.64%
20200.60%0.56%0.25%0.59%0.80%0.54%0.56%0.79%0.54%0.56%2.77%0.54%9.48%
20210.54%0.61%1.12%0.87%-0.35%0.53%0.54%1.15%0.52%0.54%-0.68%0.55%6.09%
20220.55%0.37%0.55%0.53%0.55%

ITD Returns1

5.19%

Current Annual Distribution Yield2

6.55%

Monthly Share Value3

$8.842

Returns4

ClassMonthYTD1 Year3 Year
P-D0.55%2.53%5.17%N/A

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2021-0.05%0.55%0.58%0.14%0.53%0.55%0.48%0.53%0.55%-0.62%0.55%3.94%
20220.55%0.31%0.55%0.54%0.55%

ITD Returns1

4.70%

Current Annual Distribution Yield2

6.53%

Monthly Share Value3

$8.878

Returns4

ClassMonthYTD1 Year3 Year
P-T0.48%2.19%4.63%N/A

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2021-0.26%0.47%0.51%0.14%0.46%0.47%0.88%0.46%0.47%-0.85%0.48%3.82%
20220.48%0.25%0.48%0.46%0.48%

ITD Returns1

5.34%

Current Annual Distribution Yield2

6.54%

Monthly Share Value3

$8.858

Returns4

ClassMonthYTD1 Year3 Year
P-S0.52%2.65%4.70%N/A

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2021-0.47%0.52%0.55%0.39%0.50%0.52%0.27%0.50%0.52%-0.84%0.52%3.98%
20220.52%0.54%0.52%0.51%0.52%

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 Inception to date (“ITD”) returns are annualized consistent with the IPA Practice Guideline 2018.

2 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, or borrowings. 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, 2021, 100% of distributions were funded from a return of principal. 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.

3 Monthly share value as of June 1, 2022. 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.

ASSET MAP

PORTFOLIO STATISTICS

AS OF 3/31/22

$2.04 B

GROSS INVESTMENT VALUE1

2.64 GW

RATED SYSTEM CAPACITY²

404

NUMBER OF ASSETS²

18.2 YEARS

WEIGHTED AVERAGE REMAINING TERM LENGTH

35

STATES, PROVINCES, TERRITORIES AND DISTRICTS

Portfolio metrics are unaudited and subject to change.

¹Gross investment value (GIV) reflects the fair value of our assets and cash as reported on GREC's annual and/or quarterly financial statements as filed with the SEC, as well as project-level debt related to our projects. The quarterly figures are unaudited and subject to change.

²Prior 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

ELLE BRUNSDALE

INVESTMENTS ASSOCIATE

MIKE DUDUM

INVESTMENTS ASSOCIATE

JACQUELINE FEDIDA

VP, INVESTMENTS

NEERAV JASHNANI

VP, INVESTMENTS

DONAL MAHONEY

INVESTMENTS ASSOCIATE

Spencer Mash

SPENCER MASH

EVP, STRUCTURED FINANCE | EXECUTIVE COMMITTEE

Mehul Mehta

MEHUL MEHTA

CHIEF INVESTMENT OFFICER | EXECUTIVE COMMITTEE

BAILEY PLUMMER

VP, INVESTMENTS

BEN TILLAR

VP, INVESTMENTS

CHARLES WHEELER

CO-CEO | EXECUTIVE COMMITTEE

DELLA XU

ASSOCIATE, INVESTMENTS

MANDY YANG

ASSOCIATE, INVESTMENTS

GREC Portfolio Activity

Greenbacker acquires pair of operational wind assets in Minnesota totaling 30.7 MW

By GCM | October 27, 2021

With these projects—Ridgewind (25.3 MWdc) and WindShare (5.4 MWdc)—Greenbacker continues to expand its presence in the North Star State and diversify its wind portfolio in the Midwest.

Greenbacker Capital names Mehul Mehta as Chief Investment Officer

By GCM | October 7, 2021

Greenbacker Capital Management, LLC, a leader in sustainable infrastructure investment, is pleased to announce that Mehul Mehta has been promoted to the position of Chief Investment Officer, effective October 2021. Since joining Greenbacker in June 2016, Mehul has been essential in shaping the firm’s growth trajectory.

Greenbacker acquires Denver airport solar projects totaling 18.4 MWdc

By GCM | October 4, 2021

The pair of pre-operational projects join several operational solar assets that Greenbacker owns at Denver International Airport—including two community solar gardens—adding scale to the company’s national solar operations and increasing its already substantial presence in Colorado.

At Altamont Pass in Alameda County, East Bay Community Energy brings 57 MW of local clean energy online

By GCM | September 27, 2021

The Scott Haggerty Wind Energy Center is home to 23 new 2.5-MW turbines which will power more than 47,000 homes in East Bay Community Energy’s district each year.

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