GREENBACKER RENEWABLE ENERGY COMPANY

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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.

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PERFORMANCE OVERVIEW

5.44%

ITD Returns1

2.298%

2024 Distribution2

$7.907

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-I-0.82%-1.88%-1.30%1.39%3.39%

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%0.54%0.56%2.72%0.53%0.55%-1.54%0.56%6.71%
20230.56%0.61%0.56%0.54%0.83%0.54%0.56%-0.27%0.54%-5.31%0.58%0.59%0.15%
20240.59%0.88%0.59%0.57%-0.81%0.00%0.00%-2.86%0.00%0.00%-0.82%--1.88%

4.41%

ITD Returns1

2.257%

2024 Distribution2

$7.761

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-A-0.59%-1.68%-1.11%1.35%3.66%

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%0.53%0.55%2.86%0.53%0.54%-1.81%0.55%6.40%
20230.55%0.66%0.55%0.53%0.84%0.53%0.55%-0.25%0.53%-5.36%0.57%0.58%0.10%
20240.58%0.92%0.58%0.56%-0.78%0.00%0.00%-2.92%0.00%0.00%-0.59%--1.68%

2.14%

ITD Returns1

2.294%

2024 Distribution2

$7.933

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-D-0.58%-1.73%-1.15%1.28%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%0.54%0.55%2.39%0.53%0.56%-1.54%0.56%6.20%
20230.56%0.63%0.56%0.54%0.82%0.54%0.56%-0.29%0.54%-5.31%0.58%0.59%0.13%
20240.59%0.86%0.59%0.57%-0.84%0.00%0.00%-2.88%0.00%0.00%-0.58%-1.73%

1.58%

ITD Returns1

2.279%

2024 Distribution2

$7.966

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-T-0.85%-1.92%-1.42%0.62%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%0.46%0.48%2.53%0.46%0.48%-1.71%0.48%5.41%
20230.48%0.45%0.48%0.47%0.68%0.46%0.48%-0.39%0.47%-5.40%0.50%0.52%-0.96%
20240.52%1.25%0.52%0.50%-0.89%0.00%0.00%-2.92%0.00%0.00%-0.85%--1.92%

1.78%

ITD Returns1

2.281%

2024 Distribution2

$7.947

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-S-0.85%-2.18%-1.67%0.83%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%0.51%0.52%2.69%0.46%0.47%-1.71%0.48%6.13%
20230.48%0.65%0.48%0.47%0.65%0.46%0.48%-0.41%0.47%-5.41%0.50%0.52%-0.82%
20240.52%1.11%0.52%0.50%-0.95%0.00%0.00%-2.99%0.00%0.00%-0.85%--2.18%

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 November 30, 2024. Inception to date (“ITD”) returns are annualized consistent with the IPA Practice Guideline 2018.

2 As of November 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 November 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 9/30/24

3.2+ GW

RATED SYSTEM CAPACITY¹

425

NUMBER OF ASSETS¹

35

STATES, PROVINCES, TERRITORIES, AND DISTRICTS

17.5 YEARS

WEIGHTED AVERAGE REMAINING TERM LENGTH²

260

OFFTAKERS WITH POWER PURCHASE AGREEMENTS (PPA)

93.2%

INVESTMENT-GRADE OFFTAKERS

Operational Growth Highlights

(Year Over Year)

AS OF 9/30/24

icon-growth

Fleet operating capacity increased by 7%

icon-projects

Fleet generated 796,919 MWh of clean power, representing a year-over-year increase of 21%

Total Pre-Operating Capacity

(% Capacity)

Total Pre-Operating Capacity
    Solar, 70.8%
    Solar + Storage, 25.2%
    Wind, 3.3%
    Battery Storage, 0.7%

Total Operating Capacity

(% Capacity)

Pre operating
    Solar, 72.3%
    Wind, 24.6%
    Solar + Storage, 2.5%
    Battery Storage, 0.5%

High-Credit-Quality Offtakers

(% Capacity)

High-Credit-Quality Offtakers
   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.

ASSET MAP

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

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 acquires solar and storage portfolios across Illinois, Maine, and New York

By GCM | March 1, 2022

The acquisition from Borrego consists of two pre-operational solar portfolios and a pre-operational energy storage portfolio in NYC. The solar portfolios are mostly made up of community solar projects, contributing to more equitable renewable energy access, while the storage portfolio represents GREC’s first assets under development in the standalone battery storage space, a sector critical to greater grid resilience.

Greenbacker acquires 20 MWdc pre-operational solar portfolio in Washington

By GCM | February 8, 2022

The portfolio’s three 6.7-MWdc projects are Greenbacker’s first assets in Washington, a state with ambitious clean energy targets and strong support for renewables.

Greenbacker acquires 16.3 MWdc operating rooftop solar portfolio in Massachusetts

By GCM | February 2, 2022

The 16-project rooftop solar portfolio utilizes area atop buildings and parking structures—space that would otherwise be left idle—to help the Greater Boston area run on cheaper clean energy.

Greenbacker acquires 6.5 MWdc pre-operational solar project in Vermont

By GCM | January 27, 2022

The South Street solar project is now GREC’s largest solar asset in Vermont. Once completed, 100% of the clean energy it produces will be allocated to Middlebury College.

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

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