INSIGHTS
Greenbacker Acquires Solar Project Totaling 104 MWdc
Greenbacker Renewable Energy Company LLC Acquires Wind Portfolio Totaling 50 MW
Pollinator-Friendly Solar Projects Move Forward with New Initiative Led by Encore Renewable Energy and Greenbacker Capital
Greenbacker Renewable Energy Company LLC Acquires Solar Project Totaling 80 MW
Ameresco, Greenbacker Construct Solar Carports at Boston Apartments
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PRESS ROOM
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.
3V Infrastructure launches to expand access to EV charging and accelerate widespread adoption of electric vehicles
3V Infrastructure, a new electric vehicle charging infrastructure owner and operator, announced its formation today and has secured a commitment of up to $40 million from an affiliate of Greenbacker Capital Management that provides strategic growth capital to leading energy transition companies. “Greenbacker is thrilled to partner with the founders of 3V to tackle the Level 2 charging space,” said Quinn Pasloske, Principal at Greenbacker. “Working with real estate owners to deliver accessible, affordable charging to their tenants presents an extremely attractive risk-adjusted return. 3V brings an infrastructure mindset to an emerging market and, as an early mover, aims to capitalize on the long-term fundamental value of the sector.”
kWh Analytics pioneers first-of-its-kind parametric wind proxy hedge for Greenbacker with Munich Re, MUFG
kWh Analytics, the market leader in Climate Insurance, announced the successful close of a groundbreaking wind proxy hedge risk transfer product for a 59MW, 14-turbine wind project in Maine, developed by a Greenbacker Capital Management affiliated investment vehicle that invests in sustainable infrastructure assets. Alberto Mihelcic Bazzana, Director at MUFG, said: “As a leader in project finance, MUFG is pleased to partner with Greenbacker, kWh Analytics, and Munich Re in developing new financing solutions that can expedite the energy transition process.”
Relevate Power secures $15 million initial investment from Greenbacker Capital Management and an affiliate of Aegon Asset Management
Relevate Power, a leader in the redevelopment of run-of-river hydropower assets, secured a $15 million investment in the first close of a significant growth equity raise, led by Greenbacker Development Opportunities Fund (“GDEV”) and Aegon Real Assets US. Benjamin Baker, Managing Director of GDEV said, “We are pleased to contribute to this round of funding, reaffirming our support for Relevate Power’s approach to hydropower redevelopment. Relevate’s work is crucial for the ongoing transition to a more sustainable energy system.”
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.
Greenbacker Development Opportunities releases 2023 Impact Report
The Greenbacker Development Opportunities Funds (collectively, “GDEV”), investment vehicles affiliated with Greenbacker Capital Management that make growth capital investments in sustainable infrastructure and renewable energy platforms, have released their 2023 Impact Report. “GDEV is focused on enabling the development of renewable power generation and the transition to a carbon-free electrical grid,” said Benjamin Baker, Managing Director of GDEV. “We’re proud to showcase our steadfast commitment to clear and actionable policies within Greenbacker and across our portfolio companies to work towards a brighter, greener future.”
Greenbacker delivers 2023 results
Greenbacker Renewable Energy Company has announced financial results for 2023, detailing annual revenue and year-over-year growth in operating capacity and clean energy generation, as well as annual highlights that include the company’s first wind asset repowers, its milestone monetization of IRA incentives, and the launch of Greenbacker Capital Management’s fourth sustainability driven investment strategy, focused on Energy Transition Real Estate. “After continuing to accelerate Greenbacker’s growth in 2023, we look forward to pushing the boundaries even further in 2024,” said Greenbacker CEO Charles Wheeler.
Greenbacker grows investments team to continue push into Energy Transition Real Estate, hires new Head of Acquisitions
Greenbacker Capital Management is pleased to announce the expansion of its real estate investments team with the hire of Evan Sherman as Head of Real Estate Acquisitions. Sherman’s addition bolsters the capabilities of GCM’s fourth sustainability-driven investment strategy, which focuses on acquiring undervalued real estate where the company can leverage access to the grid to host distributed generation, storage, and EV charging infrastructure. Sherman rejoins former Blackstone colleague, David Zackowitz, who launched Greenbacker’s sustainable real estate business in 2023.