![\"Greenbacker](\"https://greenbackercapital.com/wp-content/uploads/2023/06/Greenbacker-battery-energy-storage-rendering-1024x533.jpg\")
The 30 MW / 120 MWh utility-scale project expands company\u2019s presence in critical energy transition sector
\n\n\n\nNew York, NY, June 21, 2023 — Greenbacker Capital Management (\u201cGCM\u201d or \u201cGreenbacker\u201d), a leading renewable energy asset manager, has purchased, through an affiliated investment vehicle, a to-be-constructed battery energy storage system (\u201cBESS\u201d) project in Imperial County, California from SunCode LLC (\u201cSunCode Energy\u201d). With a total power capacity of 30 MW and the ability to store up to 120 MWh of energy, the Holtville BESS project is now the largest standalone battery storage asset in GCM\u2019s clean energy fleet.
\n\n\n\nWith the project, Greenbacker continues to build out its standalone energy storage portfolio, a sector critical to the clean energy transition. BESS projects can contribute to both reduce energy costs for consumers and improved grid resiliency, as they store power that can be deployed during times of peak demand or power outage. Holtville\u2019s 120 MWh capacity represents enough energy to power approximately 4119 homes for a 24-hour period, on average.1
\n\n\n\n\n\n\n\n\n\u201cUtility-scale energy storage is central to both our investment thesis and our broader mission of empowering a sustainable world,\u201d said Mehul Mehta, CIO of Greenbacker. \u201cOur successful partnership with SunCode Energy on our largest BESS asset to date will lower power bills while increasing grid stability in California, and we look forward to working together on future clean energy collaborations.\u201d
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Greenbacker\u2019s largest standalone energy storage project
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Holtville represents the company\u2019s first transaction with SunCode Energy, an experienced California-based developer with a national footprint of solar and storage projects.
\n\n\n\n\n\u201cWe are excited to partner with Greenbacker on its largest standalone energy storage project,\u201d said XJ Chen, Managing Director of SunCode Energy. \u201cWe are committed to bringing the project online this summer and supporting grid resilience in California. We also look forward to expanding our partnership with Greenbacker on more solar and battery storage projects in the future.\u201d
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The project has a long-term power purchase agreement in place with an investment-grade utility. It is expected to enter commercial operation in the third quarter of 2023. Transaction counsel for Greenbacker was Greenberg Traurig; Troutman Pepper served as counsel for SunCode Energy.
\n\n\n\nEnergy storage is set to play an essential role in reaching California\u2019s goal of 100% renewable energy by 2045. A recent update from the governor estimated that 19,500 MW of battery storage will come online in the state by 2035, with 52,000 MW online by 2045.
1 Calculation based on annual electricity consumption of a US residential consumer, according to the U.S. Energy Information Administration. Frequently Asked Questions (FAQs) – U.S. Energy Information Administration (EIA).
\nThe post Greenbacker acquires largest standalone energy storage project to date appeared first on Greenbacker Capital.
\n", "content_text": "The 30 MW / 120 MWh utility-scale project expands company\u2019s presence in critical energy transition sector\n\n\n\nNew York, NY, June 21, 2023 — Greenbacker Capital Management (\u201cGCM\u201d or \u201cGreenbacker\u201d), a leading renewable energy asset manager, has purchased, through an affiliated investment vehicle, a to-be-constructed battery energy storage system (\u201cBESS\u201d) project in Imperial County, California from SunCode LLC (\u201cSunCode Energy\u201d). With a total power capacity of 30 MW and the ability to store up to 120 MWh of energy, the Holtville BESS project is now the largest standalone battery storage asset in GCM\u2019s clean energy fleet.\n\n\n\nWith the project, Greenbacker continues to build out its standalone energy storage portfolio, a sector critical to the clean energy transition. BESS projects can contribute to both reduce energy costs for consumers and improved grid resiliency, as they store power that can be deployed during times of peak demand or power outage. Holtville\u2019s 120 MWh capacity represents enough energy to power approximately 4119 homes for a 24-hour period, on average.1\n\n\n\n\n\u201cUtility-scale energy storage is central to both our investment thesis and our broader mission of empowering a sustainable world,\u201d said Mehul Mehta, CIO of Greenbacker. \u201cOur successful partnership with SunCode Energy on our largest BESS asset to date will lower power bills while increasing grid stability in California, and we look forward to working together on future clean energy collaborations.\u201d\n\n\n\n\nGreenbacker\u2019s largest standalone energy storage project\n\n\n\nProject rendering of Greenbacker\u2019s largest battery storage asset to date\u2014a to-be-constructed, 30 MW / 120 MWh BESS in Imperial County, CA\u2014which the renewable energy company recently acquired from SunCode Energy. (Image courtesy of SunCode Energy).\n\n\n\nHoltville represents the company\u2019s first transaction with SunCode Energy, an experienced California-based developer with a national footprint of solar and storage projects.\n\n\n\n\n\u201cWe are excited to partner with Greenbacker on its largest standalone energy storage project,\u201d said XJ Chen, Managing Director of SunCode Energy. \u201cWe are committed to bringing the project online this summer and supporting grid resilience in California. We also look forward to expanding our partnership with Greenbacker on more solar and battery storage projects in the future.\u201d\n\n\n\n\nThe project has a long-term power purchase agreement in place with an investment-grade utility. It is expected to enter commercial operation in the third quarter of 2023. Transaction counsel for Greenbacker was Greenberg Traurig; Troutman Pepper served as counsel for SunCode Energy. \n\n\n\nEnergy storage is set to play an essential role in reaching California\u2019s goal of 100% renewable energy by 2045. A recent update from the governor estimated that 19,500 MW of battery storage will come online in the state by 2035, with 52,000 MW online by 2045.\n\n\n\n\n\n\n\n1 Calculation based on annual electricity consumption of a US residential consumer, according to the U.S. Energy Information Administration. Frequently Asked Questions (FAQs) – U.S. Energy Information Administration (EIA).\nThe post Greenbacker acquires largest standalone energy storage project to date appeared first on Greenbacker Capital.", "date_published": "2023-06-21T06:55:40+00:00", "date_modified": "2023-06-21T16:24:58+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2023/06/Greenbacker-battery-energy-storage-rendering-e1687294941697.jpg", "tags": [ "California", "GREC II", "Press" ], "summary": "With a total power capacity of 30 MW and the ability to store up to 120 MWh of energy, the to-be-constructed Holtville BESS project can store enough energy to power over 4100 homes for a 24-hour period. It's also now the largest standalone battery storage asset in Greenbacker\u2019s clean energy fleet. " }, { "id": "https://greenbackercapital.com/?p=4664", "url": "https://greenbackercapital.com/2023/06/greenbacker-announces-additional-information-regarding-the-annual-meeting-of-shareholders-originally-scheduled-for-may-31-2023/", "title": "Greenbacker announces additional information regarding the Annual Meeting of Shareholders originally scheduled for May 31, 2023", "content_html": "\nNew York, NY, June 1, 2023 — The following Notice of Change of Date relates to the proxy statement (the \u201cProxy Statement\u201d) of Greenbacker Renewable Energy Company LLC (the \u201cCompany\u201d), dated April 17, 2023, furnished to shareholders of the Company in connection with the solicitation of proxies by the Board of Directors of the Company for use at the 2023 Annual Meeting of Shareholders (the \u201cAnnual Meeting\u201d) that was originally scheduled to be held on Wednesday, May 31, 2023 at 9:00 a.m. Eastern Time, but that was adjourned due to lack of sufficient votes. This supplement is being filed with the Securities and Exchange Commission and is being made available to the shareholders of the Company on or about May 31, 2023.
THIS NOTICE SHOULD BE READ IN CONJUNCTION WITH THE PROXY STATEMENT
NOTICE OF CHANGE OF DATE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON THURSDAY, JULY 13, 2023
To the Shareholders of Greenbacker Renewable Energy Company LLC:
NOTICE IS HEREBY GIVEN that the Greenbacker Renewable Energy Company LLC Annual Meeting of Shareholders originally scheduled for May 31, 2023 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 Thursday, July 13, 2023 at 9:00 a.m. Eastern Time.
\n\n\n\nThe location of the Annual Meeting of the Shareholders will be held in a virtual meeting format only. There is no in-person meeting for you to attend. As described in the proxy materials for the Annual Meeting previously distributed, you are entitled to participate in the Annual Meeting if you were a shareholder as of the close of business on March 15, 2023, the record date.
\n\n\n\nTo attend the Annual Meeting, you must register in advance, using your control number and other information at www.proxypush.com/greenbacker prior to the deadline of Monday, July 10, 2023 at 5:00 p.m. Eastern Time. Upon completing your registration, you will receive further instructions via email, including your unique link that will allow you to access the Annual Meeting and vote online during the meeting. You will also be permitted to submit questions at the time of registration.
\n\n\n\nThe meeting will begin promptly at 9:00 a.m. Eastern Time. We encourage you to access the meeting prior to the start time. Online access will open at approximately 8:45 a.m. Eastern Time, and you should allow ample time to log in to the meeting and test your computer audio system. We recommend that you carefully review the procedures needed to gain admission in advance.
\n\n\n\nThere will be technicians ready to assist you with any technical difficulties you may have accessing the virtual meeting. If you encounter any difficulties accessing the virtual meeting during check-in or during the meeting, please call the technical support number that will be listed on the email you will receive after completing your registration.
\n\n\n\nWhether or not you plan to attend the Annual Meeting, we urge you to vote and submit your proxy in advance of the meeting by one of the methods described in the proxy materials for the Annual Meeting. The proxy card included with the proxy materials previously distributed will not be updated to reflect the change in location and may continue to be used to vote your shares in connection with the Annual Meeting. Proxies previously submitted will be voted at the Annual Meeting unless properly revoked, and shareholders who have already submitted a proxy or otherwise voted need not take any further action. The Company\u2019s Proxy Statement for the Annual Meeting and the Annual Report sent to Shareholders for the fiscal year ended December 31, 2022 are available at www.greenbackercapital.com/greenbacker-renewable-energy-company.
\n\n\n\nSincerely,
\n\n\n\nGreenbacker Renewable Energy Company LLC
\n\n\n\nAbout Greenbacker Renewable Energy Company
\n\n\n\nGreenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides investment management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Greenbacker conducts its investment management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders\u2014while facilitating the transition toward a clean energy future. For more information, please visit www.greenbackercapital.com/greenbacker-renewable-energy-company.
\nThe post Greenbacker announces additional information regarding the Annual Meeting of Shareholders originally scheduled for May 31, 2023 appeared first on Greenbacker Capital.
\n", "content_text": "New York, NY, June 1, 2023 — The following Notice of Change of Date relates to the proxy statement (the \u201cProxy Statement\u201d) of Greenbacker Renewable Energy Company LLC (the \u201cCompany\u201d), dated April 17, 2023, furnished to shareholders of the Company in connection with the solicitation of proxies by the Board of Directors of the Company for use at the 2023 Annual Meeting of Shareholders (the \u201cAnnual Meeting\u201d) that was originally scheduled to be held on Wednesday, May 31, 2023 at 9:00 a.m. Eastern Time, but that was adjourned due to lack of sufficient votes. This supplement is being filed with the Securities and Exchange Commission and is being made available to the shareholders of the Company on or about May 31, 2023.\n\n\n\nTHIS NOTICE SHOULD BE READ IN CONJUNCTION WITH THE PROXY STATEMENTNOTICE OF CHANGE OF DATE OF ANNUAL MEETING OF SHAREHOLDERSTO BE HELD ON THURSDAY, JULY 13, 2023\n\n\n\nTo the Shareholders of Greenbacker Renewable Energy Company LLC:\n\n\n\nNOTICE IS HEREBY GIVEN that the Greenbacker Renewable Energy Company LLC Annual Meeting of Shareholders originally scheduled for May 31, 2023 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 Thursday, July 13, 2023 at 9:00 a.m. Eastern Time.\n\n\n\nThe location of the Annual Meeting of the Shareholders will be held in a virtual meeting format only. There is no in-person meeting for you to attend. As described in the proxy materials for the Annual Meeting previously distributed, you are entitled to participate in the Annual Meeting if you were a shareholder as of the close of business on March 15, 2023, the record date.\n\n\n\nTo attend the Annual Meeting, you must register in advance, using your control number and other information at www.proxypush.com/greenbacker prior to the deadline of Monday, July 10, 2023 at 5:00 p.m. Eastern Time. Upon completing your registration, you will receive further instructions via email, including your unique link that will allow you to access the Annual Meeting and vote online during the meeting. You will also be permitted to submit questions at the time of registration.\n\n\n\nThe meeting will begin promptly at 9:00 a.m. Eastern Time. We encourage you to access the meeting prior to the start time. Online access will open at approximately 8:45 a.m. Eastern Time, and you should allow ample time to log in to the meeting and test your computer audio system. We recommend that you carefully review the procedures needed to gain admission in advance.\n\n\n\nThere will be technicians ready to assist you with any technical difficulties you may have accessing the virtual meeting. If you encounter any difficulties accessing the virtual meeting during check-in or during the meeting, please call the technical support number that will be listed on the email you will receive after completing your registration.\n\n\n\nWhether or not you plan to attend the Annual Meeting, we urge you to vote and submit your proxy in advance of the meeting by one of the methods described in the proxy materials for the Annual Meeting. The proxy card included with the proxy materials previously distributed will not be updated to reflect the change in location and may continue to be used to vote your shares in connection with the Annual Meeting. Proxies previously submitted will be voted at the Annual Meeting unless properly revoked, and shareholders who have already submitted a proxy or otherwise voted need not take any further action. The Company\u2019s Proxy Statement for the Annual Meeting and the Annual Report sent to Shareholders for the fiscal year ended December 31, 2022 are available at www.greenbackercapital.com/greenbacker-renewable-energy-company.\n\n\n\nSincerely,\n\n\n\nGreenbacker Renewable Energy Company LLC\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAbout Greenbacker Renewable Energy Company\n\n\n\nGreenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides investment management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Greenbacker conducts its investment management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders\u2014while facilitating the transition toward a clean energy future. For more information, please visit www.greenbackercapital.com/greenbacker-renewable-energy-company.\nThe post Greenbacker announces additional information regarding the Annual Meeting of Shareholders originally scheduled for May 31, 2023 appeared first on Greenbacker Capital.", "date_published": "2023-06-01T09:14:31+00:00", "date_modified": "2023-06-01T13:25:08+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2023/05/Wind-turbines-in-a-row-scaled-e1685549764454.jpg", "tags": [ "Press" ], "summary": "Notice is hereby given that the Greenbacker Renewable Energy Company LLC Annual Meeting of Shareholders originally scheduled for May 31, 2023 at 9:00 a.m. Eastern Time was adjourned due to lack of sufficient votes, and has been rescheduled to July 13, 2023 at 9:00 a.m. Eastern Time." }, { "id": "https://greenbackercapital.com/?p=4655", "url": "https://www.globenewswire.com/news-release/2023/05/18/2672078/0/en/Peak-Power-Raises-35-Million-to-Ramp-Up-Expansion-of-Its-Energy-Storage-Optimization-Software-into-the-US.html#new_tab", "title": "Peak Power raises $35 million to ramp up expansion of its energy storage optimization software into the US", "content_html": "The post Peak Power raises $35 million to ramp up expansion of its energy storage optimization software into the US appeared first on Greenbacker Capital.
\n", "content_text": "The post Peak Power raises $35 million to ramp up expansion of its energy storage optimization software into the US appeared first on Greenbacker Capital.", "date_published": "2023-05-18T15:04:51+00:00", "date_modified": "2023-05-18T15:39:38+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2023/05/Peak-Power-battery-e1684422360982.png", "tags": [ "Press", "GDEV" ], "summary": "Led by Greenbacker Capital Management, the financing will accelerate Peak Power\u2019s expansion of its energy storage platform, which includes optimization software and turnkey project development solutions for commercial and industrial customers and energy storage project developers across New York, Massachusetts, Virginia, and California." }, { "id": "https://greenbackercapital.com/?p=4630", "url": "https://www.businesswire.com/news/home/20230517005212/en/rPlus-Energies-and-Appaloosa-Solar-1-Project-Partners-Launch-the-%E2%80%98Local-First-%E2%80%93-Appaloosa-Solar-1-Scholarship%E2%80%99-Committing-120000-to-Students-of-Iron-County-UT#new_tab", "title": "rPlus Energies and Appaloosa Solar 1 project partners launch the \u2018Local First \u2013 Appaloosa Solar 1 Scholarship\u2019, committing $120,000 to students of Iron County, UT", "content_html": "The post rPlus Energies and Appaloosa Solar 1 project partners launch the \u2018Local First \u2013 Appaloosa Solar 1 Scholarship\u2019, committing $120,000 to students of Iron County, UT appeared first on Greenbacker Capital.
\n", "content_text": "The post rPlus Energies and Appaloosa Solar 1 project partners launch the \u2018Local First \u2013 Appaloosa Solar 1 Scholarship\u2019, committing $120,000 to students of Iron County, UT appeared first on Greenbacker Capital.", "date_published": "2023-05-17T13:23:29+00:00", "date_modified": "2023-05-17T16:08:16+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2023/05/Greenbackers-Appaloosa-Solar-1-scholarship-donors-photo-e1684339321806.png", "tags": [ "Utah", "Press", "GREC II" ], "summary": "The $120,000 scholarship is specifically for students residing in Iron County, UT\u2014home to Greenbacker's 240 MWdc Appaloosa solar project\u2014who plan to pursue their career goals locally. The Local First scholarship series assists communities in meeting their workforce needs by providing tuition for local certificate and degree programs." }, { "id": "https://greenbackercapital.com/?p=4614", "url": "https://greenbackercapital.com/2023/05/greenbacker-delivers-first-quarter-results-2/", "title": "Greenbacker delivers first quarter results", "content_html": "\nCompany announces quarterly financial results and a 730 MW year-over-year increase in fleet capacity
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Key Takeaways
New York, NY, May 16, 2023 \u2014 Greenbacker Renewable Energy Company LLC (\u201cGreenbacker,\u201d \u201cGREC,\u201d or the \u201cCompany\u201d), an independent power producer and a leading climate-focused investment manager, has announced financial results1 for the first quarter of 2023, as well as substantial year-over-year expansion that included closing on its largest solar-plus-storage project to date.
Fleet added nearly 730 MW of additional clean energy capacity and over 50 new assets
Greenbacker\u2019s clean energy fleet grew by 52 assets, on a year-over-year basis, increasing the Company\u2019s total project count to 456 (including both operating and pre-operational assets).2
\n\n\n\nThis expansion represented nearly 730 MW of additional total clean energy\u2013generating and storage capacity across the country. As of March 31, 2023, Greenbacker was conducting business in 32 states, Canada, Puerto Rico, and Washington, DC.
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Company closed on largest solar-plus-storage project to date
This growth encompassed another clean energy milestone for Greenbacker, which closed on the acquisition of its largest solar-plus-storage asset to date.
\n\n\n\nWhen completed, the pre-operational Lincoln Solar project, will have a solar energy\u2013generating capacity of 80 MWac / 104 MWdc. Its battery storage system will have a total power capacity of 50 MW and be able to store up to 200 megawatt-hours (\u201cMWh\u201d) of clean energy onsite that it can deploy during times of peak demand or power outage, contributing to lower energy costs for consumers and improving grid resiliency.
\n\n\n\nWith the project, located in Wyoming, Greenbacker continued to expand its clean energy presence in the Western region, as well as its co-located solar-plus-storage fleet\u2014which now represents over 550 MWh of energy storage across the country.
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Portfolio acquisition more than doubled solar fleet in Wisconsin, expanded solar footprint into Iowa
GREC continued to expand its solar footprint during the quarter, closing on nine assets in Wisconsin as part of a recently acquired 52 MW pre-operational portfolio with a project footprint spanning four states. These projects, which have all secured long-term PPAs, represent approximately 28 MW of clean-power production capacity, more than doubling the Company\u2019s solar capacity in the state, which now tops 48 MW.
\n\n\n\nThe portfolio also includes solar assets in Colorado and Maryland, boosting Greenbacker\u2019s solar portfolio in the respective states to 118 MW and 40 MW, as well as the Company\u2019s first solar project in Iowa: the 2 MW Maple City solar project.
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Charles Wheeler, CEO of Greenbacker, said:
\n\n\n\n\n\u201cGreenbacker continues to expand into new geographies and set new Company records, bringing more clean power to consumers, making further strides toward a clean energy future, and bringing additional attractive energy transition investment opportunities to market.\u201d
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Operational fleet continued to expand, supporting significant production increase
The power-production capacity of Greenbacker\u2019s operating fleet of clean energy projects increased by 268 MW, representing year-over-year growth of 24%, as the Company moved under-construction projects into commercial operation and acquired new operational projects.
\n\n\n\nWith this capacity growth, the Company\u2019s fleet generated over 576,000 MWh of total clean power during the quarter, a 14% year-over-year increase that showcased continued production growth.
\n\n\n\nThe table below summarizes the year-over-year expansion of Greenbacker\u2019s portfolio.
| GREC Portfolio Metrics* | March 31, 2023 | March 31, 2022 | YoY Increase (total) | YoY increase (%) |
| Power-production capacity of operating fleet at end of period | 1.4 GW | 1.1 GW | 268 MW | 24% |
| Power-generating capacity of pre-operational fleet at end of period | 2.0 GW | 1.5 GW | 461 MW | 30% |
| Total power-generating capacity of fleet at end of period | 3.4 GW | 2.6 GW | 729 MW | 28% |
| YTD total energy produced at end of period (MWh) | 576,355 | 505,667 | 70,688 | 14% |
| Total number of fleet assets at end of period | 456 | 404 | 52 | 13% |
Operating revenue of over $41 million in the quarter, driven by energy revenue
Greenbacker has also announced discrete first quarter financial information for its Independent Power Producer (\u201cIPP\u201d) and Investment Management (\u201cIM\u201d) business segments, the latter of which includes Greenbacker Capital Management (\u201cGCM\u201d) and its investment management platform.
\n\n\n\nOver the period, Greenbacker generated total operating revenue of $41.2 million, primarily from energy revenue within the IPP segment. Energy revenue was $37.8 million and included $28.8 million from our long-term PPAs.
\n\n\n\nIn terms of PPA revenue, the Company\u2019s operating solar fleet, which included 298 operating assets comprising 958 MW of capacity, generated $12.8 million from over 255,000 MWh of production. GREC\u2019s operating wind fleet, which included 16 operating projects comprising 386 MW of capacity, generated $16.2 million from more than 305,000 MWh of production.
\n\n\n\nAdjusted EBITDA was $5.4 million for the quarter, largely driven by Adjusted EBITDA within the IPP segment of $15.6 million. Direct operating costs associated with capital raise efforts for certain of IM\u2019s managed funds in their early stages and corporate expenses offset IPP results. The net loss attributable to Greenbacker was approximately $17.0 million.
\n\n\n\nFunds From Operations (\u201cFFO\u201d) was $(3.8) million for the period and represents the $5.4 million of Adjusted EBITDA less cash interest expense and distributions to our tax equity investors.
| For the three months ended March 31, 2023 | In millions (unaudited) |
| Select Financial Information | |
| Total Revenue | $ 36.2 |
| Total operating revenue* | $ 41.2 |
| Net loss attributable to Greenbacker | $ (17.0) |
| Adjusted EBITDA\u2020 | $ 5.4 |
| FFO\u2020 | $ (3.8) |
Over $58 million capital raised in investment vehicles managed by GCM; AUM increased to approximately $3.1 billion
Greenbacker\u2019s IM business segment continued to raise substantial additional capital from retail and institutional investors during the first quarter. The IM segment raised $58.1 million of new equity capital, on which GCM is entitled to collect management fees, bringing AUM3 to approximately $3.1 billion at the end of the period.
\n\n\n\nAs of March 31, 2023, GCM served as the investment manager to four climate-focused funds. As a result of one of these funds (Greenbacker Renewable Energy Company II, LLC) reaching the $150 capital deployment milestone during the first quarter, management fees on that fund are now payable to GCM.
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Company\u2019s investments abate carbon emissions, conserve water, and support green jobs
Greenbacker\u2019s renewable energy and energy transition investment activities continued to deliver on ESG metrics. As of March 31, 2023, the Company\u2019s clean energy assets had cumulatively produced over 6.7 million MWh of clean power since January 2016, abating nearly 4.8 million metric tons of carbon.4
\n\n\n\nThe Company\u2019s clean energy projects have saved nearly 4.5 billion gallons of water,5 compared to the amount of water needed to produce the same amount of power by burning coal, and its business activities will sustain more than 5,900 green jobs.6
\n\n\n\n
David Sher, Director of Greenbacker, said:
\n\n\n\n\n\n\n\n\n\u201cWith the high quality of the cashflows generated by our investments\u2014and the historic tailwinds our industry continues to experience\u2014we believe Greenbacker remains well positioned to continue delivering ESG metrics, delivering value for our shareholders, and delivering on our mission to empower a sustainable world.\u201d
\n\n\n\n\n
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.
\n\n\n\nNon-GAAP Financial Measures
\n\n\n\nIn addition to evaluating the Company\u2019s performance on a U.S. GAAP basis, the Company now utilizes certain non-GAAP financial measures to analyze the operating performance of our segments as well as our consolidated business. Each of these measures should not be considered in isolation from or as superior to or as a substitute for other financial measures determined in accordance with U.S. GAAP, such as net income (loss) or operating income (loss). The Company uses these non-GAAP financial measures to supplement its U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting its operations.
\n\n\n\nAdjusted EBITDA
\n\n\n\nAdjusted EBITDA is a non-GAAP financial measure that the Company uses as a performance measure, as well as for internal planning purposes. We believe that Adjusted EBITDA is useful to management and investors in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis, as it includes adjustments relating to items that are not indicative on the ongoing operating performance of the business.
\n\n\n\nAdjusted EBITDA is a performance measure used by management that is not calculated in accordance with U.S. GAAP. Adjusted EBITDA should not be considered in isolation from or as superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP. Additionally, our calculation of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
\n\n\n\nFunds From Operations
\n\n\n\nFFO is a non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain non-recurring items that are not indicative of the ongoing operating performance of the business. FFO is calculated using Adjusted EBITDA less the impact of interest expense (excluding the non-cash component) and distributions to tax equity investors under the financing facilities associated with our IPP segment.
\n\n\n\nThe Company believes that the analysis and presentation of FFO will enhance our investor\u2019s understanding of the ongoing performance of our operating business. The Company will consider FFO, in addition to other GAAP and non-GAAP measures, in assessing operating performance and as a proxy for growth in distribution coverage over the long term.
\n\n\n\nFFO should not be considered in isolation from or as a superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP.
\n\n\n\nGeneral Disclosure
\n\n\n\nThis information has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, or to participate in any trading or investment strategy. The information presented herein may involve Greenbacker\u2019s views, estimates, assumptions, facts, and information from other sources that are believed to be accurate and reliable and are, as of the date this information is presented, subject to change without notice.
\n\n\n![\"\"](\"https://greenbackercapital.com/wp-content/uploads/2023/05/BS-703x1024.png\")
![\"\"](\"https://greenbackercapital.com/wp-content/uploads/2023/05/PL-806x1024.png\")
![\"\"](\"https://greenbackercapital.com/wp-content/uploads/2023/05/CF-657x1024.png\")
Non-GAAP Reconciliations
\n\n\n\nAdjusted EBITDA
\n\n\n\nThe following table reconciles Net loss attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA:
\n\n\n\n![\"\"](\"https://greenbackercapital.com/wp-content/uploads/2023/05/adjusted-EBITDA.png\")
The Company defines Adjusted EBITDA as net income (loss) before: (i) interest expense; (ii) income taxes; (iii) depreciation expense; (iv) amortization expense (including contract amortization); (v) accretion; (vi) amounts attributable to our redeemable and non-redeemable noncontrolling interests; (vii) unrealized gains and losses on financial instruments; (viii) other income (loss); and (ix) foreign currency gain (loss). Additionally, the Company further adjusts for the following items described below:
\n\n\n\nThe Company uses Segment Adjusted EBITDA to evaluate the financial performance of and allocate resources among our operating segments. Segment Adjusted EBITDA is determined for our segments consistent with the adjustments noted above but further excludes unallocated corporate expenses as these items are centrally controlled and are not directly attributable to any reportable segment.
\n\n\n\nThe following table reconciles total Segment Adjusted EBITDA to Net loss attributable to Greenbacker Renewable Energy Company LLC:
\n\n\n\n![\"\"](\"https://greenbackercapital.com/wp-content/uploads/2023/05/Segment-Adjusted-EBITDA.png\")
Funds From Operations
\n\n\n\nThe following table reconciles Net loss attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA and then to FFO:
\n\n\n\n![\"\"](\"https://greenbackercapital.com/wp-content/uploads/2023/05/FFO.png\")
FFO is a non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain non-recurring items that are not indicative of the ongoing performance of the business.
\n\n\n\nFFO is calculated using Adjusted EBITDA less the impact of interest expense (excluding the non-cash component) and distributions to tax equity investors under the financing facilities associated with our IPP segment.
\n\n\n\n\n\n\n\n1 Past performance is not indicative of future results.
\n\n\n\n2 Total assets and megawatts statistics include those projects where the Company has contracted for the acquisition of the project pursuant to a Membership Interest Purchase Agreement (\u201cMIPA\u201d).
\n\n\n\n3 Total AUM includes GREC and GCM\u2019s managed funds. AUM represents the underlying fair value of investments, determined generally in accordance with ASC 820, cash and cash equivalents and project level debt. These figures are unaudited and subject to change.
\n\n\n\n4 When compared with a similar amount of power generation from fossil fuels. Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the Avoided Emissions and generation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions.
\n\n\n\n5 Gallons of water saved are calculated based on Operational water consumption and withdrawal factors for electricity generating technologies: a review of existing literature \u2013 IOPscience, J Macknick et al 2012 Environ. Res. Lett. 7 045802.
\n\n\n\n6 Green jobs are calculated from the International Renewable Energy Agency‘s measurement that one megawatt of renewable power supports 4.6 jobs. Data is as of March 31, 2023.
\n\n\n\n7 We define “Non-Investment Basis” as “Non-investment company U.S. GAAP accounting the Company applied subsequent to the Acquisition” in the 10-Q.
\n\n\n\nThe post Greenbacker delivers first quarter results appeared first on Greenbacker Capital.
\n", "content_text": "Company announces quarterly financial results and a 730 MW year-over-year increase in fleet capacity\n\n\n\nKey Takeaways\n\n\n\n\nFleet added nearly 730 MW of additional clean energy capacity and over 50 new assets.\n\n\n\nCompany closed on largest solar-plus-storage project to date.\n\n\n\nPortfolio acquisition more than doubled solar fleet in Wisconsin, expanded solar footprint into Iowa.\n\n\n\nOperational fleet continued to expand, supporting significant production increase.\n\n\n\nOperating revenue of over $41 million in the quarter, driven by energy revenue.\n\n\n\nOver $58 million capital raised in investment vehicles managed by GCM; AUM increased to approximately $3.1 billion.\n\n\n\nCompany\u2019s investments abate carbon emissions, conserve water, and support green jobs.\n\n\n\n\nNew York, NY, May 16, 2023 \u2014 Greenbacker Renewable Energy Company LLC (\u201cGreenbacker,\u201d \u201cGREC,\u201d or the \u201cCompany\u201d), an independent power producer and a leading climate-focused investment manager, has announced financial results1 for the first quarter of 2023, as well as substantial year-over-year expansion that included closing on its largest solar-plus-storage project to date.\n\n\n\nFleet added nearly 730 MW of additional clean energy capacity and over 50 new assets\n\n\n\nGreenbacker\u2019s clean energy fleet grew by 52 assets, on a year-over-year basis, increasing the Company\u2019s total project count to 456 (including both operating and pre-operational assets).2\n\n\n\nThis expansion represented nearly 730 MW of additional total clean energy\u2013generating and storage capacity across the country. As of March 31, 2023, Greenbacker was conducting business in 32 states, Canada, Puerto Rico, and Washington, DC.\n\n\n\nCompany closed on largest solar-plus-storage project to date\n\n\n\nThis growth encompassed another clean energy milestone for Greenbacker, which closed on the acquisition of its largest solar-plus-storage asset to date.\n\n\n\nWhen completed, the pre-operational Lincoln Solar project, will have a solar energy\u2013generating capacity of 80 MWac / 104 MWdc. Its battery storage system will have a total power capacity of 50 MW and be able to store up to 200 megawatt-hours (\u201cMWh\u201d) of clean energy onsite that it can deploy during times of peak demand or power outage, contributing to lower energy costs for consumers and improving grid resiliency.\n\n\n\nWith the project, located in Wyoming, Greenbacker continued to expand its clean energy presence in the Western region, as well as its co-located solar-plus-storage fleet\u2014which now represents over 550 MWh of energy storage across the country.\n\n\n\nPortfolio acquisition more than doubled solar fleet in Wisconsin, expanded solar footprint into Iowa \n\n\n\nGREC continued to expand its solar footprint during the quarter, closing on nine assets in Wisconsin as part of a recently acquired 52 MW pre-operational portfolio with a project footprint spanning four states. These projects, which have all secured long-term PPAs, represent approximately 28 MW of clean-power production capacity, more than doubling the Company\u2019s solar capacity in the state, which now tops 48 MW.\n\n\n\nThe portfolio also includes solar assets in Colorado and Maryland, boosting Greenbacker\u2019s solar portfolio in the respective states to 118 MW and 40 MW, as well as the Company\u2019s first solar project in Iowa: the 2 MW Maple City solar project.\n\n\n\nCharles Wheeler, CEO of Greenbacker, said:\n\n\n\n\n\u201cGreenbacker continues to expand into new geographies and set new Company records, bringing more clean power to consumers, making further strides toward a clean energy future, and bringing additional attractive energy transition investment opportunities to market.\u201d\n\n\n\n\nOperational fleet continued to expand, supporting significant production increase\n\n\n\nThe power-production capacity of Greenbacker\u2019s operating fleet of clean energy projects increased by 268 MW, representing year-over-year growth of 24%, as the Company moved under-construction projects into commercial operation and acquired new operational projects.\n\n\n\nWith this capacity growth, the Company\u2019s fleet generated over 576,000 MWh of total clean power during the quarter, a 14% year-over-year increase that showcased continued production growth.\n\n\n\nThe table below summarizes the year-over-year expansion of Greenbacker\u2019s portfolio.\n\n\n\nGREC Portfolio Metrics*March 31, 2023March 31, 2022YoY Increase (total)YoY increase (%)Power-production capacity of operating fleet at end of period1.4 GW1.1 GW268 MW24%Power-generating capacity of pre-operational fleet at end of period2.0 GW1.5 GW461 MW30%Total power-generating capacity of fleet at end of period3.4 GW2.6 GW729 MW28%YTD total energy produced at end of period (MWh)576,355505,66770,68814%Total number of fleet assets at end of period4564045213%*Gigawatt (GW) figures rounded to nearest tenth of a GW.\n\n\n\nOperating revenue of over $41 million in the quarter, driven by energy revenue\n\n\n\nGreenbacker has also announced discrete first quarter financial information for its Independent Power Producer (\u201cIPP\u201d) and Investment Management (\u201cIM\u201d) business segments, the latter of which includes Greenbacker Capital Management (\u201cGCM\u201d) and its investment management platform.\n\n\n\nOver the period, Greenbacker generated total operating revenue of $41.2 million, primarily from energy revenue within the IPP segment. Energy revenue was $37.8 million and included $28.8 million from our long-term PPAs.\n\n\n\nIn terms of PPA revenue, the Company\u2019s operating solar fleet, which included 298 operating assets comprising 958 MW of capacity, generated $12.8 million from over 255,000 MWh of production. GREC\u2019s operating wind fleet, which included 16 operating projects comprising 386 MW of capacity, generated $16.2 million from more than 305,000 MWh of production.\n\n\n\nAdjusted EBITDA was $5.4 million for the quarter, largely driven by Adjusted EBITDA within the IPP segment of $15.6 million. Direct operating costs associated with capital raise efforts for certain of IM\u2019s managed funds in their early stages and corporate expenses offset IPP results. The net loss attributable to Greenbacker was approximately $17.0 million.\n\n\n\nFunds From Operations (\u201cFFO\u201d) was $(3.8) million for the period and represents the $5.4 million of Adjusted EBITDA less cash interest expense and distributions to our tax equity investors.\n\n\n\nFor the three months ended March 31, 2023In millions (unaudited)Select Financial Information Total Revenue$ 36.2Total operating revenue*$ 41.2Net loss attributable to Greenbacker$ (17.0) Adjusted EBITDA\u2020$ 5.4FFO\u2020$ (3.8)NOTE: See the Company\u2019s first quarter 10-Q filed with the SEC for additional financial information and important related disclosures.*Total operating revenue excludes non-cash contract amortization, net.\u2020See \u201cNon-GAAP Financial Measures\u201d for additional discussion.\n\n\n\n\n\n\n\nOver $58 million capital raised in investment vehicles managed by GCM; AUM increased to approximately $3.1 billion\n\n\n\nGreenbacker\u2019s IM business segment continued to raise substantial additional capital from retail and institutional investors during the first quarter. The IM segment raised $58.1 million of new equity capital, on which GCM is entitled to collect management fees, bringing AUM3 to approximately $3.1 billion at the end of the period.\n\n\n\nAs of March 31, 2023, GCM served as the investment manager to four climate-focused funds. As a result of one of these funds (Greenbacker Renewable Energy Company II, LLC) reaching the $150 capital deployment milestone during the first quarter, management fees on that fund are now payable to GCM.\n\n\n\nCompany\u2019s investments abate carbon emissions, conserve water, and support green jobs \n\n\n\nGreenbacker\u2019s renewable energy and energy transition investment activities continued to deliver on ESG metrics. As of March 31, 2023, the Company\u2019s clean energy assets had cumulatively produced over 6.7 million MWh of clean power since January 2016, abating nearly 4.8 million metric tons of carbon.4\n\n\n\nThe Company\u2019s clean energy projects have saved nearly 4.5 billion gallons of water,5 compared to the amount of water needed to produce the same amount of power by burning coal, and its business activities will sustain more than 5,900 green jobs.6\n\n\n\nDavid Sher, Director of Greenbacker, said:\n\n\n\n\n\u201cWith the high quality of the cashflows generated by our investments\u2014and the historic tailwinds our industry continues to experience\u2014we believe Greenbacker remains well positioned to continue delivering ESG metrics, delivering value for our shareholders, and delivering on our mission to empower a sustainable world.\u201d\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nForward-Looking Statements\n\n\n\nThis press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.\n\n\n\nNon-GAAP Financial Measures\n\n\n\nIn addition to evaluating the Company\u2019s performance on a U.S. GAAP basis, the Company now utilizes certain non-GAAP financial measures to analyze the operating performance of our segments as well as our consolidated business. Each of these measures should not be considered in isolation from or as superior to or as a substitute for other financial measures determined in accordance with U.S. GAAP, such as net income (loss) or operating income (loss). The Company uses these non-GAAP financial measures to supplement its U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting its operations.\n\n\n\nAdjusted EBITDA\n\n\n\nAdjusted EBITDA is a non-GAAP financial measure that the Company uses as a performance measure, as well as for internal planning purposes. We believe that Adjusted EBITDA is useful to management and investors in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis, as it includes adjustments relating to items that are not indicative on the ongoing operating performance of the business.\n\n\n\nAdjusted EBITDA is a performance measure used by management that is not calculated in accordance with U.S. GAAP. Adjusted EBITDA should not be considered in isolation from or as superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP. Additionally, our calculation of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.\n\n\n\nFunds From Operations\n\n\n\nFFO is a non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain non-recurring items that are not indicative of the ongoing operating performance of the business. FFO is calculated using Adjusted EBITDA less the impact of interest expense (excluding the non-cash component) and distributions to tax equity investors under the financing facilities associated with our IPP segment. \n\n\n\nThe Company believes that the analysis and presentation of FFO will enhance our investor\u2019s understanding of the ongoing performance of our operating business. The Company will consider FFO, in addition to other GAAP and non-GAAP measures, in assessing operating performance and as a proxy for growth in distribution coverage over the long term.\n\n\n\nFFO should not be considered in isolation from or as a superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP.\n\n\n\nGeneral Disclosure\n\n\n\nThis information has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, or to participate in any trading or investment strategy. The information presented herein may involve Greenbacker\u2019s views, estimates, assumptions, facts, and information from other sources that are believed to be accurate and reliable and are, as of the date this information is presented, subject to change without notice.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNon-GAAP Reconciliations\n\n\n\nAdjusted EBITDA\n\n\n\nThe following table reconciles Net loss attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA:\n\n\n\n\n\n\n\nThe Company defines Adjusted EBITDA as net income (loss) before: (i) interest expense; (ii) income taxes; (iii) depreciation expense; (iv) amortization expense (including contract amortization); (v) accretion; (vi) amounts attributable to our redeemable and non-redeemable noncontrolling interests; (vii) unrealized gains and losses on financial instruments; (viii) other income (loss); and (ix) foreign currency gain (loss). Additionally, the Company further adjusts for the following items described below:\n\n\n\n\nShare-based compensation is excluded from Adjusted EBITDA as it is different from other forms of compensation, as it is a non-cash expense and is highly variable. For example, a cash salary generally has a fixed and unvarying cash cost. In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a share-based compensation valuation methodology and underlying assumptions that may vary over time.\n\n\n\nThe change in fair value of contingent consideration, which is related to Greenbacker\u2019s acquisition of GCM and certain other affiliated companies, is excluded from Adjusted EBITDA, if any such change occurs during the period. The non-cash, mark-to-market adjustments are based on the expected achievement of revenue targets that are difficult to forecast and can be variable, making comparisons across historical and future quarters difficult to evaluate; and\n\n\n\nOther costs that are not consistently occurring, not reflective of expected future operating expense, and provide no insight into the fundamentals of current or past operations of our business are excluded from Adjusted EBITDA. This includes costs such as professional fees incurred as part of the transition to the Non-Investment Basis7 and other non-recurring costs unrelated to the ongoing operations of the Company.\n\n\n\n\nThe Company uses Segment Adjusted EBITDA to evaluate the financial performance of and allocate resources among our operating segments. Segment Adjusted EBITDA is determined for our segments consistent with the adjustments noted above but further excludes unallocated corporate expenses as these items are centrally controlled and are not directly attributable to any reportable segment.\n\n\n\nThe following table reconciles total Segment Adjusted EBITDA to Net loss attributable to Greenbacker Renewable Energy Company LLC:\n\n\n\n\n\n\n\nFunds From Operations\n\n\n\nThe following table reconciles Net loss attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA and then to FFO:\n\n\n\n\n\n\n\nFFO is a non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain non-recurring items that are not indicative of the ongoing performance of the business.\n\n\n\nFFO is calculated using Adjusted EBITDA less the impact of interest expense (excluding the non-cash component) and distributions to tax equity investors under the financing facilities associated with our IPP segment.\n\n\n\n\n\n\n\n\n\n\n\n1 Past performance is not indicative of future results.\n\n\n\n2 Total assets and megawatts statistics include those projects where the Company has contracted for the acquisition of the project pursuant to a Membership Interest Purchase Agreement (\u201cMIPA\u201d).\n\n\n\n3 Total AUM includes GREC and GCM\u2019s managed funds. AUM represents the underlying fair value of investments, determined generally in accordance with ASC 820, cash and cash equivalents and project level debt. These figures are unaudited and subject to change. \n\n\n\n4 When compared with a similar amount of power generation from fossil fuels. Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the Avoided Emissions and generation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions. \n\n\n\n5 Gallons of water saved are calculated based on Operational water consumption and withdrawal factors for electricity generating technologies: a review of existing literature \u2013 IOPscience, J Macknick et al 2012 Environ. Res. Lett. 7 045802.\n\n\n\n6 Green jobs are calculated from the International Renewable Energy Agency‘s measurement that one megawatt of renewable power supports 4.6 jobs. Data is as of March 31, 2023.\n\n\n\n7 We define “Non-Investment Basis” as “Non-investment company U.S. GAAP accounting the Company applied subsequent to the Acquisition” in the 10-Q.\n\n\n\n\nThe post Greenbacker delivers first quarter results appeared first on Greenbacker Capital.", "date_published": "2023-05-16T07:23:24+00:00", "date_modified": "2023-05-16T13:04:12+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2023/05/GettyImages-1406020186-e1684193109974.jpg", "tags": [ "GREC", "Press" ], "summary": "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." }, { "id": "https://greenbackercapital.com/?p=4597", "url": "https://youtu.be/dTFZxXLRPbs#new_tab", "title": "Greenbacker \u2013 Invest4Impact Replay 2023", "content_html": "We were excited to join RIA Channel's line-up for their Invest4Impact Symposium. During this 30 minute session, our thought leaders discussed the current trends in green energy finance, the impact of the IRA, and how we navigate the renewables environment. You'll also learn about Greenbacker's innovative approach to environmental sustainability and land management solutions across our sites.
\nThe post Greenbacker – Invest4Impact Replay 2023 appeared first on Greenbacker Capital.
\n", "content_text": "We were excited to join RIA Channel's line-up for their Invest4Impact Symposium. During this 30 minute session, our thought leaders discussed the current trends in green energy finance, the impact of the IRA, and how we navigate the renewables environment. You'll also learn about Greenbacker's innovative approach to environmental sustainability and land management solutions across our sites.\n\n\t\n\n\n\n\t\n\t\t\n\t\n\nThe post Greenbacker – Invest4Impact Replay 2023 appeared first on Greenbacker Capital.", "date_published": "2023-05-05T18:13:50+00:00", "date_modified": "2023-05-16T13:05:05+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2023/05/MicrosoftTeams-image-23.png", "summary": "Greenbacker was excited to join RIA Channel's line-up for their Invest4Impact Symposium. During this 30-minute session, our thought leaders discussed current trends in green energy finance, the impact of the IRA, and how we navigate the renewables investment environment. You'll also learn about Greenbacker's innovative approach to environmental sustainability and land management solutions across our sites." }, { "id": "https://greenbackercapital.com/?p=4507", "url": "https://greenbackercapital.com/2023/04/greenbacker-named-to-impactassets-50-2023-impact-fund-managers-list/", "title": "Greenbacker named to ImpactAssets 50 2023 impact fund managers list", "content_html": "\nCompany recognized for its track record in sustainable energy investment and projects that support green jobs
\n\n\n\nNew York, NY, March 21, 2023 — Greenbacker Renewable Energy Company LLC (\u201cGREC\u201d or \u201cGreenbacker\u201d), a leading climate-focused investment manager and independent power producer, was recently named to the ImpactAssets 50 2023 (\u201cIA 50\u201d) list, a free publicly available, searchable database of impact investment fund managers for impact investors, family offices, corporations, foundations, and institutional investors.
\n\n\n\n\u201cGreenbacker is honored to be recognized on such a prestigious list for our mission to empower a sustainable world by connecting individuals and institutions with investments in clean energy,\u201d said Charles Wheeler, CEO of GREC. \u201cAs we continue to deliver for our investors, we\u2019re proud to be part of this community of impact-driven fund managers whose business activities are changing our world for the better.\u201d
\n\n\n\nIn its twelfth year, the IA 50 continues to raise awareness of impact fund managers across impact areas, maturity, and geography, serving as a basis for deepening understanding of the field.
\n\n\n\nThe IA 50 breaks out managers in three categories, including the core IA 50 list, IA 50 Emerging Impact Managers list and IA 50 Emeritus Impact Managers list. Across all three categories, a record 163 impact fund managers were included totaling $122.48 billion in assets, invested across a range of asset classes and impact themes. With well over a decade of sustainable infrastructure investment experience, Greenbacker was recognized in the core IA 50 category.
\n\n\n\n\u201cThis year\u2019s IA 50 showcase is a watershed, as the industry continues to allocate more investable assets into social and environmental solutions with both time-tested strategies and creative, new approaches,\u201d said Jed Emerson, ImpactAssets Senior Fellow, IA 50 Review Committee Chair and Chief Impact Officer at AlTi Global. \u201cEstablished funds continue to impress, while new funds are bringing fresh approaches and insights that move the needle in critical areas through impact investing.\u201d
\n\n\n\nGreenbacker\u2019s fleet of clean energy projects comprises 3.1 GW of generating capacity (including DIA 9 and other assets that are to be constructed). Since June 2016, Greenbacker\u2019s real assets have produced over 6.1 million megawatt-hours1 of clean energy, abating over 4.3 million metric tons of carbon.2 Today these projects support over 5,200 green jobs.3
\n\n\n\n
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides asset management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Greenbacker conducts its asset management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders\u2014while facilitating the transition toward a clean energy future. For more information, please visit https://greenbackercapital.com.
\n\n\n\nAbout the\u202fImpactAssets\u202f50\u202f
\n\n\n\nThe IA 50 is the\u202ffirst\u202fpublicly available database that provides a gateway into the world of impact investing for donors and/or investors and their financial advisors, offering an easy way to identify experienced impact investment firms and explore the landscape of potential investment opportunities. The IA 50 is intended to illustrate the breadth of impact investment fund managers operating today, though it is not a comprehensive list.\u202fFirms have been selected to demonstrate a wide range of impact investing activities across geographies, sectors and asset classes.
\n\n\n\nThe IA 50 is not an index or investable platform and does not constitute an offering or solicitation to buy or sell securities or a private placement, or recommend specific products. Nor is this an endorsement of any of the listed fund managers. It is not a replacement for due diligence. To be considered for the IA 50 2023, fund managers needed to have at least $25 million in assets under management, more than three years of experience as a firm with impact investing, documented social and/or environmental impact and be available for US investment. Additional details on the selection process are available here.
\n\n\n\nThe IA 50 Emerging Impact Managers list is intended to spotlight newer fund managers to watch that demonstrate potential to create meaningful impact. Criteria such as minimum track record or minimum assets under management may not be\u202fapplicable.\u202f
\n\n\n\nThe IA 50 Emeritus Impact Managers list illuminates\u202fimpact fund managers who have achieved consistent recognition on the IA 50.\u202f
\n\n\n\nAbout\u202fImpactAssets\u202f
\n\n\n\nImpactAssets is an impact investing trailblazer, dedicated to changing the trajectory of our planet\u2019s future and improving the lives of all people. As a leading impact investing firm, we offer deep strategic expertise to help our clients define and execute on their impact goals. Founded in 2010, ImpactAssets increases flows of money to impact investing in partnership with our clients through our impact investment platform and field-building initiatives, including the IA 50 database of private debt and equity impact fund managers. ImpactAssets has more than $2 billion in assets in 1,700 donor advised fund accounts, working with purpose-driven individuals and their wealth managers, family offices, foundations and corporations. ImpactAssets is an independent 501(c)(3) organization.
\n\n\n\nForward-Looking Statements
\n\n\n\nThis press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.
\n\n\n\n1 Data is as of December 31, 2022.
\n\n\n\n2 EPA Greenhouse Gas Equivalencies Calculator. Data is as of December 31, 2022.
\n\n\n\n3 Green jobs are calculated from the International Renewable Energy Agency‘s measurement that one megawatt of renewable power supports 4.6 jobs. Data is as of December 31, 2022.
\nThe post Greenbacker named to ImpactAssets 50 2023 impact fund managers list appeared first on Greenbacker Capital.
\n", "content_text": "Company recognized for its track record in sustainable energy investment and projects that support green jobs\n\n\n\nNew York, NY, March 21, 2023 — Greenbacker Renewable Energy Company LLC (\u201cGREC\u201d or \u201cGreenbacker\u201d), a leading climate-focused investment manager and independent power producer, was recently named to the ImpactAssets 50 2023 (\u201cIA 50\u201d) list, a free publicly available, searchable database of impact investment fund managers for impact investors, family offices, corporations, foundations, and institutional investors.\n\n\n\n\u201cGreenbacker is honored to be recognized on such a prestigious list for our mission to empower a sustainable world by connecting individuals and institutions with investments in clean energy,\u201d said Charles Wheeler, CEO of GREC. \u201cAs we continue to deliver for our investors, we\u2019re proud to be part of this community of impact-driven fund managers whose business activities are changing our world for the better.\u201d\n\n\n\nIn its twelfth year, the IA 50 continues to raise awareness of impact fund managers across impact areas, maturity, and geography, serving as a basis for deepening understanding of the field.\n\n\n\nThe IA 50 breaks out managers in three categories, including the core IA 50 list, IA 50 Emerging Impact Managers list and IA 50 Emeritus Impact Managers list. Across all three categories, a record 163 impact fund managers were included totaling $122.48 billion in assets, invested across a range of asset classes and impact themes. With well over a decade of sustainable infrastructure investment experience, Greenbacker was recognized in the core IA 50 category.\n\n\n\n\u201cThis year\u2019s IA 50 showcase is a watershed, as the industry continues to allocate more investable assets into social and environmental solutions with both time-tested strategies and creative, new approaches,\u201d said Jed Emerson, ImpactAssets Senior Fellow, IA 50 Review Committee Chair and Chief Impact Officer at AlTi Global. \u201cEstablished funds continue to impress, while new funds are bringing fresh approaches and insights that move the needle in critical areas through impact investing.\u201d\n\n\n\nGreenbacker\u2019s fleet of clean energy projects comprises 3.1 GW of generating capacity (including DIA 9 and other assets that are to be constructed). Since June 2016, Greenbacker\u2019s real assets have produced over 6.1 million megawatt-hours1 of clean energy, abating over 4.3 million metric tons of carbon.2 Today these projects support over 5,200 green jobs.3\n\n\n\n\n\n\n\n\n\n\n\nAbout Greenbacker Renewable Energy Company\n\n\n\nGreenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides asset management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Greenbacker conducts its asset management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders\u2014while facilitating the transition toward a clean energy future. For more information, please visit https://greenbackercapital.com.\n\n\n\nAbout the\u202fImpactAssets\u202f50\u202f\n\n\n\nThe IA 50 is the\u202ffirst\u202fpublicly available database that provides a gateway into the world of impact investing for donors and/or investors and their financial advisors, offering an easy way to identify experienced impact investment firms and explore the landscape of potential investment opportunities. The IA 50 is intended to illustrate the breadth of impact investment fund managers operating today, though it is not a comprehensive list.\u202fFirms have been selected to demonstrate a wide range of impact investing activities across geographies, sectors and asset classes.\n\n\n\nThe IA 50 is not an index or investable platform and does not constitute an offering or solicitation to buy or sell securities or a private placement, or recommend specific products. Nor is this an endorsement of any of the listed fund managers. It is not a replacement for due diligence. To be considered for the IA 50 2023, fund managers needed to have at least $25 million in assets under management, more than three years of experience as a firm with impact investing, documented social and/or environmental impact and be available for US investment. Additional details on the selection process are available here.\n\n\n\nThe IA 50 Emerging Impact Managers list is intended to spotlight newer fund managers to watch that demonstrate potential to create meaningful impact. Criteria such as minimum track record or minimum assets under management may not be\u202fapplicable.\u202f\n\n\n\nThe IA 50 Emeritus Impact Managers list illuminates\u202fimpact fund managers who have achieved consistent recognition on the IA 50.\u202f\n\n\n\nAbout\u202fImpactAssets\u202f\n\n\n\nImpactAssets is an impact investing trailblazer, dedicated to changing the trajectory of our planet\u2019s future and improving the lives of all people. As a leading impact investing firm, we offer deep strategic expertise to help our clients define and execute on their impact goals. Founded in 2010, ImpactAssets increases flows of money to impact investing in partnership with our clients through our impact investment platform and field-building initiatives, including the IA 50 database of private debt and equity impact fund managers. ImpactAssets has more than $2 billion in assets in 1,700 donor advised fund accounts, working with purpose-driven individuals and their wealth managers, family offices, foundations and corporations. ImpactAssets is an independent 501(c)(3) organization.\n\n\n\nForward-Looking Statements\n\n\n\nThis press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.\n\n\n\n\n\n\n\n1 Data is as of December 31, 2022.\n\n\n\n2 EPA Greenhouse Gas Equivalencies Calculator. Data is as of December 31, 2022.\n\n\n\n3 Green jobs are calculated from the International Renewable Energy Agency‘s measurement that one megawatt of renewable power supports 4.6 jobs. Data is as of December 31, 2022.\nThe post Greenbacker named to ImpactAssets 50 2023 impact fund managers list appeared first on Greenbacker Capital.", "date_published": "2023-04-05T10:30:08+00:00", "date_modified": "2023-04-05T17:13:11+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2023/03/Greenbacker-ImpactAssets-50-Fund-Manager-2023-e1678909257948.jpg", "tags": [ "Press" ], "summary": "Greenbacker has been named to the ImpactAssets 50 2023 list, recognized for its track record in sustainable energy investment and projects that support green jobs. Said CEO Charles Wheeler, \u201cAs we continue to deliver for our investors, we\u2019re proud to be part of this community of impact-driven fund managers whose business activities are changing our world for the better.\u201d" }, { "id": "https://greenbackercapital.com/?p=4556", "url": "https://greenbackercapital.com/2023/04/greenbacker-delivers-2022-results/", "title": "Greenbacker delivers 2022 results", "content_html": "\nCompany announces financial results and historic operational expansion in 2022
\n\n\n\n
Key Takeaways
New York, NY, April 3, 2023 \u2014 Greenbacker Renewable Energy Company LLC (\u201cGreenbacker,\u201d \u201cGREC,\u201d or the \u201cCompany\u201d), an independent power producer and a leading climate-focused investment manager, has announced financial results1 for 2022, as well as historic year-over-year expansion that included the Company\u2019s largest operational clean energy project to date and its first projects in a new segment of the fast-growing battery storage market.
Greenbacker turned on largest operational project in Company history
Greenbacker surpassed a new milestone in the year, bringing online the largest operational renewable energy project in Company history: the 104 MWdc / 80 MWac Graphite Solar.
\n\n\n\nThe project reached commercial operation in June and now produces clean energy that is sold via long-term power purchase agreement (\u201cPPA\u201d) to an investment-grade utility. On an annual basis, Graphite is expected to generate about 223 million kilowatt-hours of clean power\u2014enough to offset carbon emissions equivalent to burning approximately 175 million pounds of coal.2
\n\n\n\nIn addition to the local green jobs and over 273,000 construction labor hours the project supported, Greenbacker and its project partners have also invested in the Utah community that hosts Graphite with a scholarship program providing $75,000 to area students who plan to pursue their career goals locally after completing their education.
Greenbacker\u2019s largest operating renewables project to date
\n\n\n\n![\"\"](\"https://greenbackercapital.com/wp-content/uploads/2023/03/Greenbackers-largest-operational-solar-power-project-1024x576.jpg\")
Fleet added over 50 assets, representing nearly 500 MW, as it entered new market segment and geographies
Greenbacker\u2019s clean energy project count (owned and managed) increased by 52 assets during 2022, representing approximately 500 MW of additional total clean energy\u2013generating capacity, and growing the Company\u2019s total project count to 456.3
\n\n\n\nWith this growth, Greenbacker expanded its solar and wind energy presence into new territories, increasing the geographical footprint and diversification of its fleet. This included its first solar farm in Virginia, acquired through an affiliated investment vehicle, and its first wind energy project in Illinois\u2014the 54 MWdc Panther Creek wind farm, which is now Greenbacker\u2019s largest wind asset in the Midwestern region.
\n\n\n\nThe Company also expanded its operational standalone battery storage portfolio to include its first pre-operational storage assets, with a pair of energy storage projects in New York City. As of the end of the year, Greenbacker was conducting business in 33 states, Canada, Puerto Rico, and Washington, DC.
\n\n\n\n
Company\u2019s best power generation year ever marked nearly 60% year-over-year production increase
Over the course of 2022, the power-production capacity of Greenbacker\u2019s operating fleet of renewable energy projects increased by 178 MW, a year-over-year increase of 17%, as the Company moved under-construction projects into commercial operation and acquired new operational projects.
\n\n\n\nWith this capacity growth, the Company\u2019s fleet produced nearly 2.4 million megawatt-hours (\u201cMWh\u201d) of total clean energy during the year, a year-over-year increase of almost 60%. GREC’s total power production in 2022 nearly equaled the amount it generated over the previous two years combined (almost 2.5 million MWh).
\n\n\n\nThis highlights Greenbacker\u2019s considerable growth trend in recent years, given that both 2021 and 2020 were themselves periods of substantial power production increases. In 2021, the Company generated upwards of 1.4 million MWh of clean energy, following production of over 999,000 MWh in 2020, representing year-over-year increases of 49% and 61%, respectively.
\n\n\n\nThe table below summarizes Greenbacker\u2019s 2022 year-over-year operational portfolio expansion.
| GREC Portfolio Metrics* | December 31, 2022 | December 31, 2021 | YoY Increase (total) | YoY increase (%) |
| Power-production capacity of operating fleet at end of period | 1.2 GW | 1.1 GW | 178 MW | 17% |
| Power-generating capacity of pre-operational fleet at end of period | 1.9 GW | 1.6 GW | 313 MW | 20% |
| Total power-generating capacity of fleet at end of period | 3.1 GW | 2.6 GW | 491 MW | 19% |
| YTD total energy produced at end of period (MWh) | 2,355,735 | 1,479,921 | 875,814 | 59% |
| Total number of fleet assets at end of period | 456 | 404 | 52 | 13% |
Company\u2019s newly defined business segments built additional foundations for future growth
As a result of Greenbacker\u2019s acquisition of Greenbacker Capital Management LLC (\u201cGCM\u201d) and certain other affiliated companies, the Company shifted the basis of its historical accounting and the underlying presentation of its financial results from investment company accounting to non-investment company accounting.
\n\n\n\nSince this transition occurred during the Company\u2019s second fiscal quarter and was prospective in nature, the 2022 financial results reflected in this press release are for performance under non-investment company accounting during the period beginning May 19, 2022 and ended December 31, 2022 (\u201cthe Partial Year Period\u201d).
\n\n\n\nFor the Partial Year Period, Greenbacker has presented financial information for its Independent Power Producer (\u201cIPP\u201d) and Investment Management (\u201cIM\u201d) business segments.
\n\n\n\n
Charles Wheeler, CEO of Greenbacker, said:
\n\n\n\n\n\n\n\n\n\u201cOur fleet had its best year of production in Company history, even as we paved the way for additional future growth and financial returns. Greenbacker\u2019s decision to acquire GCM has opened the potential to generate significant long-term value for our shareholders, allowing us to diversify our business to capitalize on exciting opportunities in the energy transition asset class both today and in the years to come.\u201d
\n
Operating revenue of $111 million in Partial Year Period was driven by substantial energy revenue
Greenbacker generated total operating revenue of $111.0 million, primarily from energy revenue within the IPP segment, for the Partial Year Period. Energy revenue was $101.6 million and included $83.6 million from our long-term PPAs.
\n\n\n\nWith respect to PPA revenue, the Company\u2019s operating solar fleet, which included 285 operating assets comprising 834 MW of capacity, generated $39.6 million from nearly 1.1 million MWh of production. GREC\u2019s operating wind fleet, which included 16 operating projects comprising 386 MW of capacity, generated $39.2 million from just under 1.2 million MWh of production.
\n\n\n\nAdjusted EBITDA was $26.4 million for the Partial Year Period, largely driven by Adjusted EBITDA within the IPP segment of $53.6 million. Direct operating costs associated with capital raise efforts for certain of IM\u2019s managed funds in their early stages and corporate expenses offset IPP results. The net loss attributable to Greenbacker was approximately $0.7 million.
\n\n\n\nFunds From Operations (\u201cFFO\u201d) was $3.2 million for the period and represents the $26.4 million of Adjusted EBITDA less cash interest expense and distributions to our tax equity investors.
| For the period from May 19, 2022 through December 31, 2022 | In millions |
| Select Financial Information | |
| Total Revenue | $ 100.5 |
| Total operating revenue* | $ 111.0 |
| Net income (loss) attributable to Greenbacker | $ (0.7) |
| Adjusted EBITDA\u2020 | $ 26.4 |
| Funds From Operations\u2020 | $ 3.2 |
Nearly $350 million capital raised in investment vehicles managed by GCM; AUM surpassed $3.0 billion
Greenbacker\u2019s IM segment experienced considerable momentum in its initiatives to raise additional capital from retail and institutional investors in 2022. Between May 19, 2022 and December 31, 2022, the IM business segment raised $348.5 million of new equity capital, on which GCM is entitled to collect management fees, boosting AUM4 to over $3.0 billion at the end of the period.
\n\n\n\nAs of December 31, 2022, GCM served as the investment manager to four climate-focused funds.
\n\n\n\n
Company\u2019s investments abate carbon emissions, conserve water, and support green jobs
Greenbacker\u2019s renewable energy investment activities continued to deliver on ESG metrics. As of December 31, 2022, the Company\u2019s renewable energy assets had cumulatively generated over 6.1 million MWh of clean power, abating more than 4.3 million metric tons of carbon since January 2016.5
\n\n\n\nThe Company\u2019s clean energy projects have saved nearly 4.1 billion gallons of water,6 compared to the amount of water needed to produce the same amount of power by burning coal, and its business activities will sustain more than 5,200 green jobs.7
\n\n\n\n
David Sher, Director of Greenbacker, said:
\n\n\n\n\n\u201cWe believe market conditions will remain favorable to our investment strategy, especially given the inherent resiliency of our assets and the policy catalysts from the renewed focus on climate change at the federal and state levels, as well as decarbonization commitments from large corporations and utilities.\u201d
\n
The resilient nature of Greenbacker\u2019s infrastructure assets\u2014e.g., stable long-term cashflows, high-credit-quality counterparties, and inelastic demand\u2014can offer investors the opportunity for both diversification and insulation from short-term volatility, while meeting long-term growth objectives.
Forward-Looking Statements
\n\n\n\nThis press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.
\n\n\n\nNon-GAAP Financial Measures
\n\n\n\nIn addition to evaluating the Company\u2019s performance on a U.S. GAAP basis, the Company now utilizes certain non-GAAP financial measures to analyze the operating performance of our segments as well as our consolidated business. Each of these measures should not be considered in isolation from or as superior to or as a substitute for other financial measures determined in accordance with U.S. GAAP, such as net income (loss) or operating income (loss). The Company uses these non-GAAP financial measures to supplement its U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting its operations.
\n\n\n\nAdjusted EBITDA
\n\n\n\nAdjusted EBITDA is a non-GAAP financial measure that the Company uses as a performance measure, as well as for internal planning purposes. We believe that Adjusted EBITDA is useful to management and investors in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis, as it includes adjustments relating to items that are not indicative on the ongoing operating performance of the business.
\n\n\n\nAdjusted EBITDA is a performance measure used by management that is not calculated in accordance with U.S. GAAP. Adjusted EBITDA should not be considered in isolation from or as superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP. Additionally, our calculation of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
\n\n\n\nFunds From Operations
\n\n\n\nFFO is a non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain non-recurring items that are not indicative of the ongoing operating performance of the business. FFO is calculated using Adjusted EBITDA less the impact of interest expense (excluding the non-cash component) and distributions to tax equity investors under the financing facilities associated with our IPP segment.
\n\n\n\nThe Company believes that the analysis and presentation of FFO will enhance our investor\u2019s understanding of the ongoing performance of our operating business. The Company will consider FFO, in addition to other GAAP and non-GAAP measures, in assessing operating performance and as a proxy for growth in distribution coverage over the long term.
\n\n\n\nFFO should not be considered in isolation from or as a superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP.
\n\n\n\nGeneral Disclosure
\n\n\n\nThis information has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, or to participate in any trading or investment strategy. The information presented herein may involve Greenbacker\u2019s views, estimates, assumptions, facts, and information from other sources that are believed to be accurate and reliable and are, as of the date this information is presented, subject to change without notice.
\n\n\n![\"\"](\"https://greenbackercapital.com/wp-content/uploads/2023/04/BS-579x1024.png\")
![\"\"](\"https://greenbackercapital.com/wp-content/uploads/2023/04/PL-771x1024.png\"){kind=spacer}
![\"\"](\"https://greenbackercapital.com/wp-content/uploads/2023/04/CF-565x1024.png\")
Non-GAAP Reconciliations
Adjusted EBITDA
\n\n\n\nThe following table reconciles Net income (loss) attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA:
\n\n\n\n![\"\"](\"https://greenbackercapital.com/wp-content/uploads/2023/04/Adjusted-EBITDA.png\")
The Company defines Adjusted EBITDA as net income (loss) before: (i) interest expense; (ii) income taxes; (iii) depreciation expense; (iv) amortization expense (including contract amortization); (v) accretion; (vi) amounts attributable to our redeemable and non-redeemable noncontrolling interests; (vii) unrealized gains and losses on financial instruments; (viii) other income (loss); and (ix) foreign currency gain (loss). Additionally, the Company further adjusts for the following items described below:
\n\n\n\nThe Company uses Segment Adjusted EBITDA to evaluate the financial performance of and allocate resources among our operating segments. Segment Adjusted EBITDA is determined for our segments consistent with the adjustments noted above but further excludes unallocated corporate expenses as these items are centrally controlled and are not directly attributable to any reportable segment.
\n\n\n\nThe following table reconciles total Segment Adjusted EBITDA to Net income (loss) attributable to Greenbacker Renewable Energy Company LLC:
\n\n\n\n![\"\"](\"https://greenbackercapital.com/wp-content/uploads/2023/04/Segment-Adjusted-EBITDA.png\")
Funds From Operations
\n\n\n\nThe following table reconciles Net income (loss) attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA and then to FFO:
\n\n\n\n![\"\"](\"https://greenbackercapital.com/wp-content/uploads/2023/04/FFO.png\")
FFO is a non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain non-recurring items that are not indicative of the ongoing performance of the business.
\n\n\n\nFFO is calculated using Adjusted EBITDA less the impact of interest expense (excluding the non-cash component) and distributions to tax equity investors under the financing facilities associated with our IPP segment.
\n\n\n\n\n\n\n\n\n\n\n\n1 Past performance is not indicative of future results.
\n\n\n\n2 When compared with a similar amount of power generation from fossil fuels. Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the Avoided Emissions and generation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions.
\n\n\n\n3 Total assets and megawatts statistics include those projects where the Company has contracted for the acquisition of the project pursuant to a Membership Interest Purchase Agreement (\u201cMIPA\u201d).
\n\n\n\n4 Total AUM includes GREC and GCM\u2019s managed funds. AUM represents the underlying fair value of investments, determined generally in accordance with ASC 820, cash and cash equivalents and project level debt. These figures are unaudited and subject to change.
\n\n\n\n5 When compared with a similar amount of power generation from fossil fuels. Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the Avoided Emissions and generation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions.
\n\n\n\n6 Gallons of water saved are calculated based on Operational water consumption and withdrawal factors for electricity generating technologies: a review of existing literature \u2013 IOPscience, J Macknick et al 2012 Environ. Res. Lett. 7 045802.
\n\n\n\n7 Green jobs are calculated from the International Renewable Energy Agency‘s measurement that one megawatt of renewable power supports 4.6 jobs. Data is as of December 31, 2022.
\nThe post Greenbacker delivers 2022 results appeared first on Greenbacker Capital.
\n", "content_text": "Company announces financial results and historic operational expansion in 2022 \n\n\n\nKey Takeaways\n\n\n\n\nGreenbacker turned on largest operational project in Company history.\n\n\n\nFleet added over 50 assets, representing nearly 500 MW, as it entered new market segment and geographies.\n\n\n\nCompany\u2019s best power generation year ever marked nearly 60% year-over-year production increase.\n\n\n\nCompany\u2019s newly defined business segments built additional foundations for future growth.\n\n\n\nOperating revenue of $111 million in Partial Year Period was driven by substantial energy revenue.\n\n\n\nNearly $350 million capital raised in investment vehicles managed by GCM; AUM surpassed $3.0 billion.\n\n\n\nCompany\u2019s investments abate carbon emissions, conserve water, and support green jobs.\n\n\n\n\nNew York, NY, April 3, 2023 \u2014 Greenbacker Renewable Energy Company LLC (\u201cGreenbacker,\u201d \u201cGREC,\u201d or the \u201cCompany\u201d), an independent power producer and a leading climate-focused investment manager, has announced financial results1 for 2022, as well as historic year-over-year expansion that included the Company\u2019s largest operational clean energy project to date and its first projects in a new segment of the fast-growing battery storage market.\n\n\n\nGreenbacker turned on largest operational project in Company history\n\n\n\nGreenbacker surpassed a new milestone in the year, bringing online the largest operational renewable energy project in Company history: the 104 MWdc / 80 MWac Graphite Solar.\n\n\n\nThe project reached commercial operation in June and now produces clean energy that is sold via long-term power purchase agreement (\u201cPPA\u201d) to an investment-grade utility. On an annual basis, Graphite is expected to generate about 223 million kilowatt-hours of clean power\u2014enough to offset carbon emissions equivalent to burning approximately 175 million pounds of coal.2\n\n\n\nIn addition to the local green jobs and over 273,000 construction labor hours the project supported, Greenbacker and its project partners have also invested in the Utah community that hosts Graphite with a scholarship program providing $75,000 to area students who plan to pursue their career goals locally after completing their education.\n\n\n\nGreenbacker\u2019s largest operating renewables project to date\n\n\n\nGreenbacker\u2019s largest operating clean energy project\u2014the 104 MWdc / 80 MWac Graphite Solar in Carbon County, UT\u2014entered commercial operation in June 2022.\n\n\n\n\n\n\n\nFleet added over 50 assets, representing nearly 500 MW, as it entered new market segment and geographies \n\n\n\nGreenbacker\u2019s clean energy project count (owned and managed) increased by 52 assets during 2022, representing approximately 500 MW of additional total clean energy\u2013generating capacity, and growing the Company\u2019s total project count to 456.3\n\n\n\nWith this growth, Greenbacker expanded its solar and wind energy presence into new territories, increasing the geographical footprint and diversification of its fleet. This included its first solar farm in Virginia, acquired through an affiliated investment vehicle, and its first wind energy project in Illinois\u2014the 54 MWdc Panther Creek wind farm, which is now Greenbacker\u2019s largest wind asset in the Midwestern region.\n\n\n\nThe Company also expanded its operational standalone battery storage portfolio to include its first pre-operational storage assets, with a pair of energy storage projects in New York City. As of the end of the year, Greenbacker was conducting business in 33 states, Canada, Puerto Rico, and Washington, DC.\n\n\n\nCompany\u2019s best power generation year ever marked nearly 60% year-over-year production increase\n\n\n\nOver the course of 2022, the power-production capacity of Greenbacker\u2019s operating fleet of renewable energy projects increased by 178 MW, a year-over-year increase of 17%, as the Company moved under-construction projects into commercial operation and acquired new operational projects.\n\n\n\nWith this capacity growth, the Company\u2019s fleet produced nearly 2.4 million megawatt-hours (\u201cMWh\u201d) of total clean energy during the year, a year-over-year increase of almost 60%. GREC’s total power production in 2022 nearly equaled the amount it generated over the previous two years combined (almost 2.5 million MWh).\n\n\n\nThis highlights Greenbacker\u2019s considerable growth trend in recent years, given that both 2021 and 2020 were themselves periods of substantial power production increases. In 2021, the Company generated upwards of 1.4 million MWh of clean energy, following production of over 999,000 MWh in 2020, representing year-over-year increases of 49% and 61%, respectively.\n\n\n\nThe table below summarizes Greenbacker\u2019s 2022 year-over-year operational portfolio expansion.\n\n\n\nGREC Portfolio Metrics*December 31, 2022December 31, 2021YoY Increase (total)YoY increase (%)Power-production capacity of operating fleet at end of period1.2 GW1.1 GW178 MW17%Power-generating capacity of pre-operational fleet at end of period1.9 GW1.6 GW313 MW20%Total power-generating capacity of fleet at end of period3.1 GW2.6 GW491 MW19%YTD total energy produced at end of period (MWh)2,355,7351,479,921875,81459%Total number of fleet assets at end of period4564045213%*Gigawatt (GW) figures rounded to nearest tenth of a GW.\n\n\n\n\n\n\n\nCompany\u2019s newly defined business segments built additional foundations for future growth\n\n\n\nAs a result of Greenbacker\u2019s acquisition of Greenbacker Capital Management LLC (\u201cGCM\u201d) and certain other affiliated companies, the Company shifted the basis of its historical accounting and the underlying presentation of its financial results from investment company accounting to non-investment company accounting. \n\n\n\nSince this transition occurred during the Company\u2019s second fiscal quarter and was prospective in nature, the 2022 financial results reflected in this press release are for performance under non-investment company accounting during the period beginning May 19, 2022 and ended December 31, 2022 (\u201cthe Partial Year Period\u201d).\n\n\n\nFor the Partial Year Period, Greenbacker has presented financial information for its Independent Power Producer (\u201cIPP\u201d) and Investment Management (\u201cIM\u201d) business segments.\n\n\n\nCharles Wheeler, CEO of Greenbacker, said:\n\n\n\n\n\u201cOur fleet had its best year of production in Company history, even as we paved the way for additional future growth and financial returns. Greenbacker\u2019s decision to acquire GCM has opened the potential to generate significant long-term value for our shareholders, allowing us to diversify our business to capitalize on exciting opportunities in the energy transition asset class both today and in the years to come.\u201d\n\n\n\n\n\n\n\n\nOperating revenue of $111 million in Partial Year Period was driven by substantial energy revenue\n\n\n\nGreenbacker generated total operating revenue of $111.0 million, primarily from energy revenue within the IPP segment, for the Partial Year Period. Energy revenue was $101.6 million and included $83.6 million from our long-term PPAs.\n\n\n\nWith respect to PPA revenue, the Company\u2019s operating solar fleet, which included 285 operating assets comprising 834 MW of capacity, generated $39.6 million from nearly 1.1 million MWh of production. GREC\u2019s operating wind fleet, which included 16 operating projects comprising 386 MW of capacity, generated $39.2 million from just under 1.2 million MWh of production.\n\n\n\nAdjusted EBITDA was $26.4 million for the Partial Year Period, largely driven by Adjusted EBITDA within the IPP segment of $53.6 million. Direct operating costs associated with capital raise efforts for certain of IM\u2019s managed funds in their early stages and corporate expenses offset IPP results. The net loss attributable to Greenbacker was approximately $0.7 million.\n\n\n\nFunds From Operations (\u201cFFO\u201d) was $3.2 million for the period and represents the $26.4 million of Adjusted EBITDA less cash interest expense and distributions to our tax equity investors.\n\n\n\nFor the period from May 19, 2022 through December 31, 2022In millionsSelect Financial Information Total Revenue$ 100.5Total operating revenue*$ 111.0Net income (loss) attributable to Greenbacker$ (0.7) Adjusted EBITDA\u2020$ 26.4Funds From Operations\u2020$ 3.2NOTE: See the Company\u2019s 2022 10-K filed with the SEC for additional financial information and important related disclosures.*Total operating revenue excludes non-cash contract amortization, net.\u2020See \u201cNon-GAAP Financial Measures\u201d for additional discussion. These financial metrics are unaudited.\n\n\n\n\n\n\n\nNearly $350 million capital raised in investment vehicles managed by GCM; AUM surpassed $3.0 billion\n\n\n\nGreenbacker\u2019s IM segment experienced considerable momentum in its initiatives to raise additional capital from retail and institutional investors in 2022. Between May 19, 2022 and December 31, 2022, the IM business segment raised $348.5 million of new equity capital, on which GCM is entitled to collect management fees, boosting AUM4 to over $3.0 billion at the end of the period.\n\n\n\nAs of December 31, 2022, GCM served as the investment manager to four climate-focused funds.\n\n\n\nCompany\u2019s investments abate carbon emissions, conserve water, and support green jobs \n\n\n\nGreenbacker\u2019s renewable energy investment activities continued to deliver on ESG metrics. As of December 31, 2022, the Company\u2019s renewable energy assets had cumulatively generated over 6.1 million MWh of clean power, abating more than 4.3 million metric tons of carbon since January 2016.5\n\n\n\nThe Company\u2019s clean energy projects have saved nearly 4.1 billion gallons of water,6 compared to the amount of water needed to produce the same amount of power by burning coal, and its business activities will sustain more than 5,200 green jobs.7\n\n\n\nDavid Sher, Director of Greenbacker, said:\n\n\n\n\n\u201cWe believe market conditions will remain favorable to our investment strategy, especially given the inherent resiliency of our assets and the policy catalysts from the renewed focus on climate change at the federal and state levels, as well as decarbonization commitments from large corporations and utilities.\u201d\n\n\n\n\nThe resilient nature of Greenbacker\u2019s infrastructure assets\u2014e.g., stable long-term cashflows, high-credit-quality counterparties, and inelastic demand\u2014can offer investors the opportunity for both diversification and insulation from short-term volatility, while meeting long-term growth objectives.\n\n\n\n\n\n\n\nForward-Looking Statements\n\n\n\nThis press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.\n\n\n\nNon-GAAP Financial Measures\n\n\n\nIn addition to evaluating the Company\u2019s performance on a U.S. GAAP basis, the Company now utilizes certain non-GAAP financial measures to analyze the operating performance of our segments as well as our consolidated business. Each of these measures should not be considered in isolation from or as superior to or as a substitute for other financial measures determined in accordance with U.S. GAAP, such as net income (loss) or operating income (loss). The Company uses these non-GAAP financial measures to supplement its U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting its operations.\n\n\n\nAdjusted EBITDA\n\n\n\nAdjusted EBITDA is a non-GAAP financial measure that the Company uses as a performance measure, as well as for internal planning purposes. We believe that Adjusted EBITDA is useful to management and investors in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis, as it includes adjustments relating to items that are not indicative on the ongoing operating performance of the business.\n\n\n\nAdjusted EBITDA is a performance measure used by management that is not calculated in accordance with U.S. GAAP. Adjusted EBITDA should not be considered in isolation from or as superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP. Additionally, our calculation of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.\n\n\n\nFunds From Operations\n\n\n\nFFO is a non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain non-recurring items that are not indicative of the ongoing operating performance of the business. FFO is calculated using Adjusted EBITDA less the impact of interest expense (excluding the non-cash component) and distributions to tax equity investors under the financing facilities associated with our IPP segment. \n\n\n\nThe Company believes that the analysis and presentation of FFO will enhance our investor\u2019s understanding of the ongoing performance of our operating business. The Company will consider FFO, in addition to other GAAP and non-GAAP measures, in assessing operating performance and as a proxy for growth in distribution coverage over the long term.\n\n\n\nFFO should not be considered in isolation from or as a superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP.\n\n\n\nGeneral Disclosure\n\n\n\nThis information has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, or to participate in any trading or investment strategy. The information presented herein may involve Greenbacker\u2019s views, estimates, assumptions, facts, and information from other sources that are believed to be accurate and reliable and are, as of the date this information is presented, subject to change without notice.\n\n\n\n\n\n\n\n\n\n\n\n\nNon-GAAP Reconciliations\n\n\n\nAdjusted EBITDA\n\n\n\nThe following table reconciles Net income (loss) attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA:\n\n\n\n\n\n\n\nThe Company defines Adjusted EBITDA as net income (loss) before: (i) interest expense; (ii) income taxes; (iii) depreciation expense; (iv) amortization expense (including contract amortization); (v) accretion; (vi) amounts attributable to our redeemable and non-redeemable noncontrolling interests; (vii) unrealized gains and losses on financial instruments; (viii) other income (loss); and (ix) foreign currency gain (loss). Additionally, the Company further adjusts for the following items described below:\n\n\n\n\nShare-based compensation is excluded from Adjusted EBITDA as it is different from other forms of compensation, as it is a non-cash expense and is highly variable. For example, a cash salary generally has a fixed and unvarying cash cost. In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a share-based compensation valuation methodology and underlying assumptions that may vary over time.\n\n\n\nThe change in fair value of contingent consideration, which is related to the Acquisition, is excluded from Adjusted EBITDA, if any such change occurs during the period. The non-cash, mark-to-market adjustments are based on the expected achievement of revenue targets that are difficult to forecast and can be variable, making comparisons across historical and future quarters difficult to evaluate; and\n\n\n\nOther costs that are not consistently occurring, not reflective of expected future operating expense, and provide no insight into the fundamentals of current or past operations of our business are excluded from Adjusted EBITDA. This includes costs such as professional fees incurred as part of the Acquisition and the change in status and other non-recurring costs unrelated to the ongoing operations of the Company.\n\n\n\n\nThe Company uses Segment Adjusted EBITDA to evaluate the financial performance of and allocate resources among our operating segments. Segment Adjusted EBITDA is determined for our segments consistent with the adjustments noted above but further excludes unallocated corporate expenses as these items are centrally controlled and are not directly attributable to any reportable segment.\n\n\n\nThe following table reconciles total Segment Adjusted EBITDA to Net income (loss) attributable to Greenbacker Renewable Energy Company LLC:\n\n\n\n\n\n\n\nFunds From Operations\n\n\n\nThe following table reconciles Net income (loss) attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA and then to FFO:\n\n\n\n\n\n\n\nFFO is a non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain non-recurring items that are not indicative of the ongoing performance of the business.\n\n\n\nFFO is calculated using Adjusted EBITDA less the impact of interest expense (excluding the non-cash component) and distributions to tax equity investors under the financing facilities associated with our IPP segment.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 Past performance is not indicative of future results.\n\n\n\n2 When compared with a similar amount of power generation from fossil fuels. Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the Avoided Emissions and generation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions.\n\n\n\n3 Total assets and megawatts statistics include those projects where the Company has contracted for the acquisition of the project pursuant to a Membership Interest Purchase Agreement (\u201cMIPA\u201d).\n\n\n\n4 Total AUM includes GREC and GCM\u2019s managed funds. AUM represents the underlying fair value of investments, determined generally in accordance with ASC 820, cash and cash equivalents and project level debt. These figures are unaudited and subject to change. \n\n\n\n5 When compared with a similar amount of power generation from fossil fuels. Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the Avoided Emissions and generation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions. \n\n\n\n6 Gallons of water saved are calculated based on Operational water consumption and withdrawal factors for electricity generating technologies: a review of existing literature \u2013 IOPscience, J Macknick et al 2012 Environ. Res. Lett. 7 045802.\n\n\n\n7 Green jobs are calculated from the International Renewable Energy Agency‘s measurement that one megawatt of renewable power supports 4.6 jobs. Data is as of December 31, 2022.\nThe post Greenbacker delivers 2022 results appeared first on Greenbacker Capital.", "date_published": "2023-04-03T11:30:25+00:00", "date_modified": "2023-04-05T15:56:46+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2023/03/GettyImages-1317109429-e1680296203598.jpg", "tags": [ "GREC", "Press" ], "summary": "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. " }, { "id": "https://greenbackercapital.com/?p=4537", "url": "https://www.prnewswire.com/news-releases/electric-vehicle-fleet-as-a-service-pioneer-revolv-raises-15-million-to-support-growing-demand-for-decarbonized-commercial-fleets-301777450.html#new_tab", "title": "Electric vehicle fleet-as-a-service pioneer Revolv raises $15 million to support growing demand for decarbonized commercial fleets", "content_html": "The post Electric vehicle fleet-as-a-service pioneer Revolv raises $15 million to support growing demand for decarbonized commercial fleets appeared first on Greenbacker Capital.
\n", "content_text": "The post Electric vehicle fleet-as-a-service pioneer Revolv raises $15 million to support growing demand for decarbonized commercial fleets appeared first on Greenbacker Capital.", "date_published": "2023-03-21T17:34:49+00:00", "date_modified": "2023-03-21T18:19:52+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2023/03/Electric-truck-fleet-and-charging-station-scaled-e1679346879626.jpg", "tags": [ "Press", "GDEV" ], "summary": "Led by Greenbacker Capital Management, the Series A financing will accelerate Revolv's roll-out of medium to heavy-duty vehicles in California and across North America." }, { "id": "https://greenbackercapital.com/?p=4532", "url": "https://greenbackercapital.com/2023/03/an-open-letter-on-the-resilient-nature-of-greenbackers-sustainable-infrastructure-investments/", "title": "An open letter on the resilient nature of Greenbacker\u2019s sustainable infrastructure investments", "content_html": "\nWe recently wrote a piece on how the sustainable infrastructure asset class tends to perform well during periods of market disruption, due to its stable long-term cashflows, high-credit-quality counterparties, and inelastic demand. We expect this will remain the case despite the current market volatility caused by the recent failures of Silicon Valley Bank (SVB) and Signature Bank and the resulting concerns for the wider banking sector.
\n\n\n\nWhile no business is completely immune to broader macro events around it, we believe that the resiliency inherent in Greenbacker\u2019s renewable infrastructure assets places us in a position to benefit from the flight to quality phenomenon generally associated with periods of market volatility. Moreover, our major banking relationships are with JPMorgan and CitiBank, two of the four largest banks in the US.
\n\n\n\nGiven those partnerships and the resilient nature of our sustainable infrastructure investments, we believe in our ability to continue executing our strategy and delivering value for our shareholders.
\n\n\n\n
An essential service provided by a well diversified fleet
Sustainable infrastructure assets like those in Greenbacker\u2019s clean energy fleet provide communities and businesses with an essential service: electric power. The diversified nature of our assets\u2014by way of technology type, geography, and counterparty\u2014and our contractual arrangements for the sale of the electricity we generate means that our cashflows are generally insulated from changes in the broader economic environment.
\n\n\n\nOur fleet is generating electricity every day, which is then sold under long-term contracts to utilities, municipalities, and large corporations. Our current average contract is approximately 18 years. The price of that sale is typically agreed upfront on the basis that the counterparty will buy 100% of the power we produce. Because utilities and municipalities tend to operate as monopolies in their respective service areas, where they provide essential services to their customers, they also tend to enjoy high credit ratings. Additionally, we have intentionally diversified the technology (e.g., wind, solar, energy storage) and geography of our project fleet across the country so that we can minimize the impacts of local weather events and seasonality on our cashflows.
\n\n\n\n
Direct exposure to SVB and Signature is immaterial to none at all
We have also been closely monitoring the situation surrounding SVB and Signature to ensure that we remain abreast of any developments that could impact Greenbacker or our broader business counterparty interests. So far, none of our counterparties have reported any material impacts, while Greenbacker\u2019s own exposure ranges from negligible to none.
\n\n\n\nOur independent power production business segment had no deposits at either bank. Within our investment management business segment, Greenbacker Capital Management currently serves as the registered investment advisor to five funds. Four of those funds have no direct exposure to SVB or Signature, at either the fund level or across any of their investments or portfolio companies. Though one fund did have a small amount of non-FDIC insured cash on deposit with SVB, we believe the US government\u2019s recent guaranty of deposits has mitigated the risk on that exposure.
\n\n\n\n
Focusing on our mission
We will actively monitor the situation as it continues to evolve. At the same time, we will also remain focused on what we do best: empowering a sustainable world by connecting individuals and institutions with investments in clean energy.
\n\n\n\nGiven the quality of the cashflows generated by our investments and the historic tailwinds our industry is enjoying from recent federal government initiatives designed to encourage investment in the sector, we believe Greenbacker remains well positioned to execute on that mission.
\n\n\n\nWe believe that the stability and inherent resiliency of the sustainable infrastructure asset class continues to represent a compelling opportunity to investors looking for stable long-term returns and insulation from short-term volatility.
The information presented herein may involve Greenbacker\u2019s views, estimates, assumptions, facts, and information from other sources that are believed to be accurate and reliable and are, as of the date this information is presented, subject to change without notice.
The post An open letter on the resilient nature of Greenbacker\u2019s sustainable infrastructure investments appeared first on Greenbacker Capital.
\n", "content_text": "We recently wrote a piece on how the sustainable infrastructure asset class tends to perform well during periods of market disruption, due to its stable long-term cashflows, high-credit-quality counterparties, and inelastic demand. We expect this will remain the case despite the current market volatility caused by the recent failures of Silicon Valley Bank (SVB) and Signature Bank and the resulting concerns for the wider banking sector.\n\n\n\nWhile no business is completely immune to broader macro events around it, we believe that the resiliency inherent in Greenbacker\u2019s renewable infrastructure assets places us in a position to benefit from the flight to quality phenomenon generally associated with periods of market volatility. Moreover, our major banking relationships are with JPMorgan and CitiBank, two of the four largest banks in the US.\n\n\n\nGiven those partnerships and the resilient nature of our sustainable infrastructure investments, we believe in our ability to continue executing our strategy and delivering value for our shareholders.\n\n\n\nAn essential service provided by a well diversified fleet\n\n\n\nSustainable infrastructure assets like those in Greenbacker\u2019s clean energy fleet provide communities and businesses with an essential service: electric power. The diversified nature of our assets\u2014by way of technology type, geography, and counterparty\u2014and our contractual arrangements for the sale of the electricity we generate means that our cashflows are generally insulated from changes in the broader economic environment.\n\n\n\nOur fleet is generating electricity every day, which is then sold under long-term contracts to utilities, municipalities, and large corporations. Our current average contract is approximately 18 years. The price of that sale is typically agreed upfront on the basis that the counterparty will buy 100% of the power we produce. Because utilities and municipalities tend to operate as monopolies in their respective service areas, where they provide essential services to their customers, they also tend to enjoy high credit ratings. Additionally, we have intentionally diversified the technology (e.g., wind, solar, energy storage) and geography of our project fleet across the country so that we can minimize the impacts of local weather events and seasonality on our cashflows.\n\n\n\nDirect exposure to SVB and Signature is immaterial to none at all\n\n\n\nWe have also been closely monitoring the situation surrounding SVB and Signature to ensure that we remain abreast of any developments that could impact Greenbacker or our broader business counterparty interests. So far, none of our counterparties have reported any material impacts, while Greenbacker\u2019s own exposure ranges from negligible to none.\n\n\n\nOur independent power production business segment had no deposits at either bank. Within our investment management business segment, Greenbacker Capital Management currently serves as the registered investment advisor to five funds. Four of those funds have no direct exposure to SVB or Signature, at either the fund level or across any of their investments or portfolio companies. Though one fund did have a small amount of non-FDIC insured cash on deposit with SVB, we believe the US government\u2019s recent guaranty of deposits has mitigated the risk on that exposure.\n\n\n\nFocusing on our mission\n\n\n\nWe will actively monitor the situation as it continues to evolve. At the same time, we will also remain focused on what we do best: empowering a sustainable world by connecting individuals and institutions with investments in clean energy.\n\n\n\nGiven the quality of the cashflows generated by our investments and the historic tailwinds our industry is enjoying from recent federal government initiatives designed to encourage investment in the sector, we believe Greenbacker remains well positioned to execute on that mission.\n\n\n\nWe believe that the stability and inherent resiliency of the sustainable infrastructure asset class continues to represent a compelling opportunity to investors looking for stable long-term returns and insulation from short-term volatility.\n\n\n\n\n\n\n\nThe information presented herein may involve Greenbacker\u2019s views, estimates, assumptions, facts, and information from other sources that are believed to be accurate and reliable and are, as of the date this information is presented, subject to change without notice.\nThe post An open letter on the resilient nature of Greenbacker\u2019s sustainable infrastructure investments appeared first on Greenbacker Capital.", "date_published": "2023-03-21T08:45:39+00:00", "date_modified": "2023-03-21T12:13:12+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2023/03/Solar-power-panels-sunshine-scaled.jpg", "tags": [ "Investment Insights", "Resources" ], "summary": "While no business is completely immune to broader macro events around it, we believe that the resiliency inherent in Greenbacker\u2019s renewable infrastructure assets places us in a position to benefit from the flight to quality phenomenon generally associated with periods of market volatility. " } ] }