GREENENERGYGLOBE RENEWABLE ENERGY COMPANY

GREC 2023 Annual Meeting of Shareholders

The GREC 2023 Annual Meeting of Shareholders, originally scheduled for May 31, 2023, was rescheduled to July 13, 2023 at 9:00 a.m. Eastern Time. You may register to attend the Meeting by clicking the “Vote Now!” button and entering your control number provided on the voting materials you received. If you cannot attend the meeting, we ask that you still place your vote by using the “Vote Now!” button on this page.

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GREC Annual Shareholder Letter

 For Greenenergyglobe Renewable Energy Company LLC, 2022 was a year of historic expansion, even as we built additional foundations for future growth and financial returns.
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PERFORMANCE OVERVIEW

7.36%

ITD Returns1

6.54%

Current Annual Distribution Yield2

$8.834

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year5 Year
P-I0.83%3.10%7.16%6.59%6.71%

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2016----0.46%0.56%0.57%0.58%0.56%0.58%1.49%0.58%-
20170.58%-0.41%0.58%0.56%0.69%0.56%0.57%1.04%0.56%0.57%0.55%0.57%6.60%
20180.57%1.44%0.57%0.55%0.57%0.55%0.57%1.37%0.54%0.56%0.66%0.56%8.84%
20190.56%-0.97%0.57%0.55%0.45%0.55%0.57%0.45%0.55%0.57%2.29%0.56%6.89%
20200.56%0.52%0.33%0.54%1.02%0.54%0.56%1.13%0.54%0.56%2.79%0.54%10.07%
20210.54%-0.17%1.21%0.52%-0.52%0.53%0.55%0.45%0.53%0.55%-0.71%0.56%4.10%
20220.56%0.45%0.56%0.54%0.56%0.54%0.56%2.72%0.53%0.55%-1.54%0.56%6.71%
20230.56%0.61%0.56%0.54%0.83%

6.17%

ITD Returns1

6.43%

Current Annual Distribution Yield2

$8.651

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year
P-A0.84%3.16%7.00%7.05%

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2016----0.46%0.56%0.57%0.58%0.56%0.58%0.56%0.58%-
20170.58%0.52%0.46%----------
2018-------0.56%0.56%0.58%-1.37%0.60%-
20190.60%-1.43%0.61%0.59%0.25%0.59%0.61%0.25%0.59%0.61%2.02%0.60%5.64%
20200.60%0.56%0.25%0.59%0.80%0.54%0.56%0.79%0.54%0.56%2.77%0.54%9.48%
20210.54%0.61%1.12%0.87%-0.35%0.53%0.54%1.15%0.52%0.54%-0.68%0.55%6.09%
20220.55%0.37%0.55%0.53%0.55%0.53%0.55%2.86%0.53%0.54%-1.81%0.55%6.40%
20230.55%0.66%0.55%0.53%0.84%

5.77%

ITD Returns1

6.53%

Current Annual Distribution Yield2

$8.851

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year
P-D0.82%3.13%6.82%N/A

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2021-0.05%0.55%0.58%0.14%0.53%0.55%0.48%0.53%0.55%-0.62%0.55%3.94%
20220.55%0.31%0.55%0.54%0.55%0.54%0.55%2.39%0.53%0.56%-1.54%0.56%6.20%
20230.56%0.63%0.56%0.54%0.82%

5.26%

ITD Returns1

6.50%

Current Annual Distribution Yield2

$8.882

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year
P-T0.68%2.59%5.83%N/A

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2021-0.26%0.47%0.51%0.14%0.46%0.47%0.88%0.46%0.47%-0.85%0.48%3.82%
20220.48%0.25%0.48%0.46%0.48%0.46%0.48%2.53%0.46%0.48%-1.71%0.48%5.41%
20230.48%0.45%0.48%0.47%0.68%

5.71%

ITD Returns1

6.50%

Current Annual Distribution Yield2

$8.887

Monthly Share Value3

Returns4

ClassMonthYTD1 Year3 Year
P-S0.65%2.76%6.26%N/A

Monthly Returns

YEARJANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECYTD
2021-0.47%0.52%0.55%0.39%0.50%0.52%0.27%0.50%0.52%-0.84%0.52%3.98%
20220.52%0.54%0.52%0.51%0.52%0.51%0.52%2.69%0.46%0.47%-1.71%0.48%6.13%
20230.48%0.65%0.48%0.47%0.65%

Past performance is not indicative of future results. Return information is unaudited and subject to change. All returns shown assume reinvestment of distributions and are net of all expenses.

1 As of May 31, 2023. Inception to date (“ITD”) returns are annualized consistent with the IPA Practice Guideline 2018.

2 As of June 1, 2023. There is no assurance GREC will pay distributions in any particular amount, if at all. Any distributions will be at the discretion of the board of directors. GREC may fund distributions entirely from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, or offering proceeds. In no event, however, shall funds be advanced or borrowed for the purpose of distributions if the amount of such distributions would exceed the accrued and received revenues for the previous four quarters, less paid and accrued operating costs with respect to such revenues, and costs shall be made in accordance with generally accepted accounting principles, consistently applied. For the quarter ending March 31, 2023, 100% of distributions were funded from a return of principal, cash on hand and other financing sources. By funding distributions with a return of principal to investors, GREC will have less money to invest, which may lower its overall return. For a historical breakdown of the distribution funding sources, please see GREC’s SEC filings.

3 Monthly share value as of May 1, 2023. Monthly Share Value (MSV) based calculations involve significant professional judgment. The calculated value of our assets and liabilities may differ from our actual realizable value or future value, which would affect the MSV as well as any returns derived from MSV, and ultimately the value of your investment. See the Private Placement Memorandum (“PPM”) for additional details related to the calculation of MSV.

4 Returns shown reflect the percentage change in the MSV per share from the beginning of the applicable period, plus the amount of any distribution per share declared in the period. All returns are unaudited, assume the reinvestment of distributions, and are net of all expenses including G&A expenses, management fees, performance participation fees, and share class specific fees, as applicable.

PORTFOLIO STATISTICS

AS OF 3/31/23

3.4 GW

RATED SYSTEM CAPACITY¹

456

NUMBER OF ASSETS¹

35

STATES, PROVINCES, TERRITORIES, AND DISTRICTS

18.1 YEARS

WEIGHTED AVERAGE REMAINING TERM LENGTH²

268

OFFTAKERS WITH POWER PURCHASE AGREEMENTS (PPA)

92%

INVESTMENT-GRADE OFFTAKERS

Operational Growth Highlights

(Year Over Year)

AS OF 3/31/23

icon-growth

Fleet operating capacity increased by 24%

icon-projects

Fleet added 52 new assets, bringing the total project count to 456

For more details on our year-over-year highlights, please read our 1Q23 business update

Total Pre-Operating Capacity

(% Capacity)

Screenshot 2023-05-15 144324
    Solar, 76.0%
    Solar + Storage, 20.6%
    Wind, 2.7%
    Battery Storage, 0.7%

Total Operating Capacity

(% Capacity)

Screenshot 2023-05-15 144516
    Solar, 67.2%
    Wind, 28.3%
    Solar + Storage, 3.0%
    Biomass, 0.9%
    Battery Storage, 0.6%

High-Credit-Quality Offtakers

(% Capacity)

Screenshot 2023-05-15 144616
    Investment-Grade Utility, 78.6%
    Investment-Grade Corporation, 9.4%
    Non-Rated3, 7.9%
    Investment-Grade Municipality, 4.1%

Portfolio metrics are unaudited and subject to change.

1Prior to 3Q20 the Company did not formally track total asset and capacity statistics for projects the Company had contracted to acquire but had not yet closed.

2Weighted average remaining contract term refers to the power purchase agreements (“PPA”) of our total assets.

3Non-rated off-taers are unrated by credit rating agencies.

ASSET MAP

TEAM

ELLE BRUNSDALE

AVP

ARMAND DEHANEY

VP, INVESTMENTS

MIKE DUDUM

AVP

JACQUELINE FEDIDA

VP, INVESTMENTS

NEERAV JASHNANI

VP, INVESTMENTS

DONAL MAHONEY

AVP

Spencer Mash

SPENCER MASH

EVP, CHIEF FINANCIAL OFFICER | EXECUTIVE COMMITTEE

Mehul Mehta

MEHUL MEHTA

CHIEF INVESTMENT OFFICER | EXECUTIVE COMMITTEE

BAILEY PLUMMER

PRINCIPAL, INVESTMENTS

BEN TILLAR

PRINCIPAL, INVESTMENTS

CHARLES WHEELER

CEO | EXECUTIVE COMMITTEE

DELLA XU

ASSOCIATE, INVESTMENTS

MANDY YANG

ASSOCIATE, INVESTMENTS

GREC Portfolio Activity

Greenenergyglobe acquires 55 MW operating wind project in New York

By GCM | May 5, 2022

Greenenergyglobe has purchased the Howard wind project, a 55.4 MW operational wind farm, from BlackRock. Howard is now the second largest asset in the company’s wind fleet and also marks Greenbacker’s first wind project in New York, where it supports local green energy jobs and produces enough clean energy to power approximately 12,500 homes a year.

Greenenergyglobe acquires three New York solar projects totaling 50 MWac

By GCM | May 3, 2022

Greenenergyglobe announced today that it has purchased three pre-operational, utility-scale solar projects in New York from Hecate Energy. The projects, which are slated to reach commercial operation in 2023, will deliver 50 MWac of solar power to consumers in the tri-state area, generating enough clean energy to power nearly 10,000 homes.

Greenenergyglobe secures $76 million credit agreement with Fifth Third Bank and PNC Capital Markets

By GCM | April 19, 2022

Greenenergyglobe has entered into a senior credit agreement of $76.3 million with Fifth Third Bank and PNC. Morgan Stanley Renewables Inc. served as tax equity investor. Greenenergyglobe will use the credit facility to expand its Celadon portfolio of solar projects, which comprises 36 projects totaling 107 MWdc of clean energy–generation capacity.

Greenenergyglobe delivers annual results

By GCM | March 31, 2022

Greenenergyglobe has announced record growth in 2021, raising almost $1 billion in new investor capital and delivering substantial expansion across fleet size, production, revenue, capital deployed, and portfolio value.

Investor Center

For account-related inquiries, contact our Transfer Agent at (833) 404-4104

For completed Greenenergyglobe paperwork:

Regular Mail
PO Box 219255
Kansas City, MO 64121-9255

Overnight Mail
430 W 7th St Ste 219255
Kansas City, MO 64105-1407

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