Greenbacker delivers first quarter results

Company announces year-over-year increases in IPP revenue, power production, and generation capacity in its operating fleet, as well as construction milestones on largest solar project in New York

/EIN News/ -- Key Takeaways

• Against a backdrop of trade policy driven volatility, Greenbacker’s proactive approach to tariff risk management delivered $19 million cost savings on 1 GW solar module order.
• Company continued construction on largest solar project in New York State to date; the 674 MW Cider solar farm—also GREC’s largest to date—is expected to reach commercial operation in late 2026, generating 1 billion kWh of power in first year of operation.
• Wind and solar PPA revenue increased 17% year-over-year to $39 million, driving total first-quarter operating revenue of $48 million.
• Power production increased 14% across combined wind and solar fleets, year-over-year, generating 676 million kWh of power in the first quarter.
• Operating fleet expanded 3% year-over-year, representing 41 MW of additional total generation capacity, as Company brought online over a dozen new assets.
• Greenbacker’s assets contributed to a more resilient U.S. clean energy system, delivering homegrown power, driving decarbonization, and supporting the domestic economy.

NEW YORK, June 03, 2025 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (“Greenbacker,” “GREC,” or the “Company”), an energy transition-focused investment manager and independent power producer (“IPP”), has announced financial results for the first quarter of 2025, including year-over-year increases in revenue, operating capacity, and clean energy generation.¹

Greenbacker’s proactive approach to tariff risk management delivered $19 million cost savings

Greenbacker’s proactive approach to managing exposure to tariff risk continued to deliver measurable results for investors. In late 2024, the Company’s procurement team secured a 1 gigawatt (“GW”) order with one of the world’s largest suppliers of solar modules for use in the construction of assets across its sustainable infrastructure portfolio—including the 674 MW Cider solar farm, Greenbacker’s largest clean energy project to date. As part of the agreement, Greenbacker was able to lock in its access to 1 GW of panels while limiting or eliminating risk on future tariff exposure.

This forward-looking contract structure when procuring over 960,000 solar modules proved its value through the first quarter of 2025, as financial markets and the energy transition asset class experienced increased volatility driven by uncertainty around the Trump administration’s tariff regime.²

As of March 31, 2025, the contract generated approximately $19 million in cost savings for Greenbacker, helping to protect returns by ensuring predictable pricing for a substantial volume of critical solar equipment.

“Greenbacker and other clean energy industry participants have been successfully navigating the evolving trade landscape for over a decade,” said Dan de Boer, Greenbacker’s interim CEO. “The steps we’ve taken to mitigate tariff-related risk across our portfolio deliver results, protect returns, and add stability to our investment platform. This disciplined approach is a core part of how we create long-term value for our investors.”

Company continued construction on 674 MW Cider solar project, projected to be largest solar farm in New York State when completed in 2026

After breaking ground on early construction activity late last year, Greenbacker’s utility-scale Cider project continued major construction activities in Genesee County, NY. When complete, Cider is expected to be the largest solar energy project in New York State, where Greenbacker is headquartered.

This phase of construction centers on key civil and mechanical activities, such as beginning installation of steel pilings and solar module racking systems. Additional phases of construction are expected to ramp up by mid-summer, including installation of electrical wiring and high-voltage utility interconnection infrastructure.

Over its operational lifespan, Cider is expected to generate approximately $100 million in revenue for local communities through property taxes, host community agreements, and tax benefits—funds that can be used to support critical services and infrastructure, including first responders, area roadways, and local schools. Cider’s construction is expected to support hundreds of clean energy jobs, driving both immediate and long-term economic impact across the region.

Cider is slated to enter commercial operation in late 2026 and is expected to generate approximately 1 billion kWh of power in its first full year of operation. The project plans to utilize agrivoltaics (dual land use combining photovoltaic production with agricultural practices) as part of a more cost-effective, nature-based approach to vegetation management. Cider will initially host rotational sheep grazing on over 300 acres, with the potential to increase grazing acreage across the project’s operational lifetime.

Wind and solar PPA revenue increased 17% year-over-year to $39 million, driving total operating revenue of $48 million; wind and solar power production increased 14%

Greenbacker generated total operating revenue of $47.5 million within its IPP segment during the first quarter of 2025, reflecting strong performance from the Company’s core operating fleet. This was driven by an increase in revenue from Greenbacker’s long-term power purchase agreements (“PPAs”) across both its wind and solar fleets, which together generated $38.8 million—a 17% increase compared to the same period last year, or an additional $5.8 million of revenue.

First-quarter net loss attributable to Greenbacker in 2025 was $(15.6) million and Adjusted EBTIDA³ was $14.4 million, representing year-over-year changes of 84% and 56%, respectively. The net loss reflected impairment charges resulting from deteriorating macroeconomic conditions, as well as depreciation and amortization, partially offset by a decrease in other operating expenses.

While total operating revenue represented a 3% year-over-year decline—primarily due to the timing of Renewable Energy Credit (“REC”) revenue recognition in the first quarter of 2024 and the divestment of a non-core asset in April 2024—the underlying power production of Greenbacker’s core fleet remained strong. Notably, the non-core divestiture was a key driver of the Company’s year-over-year increase in Adjusted EBITDA.

On a year-over-year basis, GREC increased its operating fleet size by 3%, as of the end of the first quarter of 2025, resulting in a 41 MW increase in total operating power production capacity.⁴ This included placing over a dozen new solar energy assets into commercial operation. In total, GREC’s operating solar and wind portfolios delivered a combined year-over-year power production increase of 14%,⁵ generating over 676 million kWh of clean energy in the quarter—enough to power approximately 63,000 average U.S. homes for one year.⁶

GREC Operating Fleet	1Q25	1Q24	YoY Increase (total)	YoY Increase (%)
Clean power produced by solar assets (MWh)	307,154	266,339	40,815	15%
PPA revenue generated by solar assets ($M)	$ 18.0	$15.3	$2.6	17%
Clean power produced by wind assets (MWh)	368,957	325,406	43,551	13%
PPA revenue generated by wind assets ($M)	$ 20.8	$17.7	$3.1	18%
Total clean power generated by wind and solar assets (MWh)	676,111	591,745	84,366	14%
Total PPA operating revenue generated by wind and solar assets ($M)	$ 38.8	$33.0	$5.8	17%

Some figures may not add to stated totals due to rounding. Total clean power generated does not include power generated from the non-core biomass facility during first quarter of 2024, which GREC divested in April 2024, nor does it include assets in which the Company holds a preferred equity position.

Long-term contracted cash flows with investment-grade counterparties

As of March 31, 2025, approximately 93% of Greenbacker’s portfolio of assets⁷ were contracted to sell power to investment-grade counterparties across the most resilient parts of the U.S. economy—including utilities, municipalities, and corporations—under long-term PPAs. The portfolio had approximately 17.3 years of contracted, highly visible cash flows associated with these PPAs, providing a solid foundation to build additional future revenue streams.

As of March 31, 2025, the Greenbacker operating fleet represented approximately 1.6 gigawatts of total clean power generation and storage capacity, spanning over 30 states, territories, districts and provinces.

Building a more resilient clean energy future by delivering homegrown power, driving decarbonization, and supporting the domestic economy

As of March 31, 2025, Greenbacker’s portfolio of energy assets had cumulatively produced more than 12 million MWh of power.⁸ This clean energy has abated over 8 million metric tons of carbon⁹ and conserved more than 8 billion gallons of water.¹⁰

Greenbacker’s business operations have driven more than $170 million in spending with U.S.-based manufacturers and suppliers in that period, directly supporting American industry and strengthening domestic supply chains, while advancing homegrown energy deployment.

To date, Greenbacker’s fleet of operating and pre-operating projects currently support, or are expected to support, thousands of green energy jobs.¹¹

Additional information regarding the Company’s impact can also be found in Greenbacker’s impact report.

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.

Private placements are speculative.
For financial professionals and their accredited investors only. Not for inspection by, distribution to, or quotation to the general public. There are material risks associated with investing in alternative investments including financing risks, general economic risks, long hold periods, and potential loss of the entire investment principal. Potential cash flow, returns, and appreciation are not guaranteed. The shares offered are illiquid assets for which there is not expected to be any secondary market, nor is it expected that any will develop in the future. The ability to transfer shares is limited. Pursuant to the LLC Agreement, GREC has the discretion under certain circumstances to prohibit transfers of shares, or to refuse to consent to the admission of a transferee as a member. Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Greenbacker Capital Management LLC and WealthForge Securities, LLC are separate entities.

Non-GAAP Financial Measures
In addition to evaluating the Company’s performance on a U.S. GAAP basis, the Company 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.

Adjusted EBITDA
Adjusted 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.

Adjusted 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 calculations of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Funds From Operations (FFO)
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 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. 

The Company believes that the analysis and presentation of FFO will enhance our investor’s understanding of the ongoing performance of our operating business. The Company considers 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.

FFO 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.

General Disclosure
This 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’s 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.

GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
	March 31, 2025				December 31, 2024
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	103,237			$	120,057
Restricted cash, current	31,949				38,403
Accounts receivable, net	28,033				27,103
Derivative assets, current	16,064				17,632
Other current assets	26,418				28,586
Total current assets	205,701				231,781
Noncurrent assets:
Restricted cash	2,131				3,128
Property, plant and equipment, net	2,280,196				2,232,486
Intangible assets, net	351,065				362,352
Investments, at fair value	75,196				74,136
Derivative assets	80,953				98,495
Other noncurrent assets	240,587				242,667
Total noncurrent assets	3,030,128				3,013,264
Total assets	$	3,235,829			$	3,245,045
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities:
Accounts payable and accrued expenses	$	107,394			$	69,464
Contingent consideration, current	14,675				15,293
Current portion of long-term debt	85,969				88,901
Current portion of failed sale-leaseback financing and deferred ITC gain	45,868				45,868
Other current liabilities	8,034				8,767
Total current liabilities	261,940				228,293
Noncurrent liabilities:
Long-term debt, net of current portion	1,025,804				1,001,654
Failed sale-leaseback financing and deferred ITC gain, net of current portion	195,933				201,601
Deferred tax liabilities, net	24,495				35,316
Operating lease liabilities	195,090				196,911
Out-of-market contracts, net	170,749				180,640
Other noncurrent liabilities	62,005				59,561
Total noncurrent liabilities	1,674,076				1,675,683
Total liabilities	$	1,936,016			$	1,903,976
Commitments and contingencies (Note 13. Commitments and Contingencies)
Redeemable noncontrolling interests	$	1,851			$	1,851
Equity:
Preferred shares, par value, $0.001 per share, 50,000 authorized; none issued and outstanding	—				—
Common shares, par value, $0.001 per share, 350,000 authorized, 199,176 and 199,326 outstanding as of 2025 and 2024, respectively	199				199
Additional paid-in capital	1,774,330				1,773,758
Accumulated deficit	(600,317		)		(584,733		)
Accumulated other comprehensive income	33,690				34,937
Noncontrolling interests	90,060				115,057
Total equity	1,297,962				1,339,218
Total liabilities, redeemable noncontrolling interests and equity	$	3,235,829			$	3,245,045

GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
	Three months ended March 31,
	2025				2024
Revenue
Energy revenue	$	43,980			$	44,569
Investment Management revenue	3,260				3,931
Other revenue	301				668
Contract amortization, net	2,921				(2,615		)
Total net revenue	$	50,462			$	46,553
Operating expenses
Direct operating costs	23,911				26,990
General and administrative	17,046				18,855
Change in fair value of contingent consideration	—				493
Depreciation, amortization and accretion	21,628				20,485
Impairment of long-lived assets, net and project termination costs	13,665				6,328
Total operating expenses	76,250				73,151
Operating loss	(25,788		)		(26,598		)
Interest expense, net	(36,566		)		(4,250		)
Change in fair value of investments, net	990				(566		)
Income from sale-leaseback transfer of tax benefits	10,188				—
Other expense, net	148				125
Loss before income taxes	(51,028		)		(31,289		)
Benefit (expense) from income taxes	10,374				(3,064		)
Net loss	$	(40,654	)		$	(34,353	)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(25,068		)		(25,874		)
Net loss attributable to Greenbacker Renewable Energy Company LLC	$	(15,586	)		$	(8,479	)
Earnings per share
Basic	$	(0.08	)		$	(0.04	)
Diluted	$	(0.08	)		$	(0.04	)
Weighted average shares outstanding
Basic	199,333				198,856
Diluted	199,333				198,856

 

GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
	Three months ended March 31,
	2025				2024
Cash Flows from Operating Activities
Net loss	$	(40,654	)		$	(34,353	)
Adjustments to reconcile Net loss to Net cash (used in) provided by operating activities:
Depreciation, amortization and accretion	18,707				23,100
Impairment of long-lived assets, net	12,665				6,328
Share-based compensation expense	3,469				4,806
Changes in fair value of contingent consideration	—				493
Amortization of financing costs and debt discounts	2,963				1,661
Amortization of interest rate swap contracts	(1,693		)		4
Change in fair value of interest rate swaps, net	21,741				(9,944		)
Gain on interest rate swaps, net	—				(1,410		)
Change in fair value of investments	(990		)		566
Deferred income taxes	(10,374		)		3,064
Interest expense on failed sale-leaseback financing and deferred ITC gain	4,519				4,269
Income from sale-leaseback transfer of tax benefits	(10,188		)		—
Other	1,235				980
Changes in operating assets and liabilities:
Accounts receivable	(930		)		(826		)
Current and noncurrent derivative assets	—				51,269
Other current and noncurrent assets	1,085				2,988
Accounts payable and accrued expenses	(8,875		)		(8,227		)
Operating lease liabilities	(1,771		)		(714		)
Other current and noncurrent liabilities	(541		)		(243		)
Net cash (used in) provided by operating activities	(9,632		)		43,811
Cash Flows from Investing Activities
Purchases of property, plant and equipment	(28,564		)		(55,294		)
Net deposits returned (paid) for property, plant and equipment	(390		)		1,314
Other investing activities	(70		)		(45		)
Net cash used in investing activities	(29,024		)		(54,025		)
Cash Flows from Financing Activities
Shareholder distributions	—				(22,361		)
Repurchases of common shares	(341		)		(390		)
Deferred shareholder servicing fees	(739		)		(795		)
Contributions from noncontrolling interests	2,132				1,005
Distributions to noncontrolling interests	(5,071		)		(3,240		)
Proceeds from borrowings	58,731				50,920
Payments on borrowings	(40,054		)		(84,381		)
Proceeds from failed sale-leaseback	—				111,453
Payments on failed sale-leaseback	—				(25,080		)
Payments for loan origination costs	(273		)		(1,257		)
Net cash provided by financing activities	14,385				25,874
Net (decrease) increase in Cash, cash equivalents and Restricted cash	(24,271		)		15,660
Cash, cash equivalents and Restricted cash at beginning of period	161,588				187,675
Cash, cash equivalents and Restricted cash at end of period	$	137,317			$	203,335

Non-GAAP Reconciliations

Adjusted EBITDA

Adjusted 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 of the ongoing operating performance of the business.

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) impairment of long-lived assets; (vii) amounts attributable to our redeemable and non-redeemable noncontrolling interests; (viii) unrealized gains and losses on financial instruments; (ix) gains and losses for asset dispositions; (x) other income (loss); and (xi) foreign currency gain (loss). Additionally, the Company further adjusts for the following items described below:

• Share-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;

• The 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;

• Start-up costs associated with new investment strategies is excluded from Adjusted EBITDA. The Company evaluates new investment strategies on a regular basis and excludes start-up cost from Adjusted EBITDA until such time as a new strategy is determined to form part of the Company’s core investment management business.

• Placement fees, including internal sales commissions, related to fundraising efforts based on the capital raised, are excluded from Adjusted EBITDA. By excluding these fundraising-related fees from Adjusted EBITDA, we focus on core operational performance, separate from capital raising efforts, which might vary significantly from period to period.

• Other 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 services and legal fees, and other non-recurring costs unrelated to the ongoing operations of the Company.

Adjusted 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 calculations of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

FFO

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 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. The Company excludes these distributions as these are not recorded within Adjusted EBITDA and is therefore not a component of our earnings from operations.

The Company believes that the analysis and presentation of FFO will enhance our investors’ understanding of the ongoing performance of our operating business. The Company considers 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.

Adjusted EBITDA and FFO 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.

The following table reconciles Net loss attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA and FFO:

	Three months ended March 31,
(in thousands)	2025				2024
Net loss attributable to Greenbacker Renewable Energy Company LLC	$	(15,586	)		$	(8,479	)
Add back or deduct the following:
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(25,068		)		(25,874		)
Benefit (expense) from income taxes	(10,374		)		3,064
Interest expense, net	36,566				4,250
Depreciation, amortization and accretion(1)	18,804				23,235
EBITDA	$	4,342			$	(3,804	)
Share-based compensation expense	3,469				4,806
Change in fair value of contingent consideration	—				493
Change in fair value of investments, net	(990		)		566
Income from sale-leaseback transfer of tax benefits	(10,188		)		—
Other expense, net	(148		)		(125		)
Loss on asset disposition	13				—
Impairment of long-lived assets, net and project termination costs	13,665				6,328
Non-recurring professional services and legal fees	1,689				578
Non-recurring salaries and personnel related expenses(2)	2,596				393
Adjusted EBITDA	$	14,448			$	9,235
Cash portion of interest expense	(9,408		)		(8,349		)
Distributions to tax equity investors	(3,811		)		(3,277		)
FFO	$	1,229			$	(2,391	)
(1) Includes contract amortization, net in the amount of $2.9 million and $(2.6) million for the three months ended March 31, 2025 and 2024, respectively, which are included in Contract amortization, net on the Consolidated Statements of Operations; also includes certain other amortization costs included in Direct operating costs and General and administrative on the Consolidated Statements of Operations.
(2) Non-recurring salaries and personnel related expenses include start-up costs which primarily include salaries and personnel related expenses of incremental employees hired in advance to launch new investment strategy initiatives. Given the nature and scale of the related costs and activities, management does not view these as normal, recurring operating expenses, but rather as non-recurring investments to initially develop our new funds. Therefore, we believe it is useful and necessary for investors to understand our core operating performance in current and future periods by excluding the impact of these start-up costs as incurred. Non-recurring salaries and personnel related expenses also include placement fees, including internal sales commission.

The following table reconciles total Segment Adjusted EBITDA to Net loss attributable to Greenbacker Renewable Energy Company LLC:

	For the three months ended March 31,
(in thousands)	2025				2024
Segment Adjusted EBITDA:
IPP Adjusted EBITDA	$	22,515			$	17,291
IM Adjusted EBITDA	(689		)		(1,160		)
Total Segment Adjusted EBITDA	$	21,826			$	16,131
Reconciliation:
Total Segment Adjusted EBITDA	$	21,826			$	16,131
Unallocated corporate expenses	(7,378		)		(6,896		)
Total Adjusted EBITDA	$	14,448			$	9,235
Less:
Share-based compensation expense	3,469				4,806
Change in fair value of contingent consideration	—				493
Loss on asset disposition	13				—
Impairment of long-lived assets, net and project termination costs	13,665				6,328
Depreciation, amortization and accretion(1)	18,804				23,235
Non-recurring professional services and legal fees	1,689				578
Non-recurring salaries and personnel related expenses(2)	2,596				393
Operating loss	$	(25,788	)		$	(26,598	)
Interest expense, net	(36,566		)		(4,250		)
Change in fair value of investments, net	990				(566		)
Income from sale-leaseback transfer of tax benefits	10,188				—
Other expense, net	148				125
Loss before income taxes	$	(51,028	)		$	(31,289	)
Benefit from (provision for) income taxes	10,374				(3,064		)
Net loss	$	(40,654	)		$	(34,353	)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(25,068		)		(25,874		)
Net loss attributable to Greenbacker Renewable Energy Company LLC	$	(15,586	)		$	(8,479	)
(1) Includes contract amortization, net in the amount of $2.9 million and $(2.6) million for the three months ended March 31, 2025 and 2024, respectively, which are included in Contract amortization, net on the Consolidated Statements of Operations; also includes certain other amortization costs included in Direct operating costs and General and administrative on the Consolidated Statements of Operations.
(2) Non-recurring salaries and personnel related expenses include start-up costs which primarily include salaries and personnel related expenses of incremental employees hired in advance to launch new investment strategy initiatives. Given the nature and scale of the related costs and activities, management does not view these as normal, recurring operating expenses, but rather as non-recurring investments to initially develop our new funds. Therefore, we believe it is useful and necessary for investors to understand our core operating performance in current and future periods by excluding the impact of these start-up costs as incurred. Non-recurring salaries and personnel related expenses also include placement fees, including internal sales commission.

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 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—while facilitating the transition toward a clean energy future. For more information, please visit https://greenbackercapital.com.

About Greenbacker Capital Management
Greenbacker Capital Management LLC is an SEC registered investment adviser that provides advisory and oversight services related to project development, acquisition, and operations in the renewable energy, energy efficiency, and sustainability industries. For more information, please visit www.greenbackercapital.com.

Greenbacker media contact
Chris Larson
Media Communications
646.569.9532
c.larson@greenbackercapital.com

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¹ The financial and portfolio metrics set forth herein are unaudited and subject to change. Data as of March 31, 2025. Total assets and megawatts statistics include those projects where we have contracted for the acquisition of the project pursuant to a Membership Interest Purchase Agreement (“MIPA”).
² S&P 500 Suffers Worst Month Since 2022—Despite Monday Recovery, Forbes, March 2025.
³ Adjusted 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. See “Non-GAAP Financial Measures” for additional discussion. Adjusted EBITDA is unaudited. See the Company’s 10-Q filed with the SEC for additional financial information and important related disclosures.
⁴ Data as of March 31, 2025. Total assets and megawatts statistics include those projects where we have contracted for the acquisition of the project pursuant to a Membership Interest Purchase Agreement (“MIPA”). The financial and portfolio metrics set forth herein are unaudited and subject to change
⁵ Does not include power generated from biomass facility during first quarter of 2024, and also does not include assets in which the Company holds a preferred equity position
⁶ Based on the U.S. Energy Information Administration’s estimate that the average annual amount of electricity used by a U.S. residential electric-utility customer is 10,791 kilowatt-hours (kWh).
⁷ Includes both operating and pre-operating clean energy projects within the GREC portfolio.
⁸ Since January 2016.
⁹ Data is as of March 31, 2025. 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.
¹⁰ Data is as of March 31, 2025. Water saved by Greenbacker’s clean energy projects is compared to the amount of water needed to produce the same amount of power by burning coal. Gallons of water saved are calculated based on Operational water consumption and withdrawal factors for electricity generating technologies: a review of existing literature – IOPscience, J Macknick et al 2012 Environ. Res. Lett. 7 045802.
¹¹ Data is as of March 31, 2025. Green jobs calculated using The National Renewable Energy Laboratory (NREL) State Clean Energy Employment Projection Support, nrel.gov.