Company announces quarterly financial results and a 508 MW year-over-year increase in fleet capacity

Key Takeaways

• Fleet added more than 500 MW of additional clean energy capacity across over 30 new assets.
• Operating fleet continued to grow, including bringing online one of GREC’s largest clean energy projects.
• Fleet expansion drove substantial increase in clean power production.
• Operating revenue of nearly $51 million in the quarter, driven by strong energy revenue.
• Over $86 million capital raised in investment vehicles managed by GCM; AUM increased to approximately $3.3 billion.
• Company’s investments support carbon abatement, water conservation, and green jobs.

NEW YORK, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (“Greenbacker,” “GREC,” or the “Company”), an independent power producer and a leading climate-focused investment manager, has announced financial results¹ for the second quarter of 2023, as well as substantial continued year-over-year fleet expansion.

Fleet added more than 500 MW of additional clean energy capacity across over 30 new assets

Greenbacker’s clean energy fleet grew by 32 assets, on a year-over-year basis, increasing the Company’s total project count to 457 (including both operating and pre-operational assets).²

This expansion represented over half a gigawatt (GW)—nearly 508 MW—of additional total clean energy–generating and storage capacity across the country. As of June 30, 2023, Greenbacker was conducting business in 32 states, Canada, Puerto Rico, and Washington, DC.

Operating fleet continued to grow, including bringing online one of GREC’s largest clean energy projects

The power-production capacity of Greenbacker’s operational fleet of clean energy projects increased by 168 MW, representing year-over-year growth of 14%, as the Company moved under-construction projects into commercial operation.

This expansion included bringing online: the 80 MWac / 104 MWdc MTSun, one of GREC’s largest solar projects; the final project in Greenbacker’s first clean energy portfolio in Washington state; and one of several Greenbacker solar assets at the Denver International airport.

Fleet expansion drove substantial increase in clean power production

With this capacity growth, the Company’s fleet generated over 765,000 MWh of total clean power during the quarter, a 17% year-over-year increase that highlighted the Company’s continued production growth.

In the first half of 2023, Greenbacker’s fleet produced over 1.3 GW of clean energy, marking a 16% increase from the same period in 2022.

The table below summarizes the year-over-year expansion of Greenbacker’s portfolio.

GREC Portfolio Metrics*	June 30, 2023	June 30, 2022	YoY Increase (total)	YoY increase (%)
Power-production capacity of operating fleet at end of period	1.4 GW	1.2 GW	168 MW	14	%
Power-generating capacity of pre-operational fleet at end of period	2.0 GW	1.6 GW	340 MW	21	%
Total power-generating capacity of fleet at end of period	3.4 GW	2.9 GW	508 MW	18	%
YTD total energy produced at end of period (MWh)	1,341,887	1,161,792	180,095	16	%
Total number of fleet assets at end of period	457	425	32	8	%

*GW figures are rounded to nearest tenth. Some figures may not add to stated totals, due to rounding.

Charles Wheeler, CEO of Greenbacker, said:

“We believe that clean energy is essential for mitigating the climate crisis and powering a sustainable future. Greenbacker’s fleet continues to bring online projects of all sizes across the country—including MTSun, our second largest operational asset to date—and we continue to generate more clean energy for communities and create greater value for our shareholders.”

Operating revenue of nearly $51 million in the quarter, driven by strong energy revenue

Greenbacker has also announced discrete second quarter financial information for its Independent Power Producer (“IPP”) and Investment Management (“IM”) business segments, the latter of which includes Greenbacker Capital Management (“GCM”) and its investment management platform.

Over the period, Greenbacker generated total operating revenue of $50.8 million, primarily from energy revenue within the IPP segment. Energy revenue was $44.6 million and included $39.6 million from our long-term PPAs.

In terms of PPA revenue, the Company’s operating solar fleet, which included 309 operating assets comprising 979 MW of capacity, generated $24.1 million from nearly 484,000 MWh of production. GREC’s operating wind fleet, which included 16 operating projects comprising 386 MW of capacity, generated $14.1 million from 269,000 MWh of production.

Adjusted EBITDA was $13.7 million for the quarter, largely driven by Adjusted EBITDA within the IPP segment of $21.2 million. Direct operating costs associated with capital raise efforts for certain of IM’s managed funds in their early stages and corporate expenses offset IPP results. The net income attributable to Greenbacker was approximately $13.8 million.

Funds From Operations (“FFO”) was $2.5 million for the period and represents the $13.7 million of Adjusted EBITDA less cash interest expense and distributions to our tax equity investors.

For the three months ended June 30, 2023	In millions (unaudited)
Select Financial Information
Total Revenue	$  46.0
Total operating revenue*	$  50.8
Net income attributable to Greenbacker	$  13.8
Adjusted EBITDA†	$  13.7
FFO†	$  2.5

NOTE: See the Company’s second quarter 10-Q filed with the SEC for additional financial information and important related disclosures.
*Total operating revenue excludes non-cash contract amortization, net.
†See “Non-GAAP Financial Measures” for additional discussion.

Over $86 million capital raised in investment vehicles managed by GCM; AUM increased to approximately $3.3 billion

During the second quarter, Greenbacker’s IM business segment continued to raise substantial additional capital from retail and institutional investors. The IM segment raised $86.6 million of new equity capital, on which GCM is entitled to collect management fees, bringing AUM³ to nearly $3.3 billion at the end of the period.

As of June 30, 2023, GCM served as the investment manager to four climate-focused funds. After one of these funds (Greenbacker Renewable Energy Company II, LLC) reached the $150 million capital deployment milestone earlier in the year, management fees on that fund became payable to GCM.

Company’s investments support carbon abatement, water conservation, and green jobs

Greenbacker’s renewable energy and energy transition investment activities continued to deliver on ESG metrics. As of June 30, 2023, the Company’s clean energy assets had cumulatively produced nearly 7.5 million MWh of clean power since January 2016, abating over 5.3 million metric tons of carbon.⁴

The Company’s clean energy projects have saved more than 5.1 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 6,000 green jobs.⁶

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

Non-GAAP Financial Measures
In addition to evaluating the Company’s 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.

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

Funds From Operations
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 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.

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
			June 30, 2023				December 31, 2022
			(unaudited)
	Assets
	Current assets:
	Cash and cash equivalents		$	58,721,848			$	143,223,982
	Restricted cash			23,916,638				47,474,110
	Accounts receivable			27,859,611				20,440,153
	Derivative assets, current			30,906,543				24,446,790
	Notes receivable, current			50,286,290				59,106,434
	Other current assets			31,048,338				29,624,295
	Total current assets			222,739,268				324,315,764
	Noncurrent assets:
	Property, plant and equipment, net			2,028,278,924				1,889,705,529
	Intangible assets, net			524,907,121				540,620,964
	Goodwill			221,313,776				221,313,776
	Investments, at fair value			95,939,477				92,554,266
	Derivative assets			160,820,107				171,392,726
	Other noncurrent assets			158,064,364				147,339,466
	Total noncurrent assets			3,189,323,769				3,062,926,727
	Total assets		$	3,412,063,037			$	3,387,242,491
	Liabilities, Redeemable Noncontrolling Interests and Equity
	Current liabilities:
	Accounts payable and accrued expenses		$	73,789,622			$	50,701,644
	Shareholder distributions payable			7,145,136				9,670,283
	Contingent consideration, current			24,138,287				25,891,317
	Current portion of long-term debt			75,376,635				95,869,554
	Redemptions payable			34,061,057				32,198,102
	Other current liabilities			11,356,203				10,861,131
	Total current liabilities			225,866,940				225,192,031
	Noncurrent liabilities:
	Long-term debt, net of current portion			968,869,924				850,760,441
	Contingent consideration			48,221,723				75,700,000
	Deferred tax liabilities, net			82,019,318				85,654,803
	Operating lease liabilities			109,738,387				101,281,144
	Out-of-market contracts, net			211,474,740				218,112,321
	Other noncurrent liabilities			42,775,624				39,825,898
	Total noncurrent liabilities			1,463,099,716				1,371,334,607
	Total liabilities		$	1,688,966,656			$	1,596,526,638
	Redeemable noncontrolling interests			2,034,000				2,034,000
	Equity:
	Preferred stock, par value, $0.001 per share, 50,000,000 authorized; none issued and outstanding			—				—
	Common shares, par value, $0.001 per share, 350,000,000 authorized, 196,916,690 and 198,044,410 outstanding, respectively			196,917				198,044
	Additional paid-in capital			1,758,468,152				1,763,061,377
	Accumulated deficit			(172,450,812	)			(114,679,721	)
	Accumulated other comprehensive income			53,283,057				56,094,242
	Noncontrolling interests			81,565,067				84,007,911
	Total equity			1,721,062,381				1,788,681,853
	Total liabilities, redeemable noncontrolling interests and equity		$	3,412,063,037			$	3,387,242,491
	GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
	CONSOLIDATED STATEMENTS OF OPERATIONS
	(unaudited)
			For the three months ended June 30, 2023				For the period from May 19, 2022 through June 30, 2022				For the six months ended June 30, 2023
	Revenue
	Energy revenue		$	44,599,068			$	19,791,259			$	82,393,509
	Investment Management revenue			4,405,213				209,040				6,331,202
	Other revenue			1,769,385				1,499,477				3,269,363
	Contract amortization, net			(4,750,629	)			(1,837,719	)			(9,744,074	)
	Total revenue			46,023,037				19,662,057				82,250,000
	Operating expenses
	Direct operating costs			26,514,289				8,715,356				49,484,009
	General and administrative			13,336,725				7,972,614				32,658,212
	Depreciation, amortization and accretion			33,163,148				6,181,893				50,145,624
	Total operating expenses			73,014,162				22,869,863				132,287,845
	Operating loss			(26,991,125	)			(3,207,806	)			(50,037,845	)
	Interest expense, net			(8,792,202	)			(2,753,708	)			(17,426,663	)
	Unrealized gain on interest rate swaps, net			9,739,622				—				11,969,331
	Unrealized (loss) gain on investments, net			(1,894,695	)			512,058				677,773
	Other (expense) income, net			(9,402	)			(360,551	)			30,535
	Net loss before income taxes			(27,947,802	)			(5,810,007	)			(54,786,869	)
	Benefit from (provision for) income taxes			7,411,579				(582,544	)			2,618,812
	Net loss			(20,536,223	)			(6,392,551	)			(52,168,057	)
	Net loss attributable to noncontrolling interests			(34,349,856	)			(8,232,238	)			(48,980,850	)
	Net income (loss) attributable to Greenbacker Renewable Energy Company LLC		$	13,813,633			$	1,839,687			$	(3,187,207	)
	Earnings per share
	Basic		$	0.07			$	0.01			$	(0.02	)
	Weighted average shares outstanding
	Basic			197,150,092				201,992,520				197,701,288
	GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
	CONSOLIDATED STATEMENTS OF CASH FLOWS
	(unaudited)
			For the six months ended June 30, 2023				For the period from May 19, 2022 through June 30, 2022
	Cash Flows from Operating Activities
	Net loss		$	(52,168,057	)		$	(6,392,551	)
	Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
	Depreciation, amortization and accretion			59,889,698				8,019,612
	Share-based compensation expense			5,304,755				1,334,474
	Changes in fair value of contingent consideration			1,317,096				—
	Amortization of financing costs and debt discounts			2,393,948				187,958
	Amortization of interest rate swap contracts into net loss			3,332,899				(347,593	)
	Unrealized gain on interest rate swaps			(11,969,331	)			—
	Unrealized gain on investments			(677,773	)			(512,058	)
	Deferred income taxes			(2,618,812	)			582,544
	Other			1,624,430				—
	Changes in operating assets and liabilities:
	Accounts receivable			(7,673,880	)			5,298,950
	Current and noncurrent derivative assets			9,495,510				—
	Other current and noncurrent assets			(6,635,887	)			89,280
	Accounts payable and accrued expenses			6,576,566				(9,944,980	)
	Operating lease liabilities			(1,022,636	)			—
	Other current and noncurrent liabilities			1,301,528				440,126
	Net cash provided by (used in) operating activities			8,470,054				(1,244,238	)
	Cash Flows from Investing Activities
	Purchases of property, plant and equipment			(168,409,802	)			(45,429,923	)
	Deposits paid for property, plant and equipment			(4,768,000	)			—
	Purchases of investments			(2,707,438	)			(1,980,695	)
	Loans made to other parties			—				(845,495	)
	Receipts from loans made to other parties			8,820,144				—
	Cash acquired from Acquisition and consolidation of GDEV, net			—				1,714,463
	Net cash used in investing activities			(167,065,096	)			(46,541,650	)
	Cash Flows from Financing Activities
	Shareholder distributions			(43,675,188	)			(6,954,111	)
	Return of collateral paid for swap contract			—				5,000,000
	Repurchases of common shares			(48,218,950	)			—
	Other capital activity			—				231,735
	Deferred sales commissions			(1,781,173	)			—
	Contributions from noncontrolling interests			55,673,923				9,137,788
	Distributions to noncontrolling interests			(6,574,994	)			(3,766,459	)
	Proceeds from borrowings			159,655,268				58,985,814
	Payments on borrowings			(60,519,392	)			(7,376,881	)
	Payments for loan origination costs			(4,024,058	)			(2,217,977	)
	Net cash provided by financing activities			50,535,436				53,039,909
	Net (decrease) increase in Cash, cash equivalents and Restricted cash			(108,059,606	)			5,254,021
	Cash, cash equivalents and Restricted cash at beginning of period*			190,698,092				205,449,317
	Cash, cash equivalents and Restricted cash at end of period		$	82,638,486			$	210,703,338
	Supplemental Disclosures
	Interest paid, net of amounts capitalized		$	13,567,924			$	4,164,432
	Non-cash investing and financing activities
	Deferred sales commission payable			9,271,304				4,043,358
	Redemptions payable			34,061,057				4,921,026
	Distribution payable to shareholders			7,144,663				7,344,811
	Capital expenditures incurred but not paid			40,825,424				31,563,919
	Non-cash contributions from noncontrolling interests, net			—				3,496,285
	Non-cash distributions to noncontrolling interests			—				2,234,482
	* Cash, cash equivalents and Restricted cash as of May 18, 2022 includes all consolidated subsidiaries of the Company upon the change in status.

 

Non-GAAP Reconciliations

Adjusted EBITDA
The following table reconciles Net income (loss) attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA:

			For the three months ended June 30, 2023				For the period from May 19, 2022 through June 30, 2022				For the six months ended June 30, 2023
	Net income (loss) attributable to Greenbacker Renewable Energy Company LLC		$	13,813,633			$	1,839,687			$	(3,187,207	)
	Add back or deduct the following:
	Net loss attributable to noncontrolling interests			(34,349,856	)			(8,232,238	)			(48,980,850	)
	(Benefit from) provision for income taxes			(7,411,579	)			582,544				(2,618,812	)
	Interest expense, net			8,792,202				2,753,708				17,426,663
	Unrealized gain on interest rate swaps, net			(9,739,622	)			—				(11,969,331	)
	Unrealized (loss) gain on investments, net			1,894,695				(512,058	)			(677,773	)
	Other (expense) income, net			9,402				360,551				(30,535	)
	Depreciation, amortization and accretion(1)			38,038,147				8,019,612				60,155,365
	EBITDA		$	11,047,022			$	4,811,806			$	10,117,520
	Share-based compensation expense			2,752,732				1,334,474				5,512,866
	Change in fair value of contingent consideration			(982,904	)			—				1,317,096
	Non-recurring professional services and legal fees			895,380				1,757,161				2,186,210
	Adjusted EBITDA		$	13,712,230			$	7,903,441			$	19,133,692
	(1) Includes contract amortization, net in the amount of $4.8 million, $1.8 million and $9.7 million, respectively, for the three months ended June 30, 2023, the period from May 19, 2022 through June 30, 2022 and the six months ended June 30, 2023, which are included in Contract amortization, net on the Consolidated Statements of Operations.

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:

• 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 Greenbacker’s 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.
• 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.
  

The 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.

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

			For the three months ended June 30, 2023				For the period from May 19, 2022 through June 30, 2022				For the six months ended June 30, 2023
	Segment Adjusted EBITDA:
	IPP Adjusted EBITDA			21,282,734				11,876,018				36,802,792
	IM Adjusted EBITDA			(879,736	)			(740,391	)			(2,152,657	)
	Total Segment Adjusted EBITDA			20,402,998				11,135,627				34,650,135
	Reconciliation:
	Total Segment Adjusted EBITDA			20,402,998				11,135,627				34,650,135
	Unallocated corporate expenses			(6,690,768	)			(3,232,186	)			(15,516,443	)
	Total Adjusted EBITDA			13,712,230				7,903,441				19,133,692
	Less:
	Share-based compensation expense			2,752,732				1,334,474				5,512,866
	Change in fair value of contingent consideration			(982,904	)			—				1,317,096
	Non-recurring professional services and legal fees			895,380				1,757,161				2,186,210
	Depreciation, amortization and accretion(1)			38,038,147				8,019,612				60,155,365
	Operating loss			(26,991,125	)			(3,207,806	)			(50,037,845	)
	Interest expense, net			(8,792,202	)			(2,753,708	)			(17,426,663	)
	Unrealized gain on interest rate swaps, net			9,739,622				—				11,969,331
	Unrealized (loss) gain on investments, net			(1,894,695	)			512,058				677,773
	Other (expense) income, net			(9,402	)			(360,551	)			30,535
	Net loss before income taxes			(27,947,802	)			(5,810,007	)			(54,786,869	)
	Benefit from (provision for) income taxes			7,411,579				(582,544	)			2,618,812
	Net loss			(20,536,223	)			(6,392,551	)			(52,168,057	)
	Less: Net loss attributable to noncontrolling interests			(34,349,856	)			(8,232,238	)			(48,980,850	)
	Net income (loss) attributable to Greenbacker Renewable Energy Company LLC			13,813,633				1,839,687				(3,187,207	)
	(1) Includes contract amortization, net in the amount of $4.8 million, $1.8 million and $9.7 million, respectively, for the three months ended June 30, 2023, the period from May 19, 2022 through June 30, 2022 and the six months ended June 30, 2023, which are included in Contract amortization, net on the Consolidated Statements of Operations.

Funds From Operations
The following table reconciles Net income (loss) attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA and then to FFO:

			For the three months ended June 30, 2023				For the period from May 19, 2022 through June 30, 2022				For the six months ended June 30, 2023
	Net income (loss) attributable to Greenbacker Renewable Energy Company LLC		$	13,813,633			$	1,839,687			$	(3,187,207	)
	Add back or deduct the following:
	Net loss attributable to noncontrolling interests			(34,349,856	)			(8,232,238	)			(48,980,850	)
	(Benefit from) provision for income taxes			(7,411,579	)			582,544				(2,618,812	)
	Interest expense, net			8,792,202				2,753,708				17,426,663
	Unrealized gain on interest rate swaps, net			(9,739,622	)			—				(11,969,331	)
	Unrealized (loss) gain on investments, net			1,894,695				(512,058	)			(677,773	)
	Other (expense) income, net			9,402				360,551				(30,535	)
	Depreciation, amortization and accretion(1)			38,038,147				8,019,612				60,155,365
	Share-based compensation expense			2,752,732				1,334,474				5,512,866
	Change in fair value of contingent consideration			(982,904	)			—				1,317,096
	Non-recurring professional services and legal fees			895,380				1,757,161				2,186,210
	Adjusted EBITDA		$	13,712,230			$	7,903,441			$	19,133,692
	Cash portion of interest expense			(5,921,566	)			(2,913,093	)			(11,904,510	)
	Distributions to tax equity investors			(5,255,497	)			(3,419,933	)			(8,487,628	)
	FFO		$	2,535,167			$	1,570,415			$	(1,258,446	)
	(1) Includes contract amortization, net in the amount of $4.8 million, $1.8 million and $9.7 million, respectively, for the three months ended June 30, 2023, the period from May 19, 2022 through June 30, 2022 and the six months ended June 30, 2023, which are included in Contract amortization, net on the Consolidated Statements of Operations.

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.

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.

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.

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

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¹ Past performance is not indicative of future results.

² 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 (“MIPA”).

³ Total AUM includes GREC and GCM’s 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.

⁴ 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.

⁵ 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.

⁶ Green jobs are calculated from the International Renewable Energy Agency's measurement that one megawatt of renewable power supports approximately 4 jobs. Data is as of June 30, 2023.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/54d35af8-80ac-4cdc-a534-7229a8233eb9

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