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Greenbacker Renewable Energy Company LLC (Greenbacker or GREC), a prominent independent power producer and climate-focused investment manager, has released its financial results for 2023, showcasing annual revenue growth, capacity expansion, and clean energy generation increases. Additionally, the company’s investment management arm, Greenbacker Capital Management (GCM), introduced a new sustainability-driven investment strategy focused on Energy Transition Real Estate.
In 2023, Greenbacker’s fleet of renewable power projects experienced significant growth and diversification, leveraging opportunities presented by the Inflation Reduction Act (IRA). The company completed its first wind repowers, enhancing project efficiency and extending their operational lifespan. Furthermore, Greenbacker strategically sourced equipment domestically, supporting job creation and qualifying for tax credits under the IRA.
Despite initial challenges in realizing the benefits of the IRA due to delayed IRS guidance, Greenbacker capitalized on the legislation, pioneering transactions in the renewable energy market. Notably, the company completed one of the industry’s first solar PTC deals, reflecting its proactive approach to leveraging regulatory incentives.
Moreover, Greenbacker expanded its investment management business, launching its fourth sustainability-driven investment strategy focused on Energy Transition Real Estate. The company raised over $263 million for its managed funds, increasing its aggregate Assets Under Management (AUM) to approximately $3.8 billion.
Financially, Greenbacker reported total operating revenue of $181.2 million for the year, primarily driven by energy revenue from its independent power producer segment. Despite a net loss attributable to non-cash charges, the company’s Adjusted EBITDA was $31.8 million.
Furthermore, Greenbacker’s operational fleet added 292 MW of renewable energy assets, including two of its largest projects to date. Looking ahead, the company aims to continue its growth trajectory, with plans to bring a majority of its pre-operational fleet into operation by the end of 2027.
In line with its sustainability goals, Greenbacker’s clean energy assets have cumulatively abated over 6.1 million metric tons of carbon and conserved over 5.9 billion gallons of water since January 2016. Additionally, the company’s investment activities sustain over 6,400 green jobs. |
