Greenbacker Renewable Energy Unveils Impressive 2023 Financial Results and Introduces a New Sustainable Investment Strategy

2023 Financial Results in Renewable Energy

Greenbacker Renewable Energy Company LLC (Greenbacker or GREC), a leading independent energy producer with a focus on climate investment, has announced its fiscal achievements for the year 2023. The announcement highlighted a surge in yearly revenues, an expansion of operational capacity, and an uptick in the generation of renewable energy. Furthermore, Greenbacker’s investment division, Greenbacker Capital Management (GCM), has unveiled an innovative investment approach centered on sustainable real estate within the energy sector transition.

Throughout 2023, Greenbacker saw its portfolio of renewable energy initiatives expand and diversify significantly, seizing the advantages offered by the Inflation Reduction Act (IRA). Among the milestones achieved this year were the company’s inaugural ventures into wind energy refurbishment, boosting efficiency and prolonging the service life of these projects. Moreover, the company has made strategic moves to procure equipment from within the country, thereby fostering job creation and availing itself of tax incentives offered by the IRA.

Despite initial obstacles in harnessing the full potential of the IRA, due to delayed guidance from the IRS, Greenbacker managed to navigate the situation effectively, pioneering innovative deals in the green energy sector. A notable achievement includes the completion of one of the sector’s first solar PTC transactions, underscoring the company’s adeptness at navigating regulatory landscapes for advantageous outcomes.

On the investment front, Greenbacker continued to develop its portfolio, launching a fourth fund dedicated to sustainability, with a keen focus on Real Estate for Energy Transition. This initiative saw the company successfully raise in excess of $263 million for its managed funds, pushing its total Assets Under Management (AUM) to an estimated $3.8 billion.

Financially, Greenbacker disclosed a total operational revenue of $181.2 million for the period, predominantly attributed to the generation of energy from its portfolio of renewable projects. Although the company registered a net loss due to non-operational charges, its Adjusted EBITDA stood at $31.8 million.

Operationally, the company enhanced its renewable energy portfolio by 292 MW, including two of its largest initiatives to date. With an eye on the future, Greenbacker sets its sights on maintaining its upward growth momentum, with a plan to operationalize the majority of its upcoming projects by the close of 2027.

In adherence to its commitment to environmental sustainability, Greenbacker has reported that its renewable energy endeavors have notably cut down over 6.1 million metric tons of carbon emissions and saved upwards of 5.9 billion gallons of water since the outset of 2016. Additionally, the company’s investment activities are credited with supporting more than 6,400 jobs in the green energy sector.