Greenbacker delivers first quarter results

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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

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

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.