IPP generates total operating revenue of $52 million in the quarter, representing 3% year-over-year increase, driven by wind and solar PPA revenue of $41 million; increase reflects solid performance from Company's core operating fleet and strategic timing around sale of RECs generated by clean energy projects.
Portfolio of clean power assets produced 693,000 MWh of sustainable domestic energy, enough to power approximately 64,000 average U.S. homes for one year.
Construction management team achieves critical milestone on Greenbacker's flagship Cider project, transporting and delivering main power transformers to New York's largest solar farm to date.
Company continued to execute on construction of pre-operating fleet, placing 20 assets into commercial operation, representing 64 MW of new solar generation capacity and 6 MWh of additional energy storage, year over year.
Company formally announces engagement of Morgan Stanley and Wells Fargo to advise on strategic review focused on supporting positive outcomes for shareholders by potentially providing liquidity and long-term growth for the Company.
Greenbacker's sustainable infrastructure assets contribute to more resilient and secure national energy system; since 2016, Company has generated 13.9 million MWh of energy,1 abated 9.3 million metric tons of carbon,2 conserved nearly 10 billion gallons of water,3 and supported thousands of energy-related jobs,4 while delivering power to communities and businesses across the U.S.
NEW YORK, Dec. 04, 2025 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company, LLC ("Greenbacker" or the "Company"), an energy transition-focused investment manager and independent power producer ("IPP"), has announced financial results and operational updates for the third quarter of 2025.5
"Greenbacker's performance this quarter underscores the strength of our core operating fleet and the resilience of our business model," said Dan de Boer, CEO of Greenbacker. "Our teams not only drove revenue growth but also achieved critical milestones on flagship projects that will power communities for decades to come. These results reflect our commitment to accelerating the energy transition and creating long-term value for our shareholders."
IPP generates total operating revenue of $52 million in the quarter, representing 3% year-over-year increase, driven by wind and solar PPA revenue of $41 million, as fleets produced 693,000 MWh of power.
Greenbacker generated total operating revenue of $52.2 million within its independent power producer ("IPP") segment during the third quarter of 2025, as the Company's wind and solar fleets produced approximately 693 million kWh of clean energy. This was driven by revenue from the long-term power purchase agreements ("PPAs") in place across the Company's wind and solar fleets, which generated a combined $40.7 million.
The $52.2 million revenue represents a year-over-year increase of 3%, or approximately $1.7 million of additional revenue in the quarter. This increase occurred despite a 2.3% year-over-year decrease in operating fleet capacity—as Greenbacker continued to advance its strategic focus on scaled clean energy projects via the sale of smaller non-core asset sales. The revenue increase reflects Greenbacker's strategic timing around the sale of renewable energy credits ("RECs") generated by its portfolio of renewable energy projects, as well as continued solid performance from the higher-impact assets across the Company's core operating fleet.
Third-quarter net loss attributable to Greenbacker in 2025 was $(41.6) million, a favorable year-over-year change of 10%, driven by fewer impairment charges in the quarter compared with the prior year. Adjusted EBTIDA6 was $25.2 million, a year-over-year increase $23.2 million. This significant increase was largely the result of the termination and related non-recurring expenses associated with a module supply agreement incurred in 2024, as well as the Company's ongoing cost reduction efforts, both of which contributed to the significant comparative increase on a year-over-year basis.
Operating Fleet
3Q25
3Q24
YoY Increase (total)
YoY Increase (%)
Clean power produced by solar assets (MWh)
464,590
471,684
(7,094)
(1.5)%
PPA revenue generated by solar assets ($M)
$ 28.3
$ 28.7
$ (0.3)
(1.2)%
Clean power produced by wind assets (MWh)
228,003
241,533
(13,530)
(5.6)%
PPA revenue generated by wind assets ($M)
$ 12.4
$ 12.7
$ (0.3)
(2.6)%
Total clean power generated by wind and solar assets (MWh)
692,511
713,217
(20,706)
(2.9)%
Total PPA operating revenue generated by wind and solar assets ($M)
$ 40.7
$ 41.4
$ (0.7)
(1.6)%
Some figures may not add to stated totals due to rounding. Total clean power generated does not include assets in which the Company holds a preferred equity position.
Greenbacker continues to advance review of strategic alternatives designed to support positive outcomes for shareholders and long-term growth for the Company.
As announced earlier this year, the Greenbacker Board of Directors ("Board") is actively reviewing a full range of operational and financial alternatives aimed at aligning with shareholder interests—including potential liquidity options—and positioning the Company for sustained growth.
To assist with this review, Greenbacker has retained Morgan Stanley and Wells Fargo as financial advisors. The strategic review remains ongoing, and the Board is committed to a disciplined, rigorous process focused on creating long-term value for shareholders.
About Greenbacker Renewable Energy CompanyGreenbacker 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 ManagementGreenbacker 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.
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, Greenbacker 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 MeasuresIn 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. Distributions excluded to calculate the FFO do not include distributions made to Tax Equity Investors from the proceeds received from the transfer of investment tax credits to third parties.
The Company believes that the analysis and presentation of FFO will enhance our investor's understanding of the ongoing performance of our operating business. 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 DisclosureThis 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.
Balance Sheet
GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
September 30, 2025
December 31, 2024
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
78,663
$
120,057
Restricted cash, current
13,831
38,403
Accounts receivable, net
35,827
27,103
Derivative assets, current
14,719
17,632
Other current assets
37,413
28,586
Total current assets
180,453
231,781
Noncurrent assets:
Restricted cash
2,138
3,128
Property, plant and equipment, net
2,534,895
2,232,486
Intangible assets, net
316,211
362,352
Investments, at fair value
73,998
74,136
Derivative assets
73,510
98,495
Other noncurrent assets
233,199
242,667
Total noncurrent assets
3,233,951
3,013,264
Total assets
$
3,414,404
$
3,245,045
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities:
Accounts payable and accrued expenses
$
92,389
$
69,464
Contingent consideration, current
1,949
15,293
Current portion of long-term debt
49,113
88,901
Current portion of failed sale-leaseback financing and deferred ITC gain
46,003
45,868
Other current liabilities
6,021
8,767
Total current liabilities
195,475
228,293
Noncurrent liabilities:
Long-term debt, net of current portion
1,325,559
1,001,654
Failed sale-leaseback financing and deferred ITC gain, net of current portion
197,721
201,601
Deferred tax liabilities, net
14,077
35,316
Operating lease liabilities
195,572
196,911
Out-of-market contracts, net
162,480
180,640
Other noncurrent liabilities
67,518
59,561
Total noncurrent liabilities
1,962,927
1,675,683
Total liabilities
$
2,158,402
$
1,903,976
Redeemable noncontrolling interests
$
—
$
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, 199,129 and 199,326 outstanding as of 2025 and 2024, respectively
199
199
Additional paid-in capital
1,779,916
1,773,758
Accumulated deficit
(675,595
)
(584,733
)
Accumulated other comprehensive income
31,277
34,937
Noncontrolling interests
120,205
115,057
Total equity
1,256,002
1,339,218
Total liabilities, redeemable noncontrolling interests and equity
$
3,414,404
$
3,245,045
P(L)
GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
Three months endedSeptember 30,
Nine months endedSeptember 30,
2025
2024
2025
2024
Revenue
Energy revenue
$
50,473
$
48,396
$
144,553
$
143,271
Investment Management revenue
3,240
4,878
8,786
14,386
Other revenue
1,706
2,083
3,297
4,778
Contract amortization, net
(5,173
)
(3,355
)
(5,319
)
(9,430
)
Total net revenue
$
50,246
$
52,002
$
151,317
$
153,005
Operating expenses
Direct operating costs
22,991
41,077
71,071
92,130
General and administrative
15,562
18,037
42,950
59,322
Change in fair value of contingent consideration
—
(4,690
)
(300
)
(3,764
)
