Private company

Greenbacker Renewable Energy Co LLC

American electric services company, incorporated in Delaware1

In its 2026 annual report the company says: “Greenbacker Renewable Energy Company LLC is a Delaware limited liability company formed in December 2012.”3 It is headquartered in New York, New York.1

Last updated Oct 20, 2026.

Overview

  • IndustryElectric Services1
  • HeadquartersNew York, New York1
  • Incorporated inDE2
  • Business addressC/O Greenbacker Capital Management Llc, 230 Park Avenue, Suite 1560, New York, Ny 101692
  • Filer categoryNon-accelerated filer2

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The use of “we”, “us”, “our” and the “Company” refer, collectively to the Greenbacker Renewable Energy Company LLC and its subsidiaries, unless otherwise expressly stated or context otherwise requires. This report does not constitute an offer of any of the Company’s managed funds described herein.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-98.5%Operating margin4
-104.4%Net margin4
-4.1%Revenue growth, 20254
-$477.1MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs96¢$178.2M
  • Income tax4¢$8.1M

Out of $186.4M in revenue.4 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending99¢$520.7M
  • Share buybacks1¢$2.7M

Out of $43.6M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.4

Financial statements

Revenue4$186.4M in 2025+14% since 2023
0$50.0M$100.0M$150.0M$200.0M2023: $163.3M$163.3M20232024: $194.3M$194.3M2024+19%2025: $186.4M$186.4M2025−4%
Operating income4-$183.5M in 2025+3% since 2023
-$400.0M-$300.0M-$200.0M-$100.0M02023: -$177.5M-$177.5M20232024: -$328.2M-$328.2M2024+85%2025: -$183.5M-$183.5M2025−44%
Net income564-$194.6M in 2025
-$300.0M-$200.0M-$100.0M0$100.0M2019: $32.0M$32.0M20192020: $44.7M$44.7M2020+40%2021: $43.0M$43.0M2021−4%2023: -$79.5M-$79.5M20232024: -$242.3M-$242.3M2024+205%2025: -$194.6M-$194.6M2025−20%
Fiscal year2019202020212022202320242025
Revenue$163.3M4$194.3M4$186.4M4
Cost of revenue
Operating expenses$38.8M6$350.6M4$523.9M4$374.7M4
Operating income-$177.5M4-$328.2M4-$183.5M4
Income before tax-$197.1M4-$325.3M4-$223.0M4
Income tax$7.3M5$11.4M5-$9.1M6-$21.5M4-$19.4M4-$8.1M4
Net income$32.0M5$44.7M5$43.0M6-$79.5M4-$242.3M4-$194.6M4
Earnings per share$0.175$0.165$0.026-$0.404-$1.224-$0.984
Earnings per share (diluted)$0.175$0.165$0.026-$0.404-$1.224-$0.984
Shares (weighted, basic)126.5M shares6199.3M shares4199.3M shares4199.4M shares4
Shares (weighted, diluted)126.5M shares6199.3M shares4199.3M shares4199.4M shares4

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What it owns

What Greenbacker Renewable Energy Co LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Construction in progress$802.3M4 Dec 31, 2025$437.3M4 Dec 31, 2024+83.5%
Finance-lease assets$19.0K4 Dec 31, 2025$35.0K4 Dec 31, 2024−45.7%
Operating-lease assets (leased space)$164.3M4 Dec 31, 2025$195.0M4 Dec 31, 2024−15.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$66.6M4 Dec 31, 2025$120.1M4 Dec 31, 2024−44.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$012 Dec 31, 2024$221.3M12 Dec 31, 2023−100.0%
Intangible assets, net (excluding goodwill)$255.9M4 Dec 31, 2025$362.4M4 Dec 31, 2024−29.4%
Finite-lived intangibles, gross$334.5M4 Dec 31, 2025$457.0M4 Dec 31, 2024−26.8%
Accumulated amortization$78.5M4 Dec 31, 2025$94.7M4 Dec 31, 2024−17.0%
Finite-lived intangibles, net$255.9M4 Dec 31, 2025$362.4M4 Dec 31, 2024−29.4%

Properties, in its own words

The Company maintains properties consisting of its executive offices located at 230 Park Avenue, Suite 1560, New York, NY 10169 and renewable energy projects which are adequate for its operations and are described in Item 1. Business, which description is incorporated herein by reference.

Item 2 of the 10-K filed Mar 9, 2026.3

Leadership

Who has led Greenbacker Renewable Energy Co LLC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Charles Wheeler2019–2024

Chief financial officer

  1. Richard Craig Butt2019–2022
  2. Spencer Mash2023
20202025
Board members and other officers (11)

Timeline

  1. Jul 22, 20268-K Entered a material agreement; Executive or director change; Regulation FD disclosure27
  2. Dec 29, 20258-K Executive or director change28
  3. Sep 17, 20258-K Executive or director change29
  4. Aug 28, 20258-K Executive or director change30
  5. Aug 1, 20258-K Shareholder vote31
  6. Jun 2, 20258-K Other events32
  7. Apr 29, 20258-K Other events33
  8. Apr 1, 20258-K Regulation FD disclosure34
  9. Mar 31, 20258-K Executive or director change; Other events35
  10. Feb 4, 20258-K Other events36
  11. Jan 29, 20258-K Executive or director change37
  12. Jan 3, 20258-K Other events38
  13. May 31, 2019New chief executive Charles Wheeler becomes CEO14

Filings

252 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 67 major events, 127 insider forms, 36 other. The latest 20:

  1. Aug 12, 202610-Q EDGAR
  2. Jul 30, 2026425 EDGAR
  3. Jul 29, 2026425 EDGAR
  4. Jul 28, 2026425 EDGAR
  5. Jul 27, 2026425 EDGAR
  6. Jul 27, 2026425 EDGAR
  7. Jul 24, 2026425 EDGAR
  8. Jul 23, 2026425 EDGAR
  9. Jul 22, 2026425 EDGAR
  10. Jul 22, 2026425 EDGAR
  11. Jul 22, 20268-K EDGAR
  12. Jul 22, 2026425 EDGAR
  13. Jul 22, 2026425 EDGAR
  14. Jul 8, 20264 EDGAR
  15. Jul 8, 20264 EDGAR
  16. May 13, 202610-Q EDGAR
  17. Apr 30, 202610-K/A 10-K EDGAR
  18. Apr 27, 20264 EDGAR
  19. Apr 27, 20264 EDGAR
  20. Apr 27, 20264 EDGAR

The 252 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Daniel de Boer39$500.0K$3.6M39
2024Christopher Smith$366.7K$1.7M39
2024Charles Wheeler64$500.0K$1.6M39
2024Matthew Murphy43$432.7K$1.5M39
2024David Sher61$409.3K$1.2M39
2024Spencer Mash$421.3K39
2023Chief Financial Officer (former)$509.8K$3.2M39
2023Chief Executive Officer$500.0K$2.9M39
2023Chief Operating Officer$409.8K$2.6M39
2022Chief Financial Officer (former)$314.6K$3.1M39
2022Chief Executive Officer$310.9K$1.3M39

SEC filer profile

How Greenbacker Renewable Energy Co LLC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGreenbacker Renewable Energy Co LLC1
  • CIK0001563922
  • Employer ID (EIN)80-08726483
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)4911 Electric Services1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business addressC/O Greenbacker Capital Management Llc, 230 Park Avenue, Suite 1560, New York, NY 101691
  • Phone646-237-78841
  • Shares outstanding199,536,636 as of Aug 1, 20269
  • Public float$0 as of Jun 30, 202540
  • AuditorKPMG LLP, New York, New York PCAOB ID 185; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceDec 11, 20121
  • Filings535 in all: 4 (157), 8-K (142), 424B3 (45), 10-Q (39), CORRESP (18), 10-K (13), 3 (13), UPLOAD (13)1
    All 32 form types

    425 (11), DEF 14A (11), DEFA14A (11), EFFECT (10), POS AM (9), S-1/A (8), 5 (6), 10-Q/A (3), D/A (3), NT 10-Q (3), PRE 14A (3), S-3D (3), 10-K/A (2), 8-K/A (2), 10-12G (1), 3/A (1), 5/A (1), 8-A12G (1), D (1), NT 10-K (1), POS EX (1), RW (1), S-1 (1), S-8 (1)

  • Latest filingsAnnual report (10-K) Mar 9, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Apr 30, 2025
    Latest 8-K (8-K) Jul 22, 2026

Risk factors and legal proceedings

The risks Greenbacker Renewable Energy Co LLC names in Item 1A of its 10-K filed Mar 9, 2026: 43 risks under these headings, as written.3

  • Risks Related to Our Business and Structure
  • Risks Related to Our Acquisitions and Industry Focus
  • Risks Related to Debt Financing and Lending
  • Risks Related to Our Shares
  • Risks Related to Tax
  • Government policies including federal tax policy providing incentives that we may rely upon could change at any time, which could impact the competitiveness of our service offerings to customers and the market.
  • Our ability to achieve our business objectives depends on our executive management team’s ability to manage and support our asset strategy. If we were to lose certain key members of our executive management team, our ability to achieve our business objectives could be significantly harmed.
  • Because our business model depends to a significant extent upon relationships with a diverse group of third-parties, the inability to maintain relationships, or the failure of these relationships to generate business opportunities, as well as compliance risks by such third-parties could adversely affect our business.
  • Our success is subject to general market and economic conditions we cannot control or predict, including but not limited to acts of terrorism or related acts of war, natural disaster, pandemics, inflation, supply chain disruptions or other catastrophic events.
  • We are evaluating strategic alternatives and there can be no assurance that we will be successful in identifying or completing any strategic alternative transactions, that any such strategic alternative transactions will result in additional value for our shareholders or that the process will not have an adverse impact on our business.
  • Inflationary pressures could adversely impact our business.
  • Changes in U.S. foreign trade policies, including the imposition of additional tariffs and other trade barriers, and efforts to withdraw from or materially modify international trade agreements, may materially and adversely affect the Company’s business, operations and financial condition.
The other 36 risks
  • We are not currently paying distributions to our shareholders and may not reinstate payment of distributions.
  • Investment return may be reduced if we are required to register as an investment company under the Investment Company Act.
  • Legal proceedings and regulatory actions, or negative developments in pending proceedings or other contingencies, could have a material adverse effect on our financial condition.
  • Cybersecurity risks could result in the loss of data, interruptions in our business and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations.
  • Our Board of Directors may change our business and acquisition policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to investors.
  • Conflicts of interest may arise in the allocation of acquisition opportunities.
  • Our strategic focus is on the renewable energy, energy efficiency and related sectors, which subjects us to more risks than if we were broadly diversified.
  • Existing regulations and policies and changes to these regulations and policies may present technical, regulatory and economic barriers to the purchase and use of energy generation and consumption projects, including solar and wind energy projects, which may significantly reduce our ability to meet our investment objectives.
  • The profitability of our projects may be adversely affected if they are subject to regulation under the Federal Power Act, or state or local public utility laws and regulations that regulate the sale of electricity.
  • Our projects may rely on electric transmission lines and other transmission facilities that are owned and operated by third parties. In these situations, our projects will be exposed to transmission facility curtailment risk, including but not limited to curtailment caused by breakdown of the power grid system, which may delay and increase the costs of our projects or reduce the return to us on those investments.
  • Liability relating to environmental matters may impact the value of properties that we may acquire or the properties underlying our projects.
  • We may invest in tax equity partnerships, which creates additional risk because, among other things, we cannot exercise sole decision-making power, and our partners may have different economic interests than we have.
  • If the market for various types of climate solutions projects or the investment techniques related to such projects do not develop as we anticipate, new business generation in this target area may be adversely impacted.
  • Our assets may be exposed to an increase in climate change or other change in meteorological conditions which could have an impact on electric generation, revenue or insurance costs, all of which could adversely affect our business, financial condition and results of operations and cash flows.
  • Changes in the treatment or qualification of RECs may adversely impact our business.
  • We may be exposed to uninsured losses and may experience increased insurance costs.
  • We do not own all of the land on which the projects in our portfolio are located.
  • We will be required to make substantial capital expenditures to develop the projects in our growth pipeline, repower existing assets and pursue new growth opportunities.
  • Our investments are subject to changes in market value and other risks, which have in the past, and may in the future, materially adversely affect our liquidity, financial condition and results of operations.
  • If the solar power industry experiences a shortage of key inputs, such as polysilicon, the profitability of solar power-producing projects may decrease, which may result in slower growth in the solar power market than we anticipate.
  • The operating results of the projects in which we invest that produce solar power may be negatively affected by a number of factors.
  • If wind conditions are unfavorable or below our estimates on any of our wind projects, the electricity production on such project and therefore, our income, may be substantially below our estimates.
  • Our investments in energy storage facilities may be negatively affected by a number of factors, including increases in storage costs, risk of fire and decreases in retail peak electricity pricing.
  • In our due diligence review of potential investments, we may rely on third-party consultants and advisors and representations made by sellers of potential portfolio projects, and we may not identify all relevant facts that may be necessary or helpful in evaluating potential investments.
  • There can be no guarantee that newly developed technologies that we invest in will perform as anticipated.
  • Our investment management business is highly regulated and failure to comply with the various rules and regulations of the jurisdictions in which we operate could have adverse effects.
  • We may need to incur financial leverage to be able to achieve our investment objectives. We cannot guarantee the availability of such financings.
  • If we borrow money, the potential for gain or loss on the amounts invested in us will be magnified and may increase the risk of investing in us. Borrowed money may also adversely affect the return on our assets, reduce cash available for distribution to our members, and result in losses.
  • We will be exposed to risks associated with changes in interest rates.
  • Cross-collateral arrangements among projects within our portfolio could expand the negative impact of a problem with one project to negatively affect other projects in our portfolio.
  • We are subject to credit and performance risk from customers, hedging counterparties and vendors.
  • The shares that were sold in our security offerings will not be listed on an exchange or quoted through a quotation system for the foreseeable future, if ever. Therefore, when purchasing any class of shares, investors have limited liquidity and may not receive a full return of their invested capital if they sell their shares.
  • Members may realize taxable income without cash distributions, and may have to use funds from other sources to fund tax liabilities.
  • The U.S. IRS could adjust or reallocate items of income, gain, deduction, loss and credit with respect to the shares if the IRS does not accept the assumptions or conventions we utilize.
  • If we were to become taxable as a corporation for U.S. federal income tax purposes, we would be required to pay income tax at corporate rates on our net income, and distributions by us to members would constitute dividend income taxable to such members, to the extent of our earnings and profits.
  • Indemnification claims by a tax equity investor, project lender, or other counterparty may reduce our right to cash flows generated by a project and could result in a cross-default under project-level debt financing.

Legal proceedings

The Company is not currently subject to any material legal proceedings, nor, to its knowledge, is any material legal proceeding threatened against the Company other than the items contained herein.

On September 9, 2025, CO Buffalo Flats LLC and GB Solar TE 2020 Holdings LLC, subsidiaries of the Company, filed a Demand for Arbitration with the American Arbitration Association against the Project’s EPC contractor and its surety relating to module performance issues at a utility-scale solar photovoltaic project (the “Project”). Following identification of certain operational concerns, the Company initiated an engineering review and engaged independent consultants to evaluate, among other matters, module selection, module quality and compatibility with the Project’s mounting structure. The Company provided formal notice of claims to the EPC contractor, the module manufacturer and other potentially responsible parties pursuant to applicable project agreements. The Company is also evaluating potential recovery under contractual warranties, indemnities and applicable insurance policies. The arbitration is pending, and a procedural schedule is in the process of being established, with hearings currently proposed for September 2027. The Company cannot predict the timing or the resolution of this matter.

The opening of Item 3, Legal Proceedings.3

Sources

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