Investments | Note 3. Investments The composition of the company's investments as of December 31, 2019, at fair value, were as follows: Investments at Investments at Fair Value Biomass: Eagle Valley Biomass Portfolio $ 21,425,600 $ 21,425,600 4.5 % Subtotal $ 21,425,600 $ 21,425,600 4.5 % Commercial Solar: Conic Portfolio $ 12,077,823 $ 17,828,206 3.8 % East to West Solar Portfolio 39,109,190 41,214,191 8.7 Foresight Solar Portfolio 13,790,000 14,965,339 3.1 Golden Horizons Solar Portfolio 9,290,000 15,132,017 3.2 Green Maple Portfolio 26,561,596 27,268,058 5.7 Longleaf Portfolio 22,797,404 24,605,536 5.2 Magnolia Sun Portfolio 10,775,000 6,460,457 1.4 Midway III Solar Portfolio 10,575,394 11,475,652 2.4 Six States Solar Portfolio 12,655,306 12,799,005 2.6 Sunny Mountain Portfolio 884,578 743,768 0.2 Subtotal $ 158,516,291 $ 172,492,229 36.3 % Residential Solar: Canadian Northern Lights Portfolio $ 1,603,136 $ 1,611,955 0.3 % Greenbacker Residential Solar Portfolio 28,100,000 32,540,979 6.9 Greenbacker Residential Solar Portfolio II 6,400,000 13,279,521 2.8 Subtotal $ 36,103,136 $ 47,432,455 10.0 % Wind: Greenbacker Wind Portfolio – California $ 9,500,000 $ 8,777,056 1.8 % Greenbacker Wind Portfolio - HoldCo 25,753,111 35,089,021 7.4 Greenbacker Wind Portfolio - Iowa 20,440,000 20,440,000 4.3 Greenbacker Wind Portfolio - Massachusetts 10,169,079 10,902,726 2.3 Greenbacker Wind Portfolio - Montana 24,756,684 26,451,773 5.6 Subtotal $ 90,618,874 $ 101,660,576 21.4 % Pre-Operational Assets: Citrine Solar Portfolio $ 3,411,249 $ 3,411,249 0.7 % Colorado CES Portfolio 4,517,354 4,517,354 1.0 Electric City Portfolio 4,208,484 4,208,484 0.9 Omni Portfolio 17,900,298 17,900,298 3.8 Opal Portfolio 344,949 344,949 0.1 Oregon Sun Portfolio 5,404,787 5,404,787 1.1 Phoenix Solar Portfolio 4,051,138 4,051,138 0.8 SE Solar Portfolio 5,000,000 5,000,000 1.1 Trillium Portfolio 24,277,396 24,277,396 5.0 Turquoise Solar Portfolio 26,602,532 26,602,532 5.6 Subtotal $ 95,718,187 $ 95,718,187 20.1 % Other Investments: Other Portfolios $ 12,656,710 $ 12,473,975 2.6 % Subtotal $ 12,656,710 $ 12,473,975 2.6 % Energy Efficiency: GREC Energy Efficiency Portfolio $ 388,044 $ 390,019 0.1 % Renew AEC One, LLC 479,140 479,140 0.1 Subtotal $ 867,184 $ 869,159 0.2 % Secured Loans Encore Loan $ 5,000,680 $ 5,000,680 1.1 % Hudson Loan 9,481,127 9,481,127 2.0 New Market Loan 5,000,000 5,000,000 1.1 SE Solar Loan 1,000,000 1,000,000 0.2 TUUSSO Loan 2,621,883 2,621,883 0.5 Subtotal $ 23,103,690 $ 23,103,690 4.9 % Total $ 439,009,672 $ 475,175,871 100.0 % The composition of the company's investments as of December 31, 2018, at fair value, were as follows: Investments at Investments at Fair Value Commercial Solar: East to West Solar Portfolio $ 37,079,887 $ 33,665,088 10.9 % Foresight Solar Portfolio 13,650,000 14,357,201 4.7 Golden Horizons Solar Portfolio 9,400,000 14,445,071 4.7 Green Maple Portfolio 17,582,823 16,066,837 5.2 Magnolia Sun Portfolio 10,775,000 8,258,786 2.7 Midway III Solar Portfolio 11,552,904 13,265,608 4.3 Raleigh Portfolio 20,822,198 21,358,997 7.0 Six States Solar Portfolio 12,470,306 13,440,025 4.4 Sun Farm Portfolio 10,514,960 11,606,877 3.8 Sunny Mountain Portfolio 884,578 1,107,041 0.4 Subtotal $ 144,732,656 $ 147,571,531 48.1 % Residential Solar: Canadian Mountain Portfolio $ 1,603,136 $ 2,081,554 0.6 % Enfinity Colorado DHA Portfolio 1,400,000 1,700,728 0.6 Greenbacker Residential Solar Portfolio 28,100,000 27,372,253 8.9 Greenbacker Residential Solar Portfolio II 6,400,000 10,763,559 3.5 Subtotal $ 37,503,136 $ 41,918,094 13.6 % Wind: Greenbacker Wind Portfolio - California $ 9,500,000 $ 8,070,745 2.6 % Greenbacker Wind Portfolio - Idaho 7,320,000 6,385,631 2.1 Greenbacker Wind Portfolio - Montana 21,709,487 21,956,868 7.1 Greenbacker Wind Portfolio - Vermont 24,917,193 28,752,500 9.4 Subtotal $ 63,446,680 $ 65,165,744 21.2 % Pre-Operational Assets: Colorado CSG Solar Portfolio $ 27,333,205 $ 27,215,170 8.9 % Phoenix Solar Portfolio 9,964,515 9,964,515 3.2 SE Solar Portfolio 7,178,207 7,178,207 2.3 Turquoise Solar Portfolio 5,877,188 5,877,188 1.9 Subtotal $ 50,353,115 $ 50,235,080 16.3 % Other Investments: $ 1,279,273 $ 1,263,620 0.4 % Energy Efficiency: GREC Energy Efficiency Portfolio $ 447,885 $ 470,406 0.2 % Renew AEC One, LLC 551,640 551,640 0.2 Subtotal $ 999,525 $ 1,022,046 0.4 % Total $ 298,314,385 $ 307,176,115 100.0 % The counterparty to all the energy efficiency investments held by the company as of December 31, 2019 and December 31, 2018 is a related party (See Note 5). Investments at Investments at Fair Value United States: East Region $ 123,146,232 $ 130,572,650 27.4 % Mid-West Region 49,208,021 55,455,982 11.7 % Mountain Region 79,975,330 87,711,362 18.5 % South Region 91,932,394 93,441,062 19.7 % West Region 92,944,559 106,382,860 22.4 % Total United States: $ 437,406,536 $ 473,563,916 99.7 % Canada: 1,603,136 1,611,955 0.3 % Total $ 439,009,672 $ 475,175,871 100.0 % The composition of the company's investments as of December 31, 2018 by geographic region, at fair value, were as follows: Investments at Investments at Fair Value United States: East Region $ 65,082,005 $ 67,541,264 22.0 % Mid-West Region 1,796,801 1,846,346 0.6 Mountain Region 69,619,383 69,553,178 22.6 South Region 98,476,770 95,332,608 31.0 West Region 61,736,290 70,821,165 23.1 Total United States $ 296,711,249 $ 305,094,561 99.3 % Canada: 1,603,136 2,081,554 0.7 Total $ 298,314,385 $ 307,176,115 100.0 % The composition of the company's investments as of December 31, 2019 by industry, at fair value, were as follows: Investments at Investments at Fair Value Biomass $ 21,425,600 $ 21,425,600 4.5 % Commercial Solar* 181,619,981 195,595,919 41.2 Residential Solar 36,103,136 47,432,455 10.0 Wind 90,618,874 101,660,576 21.4 Pre-Operational Assets 95,718,187 95,718,187 20.1 Other Investments 12,656,710 12,473,975 2.6 Energy Efficiency 867,184 869,159 0.2 Total $ 439,009,672 $ 475,175,871 100.0 % * Includes loans in the amount of $23,103,690. The composition of the company's investments as of December 31, 2018 by industry, at fair value, were as follows: Investments at Investments at Fair Value Commercial Solar $ 144,732,656 $ 147,571,531 48.1 % Residential Solar 37,503,136 41,918,094 13.6 Wind 63,446,680 65,165,744 21.2 Pre-Operational Assets 50,353,115 50,235,080 16.3 Other Investments 1,279,273 1,263,620 0.4 Energy Efficiency 999,525 1,022,046 0.4 Total $ 298,314,385 $ 307,176,115 100.0 % Investments held as of December 31, 2019 and 2018 are considered Control Investments, which are defined as investments in companies in which the company owns 25% or more of the voting securities of such company, have greater than 50% representation on such company's board of directors, or investments in limited liability companies for which the company serves managing member. |