Greenbacker Renewable Energy 10-Q 13 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	000-55610
Entity Registrant Name	GREENBACKER RENEWABLE ENERGY COMPANY LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0872648
Entity Address, Address Line One	230 Park Avenue
Entity Address, Address Line Two	Suite 1560
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10169
City Area Code	646
Local Phone Number	720-9463
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		199,092,467
Entity Central Index Key	0001563922
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 108,432	$ 96,872
Restricted cash, current	61,070	85,235
Accounts receivable, net	33,408	23,310
Derivative assets, current	16,082	24,062
Contingent consideration	40,808	0
Other current assets	26,983	62,429
Total current assets	286,783	291,908
Noncurrent assets:
Restricted cash	3,124	5,568
Property, plant and equipment, net	2,336,546	2,133,877
Intangible assets, net	421,958	453,214
Goodwill	221,314	221,314
Investments, at fair value	89,222	94,878
Derivative assets	65,604	118,106
Other noncurrent assets	220,388	140,740
Total noncurrent assets	3,358,156	3,167,697
Total assets	3,644,939	3,459,605
Current liabilities:
Accounts payable and accrued expenses	90,929	79,288
Shareholder distributions payable	0	7,606
Contingent consideration, current	12,466	16,546
Current portion of long-term debt	106,204	82,855
Current portion of failed sale-leaseback financing and deferred ITC gain	45,667	69,436
Other current liabilities	14,110	7,997
Total current liabilities	269,376	263,728
Noncurrent liabilities:
Long-term debt, net of current portion	974,859	935,397
Failed sale-leaseback financing and deferred ITC gain, net of current portion	225,339	169,829
Contingent consideration, net of current portion	35,884	42,307
Deferred tax liabilities, net	52,803	58,696
Operating lease liabilities	201,010	108,406
Out-of-market contracts, net	183,946	194,785
Other noncurrent liabilities	56,882	53,492
Total noncurrent liabilities	1,730,723	1,562,912
Total liabilities	2,000,099	1,826,640
Commitments and contingencies (Note 13. Commitments and Contingencies)
Equity:
Preferred shares, par value, $0.001 per share, 50,000 authorized; none issued and outstanding	0	0
Common shares, par value, $0.001 per share, 350,000 authorized, 199,335 and 197,749 outstanding as of 2024 and 2023, respectively	199	198
Additional paid-in capital	1,788,843	1,770,060
Accumulated deficit	(409,130)	(306,525)
Accumulated other comprehensive income	36,661	45,932
Noncontrolling interests	225,781	113,875
Total equity	1,642,354	1,623,540
Total liabilities, redeemable noncontrolling interests and equity	3,644,939	3,459,605
Redeemable noncontrolling interests
Noncurrent liabilities:
Redeemable equity	1,828	2,179
Redeemable common shares
Noncurrent liabilities:
Redeemable equity	0	1
Redeemable common shares, additional paid-in capital
Noncurrent liabilities:
Redeemable equity	$ 658	$ 7,245

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred shares, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred shares, shares authorized (in shares)	50,000,000	50,000,000
Preferred shares, shares issued (in shares)	0	0
Preferred shares, shares outstanding (in shares)	0	0
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, shares authorized (in shares)	350,000,000	350,000,000
Common shares, shares outstanding (in shares)	197,749,000	199,335,000
Redeemable common shares
Redeemable common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Redeemable common shares, shares outstanding (in shares)	85,000	873,000

Consolidated Statements of Oper

Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Total net revenue	$ 52,002	$ 45,101	$ 153,005	$ 127,353
Operating expenses
Direct operating costs	41,077	27,962	92,130	77,446
General and administrative	13,347	12,255	55,558	44,914
Depreciation, amortization and accretion	20,749	54,685	61,685	104,831
Gain on deconsolidation, net	0	0	(5,722)	0
Impairment of long-lived assets, net	26,380	50,662	32,710	50,662
Total operating expenses	101,553	145,564	236,361	277,853
Operating loss	(49,551)	(100,463)	(83,356)	(150,500)
Interest (expense) income, net	(21,134)	13,369	(35,158)	7,912
Change in fair value of investments, net	2,822	(1,945)	656	(1,268)
Other income, net	630	215	628	245
Loss before income taxes	(67,233)	(88,824)	(117,230)	(143,611)
Benefit from income taxes	8,834	11,536	2,579	14,155
Net loss	(58,399)	(77,288)	(114,651)	(129,456)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(12,027)	(16,827)	(48,974)	(65,808)
Net loss attributable to Greenbacker Renewable Energy Company LLC	$ (46,372)	$ (60,461)	$ (65,677)	$ (63,648)
Earnings per share
Basic (in dollars per share)	$ (0.23)	$ (0.31)	$ (0.33)	$ (0.32)
Diluted (in dollars per share)	$ (0.23)	$ (0.31)	$ (0.33)	$ (0.32)
Weighted average shares outstanding
Basic (in shares)	199,486	197,153	199,273	199,653
Diluted (in shares)	199,486	197,153	199,273	199,653
Energy revenue
Revenue
Total net revenue	$ 48,396	$ 43,721	$ 143,271	$ 126,115
Investment Management revenue
Revenue
Total net revenue	4,878	2,842	14,386	9,174
Other revenue
Revenue
Total net revenue	2,083	2,626	4,778	5,896
Contract amortization, net
Revenue
Total net revenue	$ (3,355)	$ (4,088)	$ (9,430)	$ (13,832)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (58,399)	$ (77,288)	$ (114,651)	$ (129,456)
Total other comprehensive (loss) income, net of tax
Unrealized (loss) gain on derivatives designated as cash flow hedges and changes in Accumulated other comprehensive (loss) income, net of tax	(24,716)	27,332	(9,271)	24,521
Total other comprehensive (loss) income, net of tax	(24,716)	27,332	(9,271)	24,521
Comprehensive loss	(83,115)	(49,956)	(123,922)	(104,935)
Less: Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests	(12,027)	(16,827)	(48,974)	(65,808)
Comprehensive loss attributable to Greenbacker Renewable Energy Company LLC	$ (71,088)	$ (33,129)	$ (74,948)	$ (39,127)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Illinois Winds LLC	Redeemable Common Shares, Common Class Earnout	Redeemable common shares	Additional Paid-In-Capital, Redeemable Common Shares, Common Class Earnout	Additional paid-in capital - redeemable common shares	Common Class EO	Redeemable Common Shares, Common Class Of P-I	Additional Paid-In-Capital, Redeemable Common Shares, Class Of P-I	Class P-I shares	Redeemable noncontrolling interests	Redeemable Common Shares, Class P-I Shares	Additional Paid-In-Capital, Redeemable Common Shares, Class P-I Shares	Common Stock	Common Stock Common Class EO	Common Stock Class P-I shares	Additional paid-in capital	Additional paid-in capital Common Class EO	Additional paid-in capital Class P-I shares	Accumulated deficit	Accumulated deficit Common Class EO	Accumulated deficit Class P-I shares	Accumulated other comprehensive income	Noncontrolling interests	Noncontrolling interests Illinois Winds LLC
Redeemable common shares, beginning balance (in shares) at Dec. 31, 2022				0
Redeemable noncontrolling interests, beginning balance at Dec. 31, 2022				$ 0		$ 0					$ 2,034
Increase (Decrease) in Temporary Equity [Roll Forward]
Earnout Share participation reclassification to temporary equity (in shares)			122					742
Earnout Share participation reclassification to temporary equity					$ 1,016			$ 1	$ 6,155
Redeemable common shares, ending balance (in shares) at Sep. 30, 2023				864
Redeemable noncontrolling interests, ending balance at Sep. 30, 2023				$ 1		7,171					2,034
Beginning balance (in shares) at Dec. 31, 2022														198,044
Total equity, beginning balance at Dec. 31, 2022	$ 1,788,681													$ 198			$ 1,763,061			$ (114,680)			$ 56,094	$ 84,008
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares under distribution reinvestment plan (in shares)														1,974
Issuance of common shares under distribution reinvestment plan	17,122													$ 3			17,119
Repurchases of common shares (in shares)														(5,755)
Repurchases of common shares	(50,469)													$ (6)			(50,463)
Deferred shareholder servicing fees	(115)																			(115)
Shareholder distributions	(82,131)																			(82,131)
Unrealized loss on derivatives designated as cash flow hedges and changes in Accumulated other comprehensive income (loss), net of tax	24,521																						24,521
Noncontrolling interests	73,875																							73,875
Distributions to noncontrolling interests	(13,299)																							(13,299)
Earnout Share participation (in shares)														3,489
Earnout Share participation	30,797													$ 3			30,794
Earnout Share participation reclassification to temporary equity (in shares)															(122)	(742)
Earnout Share participation reclassification to temporary equity							$ (1,015)			$ (6,156)						$ (1)		$ (1,069)	$ (6,504)		$ 54	$ 349
Shares-based compensation expense (in shares)														17
Share-based compensation expense	8,460																8,460
Other noncontrolling interest activity	(689)																							(689)
Net loss	(129,456)																			(63,648)				(65,808)
Ending balance (in shares) at Sep. 30, 2023														196,905
Total equity, ending balance at Sep. 30, 2023	1,660,126													$ 197			1,761,398			(260,171)			80,615	78,087
Redeemable common shares, beginning balance (in shares) at Jun. 30, 2023				0
Redeemable noncontrolling interests, beginning balance at Jun. 30, 2023				$ 0		0					2,034
Increase (Decrease) in Temporary Equity [Roll Forward]
Earnout Share participation reclassification to temporary equity (in shares)			122									742
Earnout Share participation reclassification to temporary equity					1,016							$ 1	$ 6,155
Redeemable common shares, ending balance (in shares) at Sep. 30, 2023				864
Redeemable noncontrolling interests, ending balance at Sep. 30, 2023				$ 1		7,171					2,034
Beginning balance (in shares) at Jun. 30, 2023														196,917
Total equity, beginning balance at Jun. 30, 2023	1,721,062													$ 197			1,758,468			(172,451)			53,283	81,565
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares under distribution reinvestment plan (in shares)														663
Issuance of common shares under distribution reinvestment plan	5,734													$ 1			5,733
Repurchases of common shares (in shares)														(46)
Repurchases of common shares	(387)																(387)
Deferred shareholder servicing fees	(35)																			(35)
Shareholder distributions	(27,627)																			(27,627)
Unrealized loss on derivatives designated as cash flow hedges and changes in Accumulated other comprehensive income (loss), net of tax	27,332																						27,332
Noncontrolling interests	18,236																							18,236
Distributions to noncontrolling interests	(4,812)																							(4,812)
Earnout Share participation (in shares)														229
Earnout Share participation	2,002																2,002
Earnout Share participation reclassification to temporary equity (in shares)															(122)	(742)
Earnout Share participation reclassification to temporary equity							(1,015)			(6,156)						$ (1)		(1,069)	(6,504)		$ 54	$ 349
Shares-based compensation expense (in shares)														6
Share-based compensation expense	3,155																3,155
Other noncontrolling interest activity	(75)																							(75)
Net loss	(77,288)																			(60,461)				(16,827)
Ending balance (in shares) at Sep. 30, 2023														196,905
Total equity, ending balance at Sep. 30, 2023	$ 1,660,126													$ 197			1,761,398			(260,171)			80,615	78,087
Redeemable common shares, beginning balance (in shares) at Dec. 31, 2023				873
Redeemable noncontrolling interests, beginning balance at Dec. 31, 2023				$ 1		7,245					2,179
Increase (Decrease) in Temporary Equity [Roll Forward]
Repurchases of common shares (in shares)				(428)
Repurchases of common shares				$ (1)		(3,515)
Shareholder distributions						(74)
Distributions to noncontrolling interests											(244)
Buyout of noncontrolling interests											(179)
Earnout Share participation reclassification to temporary equity (in shares)			11
Earnout Share participation reclassification to temporary equity					92
Class P-I Share reclassification to permanent equity (in shares)								(371)
Class P-I Share reclassification to permanent equity									$ (3,090)
Net loss											(69)
Redemption value adjustment for redeemable noncontrolling interest											141
Redeemable common shares, ending balance (in shares) at Sep. 30, 2024				85
Redeemable noncontrolling interests, ending balance at Sep. 30, 2024				$ 0		658					1,828
Beginning balance (in shares) at Dec. 31, 2023	199,335													197,749
Total equity, beginning balance at Dec. 31, 2023	$ 1,623,540													$ 198			1,770,060			(306,525)			45,932	113,875
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares under distribution reinvestment plan (in shares)														870
Issuance of common shares under distribution reinvestment plan	7,056													$ 1			7,055
Repurchases of common shares (in shares)														(316)
Repurchases of common shares	(2,545)																(2,545)
Deferred shareholder servicing fees	(51)																			(51)
Shareholder distributions	(36,717)																			(36,717)
Unrealized loss on derivatives designated as cash flow hedges and changes in Accumulated other comprehensive income (loss), net of tax	(9,271)																						(9,271)
Noncontrolling interests	61,408	$ 114,566																						61,408	$ 114,566
Distributions to noncontrolling interests	(15,182)																							(15,182)
Buyout of noncontrolling interests	0
Earnout Share participation (in shares)														322
Earnout Share participation	2,660																2,660
Earnout Share participation reclassification to temporary equity (in shares)															(11)
Earnout Share participation reclassification to temporary equity							$ (92)											(92)
Class P-I Share reclassification to permanent equity (in shares)																371
Class P-I Share reclassification to permanent equity										$ 3,090									$ 3,090
Shares-based compensation expense (in shares)														18
Share-based compensation expense	10,494																10,494
Issuance of shares related to share-based compensation (in shares)														332
Shares withheld related to net share settlement of equity awards	1,879																1,879
Net loss	(114,582)																			(65,677)				(48,905)
Redemption value adjustment for redeemable noncontrolling interest	$ (141)																			(160)				19
Ending balance (in shares) at Sep. 30, 2024	197,749													199,335
Total equity, ending balance at Sep. 30, 2024	$ 1,642,354													$ 199			1,788,843			(409,130)			36,661	225,781
Redeemable common shares, beginning balance (in shares) at Jun. 30, 2024				85
Redeemable noncontrolling interests, beginning balance at Jun. 30, 2024				$ 0		657					1,831
Increase (Decrease) in Temporary Equity [Roll Forward]
Distributions to noncontrolling interests											(79)
Earnout Share participation reclassification to temporary equity					$ 1
Net loss											76
Redeemable common shares, ending balance (in shares) at Sep. 30, 2024				85
Redeemable noncontrolling interests, ending balance at Sep. 30, 2024				$ 0		$ 658					$ 1,828
Beginning balance (in shares) at Jun. 30, 2024														199,097
Total equity, beginning balance at Jun. 30, 2024	$ 1,637,903													$ 199			1,790,491			(362,756)			61,377	148,592
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares under distribution reinvestment plan (in shares)	0						0			0
Repurchases of common shares (in shares)	(102)						0			(22)				(102)
Repurchases of common shares	$ (794)																(794)
Deferred shareholder servicing fees	(2)																			(2)
Unrealized loss on derivatives designated as cash flow hedges and changes in Accumulated other comprehensive income (loss), net of tax	(24,716)																						(24,716)
Noncontrolling interests	48,096	$ 47,474																						48,096	$ 47,474
Distributions to noncontrolling interests	(6,278)																							(6,278)
Earnout Share participation (in shares)														2
Earnout Share participation	16																16
Earnout Share participation reclassification to temporary equity							$ (1)											$ (1)
Shares-based compensation expense (in shares)														6
Share-based compensation expense	1,010																1,010
Issuance of shares related to share-based compensation (in shares)														332
Shares withheld related to net share settlement of equity awards	1,879																1,879
Net loss	$ (58,475)																			(46,372)				(12,103)
Ending balance (in shares) at Sep. 30, 2024	197,749													199,335
Total equity, ending balance at Sep. 30, 2024	$ 1,642,354													$ 199			$ 1,788,843			$ (409,130)			$ 36,661	$ 225,781

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities
Net loss	$ (114,651,000)	$ (129,456,000)
Adjustments to reconcile Net loss to Net cash provided by operating activities:
Depreciation, amortization and accretion	71,115,000	118,663,000
Gain on deconsolidation, net	(5,722,000)	0
Impairment of long-lived assets, net	19,082,000	50,662,000
Share-based compensation expense	12,980,000	8,460,000
Changes in fair value of contingent consideration	(3,764,000)	(4,103,000)
Amortization of financing costs and debt discounts	4,273,000	3,743,000
Amortization of interest rate swap contracts	1,340,000	5,008,000
Change in fair value of interest rate swaps, net	(5,197,000)	(35,997,000)
Gain on interest rate swaps, net	(1,410,000)	0
Change in fair value of investments	(656,000)	1,268,000
Deferred income taxes	(2,579,000)	(14,155,000)
Interest expense on failed sale-leaseback financing and deferred ITC gain	8,558,000	0
Other	2,454,000	2,717,000
Changes in operating assets and liabilities:
Accounts receivable	(11,002,000)	(8,874,000)
Current and noncurrent derivative assets	53,749,000	33,947,000
Other current and noncurrent assets	7,815,000	(13,867,000)
Accounts payable and accrued expenses	21,445,000	13,433,000
Operating lease liabilities	(500,000)	(826,000)
Other current and noncurrent liabilities	(990,000)	3,499,000
Net cash provided by operating activities	56,340,000	34,122,000
Cash Flows from Investing Activities
Purchases of property, plant and equipment	(236,837,000)	(266,338,000)
Net deposits returned (paid) for property, plant and equipment	7,982,000	(4,500,000)
Purchases of investments	(271,000)	(4,048,000)
Return of capital on investments	6,584,000	0
Loans made to other parties	(17,658,000)	0
Receipts from notes receivable	46,204,000	12,450,000
Net cash used in investing activities	(193,996,000)	(262,436,000)
Cash Flows from Financing Activities
Shareholder distributions	(37,341,000)	(65,278,000)
Return of collateral paid for swap contract	0	1,735,000
Repurchases of common shares	(1,773,000)	(50,035,000)
Shares withheld related to net share settlement of equity awards	(1,880,000)	0
Deferred shareholder servicing fees	(2,380,000)	(2,654,000)
Contributions from noncontrolling interests	87,692,000	73,910,000
Distributions to noncontrolling interests	(12,906,000)	(12,828,000)
Buyout of noncontrolling interest	(179,000)	0
Proceeds from borrowings	274,689,000	261,371,000
Payments on borrowings	(202,386,000)	(88,170,000)
Proceeds from failed sale-leaseback	111,453,000	0
Payments on failed sale-leaseback	(87,275,000)	0
Payments for loan origination costs	(5,107,000)	(3,200,000)
Net cash provided by financing activities	122,607,000	114,851,000
Net decrease in Cash, cash equivalents and Restricted cash	(15,049,000)	(113,463,000)
Cash, cash equivalents and Restricted cash at beginning of period	187,675,000	190,698,000
Cash, cash equivalents and Restricted cash at end of period	$ 172,626,000	$ 77,235,000

Organization and Operations of

Organization and Operations of the Company	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations of the Company	Note 1. Organization and Operations of the Company Organization Greenbacker Renewable Energy Company LLC (the “Company” or “GREC LLC”) is a Delaware limited liability company formed in December 2012. The Company is an energy transition, renewable energy and investment management (“IM”) company that acquires, constructs and operates renewable energy and energy efficiency projects, as well as finances the construction and/or operation of these and other sustainable development projects and businesses and provides through Greenbacker Capital Management LLC (“GCM”) investment management services to funds within the sustainable infrastructure and renewable energy industry. As of September 30, 2024, the Company’s fleet comprised 425 renewable energy projects with an aggregate power production capacity of approximately 3.2 gigawatts (“GW”), which includes operating capacity of approximately 1.6 GW and pre-operational capacity of approximately 1.6 GW. As of September 30, 2024, GCM serves as the registered investment adviser of four funds in the sustainable and renewable energy industry. The Company conducts substantially all its operations through its wholly owned subsidiary, Greenbacker Renewable Energy Corporation (“GREC”). The Company operates as a fully integrated and internally managed company after acquiring GCM and several other related entities, which are now wholly owned subsidiaries of GREC. The Company’s fiscal year-end is December 31. The Company suspended the payment of shareholder distributions effective following the distribution payment on May 1, 2024. In connection with suspending shareholder distributions, the Company also suspended the distribution reinvestment plan (“DRP”) which was offered to shareholders who could elect to have the full amount of cash distributions reinvested in additional shares. The Company offered the share repurchase program (“SRP”) pursuant to which quarterly share repurchases were conducted to allow shareholders to sell shares back to the Company. On September 23, 2023, the Company suspended the SRP (except with respect to repurchase requests made in connection with the death, qualifying disability or determination of incompetence of a shareholder). Refer to Note 16. Equity for additional information.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2. Significant Accounting Policies Basis of Presentation The Company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the regulations of the Securities and Exchange Commission (the “SEC”) and includes Greenbacker Renewable Energy Company LLC and its consolidated subsidiaries. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as permitted by such rules and regulations. Interim Financial Statements The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and Article 10 of Regulation S-X of the SEC for interim financial information, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The Consolidated Financial Statements presented in this Quarterly Report are unaudited; however, in the opinion of management, the Consolidated Financial Statements reflect all adjustments, consisting solely of normal, recurring adjustments, necessary for the fair presentation of the financial statements for the periods presented. The results disclosed in the Consolidated Statements of Operations for the three and nine months ended September 30, 2024, are not necessarily indicative of the results to be expected for the full year. The Company presents amounts in the Consolidated Financial Statements in thousands within tables and millions within text (unless otherwise specified) and calculates all percentages and per share data from underlying whole dollar amounts. Thus, certain amounts may not foot, cross foot, or recalculate based on reported numbers due to rounding. Prior period amounts have been updated to be presented in thousands and differences to prior filings are due to rounding. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on prior periods’ results. Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries, and those of its subsidiaries in which it has a controlling financial and/or voting interest. All intercompany balances and transactions have been eliminated in consolidation. The Company determines whether it has a controlling interest in an entity by first evaluating whether the entity is a variable interest entity (“VIE”) under U.S. GAAP. Refer to Note 5. Variable Interest Entities for further details. Use of Estimates The preparation of the Company’s Consolidated Financial Statements in conformity with U.S. GAAP requires management to make a number of estimates and assumptions relating to the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. The Company bases its estimates on historical experience, current business factors and various other assumptions believed to be reasonable under the circumstances, all of which are necessary in order to form a basis for determining the carrying values of assets and liabilities. Actual results may differ from those estimates and assumptions. The Company evaluates the adequacy of its reserves and the estimates used in calculations on an on-going basis. Significant areas requiring management to make estimates include, but are not limited to: (i) the fair values of the reporting units used in assessing the recoverability of goodwill; (ii) estimates of future undiscounted net cash flows used in assessing the recoverability of long-lived assets; (iii) the change in fair value of equity method investments for which the fair value option has been elected; (iv) the change in fair value of contingent consideration; (v) the useful lives of intangible assets; (vi) the grant date fair value of restricted share units and performance restricted share units; (vii) derivative assets for the interest rate swaps; and (viii) valuation allowances on deferred tax assets which are based on an assessment of recoverability of the deferred tax assets against future taxable income. Although some variability is inherent in these estimates, the Company believes that the current estimates are reasonable in all material respects. Adjustments related to changes in estimates are reflected in the Company’s Consolidated Financial Statements in the period for which those estimates changed. Refer to the subsequent footnotes to these Condensed Consolidated Financial Statements for additional information on the Company’s estimates. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include investments in highly liquid money market instruments with an original maturity of three months or less. Restricted cash consists of cash accounts used as collateral for letters of credit and requirements for financial institutional loans and purchase and sale agreements that are restricted for use on certain of the Company’s renewable energy projects. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets that aggregate to the beginning and ending balances shown in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2024: (in thousands) September 30, 2024 December 31, 2023 Cash and cash equivalents $ 108,432 $ 96,872 Restricted cash, current 61,070 85,235 Restricted cash 3,124 5,568 Total cash and cash equivalents and restricted cash $ 172,626 $ 187,675 Supplemental Cash Flow Information The following table presents information regarding the Company’s non-cash investing and financing activities as well as the cash paid for interest: Nine months ended September 30, (in thousands) 2024 2023 Non-cash investing activities Capital expenditures incurred but not paid $ 30,834 $ 50,328 Non-cash financing activities Deferred shareholder servicing fees payable $ 7,940 $ 8,434 Redemptions payable 4,648 32,631 Distribution payable to shareholders — 7,940 Non-cash contributions from noncontrolling interests, net 87,865 — Non-cash distributions to noncontrolling interests $ 1,858 $ 3,777 Cash paid for Interest paid, net of amounts capitalized $ 31,606 $ 19,194 Sale Leasebacks The Company is party to sale-leaseback arrangements that provide for the sale of certain assets to a third-party and simultaneous leaseback to the Company. In accordance with Accounting Standards Codification (“ASC”) 842-40, Sale-Leaseback Transactions, the Company applies ASC 606-10, which states that if the seller-lessee retains, through the leaseback, substantially all of the benefits and risks incident to the ownership of the property sold, the sale-leaseback transaction is accounted for as a financing arrangement. An example of this type of criteria would include an option to repurchase the assets or the buyer-lessor having the option to sell the assets back to the Company. This provision is included in the Company’s sale-leaseback arrangements. As such, the Company accounts for these arrangements as financings. Under the financing method, the Company does not recognize as income any of the sale proceeds received from the lessor that contractually constitutes payment to acquire the assets subject to these arrangements. Instead, the sale proceeds received are accounted for as financing obligations and leaseback payments made by the Company are allocated between interest expense and a reduction to the financing obligation. Interest on the financing obligation is calculated using the Company’s incremental borrowing rate (“IBR”) or an imputed rate at the inception of the arrangement on the outstanding financing obligation. Judgment is required to determine the appropriate borrowing rate for the arrangement and in determining any gain or loss on the transaction that would be recorded either at the end of or over the lease term. As part of the arrangement, the Company will still operate and earn revenues from the facility throughout the lease term while the lessor will be entitled to all available tax benefits. The Company is statutorily obligated to continue operating the facility over the five-year recapture period. The Company has the option to renew the lease or repurchase the assets sold at the end of the lease term or earlier since an early buy option is present in the contract. The investment tax credits (“ITCs”), and other tax benefits associated with these projects transfer to the lessor/buyer; however, the payments are structured so that the Company is compensated for the transfer of the related tax attributes. The Company applies the guidance within ASC 842-10-15-28 and ASC 606-10-25-19 analogically on separating components of a contract to determine whether the ITCs received by lessor/buyer and the Company’s corresponding obligations to continue operating the projects should be separated from the financing liability. The Company determined these transactions to consist of two components: the aforementioned financing obligation as well as income from the transfer of the associated tax benefits which are initially deferred and will be recognized over the five-year recapture period on the anniversary date of each transaction. The Company applies the guidance within ASC 606-10-32-16 through 17 to assess the deferred gain related to the transfer of the tax benefits and determined these transactions to have significant financing component present in the contract. The effect of significant financing component is recorded as an adjustment or an increase to Current portion of failed sale-leaseback financing and deferred ITC gain and Failed sale-leaseback financing and deferred ITC gain, net of current portion on the Consolidated Balance Sheets using an appropriate interest rate determined by the Company. As a result, the Company records the deferred gain attributable to the transfer of the tax attributes over the contractual or five-year ITC recapture period in earnings with the associated interest recorded as Interest (expense) income, net on the Consolidated Statements of Operations. Origination costs are capitalized and amortized as interest expense on a straight-line basis over the term of the related lease term and presented as a direct deduction from the carrying amount of the related financing obligation on the Consolidated Balance Sheets. Refer to Note 10. Debt for more details regarding sale leaseback transactions recorded as financing arrangements. Risks and Uncertainties The Company’s business and the success of its strategies are affected by global and domestic economic, political and market conditions generally and including the local economic conditions where its assets are located. Certain external events such as public health crises (e.g., COVID-19), natural disasters and geopolitical events, including the ongoing conflict between Russia, Belarus and Ukraine, and the more recent Middle East conflict, have recently led to increased financial and credit market volatility and disruptions, leading to record inflationary pressure, changes in interest rates, supply chain issues, labor shortages and recessionary concerns. The Federal Reserve has reduced interest rates during 2024; however, there is no guarantee further reductions in interest rates may occur. The full impact of such external events on the financial and credit markets and consequently on the Company’s future financial conditions and results of operations is uncertain and cannot be fully predicted. The Company continues to monitor these events and will adjust its operations as necessary. Concentration of Risk The Company’s derivative financial instruments and PPAs potentially subject the Company to concentrations of credit risk. The maximum exposure to loss due to credit risk of counterparties to either: (i) the Company’s derivative financial instruments or (ii) the Company’s PPAs, would generally equal: (a) the fair value of derivative financial instruments presented in the Company’s Consolidated Balance Sheets or (b) the revenue otherwise expected to be earned under the terms of the PPAs, had the relevant offtakers performed their obligations. The Company manages this credit risk by maintaining a diversified portfolio of creditworthy counterparties. The Company determines which customers, if any, comprise over ten percent of either revenue or accounts receivable. The Company had no customers from which revenue exceeded ten percent of total revenue for the three and nine months ended September 30, 2024. The Company had no customers from which revenue exceeded ten percent of total revenue for the three and nine months ended September 30, 2023. As of September 30, 2024, the Company had one customer from which the receivable balance was 23.8% of total accounts receivable. As of December 31, 2023, the Company had one customer from which the receivable balance was 24.4% of total accounts receivable. Refer to Note 11. Derivative Instruments and Note 4. Revenue for further details. Recent Accounting Pronouncements - Adopted In March 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-01, “Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards,” which provides an illustrative example intended to demonstrate how entities that account for profits interest and similar awards would determine whether a profits interest award should be accounted for in accordance with Topic 718. The amendments in ASU 2024-01 are effective for fiscal years beginning after December 15, 2024, with the early adoption permitted. The amendments may be applied either retrospectively or prospectively on the date of adoption. The Company elected to early adopt the amendments in ASU 2024-01 prospectively and will apply this ASU to all new profits interest awards issued beginning January 1, 2024. The ASU did not have any impact on its Consolidated Financial Statements and related disclosures in relation to its existing share-based compensation arrangements as it was adopted prospectively. Recent Accounting Pronouncements - Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” that would enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280. ASC 280 requires a public entity to report for each reportable segment a measure of segment profit or loss that its Chief Operating Decision Maker (“CODM”) uses to assess segment performance and to make decisions about resource allocations. The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more useful financial analyses. Currently, ASC 280 requires that a public entity disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit or loss that the CODM uses to assess segment performance and make decisions about allocating resources. ASC 280 also requires other specified segment items and amounts such as depreciation, amortization and depletion expense to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-07 retrospectively to all prior periods presented in the financial statements. The Company is still evaluating the impact of this ASU and the impact on its Condensed Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. For public business entities, the amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. The Company is still evaluating the impact of this ASU and the impact on its Consolidated Financial Statements and related disclosures. Changes to U.S. GAAP are established by the FASB in the form of ASUs to the FASB ASC. ASUs issued which are not specifically listed above were assessed and have already been adopted in a prior period or determined to be either not applicable or are not expected to have a material impact on the Company’s Consolidated Financial Statements and related disclosures.

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	Note 3. Acquisitions and Divestitures Acquisitions In accordance with ASC Topic 805 (“ASC 805”), Business Combinations, for acquisitions in which the Company acquires assets, including intangible assets, and assumes liabilities that do not constitute a business, the amount of the purchase consideration is equal to the fair value of the net assets acquired. The purchase consideration, including transaction costs, is allocated to the individual assets and liabilities assumed based on their relative fair values. Acquisition of Cider Assets On July 30, 2024 (the “Closing Date”), the Company acquired 100% of the membership interests in Hecate Energy Cider Solar LLC (“Cider”), an estimated 685.2 MW solar asset that is currently in development with a planned completion date in the second half of 2026, for a total consideration of $55.1 million. The acquisition of Cider was accounted for as an asset acquisition in accordance with ASC 805. The seller was the counterparty to a bridge loan agreement with the Company. As part of the acquisition purchase price, the Company was deemed to have received an amount of $44.2 million of the principal and interest outstanding under the bridge loan agreement as of the Closing Date, and the seller was deemed to have repaid to the Company in satisfaction of the principal and interest outstanding. Additionally, the Company paid cash consideration of $5.8 million on the Closing Date and assumed an additional liability of $5.1 million as of the Closing Date, of which $4.5 million was subsequently paid in the third quarter of 2024 and the remaining $0.6 million was recorded within Accounts payable and accrued expenses on the Consolidated Balance Sheets as of September 30, 2024. Refer to Note 7. Notes Receivable for additional information on the bridge loan agreement between the seller and the Company. The total consideration of $55.1 million was allocated on a relative fair value basis, of which $54.3 million was allocated to Property, plant and equipment, net with the remainder related to prepaid lease expenses allocated to Other current assets on the Consolidated Balance Sheets as of September 30, 2024. Concurrently, in conjunction with this acquisition, the Company, through its wholly owned subsidiary Cider Solar Construction Owner LLC, entered into an $81.0 million loan agreement with a syndicate of lenders. Refer to Note 10. Debt for additional discussion. Other Acquisitions During the nine months ended September 30, 2023, the Company acquired membership interests in 18 renewable energy projects all of which were either in development or under construction, for total consideration of $41.4 million. For the nine months ended September 30, 2023, $37.1 million had been allocated on a relative fair value basis to the assets acquired to Property, plant and equipment, net, with the remainder allocated to Intangible assets, net on the Consolidated Balance Sheets. Intangible assets acquired were favorable PPA assets with a weighted-average amortization period of 21.6 years. Other than described above, the Company did not acquire any other membership interests during the nine months ended September 30, 2024. The Company records contingent consideration related to its asset acquisitions when it is both probable that the Company will be required to pay such amounts, and the amount is estimable. These contingencies generally relate to payments due upon the acquired projects reaching milestones as specified in the acquisition agreements. The Company records these balances within Contingent consideration, current on the Consolidated Balance Sheets. Divestitures Eagle Valley Clean Energy LLC On April 17, 2024, Eagle Valley Clean Energy LLC ("EVCE") filed for a voluntary petition under Chapter 7 of the United States Bankruptcy Code with the U.S. Bankruptcy Court of Colorado (the “Bankruptcy Filing”). The Bankruptcy Filing does not include GREC LLC, GREC or any of its other subsidiaries as debtors or guarantors. As a result of the Bankruptcy Filing, the Company was no longer deemed to have a controlling financial interest in EVCE in accordance with ASC Topic 810, Consolidation (“ASC 810”). As a result, EVCE was deconsolidated from the Company’s Consolidated Financial Statements as of April 17, 2024. The effect of such deconsolidation was the removal of the assets and liabilities of EVCE totaling $8.1 million and $16.3 million, respectively, from the Company’s Consolidated Balance Sheets. EVCE’s deconsolidated outstanding liabilities included the carrying value of its loan. The outstanding principal on the loan was $35.5 million, however, the loan was written down to its fair value as part of the Acquisition completed on May 19, 2022 (as defined in Note 16. Equity) and had a carrying value of $10.9 million as of the date of the deconsolidation. The Company does not expect to repay the loan as a result of the Bankruptcy Filing. Refer to Note 10. Debt for additional information regarding deconsolidation of EVCE. Upon deconsolidation, the Company recognized a gain of $8.2 million in the second quarter of 2024 related to the removal of EVCE’s assets and liabilities from the Company’s Consolidated Balance Sheets and reported the gain in Gain on deconsolidation, net within the Consolidated Statements of Operations. As part of the deconsolidation, the Company recorded a receivable from EVCE of $3.2 million related to an existing intercompany funding and immediately recorded a reserve of $2.5 million representing an allowance for credit losses for the amount of receivable not considered collectible. The reserve was included in Gain on deconsolidation, net within the Consolidated Statements of Operations. The Company currently has no remaining equity interest in EVCE subsequent to the voluntary petition.
Acquisitions and Divestitures	Note 3. Acquisitions and Divestitures Acquisitions In accordance with ASC Topic 805 (“ASC 805”), Business Combinations, for acquisitions in which the Company acquires assets, including intangible assets, and assumes liabilities that do not constitute a business, the amount of the purchase consideration is equal to the fair value of the net assets acquired. The purchase consideration, including transaction costs, is allocated to the individual assets and liabilities assumed based on their relative fair values. Acquisition of Cider Assets On July 30, 2024 (the “Closing Date”), the Company acquired 100% of the membership interests in Hecate Energy Cider Solar LLC (“Cider”), an estimated 685.2 MW solar asset that is currently in development with a planned completion date in the second half of 2026, for a total consideration of $55.1 million. The acquisition of Cider was accounted for as an asset acquisition in accordance with ASC 805. The seller was the counterparty to a bridge loan agreement with the Company. As part of the acquisition purchase price, the Company was deemed to have received an amount of $44.2 million of the principal and interest outstanding under the bridge loan agreement as of the Closing Date, and the seller was deemed to have repaid to the Company in satisfaction of the principal and interest outstanding. Additionally, the Company paid cash consideration of $5.8 million on the Closing Date and assumed an additional liability of $5.1 million as of the Closing Date, of which $4.5 million was subsequently paid in the third quarter of 2024 and the remaining $0.6 million was recorded within Accounts payable and accrued expenses on the Consolidated Balance Sheets as of September 30, 2024. Refer to Note 7. Notes Receivable for additional information on the bridge loan agreement between the seller and the Company. The total consideration of $55.1 million was allocated on a relative fair value basis, of which $54.3 million was allocated to Property, plant and equipment, net with the remainder related to prepaid lease expenses allocated to Other current assets on the Consolidated Balance Sheets as of September 30, 2024. Concurrently, in conjunction with this acquisition, the Company, through its wholly owned subsidiary Cider Solar Construction Owner LLC, entered into an $81.0 million loan agreement with a syndicate of lenders. Refer to Note 10. Debt for additional discussion. Other Acquisitions During the nine months ended September 30, 2023, the Company acquired membership interests in 18 renewable energy projects all of which were either in development or under construction, for total consideration of $41.4 million. For the nine months ended September 30, 2023, $37.1 million had been allocated on a relative fair value basis to the assets acquired to Property, plant and equipment, net, with the remainder allocated to Intangible assets, net on the Consolidated Balance Sheets. Intangible assets acquired were favorable PPA assets with a weighted-average amortization period of 21.6 years. Other than described above, the Company did not acquire any other membership interests during the nine months ended September 30, 2024. The Company records contingent consideration related to its asset acquisitions when it is both probable that the Company will be required to pay such amounts, and the amount is estimable. These contingencies generally relate to payments due upon the acquired projects reaching milestones as specified in the acquisition agreements. The Company records these balances within Contingent consideration, current on the Consolidated Balance Sheets. Divestitures Eagle Valley Clean Energy LLC On April 17, 2024, Eagle Valley Clean Energy LLC ("EVCE") filed for a voluntary petition under Chapter 7 of the United States Bankruptcy Code with the U.S. Bankruptcy Court of Colorado (the “Bankruptcy Filing”). The Bankruptcy Filing does not include GREC LLC, GREC or any of its other subsidiaries as debtors or guarantors. As a result of the Bankruptcy Filing, the Company was no longer deemed to have a controlling financial interest in EVCE in accordance with ASC Topic 810, Consolidation (“ASC 810”). As a result, EVCE was deconsolidated from the Company’s Consolidated Financial Statements as of April 17, 2024. The effect of such deconsolidation was the removal of the assets and liabilities of EVCE totaling $8.1 million and $16.3 million, respectively, from the Company’s Consolidated Balance Sheets. EVCE’s deconsolidated outstanding liabilities included the carrying value of its loan. The outstanding principal on the loan was $35.5 million, however, the loan was written down to its fair value as part of the Acquisition completed on May 19, 2022 (as defined in Note 16. Equity) and had a carrying value of $10.9 million as of the date of the deconsolidation. The Company does not expect to repay the loan as a result of the Bankruptcy Filing. Refer to Note 10. Debt for additional information regarding deconsolidation of EVCE. Upon deconsolidation, the Company recognized a gain of $8.2 million in the second quarter of 2024 related to the removal of EVCE’s assets and liabilities from the Company’s Consolidated Balance Sheets and reported the gain in Gain on deconsolidation, net within the Consolidated Statements of Operations. As part of the deconsolidation, the Company recorded a receivable from EVCE of $3.2 million related to an existing intercompany funding and immediately recorded a reserve of $2.5 million representing an allowance for credit losses for the amount of receivable not considered collectible. The reserve was included in Gain on deconsolidation, net within the Consolidated Statements of Operations. The Company currently has no remaining equity interest in EVCE subsequent to the voluntary petition.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Note 4. Revenue Disaggregation of Revenue The following table provides information on the disaggregation of revenue as reported in the Consolidated Statements of Operations: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Energy sales $ 41,729 $ 36,779 $ 122,325 $ 108,788 RECs and other incentives 6,667 6,942 20,946 17,327 Investment Management revenue 4,878 2,842 14,386 9,174 Other revenue 2,083 2,626 4,778 5,896 Contract amortization, net (3,355) (4,088) (9,430) (13,832) Total net revenue $ 52,002 $ 45,101 $ 153,005 $ 127,353 Add: Contract amortization, net 3,355 4,088 9,430 13,832 Less: Lease revenue (2,380) (2,314) (7,944) (7,867) Less: Investment, dividend and interest income (1,917) (2,520) (4,461) (5,453) Total net revenue from contracts with customers $ 51,060 $ 44,355 $ 150,030 $ 127,865 Contract Amortization, net Intangible assets and out-of-market contracts recognized from PPA and REC contracts assumed through acquisitions related to the sale of energy in future periods for which the fair value has been determined to be less or more than market are amortized to revenue over the term of each underlying contract on a straight-line basis. Contract Balances The Company’s billing practices are dictated by the contract terms and are typically done in arrears based upon the amount of power delivered in the prior period. The Company did not record any contract assets as of September 30, 2024 and December 31, 2023, as none of its rights to payment were subject to a particular event other than passage of time. Included within the Accounts receivable, net balance on the Consolidated Balance Sheets, the Company had a receivable balance of $19.7 million and $19.9 million, related to contracts with customers as of September 30, 2024 and December 31, 2023, respectively. The Company has contract liabilities related to amounts received in advance from certain PPA customers upon the related solar projects reaching commercial operations date (“COD”). As of September 30, 2024 and December 31, 2023, the Company recorded $3.4 million and $3.6 million, respectively, of contract liabilities in Other noncurrent liabilities in the Consolidated Balance Sheets. For the three and nine months ended September 30, 2024, the Company’s amortization due to contract liabilities was $0.2 million and $0.3 million, respectively. The Company’s amortization due to contract liabilities were not material for the three and nine months ended September 30, 2023. Costs to Obtain a Contract The Company’s incremental costs of obtaining a contract (i.e., commissions) are recognized as an asset if the entity expects to recover them. These costs are amortized over the expected period of benefit of the related contracts. The Company has capitalized $4.2 million and $3.9 million, in costs to obtain a contract as of September 30, 2024 and December 31, 2023, respectively, within Other noncurrent assets in the Consolidated Balance Sheets. The Company’s amortization related to costs to obtain a contract were not material for the three and nine months ended September 30, 2024 and 2023. Remaining Performance Obligations Remaining performance obligations represent fixed contracted revenue related to the Company's commitment to deliver a certain number of RECs in the future that has not been recognized, which includes amounts that will be billed and recognized as revenue in future periods. As of September 30, 2024, the Company had $8.9 million of remaining performance obligations. The following table includes the approximate amounts expected to be recognized related to remaining performance obligations for each of the next five years and thereafter: (in thousands) Period ended September 30, Amount 2024-2025 $ 2,345 2025-2026 2,013 2026-2027 876 2027-2028 875 2028-2029 875 Thereafter 1,941 Total $ 8,925

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Variable Interest Entities	Note 5. Variable Interest Entities Consolidated Variable Interest Entities The Company assesses entities for consolidation in accordance with ASC 810 and consolidates entities that are VIEs for which the Company has been designated as the primary beneficiary. The Company does not recognize any gain or loss on the initial consolidation of any of its VIEs. Tax Equity Investors The Company through various wholly owned subsidiaries, is the managing member in 15 tax equity partnerships where the other members are Tax Equity Investors under tax equity financing facilities. Tax Equity Investors are passive investors, usually large tax-paying financial entities such as banks, insurance companies and utility affiliates that use these investments to reduce future tax liabilities. Refer to Note 15. Noncontrolling Interests and Redeemable Noncontrolling Interests for further discussion. These entities generate income through renewable energy and sustainable development projects primarily within North America. The entities represent a diversified portfolio of income-producing renewable energy power facilities that sell long-term electricity contracts to offtakers with high credit quality, such as utilities, municipalities, and corporations. The Company has determined that these tax equity partnerships are VIEs. Additionally, through its role as managing member of these VIEs, the Company has the power to direct the activities that most significantly impact the economic performance of these VIEs. In addition, the Company has the obligation to absorb losses or the right to receive benefits that could potentially be more than insignificant to the VIEs. As of September 30, 2024 and December 31, 2023, the Company consolidated each tax equity partnership for which it is the managing member and considered the primary beneficiary. As of September 30, 2024, the assets and liabilities of the consolidated tax equity partnerships totaled approximately $1.7 billion and $290.4 million, respectively. As of December 31, 2023, the assets and liabilities of the consolidated tax equity partnerships totaled approximately $1.5 billion and $283.4 million, respectively. The assets largely consisted of property, plant and equipment, and the liabilities primarily consisted of out-of-market contracts. Illinois Winds LLC In the second quarter of 2024, the Company entered into a Membership Interest Purchase and Sale Agreement (“MIPSA”) to sell its membership interest in Illinois Winds LLC to Greenbacker Renewable Energy Company II, LLC (“GREC II”). As a part of the MIPSA, GREC II paid no cash consideration to the Company at closing of the transaction (the “Closing”). The total purchase price is variable and subject to repricing based on certain variables associated with the project, such as build costs, forecasted production, and financing assumptions. The estimated purchase price consists of $38.1 million payable to the Company upon GREC II obtaining construction financing for the project, plus a development fee subject to repricing, payable in two installments at certain construction milestones. The Company expects the variables to be finalized in 2025 at which time the final development fee will be paid. If GREC II failed to obtain a construction financing by October 31, 2024, the Company had the right, but not the obligation, to repurchase the asset. GREC II was not able to obtain the financing by October 31, however, the Company has not exercised its right to repurchase the asset as of the filing the Form 10Q. GREC II will pay all the future construction payments subsequent to the Closing. As of September 30, 2024, the Company estimated the amount of variable consideration and recorded a receivable of $40.8 million within Contingent consideration on the Consolidated Balance Sheets. GREC II is a related party of GREC, as GCM (a subsidiary of the Company) is the advisor to GREC II. Refer to Note 14. Related Parties for additional information. The Company determined that even after the Closing, it retained a controlling variable financial interest in Illinois Winds LLC under the guidance within ASC 810, due to the Company’s repurchase option and the level of control by GCM of GREC II, and continued to consolidate the assets and liabilities of Illinois Winds LLC as a VIE. The Company recorded noncontrolling interest on the Closing date equal to Illinois Winds LLC’s equity as of that date, in the amount of $40.8 million. In conjunction with the Closing, GREC II had paid $26.3 million of outstanding payables of Illinois Winds LLC under a supply agreement for turbines. In addition, GREC II has paid an additional $47.5 million of construction costs for Illinois Winds LLC in the third quarter of 2024. This amount was recorded as a contribution from noncontrolling interest and included within Noncontrolling interests on the Consolidated Balance Sheets. As of September 30, 2024, the total $114.6 million membership interests in Illinois Winds LLC owned by GREC II were recorded within Noncontrolling interests in the Consolidated Balance Sheets. Any gain or loss associated with the transaction will be recognized in the Consolidated Statements of Operations when the Company no longer has a variable financial interest in Illinois Winds LLC and the assets and liabilities are deconsolidated from the Company’s Financial Statements, or when the variability associated with the contingent consideration is resolved, if later. As of September 30, 2024, substantially all of the assets related to Illinois Winds LLC were recorded within Property, plant and equipment, net on the Company’s Consolidated Balance Sheets. Unconsolidated Variable Interest Entities GDEV I As of September 30, 2024, Greenbacker Development Opportunities Fund GP I, LLC (“GDEV GP”) held a combined 2.00% of the interests in Greenbacker Development Opportunities Fund I, LP and Greenbacker Development Opportunities Fund I (B) LP (together “GDEV I”). In October 2020, GDEV was launched to make private equity and development capital investments in the sustainable infrastructure industry. The Company has determined that GDEV I is a VIE but that it is not the primary beneficiary. The Company can exert significant influence over operating and financial policies of GDEV I because of its ownership of GDEV GP, GDEV I’s general partner. Accordingly, GDEV GP accounted for its investment in GDEV I as an equity method investment and has elected the fair value option as management deems fair value to be more relevant than historical cost. The Company’s maximum exposure to loss as a result of its involvement with GDEV I is equal to $3.3 million, which is the sum of the Company’s existing investment in GDEV I and the remaining commitments to GDEV I, less the portion attributable to the noncontrolling interest in GDEV GP. GDEV II As of September 30, 2024, Greenbacker Development Opportunities GP II, LLC (“GDEV GP II”) held a combined 1.96% of the interests in Greenbacker Development Opportunities Fund II, LP and Greenbacker Development Opportunities Fund II (B) (together “GDEV II”). In November 2022, GDEV II was launched to make private equity and development capital investments in the sustainable infrastructure industry. The Company has determined that GDEV II is a VIE but that it is not the primary beneficiary. Therefore, the Company does not consolidate GDEV II. The Company can exert significant influence over operating and financial policies of GDEV II because of its ownership of GDEV GP II, GDEV II’s general partner. Accordingly, GDEV GP II, which is a consolidated subsidiary of the Company, accounted for its investment in GDEV II as an equity method investment and elected the fair value option as management deems fair value to be more relevant than historical cost. The Company’s maximum exposure to loss as a result of its involvement with GDEV II is $2.8 million, which is GDEV GP II’s total capital commitment to GDEV II, less the portion of the capital commitment attributable to the noncontrolling interest in GDEV GP II. Aurora Solar During February 2016, Aurora Solar Holdings, LLC (“Aurora Solar”) was formed to develop, construct, own, finance, and operate a portfolio 16 of solar projects. As of September 30, 2024, the Company’s investment represented approximately 49.00% of Aurora Solar’s issued and outstanding common shares. The Company determined that Aurora Solar is a VIE but that it is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact Aurora Solar. The Company can exert significant influence over operating and financial policies because of its ownership interest in Aurora Solar. Accordingly, the Company accounts for its investment in the common shares of Aurora Solar as an equity method investment and has elected the fair value option as management deems fair value to be more relevant than historical cost. The Company’s maximum exposure to loss is equal to the fair value of its investment in Aurora Solar. OYA During September 2021, OYA Rosewood Holdings LLC, previously OYA Solar, was formed to develop, construct, own, finance, and operate a portfolio of 19 solar projects. As of September 30, 2024, the Company’s investment represented 50.00% of OYA’s issued and outstanding equity shares. The Company determined that OYA is a VIE but that it is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact OYA. The Company can exert significant influence over operating and financial policies because of its ownership interest in OYA. Accordingly, the Company accounts for its investment in the preferred shares of OYA as an equity method investment and has elected the fair value option as management deems fair value to be more relevant than historical cost. The Company’s maximum exposure to loss as of September 30, 2024, includes the current value of its investment in OYA and the guaranteed amounts discussed in the following paragraphs. Pursuant to the amended and restated limited liability company agreement of OYA, the other 50.00% member has indemnified the Company against any draws or demands under these guarantees. The Company is not able to quantify its exposure to loss as a result of certain of these guarantees as noted below. Since the Company has elected the fair value option to account for its investment in the preferred shares of OYA, the Company is also required to measure all of its other financial interests in OYA at fair value, including these guarantees. As of September 30, 2024 and December 31, 2023, the fair value of the guarantees is zero. On October 26, 2023, OYA sold the membership interests in nine of its underlying projects. The Company received proceeds of $3.7 million as a result of this sale pursuant to a sale proceeds sharing agreement between the Company, OYA’s parent company, and other financing parties. On July 11, 2024, OYA sold the membership interests in two additional underlying projects. The Company received proceeds of $6.6 million as a result of this sale. The impact of this sale was taken into consideration in determining the fair value of the Company’s investment in OYA as of September 30, 2024. Four subsidiaries of OYA have entered into tax equity partnerships with investor members. The Company, along with the parent company of the other 50.00% member of OYA, provided guarantees to the tax equity investor members in three of these partnerships for the payment and performance of all obligations of these subsidiaries under the partnership documents as well as affiliate contracts. In October 2023, in association with the sale of certain projects, two of these arrangements were terminated prior to the tax equity investor’s making any capital contributions, resulting in the termination of the associated guarantees. Under the third guarantee, the maximum potential amount of future payments (undiscounted) that the Company could be required to make under the guarantee is $19.5 million, with certain exceptions in which case the limit would not apply. The guarantee will remain in full force and effect until: (1) the termination of the limited liability company agreement of the tax equity partnership, (2) the transfer of the tax equity investor members’ membership interests, and/or (3) the obligations under the guarantee are performed in full, depending on the specific terms of the guarantee. In addition, certain subsidiaries of OYA entered into two separate financing agreements with certain financial institutions, one of which was terminated in association with the payoff of the related loan in the sale on July 11, 2024. The Company provided guarantees of certain obligations under the loan agreements upon the occurrence and continuance of a trigger event. The parent company of the other 50.00% member of OYA also provided a guarantee to the financial institutions, and the Company is only obligated to perform in the event that the parent company of the other 50.00% member fails to perform under its guarantees. The guarantees do not have maximum liability amounts, and therefore, the Company is not able to quantify the maximum potential amount of future payments (undiscounted) that the Company could be required to make under these guarantees. The subsidiaries of OYA currently have outstanding loans with a principal amount of approximately $31.5 million as of September 30, 2024. The remaining guarantee is expected to terminate on the maturity date of the loan in 2028. The loan associated with the terminated guarantee had a principal amount of $7.6 million on the sale date and had a maturity date in 2029. On August 22, 2023, the Company provided an additional guarantee to one of the financial institutions in which the Company agreed to fund remaining construction costs for certain underlying projects for the maximum amount of $18.2 million as well as excess construction loans upon term conversion in the maximum amount of $1.2 million. On October 4, 2023, the Company funded $1.2 million of construction costs pursuant to a call under this guarantee. The Company recovered $1.0 million of this amount through the sale of nine of the projects previously owned by OYA on October 26, 2023. The inflows and outflows associated with this guarantee are incorporated in the valuation of the investment. In association with the sale in October 2023, this guarantee was terminated. In the third quarter of 2024, the Company loaned an affiliate of OYA $5.0 million, by becoming a party to an amended existing loan agreement between GDEV I, an affiliate of the Company, certain other unrelated lenders, and the OYA affiliate. The amended loan agreement allows the Company to provide additional loans to OYA, which is due on December 23, 2024 and bears interest at 12.00%.

Fair Value Measurements and Inv

Fair Value Measurements and Investments	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements and Investments	Note 6. Fair Value Measurements and Investments Authoritative guidance on fair value measurements defines fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between marketplace participants. This guidance also establishes a framework for classifying the inputs used to determine fair value into three levels within a hierarchy. The following table presents the fair values of the Company's financial assets and liabilities as of September 30, 2024 and the basis for determining their fair values: Fair Value as of September 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Derivative assets $ — $ 81,686 $ — $ 81,686 Derivative liabilities — (6,416) — (6,416) Equity method investments — — 89,222 89,222 Contingent consideration — — (35,884) (35,884) Total $ — $ 75,270 $ 53,338 $ 128,608 The following table presents the fair values of the Company's financial assets and liabilities as of December 31, 2023 and the basis for determining their fair values: Fair Value as of December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Derivative assets $ — $ 142,168 $ — $ 142,168 Derivative liabilities — (5,833) — (5,833) Equity method investments — — 94,878 94,878 Contingent consideration — — (42,307) (42,307) Total $ — $ 136,335 $ 52,571 $ 188,906 The following table reconciles the beginning and ending balances for instruments that are recognized at fair value using Level 3 inputs in the Consolidated Financial Statements as of September 30, 2024 using significant unobservable inputs: (in thousands) Equity method investments Contingent consideration Total Balance as of December 31, 2023 $ 94,878 $ (42,307) $ 52,571 Purchases 271 — 271 Return of capital (6,583) — (6,583) Change in fair value of investments, net 656 — 656 Change in contingent consideration — 3,764 3,764 Reclassification of participating Earnout Shares — 2,659 2,659 Balance as of September 30, 2024 $ 89,222 $ (35,884) $ 53,338 The tables above do not include the Company’s financial assets and liabilities that are not measured at fair value, including the Company’s contingent consideration asset related to its Illinois Winds LLC variable interest entity. Refer to Note 5. Variable Interest Entities for additional information on the Company’s contingent consideration asset. The Company does not have any non-financial assets or liabilities measured at fair value as of September 30, 2024. There were no transfers between Levels 1, 2, or 3 for the nine months ended September 30, 2024. Derivative assets and liabilities The Company estimates the fair value of its interest rate derivatives using a discounted cash flow valuation technique based on the net amount of estimated future cash flows related to the agreements. The primary inputs used in the fair value measurement include the contractual terms of the derivative agreements, current interest rates, and credit spreads. The significant inputs for the resulting fair value measurement are market-observable inputs, and thus the swaps are classified as Level 2 in the fair value hierarchy. Equity method investments In the table above, certain equity method investments may be valued at the purchase price for a period of time after an acquisition as the best indicator of fair value. In addition, certain valuations of investments may be entirely or partially derived by reference to observable valuation measures for a pending or consummated transaction. In the absence of quoted prices in active markets, the Company uses a variety of techniques to measure the fair value of its investments. The methodologies incorporate the Company’s assumptions about the factors that a market participant would use to value the investment. The various unobservable inputs used to determine the Level 3 valuations may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurements. The following table quantifies the significant unobservable inputs used in determining the fair value of equity method investments as of September 30, 2024. The weighted averages are calculated based on the relative fair value of each investment as of September 30, 2024: Unobservable Input Input/Range Discount rate 7.8%-11.0% (weighted average 8.1%) Kilowatt hours production 0.5% annual degradation in production Potential leverage and estimated remaining useful life 28.0-33.5 years (weighted average 28.7 years) As of September 30, 2024, the Company has unfunded commitments to GDEV I and GDEV II of $0.2 million and $1.3 million, respectively. The investments in GDEV I and GDEV II represent investments in a partnership in which no partner is permitted to make a withdrawal of any of its capital contributions. GDEV GP and GDEV GP II are required to cause the respective partnerships to distribute amounts available for distribution to the partners within 90 days of the receipt of such amounts. The following table presents the fair value for each of the Company’s equity method investments as of September 30, 2024 and December 31, 2023: (in thousands) September 30, 2024 December 31, 2023 Aurora $ 72,471 $ 72,962 OYA 9,821 16,229 GDEV I 4,233 4,137 GDEV II 2,697 1,550 Total Equity method investments $ 89,222 $ 94,878 Equity method investments are recorded in Investments, at fair value on the Consolidated Balance Sheets. The following table presents the change in Total Change in fair value of investments, net for each of the Company’s investments for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Aurora $ 2,289 $ (3,634) $ (491) $ (693) OYA — 1,408 176 (1,592) GDEV — 299 50 1,055 GDEV II 533 (18) 921 (38) Total Change in fair value of investments, net $ 2,822 $ (1,945) $ 656 $ (1,268) The change in fair value of the Company’s investments is recorded in Change in fair value of investments, net on the Consolidated Statements of Operations. Contingent consideration The Company estimates the fair value of its contingent consideration associated with the Acquisition based on the likelihood of payment related to the contingent clause and the date when payment is expected to occur. The contingent consideration is reflected in Contingent consideration, net of current portion included in noncurrent liabilities on the Consolidated Balance Sheets. The following table presents the change in fair value of contingent consideration for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Change in fair value of contingent consideration $ (4,690) $ (5,420) $ (3,764) $ (4,103) The change in the fair value of contingent consideration is recorded within General and administrative expenses on the Consolidated Statements of Operations. For the nine months ended September 30, 2024 and 2023, $2.7 million and $30.8 million, respectively, of contingent consideration was settled with the participation of a certain amount of Earnout Shares, which were issued in connection with the Acquisition. The amount was reclassified from Contingent consideration, net of current portion to Common shares, par value, and Additional paid-in capital, as well as Redeemable common shares, par value and Redeemable common shares, additional paid-in capital on the Consolidated Balance Sheets. Refer to Note 16. Equity for further detail. The fair value of the contingent consideration is measured based on significant unobservable inputs, including the contractual payment amount due upon reaching the designated thresholds, the discount rate, and the date when payment is expected and is classified as Level 3 in the fair value hierarchy. The various unobservable inputs used to determine the Level 3 valuation may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurements. The following quantifies the significant unobservable inputs used to determine the fair value of contingent consideration as of September 30, 2024: Unobservable Input Input/Range Risk-Free Rate Over Earnout Term 3.6% Revenue Discount Rate 9.3% Annualized Revenue Volatility 22.5% Annualized Share Price Volatility 25.0% Quarterly Revenue / Share Price Correlation 40.0%

Notes Receivable

Notes Receivable	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Notes Receivable	Note 7. Notes Receivable The Company’s n otes receivable consists of the following: (dollars in thousands) September 30, 2024 December 31, 2023 Year of origination Interest rate Maturity date Notes receivable, current Cider $ — $ 25,749 2022 8.00% 7/31/2024 (1) Shepherds Run — 2,742 2020 8.00% 3/31/2024 (2) Kane Warehouse 121 — 2015 10.25% 2/24/2025 OYA 5,000 — 2024 12.00% 12/23/2024 (3) Total notes receivable, current $ 5,121 $ 28,491 Notes receivable, noncurrent New Market $ 5,008 $ 5,008 2019 9.00% 9/30/2022 (4) SE Solar — 5,010 2019 9.00% 5/31/2023 (5) Kane Warehouse — 166 2015 10.25% 2/24/2025 Total notes receivable, noncurrent $ 5,008 $ 10,184 Loan reserve (6) (1,000) (2,000) Total notes receivable $ 9,129 $ 36,675 (1) In July 2024, the Company loaned an additional $4.0 million to Hecate Energy Cider Solar LLC. On July 30, 2024, the Company acquired 100% of the membership interests in Hecate Energy Cider Solar LLC. As part of the acquisition purchase price, the Company was deemed to have received an amount of $44.2 million of the principal and interest outstanding for the bridge loan agreement as of the closing date, and the seller was deemed to have repaid to the Company in satisfaction of the principal and interest outstanding. Refer to Note 3. Acquisitions and Divestitures for additional information. (2) The note receivable was paid in full on April 5, 2024. (3) In the third quarter of 2024, the Company loaned an affiliate of OYA $5.0 million, by becoming a party to an amended existing loan agreement between GDEV I, an affiliate of the Company, certain other unrelated lenders, and the OYA affiliate. The amended loan agreement allows the Company to provide additional loans to OYA, which is due on December 23, 2024 and bears interest at 12.00%. Refer to Note 5. Variable Interest Entities for additional information on OYA. (4) Option for purchase agreement exercised on September 30, 2022. The parties involved are working in good faith to enter into a purchase agreement. (5) The note receivable was paid in full on June 10, 2024, including the amount the Company previously reserved. The Company recorded the recovery as a reduction to bad debt expense within General and administrative on the Consolidated Statements of Operations. (6) As of September 30, 2024, New Market has not been repaid. During the year ended December 31, 2023, the Company recorded a reserve representing an allowance for credit losses for the estimated uncollectible portion of this note in the amount of $1.0 million. The Company has determined that no additional reserve is required for this note for the nine months ended September 30, 2024. The notes receivable, current are recorded within Other current assets on the Consolidated Balance Sheets. The notes receivable, noncurrent are recorded within Other noncurrent assets on the Consolidated Balance Sheets. Notes receivable are recorded at amortized cost and exclude interest receivable. As of September 30, 2024, interest receivables of $0.1 million and $1.9 million, were recorded within Other current assets and Other noncurrent assets, respectively, on the Consolidated Balance Sheets. As of December 31, 2023, interest receivables of $6.3 million and $3.9 million were recorded within Other current assets and Other noncurrent assets, respectively, on the Consolidated Balance Sheets.

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Note 8. Property, Plant and Equipment Property, plant and equipment, net consists of the following: (in thousands) September 30, 2024 December 31, 2023 Land $ 21,993 $ 23,473 Plant and equipment 1,758,249 1,732,499 Asset retirement cost 32,006 31,638 Finance right-of-use asset 65 65 Construction-in-progress 641,233 439,439 Other 287 262 Total property, plant and equipment $ 2,453,833 $ 2,227,376 Accumulated depreciation (117,287) (93,499) Property, plant and equipment, net $ 2,336,546 $ 2,133,877 Construction-in-progress includes $281.1 million and $106.3 million of development costs as of September 30, 2024 and December 31, 2023, respectively. The following table presents Depreciation expense recorded within Depreciation, amortization and accretion on the Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Depreciation expense $ 17,575 $ 51,904 $ 52,549 $ 96,784 During the three and nine months ended September 30, 2024, the Company recognized impairment of long-lived assets of $12.7 million and $19.0 million, respectively. Impairment of $6.3 million was recorded during the first quarter of 2024 due to a change in state regulations that impacted the earnings potential on six projects in one state. The impairment analysis indicated that the projected future cash flows for certain projects no longer supported the recoverability of the carrying value of the related long-lived assets. The fair value of the assets was determined using a current replacement cost approach. This charge was recorded to the Company’s IPP segment. The impairment of $12.7 million recorded during the three months ended September 30, 2024 primarily related to two development-stage projects due to the termination of the PPAs by the offtaker subsequent to September 30, 2024 as a result of events of default for failure to meet existing contractual milestones under the applicable PPA as of September 30, 2024. The impairment analysis indicated that the projected future cash flows for the projects no longer supported the recoverability of the carrying value of the related long-lived assets. The fair value of the assets was determined using an income approach. The impairment charge of $12.7 million consisted of a $6.3 million impairment for the plant and equipment presented within Property, plant and equipment, net, a $2.9 million impairment on ROU assets and assets associated with upfront payments that was due to the offtaker presented within Other current assets, and a $3.5 million impairment related to favorable PPA contracts presented within Intangible assets, net reported on the Consolidated Balance Sheets. This charge was recorded in Impairment of long-lived assets, net and project termination costs on the Consolidated Statements of Operations. In conjunction with the impairment charges related to two development-stage projects due to the termination of the PPAs by the offtaker, the Company accrued for $13.6 million in termination charges that are due to the offtaker as a result of the termination under the terms of PPA contract. The termination charges were accrued in Accounts payable and accrued expenses on the Consolidated Balance Sheets and Impairment of long-lived assets, net and project termination costs on the Consolidated Statements of Operations. The charges are recorded in the IPP segment. During the third quarter of 2023, the Company recognized impairment of long-lived assets of $50.7 million associated with a certain renewable energy asset of which $7.0 million was associated with the plant and equipment asset for the three and nine months ended September 30, 2023, and the remainder of which was associated with the favorable PPA contract. This charge was recorded to the Company’s IPP segment. The impairment analysis reviews certain qualitative factors as well as the results of long-term operating expectations and its carrying value to determine if impairment indicators are present. The impairment analysis indicated that the projected future cash flows for the certain project no longer supported the recoverability of the carrying value of the related long-lived assets. The fair value of the asset was determined using an income approach by applying a discounted cash flow methodology to the updated long-term budget for the asset. The income approach included key inputs such as forecasted merchant power prices, operations and maintenance expense, and discount rates. The resulting fair value is a Level 3 fair value measurement. During the first quarter of 2023, a main power transformer for one of the Company’s solar assets incurred damage. As a result, the Company accelerated depreciation of $1.0 million on the asset, which was offset by a receivable for future insurance recoveries, but the Company did not record a related asset or gain for the excess proceeds expected to be received, as those proceeds were not yet considered to be realized or realizable. In the second quarter of 2024, the Company reached a settlement with the insurance company of $2.7 million, and as a result recorded a gain of $1.7 million within Direct operating costs on the Consolidated Statements of Operations. In 2023, the Company engaged in three wind repower projects where the existing assets were retrofitted with new and/or refurbished technology, including erecting taller, more efficient wind turbines to increase productivity. Depreciation of fixed assets replaced is accelerated between the mobilization milestone date in the related EPC contract and the date of de-electrification of the project site. In the second quarter of 2023, the Company began accelerating depreciation on two projects, resulting in $36.1 million and $51.9 million of additional depreciation during the three and nine months ended September 30, 2023, respectively.

Goodwill, Other Intangible Asse

Goodwill, Other Intangible Assets and Out-of-market Contracts	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Other Intangible Assets and Out-of-market Contracts	Note 9. Goodwill, Other Intangible Assets and Out-of-market Contracts Goodwill As of September 30, 2024 and December 31, 2023, goodwill totaled $221.3 million and $221.3 million, respectively. Other Intangible Assets and Out-of-market Contracts Other intangible assets as of September 30, 2024 consisted of the following: (in thousands) Gross carrying amount Accumulated amortization Net intangible assets as of September 30, 2024 PPA contracts $ 362,880 $ (58,610) $ 304,270 REC contracts 46,235 (5,202) 41,033 Trademarks 2,800 (564) 2,236 Channel partner relationships 94,700 (22,473) 72,227 Other intangible assets 2,192 — 2,192 Total intangible assets, net $ 508,807 $ (86,849) $ 421,958 Other intangible assets as of December 31, 2023 consisted of the following: (in thousands) Gross carrying amount Accumulated amortization Net intangible assets as of December 31, 2023 PPA contracts $ 374,356 $ (47,741) $ 326,615 REC contracts 46,235 (3,441) 42,794 Trademarks 2,800 (389) 2,411 Channel partner relationships 94,700 (15,497) 79,203 Other intangible assets 2,191 — 2,191 Total intangible assets, net $ 520,282 $ (67,068) $ 453,214 The following table presents the amortization expense related to intangible assets recorded on the Consolidated Balance Sheets which includes Contract amortization, net that was recorded as a reduction to revenue for favorable PPA and REC contracts in the Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Total Favorable Amortization expense $ 9,196 $ 10,468 $ 27,418 $ 31,435 Favorable Contract amortization reduction to revenue 6,812 8,032 20,268 24,597 The Company also has PPA and REC contracts that are held in an unfavorable position (out-of-market contracts) recorded as liabilities, which consists of the following as of September 30, 2024: (in thousands) Gross carrying amount Accumulated amortization Net out-of-market contracts as of September 30, 2024 PPA contracts $ (198,629) $ 20,618 $ (178,011) REC contracts (19,763) 13,828 (5,935) Total out-of-market contracts, net $ (218,392) $ 34,446 $ (183,946) PPA and REC contracts that are held in an unfavorable position (out-of-market contracts) recorded as liabilities consists of the following as of December 31, 2023: (in thousands) Gross carrying amount Accumulated amortization Net out-of-market contracts as of December 31, 2023 PPA contracts $ (198,629) $ 13,203 $ (185,426) REC contracts (19,763) 10,404 (9,359) Total out-of-market contracts, net $ (218,392) $ 23,607 $ (194,785) The following table presents the contract amortization contra-expense as an increase to revenue related to out-of-market contracts for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Out-of-market contract amortization $ 3,458 $ 3,944 $ 10,839 $ 10,765 The amounts recorded to out-of-market contracts are amortized to Contract amortization, net on the Consolidated Statements of Operations similar to favorable PPA and REC contracts. The following table presents the amortization expense related to the Company’s finite-lived intangible asset and liabilities (out-of-market contracts), net contract amortization on PPA and REC contract intangible assets and out-of-market contracts, and amortization expense on channel partner relationships and trademark intangible assets for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Amortization expense related to intangible assets and (out-of-market contracts), net $ 5,738 $ 6,524 $ 16,579 $ 20,670 Less: Contract amortization on PPA and REC contracts intangible assets and (out-of-market contracts), net 3,355 4,088 9,430 13,832 Amortization expense on channel partner relationships and trademark intangible assets, net $ 2,383 $ 2,436 $ 7,149 $ 6,838 Contract amortization on PPA and REC contract intangible assets and out-of-market contracts is recorded within Contract amortization, net on the Consolidated Statements of Operations. Amortization expense on channel partner relationships and trademark intangible assets is recorded within Depreciation, amortization and accretion on the Consolidated Statements of Operations. Estimated future amortization expense, net for the above amortizable intangible assets and out-of-market contracts for each of the next five years and thereafter are as follows: (in thousands) Period ended September 30, Amortization Expense 2024-2025 $ 27,439 2025-2026 26,758 2026-2027 26,274 2027-2028 25,895 2028-2029 25,369 Thereafter 106,277 Total $ 238,012

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Note 10. Debt The Company has entered into various credit facilities and loan agreements through its subsidiaries, as described below. (dollars in thousands) September 30, 2024 December 31, 2023 Interest rate Maturity date GREC Entity HoldCo (2) $ 57,240 $ 65,951 Daily SOFR (1) + 1.85% June 20, 2025 Midway III Manager LLC 13,565 13,932 3 mo. SOFR + 1.73% September 28, 2025 Trillium Manager LLC 65,970 68,785 Daily SOFR + 2.10% June 9, 2027 GB Wind Holdco LLC (3) 16,269 50,408 3 mo. SOFR + 1.65% December 31, 2024 Greenbacker Wind Holdings II LLC 69,610 70,628 3 mo. SOFR + 1.98% December 31, 2026 Conic Manager LLC 22,739 23,363 3 mo. SOFR + 1.75% August 8, 2026 Turquoise Manager LLC 30,410 30,994 3 mo. SOFR + 1.35% December 23, 2027 Eagle Valley Clean Energy LLC (4) — 35,389 Various January 2, 2057 Greenbacker Renewable Energy Corporation (Premium financing agreement) 3,520 — 6.78% April 30, 2025 ECA Finco I, LLC 17,719 18,563 3 mo. SOFR + 2.60% February 25, 2028 GB Solar TE 2020 Manager LLC 17,385 18,506 3 mo. SOFR + 1.98% October 30, 2026 Sego Lily Solar Manager LLC 130,142 133,898 3 mo. SOFR + 1.53% June 30, 2028 Celadon Manager LLC 72,853 72,853 Daily SOFR + 1.60% February 18, 2029 GRP II Borealis Solar LLC 39,973 40,646 3 mo. SOFR + 2.00% June 30, 2027 Ponderosa Manager LLC 88,185 88,594 3 mo. SOFR + 1.40% October 4, 2029 PRC Nemasket LLC 40,040 41,806 Daily SOFR + 1.25% November 1, 2029 GREC Holdings 1 LLC 124,594 74,594 1 mo. SOFR + Applicable Margin (5) November 29, 2027 Dogwood GB Manager LLC 58,725 57,463 1 mo. SOFR + 1.73% March 29, 2030 GREC Warehouse Holdings I LLC 148,813 155,558 3 mo. SOFR + 2.03% August 11, 2026 Cider Solar Construction Owner LLC 81,000 — 9.75% July 30, 2028 Total debt $ 1,098,752 $ 1,061,931 Less: Total unamortized discount and deferred financing fees (17,689) (43,679) Less: Current portion of long-term debt (6) (106,204) (82,855) Total long-term debt, net $ 974,859 $ 935,397 (1) Secured Overnight Financing Rate (“SOFR”). (2) See the description of the credit agreement below for a discussion of GREC Entity HoldCo’s non-compliance with the debt service coverage ratio (as defined in the credit agreement) as of and for the fiscal quarter ended December 31, 2023. (3) $32.9 million was paid on the GB Wind Holdco LLC term loan in the first quarter of 2024 with proceeds from the Company’s February 2024 failed sale-leaseback arrangement. This repayment resulted in the acceleration of the remaining term loan maturity date to December 31, 2024. (4) EVCE was deconsolidated from the Company’s Consolidated Financial Statements as of April 17, 2024 as a result of the Bankruptcy Filing. Refer to Note 3. Acquisitions and Divestitures and below for additional information. (5) GREC Holdings 1 LLC’s loan includes interest on the outstanding principal at the term SOFR index rate plus a spread adjustment plus applicable margin (spread adjustment of 0.10%; applicable margin ranging between 1.75% and 2.00%). (6) Adjusted for $5.4 million and $6.1 million of unamortized debt discount and deferred financing fees pertaining to current portion of long-term debt of $111.6 million and $88.9 million as of September 30, 2024 and December 31, 2023, respectively. During the nine months ended September 30, 2024, the Company entered into new or modified existing debt facilities as noted below: GREC Entity HoldCo On November 25, 2021, GREC Entity HoldCo, a wholly owned subsidiary of GREC, converted its loan to a term loan with a maturity on June 20, 2025. The loan bears interest at a rate equal to the daily SOFR Greenbacker Renewable Energy Company LLC (Premium financing agreement) On January 2, 2024, the Company entered into a premium financing arrangement with a lender to finance a prepaid insurance policy for EVCE. Under the agreement, the Company financed $1.1 million of certain premiums at an 8.45% annual interest rate. Total monthly payments of $0.1 million, including interest and principal, were due in 10 monthly installments, beginning on January 2, 2024 through September 30, 2024. As part of the Bankruptcy Filing, the insurance policy with EVCE was terminated and the remaining prepaid premium on the Bankruptcy Filing date, April 17, 2024, were returned and used to repay the remaining outside balance of the premium financing arrangement during the third quarter of 2024. Refer to Note 3. Acquisitions and Divestitures for additional information. Greenbacker Renewable Energy Corporation (Premium financing agreement) On August 8, 2024, the Company entered into a premium financing arrangement with a lender to finance multiple prepaid insurance policies. Under the agreement, the Company financed $4.7 million of certain premiums at a 6.78% annual interest rate. Total monthly payments of $0.5 million including interest and principal, are due in nine monthly installments beginning on August 30, 2024 through April 30, 2025. Dogwood GB Manager LLC On March 29, 2023, Dogwood GB Manager LLC entered into a loan agreement with a syndicate of lenders to provide a term loan in an aggregate principal amount of up to $47.1 million. On May 30, 2023, the loan agreement was amended to increase the aggregate principal amount up to $90.6 million. On January 23, 2024, the loan agreement was amended to decrease the aggregate principal amount to $58.7 million. The loan is secured by a first-priority security interest in all assets of Dogwood GB Manager LLC, including a pledge of (a) Dogwood GB Manager LLC's interest in Dogwood Holdings LLC, and (b) GREC Holdings 1 LLC's ownership interests in Dogwood GB Manager LLC. The interest rate on the loan is one-month SOFR plus a SOFR index adjustment of 0.10% per annum, plus an applicable margin of 1.63% per annum through the fourth anniversary of the closing date and 1.75% per annum after the fourth anniversary of the closing date. Thereafter, the interest rate will increase by 0.13% for each fourth anniversary. The borrower is only required to pay interest in quarterly installments through the fifth anniversary of the closing date, and thereafter is required to pay quarterly installments of principal and interest through the maturity date, March 29, 2030. Eagle Valley Clean Energy LLC On April 17, 2024, EVCE filed for a voluntary petition under Chapter 7 of the United States Bankruptcy Code with the U.S. Bankruptcy Court of Colorado. The Bankruptcy Filing does not include the Company or any of its subsidiaries engaged in continuing operations as debtors or guarantors. There is no parent guarantee of the EVCE debt, and there are no provisions that would result in cross-default. The Company does not expect to make any additional payments under the loan as a result of the Bankruptcy Filing. Refer to Note 3. Acquisitions and Divestitures for additional information. Cider Solar Construction Owner LLC On July 30, 2024, the Company entered into a loan agreement with a syndicate of lenders in an aggregate principal amount of $81.0 million, due, in full, on the maturity date of July 30, 2028. The loan bears interest at an initial fixed rate of 9.75% per annum. Additionally, the interest rate will remain at a fixed rate of 9.75% per annum if the Company exercises its option to prepay at least $50.0 million of the loan principal on or before January 30, 2025. If the Company exercises its option to prepay, it could be subject to payment of a prepayment premium in the amount of 21.50% to 22.50% of the principal repayment if the repayment is paid after April 30, 2025, subject to various adjustments as defined under the terms of the agreement. If the Company does not exercise this optional prepayment, the loan will bear interest at 12.25% per annum, beginning on January 30, 2025 through the maturity date of July 30, 2028. The borrower is required to pay quarterly installments of interest through the maturity date. The Company has the option to prepay the loan in whole or in part, subject to certain conditions, at any point prior to the maturity date. The Company has entered into interest rate swap contracts to manage the interest rate risk associated with its outstanding borrowings. Refer to Note 11. Derivative Instruments for further discussion. The following table shows the components of interest expense (income) included within Interest (expense) income, net on the Consolidated Statements of Operations: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Loan interest (1) $ 13,508 $ 10,728 $ 37,712 $ 31,730 Commitment / letter of credit fees 917 3,919 3,018 9,346 Amortization of deferred financing fees and discount 1,346 1,349 4,273 3,743 Interest on sale-leasebacks (2) 4,875 — 16,711 — Gain on interest rate swaps, net (3) — — (1,410) — Change in fair value of interest rate swaps, net (3) 7,058 (24,027) (5,197) (35,997) Interest capitalized (6,203) (5,272) (17,001) (16,464) Total $ 21,501 $ (13,303) $ 38,106 $ (7,642) (1) Includes interest rate swap settlements in the amount of $7.7 million, $7.5 million, $22.0 million and $19.2 million as a reduction of loan interest for the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024 and 2023, respectively. Refer to Note 11. Derivative Instruments for additional information. (2) Refer to Other Financing Arrangements for further discussion on the financing obligations and the deferred ITC gain related to the sale-leaseback arrangements. (3) Refer to Note 11. Derivative Instruments for additional information on the Company’s interest rate swaps. The principal payments due on the Company’s borrowings for each of the next five years and thereafter are as follows: (in thousands) Period ended September 30, Principal Payments 2024-2025 $ 111,621 2025-2026 192,757 2026-2027 190,842 2027-2028 368,037 2028-2029 73,886 Thereafter 161,609 Total $ 1,098,752 Other Financing Arrangements In addition to the two sale-leaseback arrangements entered into in the fourth quarter of 2023, the Company, in February 2024 through a wholly owned subsidiary, entered into a sale-leaseback arrangement related to a certain wind asset with an initial lease term of 20.0 years, for total cash proceeds of $111.5 million. The Company utilized the proceeds to pay down $32.9 million of existing debt and $0.4 million in transaction costs. Under the lease agreement, the Company is required to make total lease payments of $87.4 million over the lease term. In addition, in accordance with the lease agreement, the Company has an early buyout option in December 2029 and December 2033. The early buyout option is defined as the fair market value of the project at the buyout date, or an amount set forth in the lease agreement, whichever is greater. As part of the arrangement, the Company operates and earns revenues from the facility throughout the lease term, while the lessor is entitled to all available tax credits. As part of the sale-leaseback transaction, the Company entered into a tax indemnity agreement. As part of the agreement, with respect to the leased assets, the lessor holds indemnification rights related to a disallowance or reduction of assumed tax deductions and tax credits. Subject to certain requirements set forth within the tax indemnity agreement, the Company would be required to pay the lessor for all reduced or disallowed tax deductions and credits. In connection with the transactions, the Company incurred $0.9 million of origination costs, which were recorded as an offset to the failed sale-leaseback financing liability. Refer to Note 2. Significant Accounting Policies for additional information around the Company’s accounting policies related to sale-leaseback transactions. As of September 30, 2024, the Company recorded $12.9 million and $33.0 million of failed sale-leaseback financing and deferred ITC gains, respectively, within Current portion of failed sale-leaseback financing and deferred ITC gain on the Consolidated Balance Sheets. As of September 30, 2024, the Company recorded $114.2 million and $113.7 million of failed sale-leaseback financing and deferred ITC gains, respectively, within Failed sale-leaseback financing and deferred ITC gain, net of current portion, on the Consolidated Balance Sheets. As of September 30, 2024, the Company recorded $0.2 million and $2.5 million of origination costs, which are recorded as a reduction to Current portion of failed sale-leaseback financing and deferred ITC gain and Failed sale-leaseback financing and deferred ITC gain, net of current portion, respectively, on the Consolidated Balance Sheets. As of December 31, 2023, the Company recorded $69.4 million and $169.8 million of financing obligations and deferred ITC gains within Current portion of failed sale-leaseback financing and deferred ITC gain and Failed sale-leaseback financing and deferred ITC gain, net of current portion, respectively, on the Consolidated Balance Sheets. As of December 31, 2023, the Company recorded $0.3 million and $1.4 million of origination costs, which are recorded as a reduction to Current portion of failed sale-leaseback financing and deferred ITC gain and Failed sale-leaseback financing and deferred ITC gain, net of current portion, respectively, on the Consolidated Balance Sheets. For the three months ended September 30, 2024, the Company recorded $2.9 million and $2.0 million of interest expense for financing obligations and deferred ITC gains, respectively, within Interest (expense) income, net on the Consolidated Statements of Operations. For the nine months ended September 30, 2024, the Company recorded $11.0 million and $5.7 million of interest expense for financing obligations and deferred ITC gains, respectively, within Interest (expense) income, net on the Consolidated Statements of Operations. The calculation of interest expense is based on imputed interest rates within each arrangement for the financing obligations ranging between 7.2% and 11.5% and the incremental borrowing rate within each arrangement for the deferred ITC gain ranging between 4.5% and 5.6%. The future payments on failed sale-leaseback financing arrangements, inclusive of the repurchase price for each of the next five years and thereafter, are as follows: (in thousands) Period ended September 30, Future Payments 2024-2025 $ 12,927 2025-2026 13,263 2026-2027 13,510 2027-2028 13,611 2028-2029 13,584 Thereafter 187,857 Total lease payments 254,752 Less: imputed interest (127,667) Less: origination costs (2,698) Present value of lease payments $ 124,387

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 11. Derivative Instruments The Company manages interest rate risk primarily through the use of derivative financial instruments. Cash Flow Hedges of Interest Rate Risk The Company’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company, through its wholly owned subsidiaries, has entered into interest rate swaps as part of its interest rate risk management strategy. Certain of these interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for the Company making payments at fixed rates. These fixed rates, for all interest rate swaps regardless of designation, range between 0.41% and 4.37%. The interest rate swaps have maturities between 2025 and 2050. The following tables reflect the location and estimated fair value positions of derivative contracts at: (in thousands) September 30, 2024 Balance sheet location Outstanding notional amount Fair Value - Assets Fair Value - (Liabilities) Derivatives Designated as Hedging Instruments Interest rate swap contracts Derivative assets, current / Derivative assets / (Other current liabilities) / (Other noncurrent liabilities) $ 733,484 $ 81,574 $ — Derivatives Not Designated as Hedging Instruments Interest rate swap contracts Derivative assets, current / Derivative assets / (Other current liabilities) / (Other noncurrent liabilities) 126,876 112 (6,416) Total $ 860,360 $ 81,686 $ (6,416) As of September 30, 2024, the notional amount for derivatives designated as hedging instruments includes $733.5 million associated with currently effective swaps. The notional amount for derivatives not designated as hedging instruments includes $126.9 million associated with swaps currently in effect. The Company had no forward starting swaps or deal contingent swaps as of September 30, 2024. (in thousands) December 31, 2023 Balance sheet location Outstanding notional amount Fair Value - Assets Fair Value - (Liabilities) Derivatives Designated as Hedging Instruments Interest rate swap contracts Derivative assets, current / Derivative assets / (Other current liabilities) $ 861,322 $ 98,669 $ (489) Derivatives Not Designated as Hedging Instruments Interest rate swap contracts Derivative assets, current / Derivative assets / (Other current liabilities) 463,063 43,499 (5,344) Total $ 1,324,385 $ 142,168 $ (5,833) As of December 31, 2023, the notional amount for derivatives designated as hedging instruments includes $751.2 million associated with currently effective swaps and $110.1 million associated with forward starting swaps. The notional amount for derivatives not designated as hedging instruments includes $112.6 million associated with swaps currently in effect, $65.7 million associated with forward starting swaps, and $284.7 million associated with deal contingent swaps. The following table provides information on the fair value of derivative contracts as recorded in the Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Operations: Three months ended September 30, 2024 Nine months ended September 30, 2024 (in thousands) Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments Consolidated Other Comprehensive (Loss) Income Loss recognized in other comprehensive income $ (34,158) $ — $ (13,924) $ — Amortization of derivatives 1,360 (752) 3,789 (2,449) Less: Taxes on total net loss recognized in other comprehensive income 8,835 — 3,314 — Consolidated Statements of Operations Interest (expense) income, net Change in fair value of interest rate swaps, net — (7,058) — 5,197 Gain on interest rate swaps, net — — 1,410 — Three months ended September 30, 2023 Nine months ended September 30, 2023 (in thousands) Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments Consolidated Other Comprehensive (Loss) Income Gain (loss) recognized in other comprehensive income $ 35,427 $ — $ 28,234 $ — Amortization of off-market derivatives 1,711 (36) 5,160 (108) Less: Taxes on total net gain recognized in other comprehensive income 9,770 — 8,765 — Realized interest rate swaps reclassified to interest expense, net from accumulated other comprehensive income — (7,502) — (19,211) Gain reclassified into earnings as a result of partial discontinuance of cash flow hedge from other comprehensive income — — — 6,297 Consolidated Statements of Operations Interest (expense) income, net Change in fair value of interest rate swaps, net — 24,027 — 35,997 For derivatives designated as cash flow hedges, the changes in the fair value of the derivative are initially reported in other comprehensive income and are subsequently reclassified to earnings when the hedged transaction affects earnings. The Company assesses the effectiveness of each hedging relationship by utilizing a statistical regression analysis. For derivatives not designated in a hedging relationship, the changes in fair value of the derivative are reported immediately in earnings. Amounts reported in accumulated other comprehensive income related to designated derivatives are reclassified to interest expense as interest payments are made on the Company’s variable rate liabilities. During the next twelve months, the Company estimates that existing gains of $16.0 million currently reflected in Accumulated other comprehensive income will be reclassified to earnings as a decrease in interest expense as interest payments are made. From time to time, the Company designates interest rate swaps when they have a non-zero fair value. The non-zero fair value of these cash flow hedges on the designation date is recognized into income under a systematic and rational method over the life of the hedging instrument and is presented in the same line item on the Consolidated Statements of Operations as the earnings effect of the hedged item, with the offset recorded to Other comprehensive income (loss), net of tax. In addition, the Company periodically dedesignates interest rate swaps as hedging instruments voluntarily or in association with the termination of the swaps. When the Company dedesignates a swap as a hedging instrument, the Company evaluates whether the forecasted transactions previously hedged by the interest rate swap are not probable of occurring and, if so, reclassifies the amount recorded in Accumulated other comprehensive income to Interest (expense) income, net in the Consolidated Statements of Operations. When the Company determines that the forecasted transactions previously hedged by the interest rate swap are not probable of not occurring, the Company recognizes the amounts within Accumulated other comprehensive income related to the dedesignated interest rate swap into interest expense as the originally forecasted transactions affect earnings. The non-zero designation date value of cash flow hedges and dedesignated cash flow hedges for which the originally forecasted transactions are not probable of not occurring are amortized and reclassified from other comprehensive income to interest expense. As of September 30, 2024, the Company expects $31.8 million to be reclassified from Accumulated other comprehensive income to earnings as an increase to interest expense through 2050 as the hedged forecasted transactions occur. During the next twelve months, the Company estimates that $2.0 million will be reclassified from Accumulated other comprehensive income to earnings as an increase to interest expense associated with the amortization of these non-zero fair value and dedesignated cash flow hedges. During the nine months ended September 30, 2024, the Company received $53.7 million in cash as a result of the full or partial termination of interest rate swaps. The cash proceeds received are included in Net cash provided by operating activities in the Consolidated Statements of Cash Flows. On February 9, 2024, the Company terminated its only deal-contingent interest rate swap agreement. This interest rate swap was not designated in a hedging relationship. The Company received $47.2 million in cash as a result of the termination. On March 4, 2024, the Company amended two existing interest rate swap agreements to reduce the existing notional amount of the swaps, which were designated in an effective hedging relationship. As the hedged forecasted transaction was probable of not occurring, the Company reclassified a $1.4 million gain from Accumulated other comprehensive income to Interest (expense) income, net in the Consolidated Statements of Operations and received $4.1 million in cash as a result of the partial terminations. On April 30, 2024, the Company terminated a forward starting interest rate swap agreement. The interest rate swap was not designated in a hedging relationship. The Company received $2.4 million in cash as a result of the termination. On March 29, 2023, the Company terminated a portion of an existing interest rate swap that was designated in a hedging relationship and received $9.9 million, which is included in Net cash provided by operating activities in the Consolidated Statements of Cash Flows. The associated gain will be reclassified from Accumulated other comprehensive income to income as a decrease in interest expense as the forecasted interest payments are made as the Company has determined that the originally forecasted transactions are still probable of occurring. During the three and nine months ended September 30, 2023, the Company received $27.0 million and $36.9 million in cash, respectively, as a result of the full or partial termination of interest rate swaps. The cash proceeds received are included in Net cash provided by operating activities in the Consolidated Statements of Cash Flows.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 12. Income Taxes The guidance under ASC Topic 740, Income Taxes, establishes the methodology, including the use of an estimated annual effective tax rate, to determine income tax expense (or benefit) in interim financial reporting. At the end of each quarter, the Company makes the best estimate of the effective tax rate expected to be applicable for the full fiscal year. This estimate reflects, among other items, our best estimate of operating results and net loss attributable to noncontrolling interest. Based on enacted tax laws, the Company’s effective tax rate for 2024 is expected to be 2.2% as of September 30, 2024. The Company’s effective tax rate as of September 30, 2023 was 9.9%. The Company recorded a benefit from income taxes of $8.8 million and $11.5 million for the three months ended September 30, 2024 and 2023. The Company recorded a benefit from income taxes of $2.6 million and $14.2 million for the nine months ended September 30, 2024 and 2023. The effective tax rate varies from the statutory U.S. federal income tax rate of 21.0% primarily due to the tax impact of net loss attributable to noncontrolling interests. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The results of this assessment are included in the Company’s tax provision and deferred tax assets as of September 30, 2024. For the nine months ended September 30, 2024, valuation allowance increases of $2.5 million have been recorded against state net operating loss carry forwards where it is not more likely than not that they will be utilized within the loss carry forward period. The Company assessed its tax positions for all open tax years as of September 30, 2024 for all U.S. federal and state, and foreign tax jurisdictions for the years 2014 through 2023. The results of this assessment are included in the Company’s tax provision and deferred tax assets as of September 30, 2024. The Company is under audit by federal tax authorities at one of its tax equity partnerships for the fiscal year 2021. There have not been any proposed adjustments at this stage of the examination. The examination is expected to be finalized in the fiscal year 2025.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13. Commitments and Contingencies Legal Proceedings In the first quarter of 2023, the Company entered into a module supply and purchase agreement (“MSPA”) with a third-party vendor in which the Company agreed to purchase 107 MW of solar panels for a total purchase price of $39.2 million. In the fourth quarter of 2023, the Company sent notices to the vendor to terminate certain purchase orders for solar panels that had not yet been delivered with a total purchase price of $33.1 million in order to acquire the panels needed for its development and construction pipeline from a different vendor with significantly better economic proposition due to reduced cash outlays. The vendor disputed the Company’s right to terminate these purchase orders. Effective September 30, 2024, the Company and the vendor entered into a settlement agreement, pursuant to which the parties agreed to release each other from all obligations, disputes, and claims under the MSPA. Under the settlement agreement, the Company will not receive any future deliveries but forfeited upfront payments of $16.6 million that had been made to the vendor as 50% deposits associated with those purchase orders. Under the settlement agreement, the Company also received a credit of approximately $0.6 million for the amounts due to the vendor for solar panels that had been delivered. As a result of the settlement, the Company wrote off the advanced deposit recorded in Property, plant and equipment, net and recorded a charge of $16.0 million in Direct operating costs on the Consolidated Statements of Operations. On July 2, 2024, the Company received notice of a lawsuit filed by Petaluma City Schools ("Petaluma") in the Superior Court of the State of California, County of Sonoma against certain subsidiaries of the Company. The lawsuit alleges that the solar panels installed on the rooftop of Petaluma's building failed to meet certain operational capacity and that the Company's subsidiaries failed to maintain and repair the panels and underlying roof, resulting in damages to the rooftop. Petaluma has claimed damages in excess of approximately $2.0 million. The Company is presently awaiting the filing of an amended complaint under the lawsuit and will respond with the required answer or motions in the ordinary course of the ongoing litigation, however, the Company is unable to determine the potential outcome or amount of loss, if any, that may occur. The Company may become involved in other legal proceedings, administrative proceedings, claims or other litigation that arise in the ordinary course of business. Individuals and interest groups may sue to challenge the issuance of a permit for a renewable energy project or seek to enjoin construction of a wind energy project. In addition, the Company may be subject to legal proceedings or claims contesting the construction or operation of its renewable energy projects. In defending itself in these proceedings, the Company may incur significant expenses in legal fees and other related expenses regardless of the outcome of such proceedings. Unfavorable outcomes or developments relating to these proceedings, such as judgments for monetary damages, injunctions or denial or revocation of permits, could have a material adverse effect on the Company's business, financial condition and results of operations. In addition, settlement of claims could adversely affect the Company's financial condition and results of operations. Other than described above, as of September 30, 2024, the Company is not aware of any legal proceedings that might have a significant adverse impact on the Company. Refer to Note 20. Subsequent Events for additional information related to legal proceedings subsequent to September 30, 2024. Letters of Credit The Company is required to provide security under the terms of several of its power purchase agreements, permits, lease agreements and other project documents as well as many of its loan agreements. As of September 30, 2024, the Company has provided the requisite security for these agreements in the form of a standby letter of credit of $176.3 million. As of September 30, 2024, the Company had no unused letter of credit capacity. Pledge of Collateral and Unsecured Guarantee of Loans to Subsidiaries Pursuant to various project loan agreements between the Company's subsidiaries and various lenders, the Company has pledged solar and wind operating assets as well as the membership interests in various subsidiaries as collateral for the term loans with maturity dates ranging from December 2024 through March 2030. Investment in To-Be-Constructed Assets and Membership Interest Purchase Commitments Pursuant to various engineering, procurement and construction contracts and membership interest purchase agreements to which certain of the Company's subsidiaries are individually a party, the subsidiaries, and indirectly the Company, have committed an amount of approximately $0.8 billion to complete construction of the facilities and the closing of the purchase of membership interest pursuant to all conditions being met under such agreements. Based upon current construction and closing schedules, the expectation is that these commitments will be fulfilled between 2024 and 2028. The Company plans to use debt and tax equity financing as well as cash on hand to fund such commitments. Power Purchase Agreements The Company has long-term PPAs with its offtake customers. Under the PPAs, the Company is required to deliver agreed-upon quantities based on the agreements for successive periods, typically between one Renewable Energy Credit Commitments The Company enters into two different types of forward sales agreements. The first type of forward sales agreement is to sell 100% of the RECs produced by certain renewable energy systems. Total REC sales under these forward sales agreements depends on total production of each renewable energy system. The second type of forward sales agreement is to sell a specified number of RECs at fixed prices during specific periods between 2024 and 2044. The Company's commitments to third parties under REC sales contracts for each of the next five years and thereafter are as follows: (in thousands) Period ended September 30, Number of RECs 2024-2025 85 2025-2026 75 2026-2027 48 2027-2028 47 2028-2029 47 Thereafter 231 Total 533 Pledge of Parent Company Guarantees Pursuant to various tax equity structures, which are governed by various agreements to which certain of the Company’s subsidiaries are individually a party to, the Company has provided unsecured guarantees to support the commitments and obligations of these underlying tax equity agreements in an amount of $1.0 billion as of September 30, 2024. As of September 30, 2024, the Company is not aware of any events that could trigger the Company’s obligations under these guarantees. Refer to Note 1. Organization and Operations of the Company, Note 5. Variable Interest Entities, and Note 14. Related Parties for an additional discussion of the Company’s commitments and contingencies. Leases Lease agreements are evaluated at inception to determine whether they represent finance or operating leases. The Company has determined that the majority of its leases represent operating leases, and accordingly, minimum rental expense is recognized on a straight-line basis over the lease term beginning with the lease commencement date. For finance leases, the minimum rental expense is recognized in a front-loaded expense pattern. Maturities of the Company’s lease liabilities for each of the next five years and thereafter are as follows: (in thousands) Period ended September 30, Operating Leases Finance Leases 2024-2025 $ 14,081 $ 18 2025-2026 13,838 18 2026-2027 13,962 8 2027-2028 14,039 — 2028-2029 14,193 — Thereafter 447,468 — Total lease payments 517,581 44 Less: Imputed interest (314,219) (3) Present value of lease liabilities $ 203,362 $ 41

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Parties	Note 14. Related Parties Modified Special Unit In accordance with the terms of the Fourth Operating Agreement, the Special Unitholder who was the holder of the Special Unit, which, prior to the completion of the Acquisition, entitled the Special Unitholder to receive the Performance Participation Fee and Liquidation Performance Participation Fee. Under the Fifth Operating Agreement, the “Liquidation Performance Participation Distribution” is payable to the Liquidation Performance Unit (“LPU Holder”) upon the same terms described above with the exception that amounts that may be earned upon the occurrence of a listing of the Company’s shares (or a transaction in which the Company’s members receive shares of a company that is listed) on a national securities exchange are no longer payable in cash, but only in additional Class P-I shares, which will be valued for such purpose at their then fair market value as determined in accordance with the terms of the Fifth Operating Agreement at the time of such listing. In the case of a liquidation of the Company, amounts payable may be paid in additional shares of the Company, other securities and/or cash. Refer to Note 16. Equity for additional details on the Liquidation Performance Unit. Transition Services Agreement In connection with the Acquisition, Greenbacker Group LLC (“Group LLC”) and certain other parties (together, the “Service Recipients”) entered into a transition services agreement with Greenbacker Administration LLC (“Greenbacker Administration”) (the “Transition Services Agreement”). In November 2023, Group LLC and the Service Recipients entered into an amended transition services agreement (the “Amended Transition Services Agreement”), pursuant to which Greenbacker Administration is providing certain financial and corporate recordkeeping services to the Service Recipients until the earlier of: (i) December 31, 2025; (ii) such time as the parties terminate the services arrangement; or (iii) one month after such Service Recipient has been liquidated and dissolved. The Service Recipients shall be required to pay a fee of $200 per hour per person performing the services it receives under both the Transition Services Agreement and Amended Transition Services Agreement. The impact of the Transition Services Agreement and Amended Transition Services Agreement to the Consolidated Financial Statements for the three and nine months ended September 30, 2024 and 2023 was not material. Registration Rights Agreement In connection with the Acquisition, the Company and GREC entered into a customary registration rights agreement, pursuant to which GREC has agreed to use commercially reasonable efforts to prepare and file with the SEC not later than 12 months from the beginning of the first full calendar month following completion of an initial public offering by GREC a shelf registration statement relating to the resale of shares of common stock of GREC that may in the future be held by Group LLC, the LPU Holder and/or their respective members to the extent their shares of the Company are repurchased, redeemed, exchanged or converted into shares of common stock of GREC. GREC has agreed to pay customary registration expenses and to provide customary indemnification in connection with the foregoing registration rights. Executive Protection Plan In connection with the closing of the Acquisition, each of Mr. Charles Wheeler and Mr. David Sher terminated their employment agreements with Group LLC, and such employment agreement was superseded by offer letters from GREC and participation in the GREC Executive Protection Plan. GCM Managed Funds The Company provides, through GCM, investment management services to Greenbacker Renewable Opportunity Zone Fund LLC (“GROZ”), GDEV I, GDEV II and GREC II. As a result, the Company records Investment Management revenue on the Consolidated Statements of Operations, as applicable, and more fully described below. The following table presents investment management revenue for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 GROZ: Management fees $ 73 $ 73 $ 218 $ 218 GDEV I: Management fees 523 604 1,694 1,854 GDEV II: Management Fees 495 83 1,653 1,115 GREC II: Management fees 1,550 1,052 4,386 2,641 Performance participation fee — — 1,088 1,155 Administrative fees $ 2,232 $ 1,036 $ 5,367 $ 2,427 Management fees, Performance participation fees and Administrative fees are included in Investment Management revenue on the Consolidated Statements of Operations. The following table presents investment management receivable for the as of September 30, 2024 and December 31, 2023: (in thousands) September 30, 2024 December 31, 2023 GROZ: Management fees receivable $ 73 $ 194 GDEV I: Management fees receivable 4 — GDEV II: Management fees receivable — 797 GREC II: Management fees receivable 3,065 2,265 Performance participation fee receivable 1,088 499 Administrative fee receivable $ 3,811 $ 2,408 Management fees, Performance participation fees and Administrative fees owed to the Company are included in Accounts receivable, net on the Consolidated Balance Sheets. GROZ Base management fees under GCM’s advisory fee agreement with GROZ are calculated at a monthly rate of 0.125% (1.50% annually) of the average gross invested capital for GROZ. The Company is also eligible to receive certain performance-based incentive fee distributions from GROZ, including upon liquidation of GROZ, subject to certain distribution thresholds as defined in the amended and restated limited liability company operating agreement of GROZ. The Company has not yet recognized any revenue related to GROZ incentive fee distributions. GDEV I Base management fees under GCM’s advisory fee agreements with GDEV I, dated March 3, 2022, are calculated as described herein. For the period from March 3, 2022 through the date on which the commitment period ends (as defined in the GDEV I amended and restated limited partnership agreements), the management fee is calculated at an annual rate of 1.75% to 2.00%, depending on the limited partner, of the aggregate capital commitments to GDEV I. Beginning on the date following the date on which the commitment period terminates, the management fee is calculated at an annual rate of 1.75% to 2.00%, depending on the limited partner, of the aggregate cost basis of all portfolio securities of GDEV I. The Company is also eligible to receive certain performance-based incentive fee distributions from GDEV I, including upon liquidation of GDEV I, subject to certain distribution thresholds as defined in the amended and restated limited liability partnership agreements of GDEV I. The Company has not yet recognized any revenue related to GDEV I incentive fee distributions. GDEV II Base management fees under GCM's advisory agreement with GDEV II, dated November 11, 2022, are calculated as described herein. For the period from November 11, 2022 through the date on which the commitment period ends (as defined in the GDEV II amended and restated limited partnership agreement), the management fee will be calculated at an annual rate of 1.50% to 2.00%, depending on the limited partner, of the aggregate capital commitments to GDEV II. Beginning on the date following the date on which the commitment period terminates, the management fee is calculated at an annual rate of 1.50% to 2.00%, depending on the limited partner, of the aggregate cost basis of all portfolio securities of GDEV II. The Company is also eligible to receive certain performance-based incentive fee distributions from GDEV II, including upon liquidation of GDEV II, subject to certain distribution thresholds as defined in the amended and restated limited liability partnership agreements of GDEV II. The Company has not yet recognized any revenue related to GDEV II incentive fee distributions. GREC II Base management fees under GCM's advisory fee agreement with GREC II are to be calculated at a monthly rate of 1.25% annually of the aggregate net asset value (“NAV”) of the net assets attributable to Class F shares of GREC II plus an annual percentage of the aggregate NAV of the net assets attributable to Class I, Class D, Class T, and Class S shares in accordance with the following schedule: Aggregate NAV Management Fee On NAV up to and including $1,500,000,000 1.75% (0.15% monthly) On NAV in excess of $1,500,000,000 1.50% (0.13% monthly) The Company is also eligible to receive certain performance-based incentive fees from GREC II, including upon liquidation of GREC II, subject to certain distribution thresholds as defined in the advisory agreement between GCM and GREC II. In addition, the Company earns administrative fee revenue for certain technical, financial, legal, accounting, tax and operational asset management services performed by Greenbacker Administration. Pursuant to the administration agreement between GREC II and Greenbacker Administration, GREC II will reimburse Greenbacker Administration for the costs and expenses incurred by Greenbacker Administrator and any sub-administrators in performing their obligations and providing personnel and facilities to GREC II. During 2023, the Company guaranteed $38.6 million of costs to complete ongoing construction of certain facilities currently owned or to be acquired by GREC II pursuant to the terms and conditions of various construction related contracts. The Company assigned the guarantees to GREC II during the first and second quarters of 2024. Other Related Party Transactions The Company entered into secured loans to finance the purchase and installation of energy-efficient lighting with AEC Companies. Certain of the loans with LED Funding LLC, an AEC Company, converted to a lease on the day the energy efficiency upgrades became operational. AEC Companies are considered related parties, as the members of these entities own a direct, noncontrolling ownership interest in the Company. The loans between the AEC Companies and the Company, and the subsequent leases, were negotiated at an arm’s length and contain standard terms and conditions that would be included in third-party lending agreements, including required security and collateral, interest rates based upon risk of the specific loan, and term of the loan. As of September 30, 2024 and December 31, 2023, the Company was owed $0.1 million and $0.1 million, respectively, in lease payments from AEC Companies, which is included in Accounts receivable, net on the Consolidated Balance Sheets. As of September 30, 2024 and December 31, 2023, the principal balance of the loan receivable was $0.1 million and $0.2 million, respectively, which is included in Other noncurrent assets on the Consolidated Balance Sheets. The interest receivable as of September 30, 2024 and December 31, 2023 was not material. The payments received for the operating leases and the loan receivable during the nine months ended September 30, 2024 were not material. The Company received payments of $0.1 million on the operating leases and the loan receivable during the nine months ended September 30, 2023. On September 1, 2023, GREC (together with the Company) and Mehul Mehta entered into a separation agreement where Mr. Mehta’s role as Chief Investment Officer with the Company terminated on September 1, 2023, and the Company engaged Mr. Mehta as a consultant. Pursuant to the separation agreement, Mr. Mehta received cash severance of $1.3 million and a grant of 0.1 million cash-settled restricted share units. Mr. Mehta’s previously granted 0.1 million restricted share units were forfeited. Refer to Note 17. Share-based Compensation for additional information on Mr. Mehta’s forfeited restricted share units and granted cash-settled restricted share units. Further, a certain number of Mr. Mehta’s Earnout Shares will vest on an accelerated basis. Mr. Mehta also had the ability to have Class P-I and Earnout Shares repurchased, depending on whether the Company’s current SRP has been terminated or suspended and subject to the terms of the separation agreement. In the second quarter of 2024, Mr. Mehta exercised his right to have Class P-I and Earnout Shares repurchased for approximately $3.9 million, to be paid by the Company subsequently in 2024. The Company recognized a payable for these repurchased shares within Other current liabilities on the Consolidated Balance Sheets. The remaining Class P-I shares totaling $3.1 million, subsequent to Mr. Mehta exercising his repurchase rights, were reclassified from temporary equity to permanent equity on the Consolidated Balance Sheets as of September 30, 2024. All remaining Participating Earnout Shares totaling $0.7 million were classified as temporary equity and recorded within temporary equity on the Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023. In addition, the Company entered into a consulting agreement with Mr. Mehta to provide certain consulting, transition and other services. The term of the consulting agreement was from September 1, 2023 through January 2, 2024, with total consideration of $0.2 million paid in accordance with the Company’s normal payroll schedule. In the second quarter of 2024, the Company entered into a MIPSA to sell its membership interest in Illinois Winds LLC to GREC II, an affiliate of the Company. Refer to Note 5. Variable Interest Entities for additional information.

Noncontrolling Interests and Re

Noncontrolling Interests and Redeemable Noncontrolling Interests	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests and Redeemable Noncontrolling Interests	Note 15. Noncontrolling Interests and Redeemable Noncontrolling Interests Noncontrolling interests (“NCI”) represents the portion of net assets in consolidated subsidiaries that is not attributable, directly, or indirectly, to the Company. For accounting purposes, the holders of NCI of consolidated subsidiaries of the Company include Tax Equity Investors under the tax equity financing facilities as well as the NCI in GDEV GP, GDEV GP II and GREC II which are held by an employee of the Company. Tax Equity Investors are passive investors, usually large tax-paying financial entities such as banks, insurance companies and utility affiliates that use these investments to reduce future tax liabilities. Depending on the arrangement, until the Tax Equity Investors achieve their agreed-upon rate of return, they are entitled to a portion of the applicable project’s operating cash flow, as well as substantially all of the project’s investment tax credits, accelerated depreciation and taxable income or loss. Typically, tax equity financing transactions are structured so that the Tax Equity Investors reach their target return between five and 10 years after the applicable project achieves commercial operation. The Company has determined that the contractual arrangements with Tax Equity Investors represent substantive profit-sharing arrangements, and that income or loss should be attributed to these NCIs in each period using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. The following table presents the redeemable noncontrolling interests (“RNCI”) attributable to Tax Equity Investors after adjusting the carrying amount to the redemption value and nonredeemable NCI attributable to Tax Equity Investors as of September 30, 2024 and December 31, 2023: (in thousands) September 30, 2024 December 31, 2023 Redeemable NCI attributable to Tax Equity Investors $ 1,828 $ 2,179 NCI attributable to Tax Equity Investors $ 111,080 $ 113,736 The following table presents the Net income (loss) attributable to NCI for Tax Equity Investors for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Net loss attributable to NCI $ (12,103) $ (15,088) $ (48,905) $ (64,227) The following table presents the contributions from Tax Equity Investors and distributions to Tax Equity Investors for the nine months ended September 30, 2024 and 2023: Nine months ended 2024 2023 Contributions from Tax Equity Investors $ 70,407 $ 76,539 Less: Syndication costs 8,999 2,801 Contributions from Tax Equity Investors, net $ 61,408 $ 73,738 Distributions to Tax Equity Investors $ 14,764 $ 13,845 Less: Distributions paid in the current period 12,906 10,068 Non-cash distributions to noncontrolling interests $ 1,858 $ 3,777 The Company allocates income and loss to the NCI in GDEV GP based on the contractual allocations within the GDEV GP operating agreement. As of September 30, 2024 and December 31, 2023, the NCI attributable to the GDEV GP was not material. Net income (loss) attributable to noncontrolling interests at GDEV GP for the three and nine months ended September 30, 2024 and 2023 was not material. The Company allocates income and loss to the NCI in GDEV GP II based on the contractual allocations within the GDEV GP II operating agreement. As of September 30, 2024 and December 31, 2023, the NCI attributable to the GDEV GP II was not material. Net income (loss) attributable to noncontrolling interests at GDEV GP II for the three and nine months ended September 30, 2024 and 2023 was not material. In the second quarter 2024, the Company entered into a MIPSA to sell its membership interest in Illinois Winds LLC to GREC II. The Company determined that after the closing date, it retained a controlling variable financial interest in Illinois Winds LLC under the guidance within ASC 810 and continued to consolidate the assets and liabilities of Illinois Winds LLC as a VIE. The $114.6 million membership interests in Illinois Winds LLC owned by GREC II are recorded within Noncontrolling interests on the Consolidated Balance Sheets as of June 30, 2024. Refer to Note 5. Variable Interest Entities for additional information. As of September 30, 2024 and December 31, 2023, NCI attributable to other noncontrolling interest was $0.2 million.

Equity

Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity	Note 16. Equity General Pursuant to the terms of the Fifth Operating Agreement, the Company may issue up to 400.0 million shares, 350.0 million of which shares are currently designated as Class A, C, I, P-A, P-D, P-S, P-T, P-I shares and Earnout Shares (collectively, common shares), and 50.0 million are designated as preferred shares. Except as described below, each class of common shares will have the same voting rights and rights to participate in distributions payable by the Company. In connection with the Acquisition, the Company issued 13.1 million newly designated Earnout Shares to Group LLC pursuant to a certificate of share designation of Class EO common shares of the Company (the “Certificate of Designation”). The Certificate of Designation was subsequently amended and restated in February 2024 (the “Amended and Restated Certificate of Designation”). The Amended and Restated Certificate of Designation amended the provision providing for the allocation of net capital gains realized in connection with the actual or hypothetical sale of all or substantially all of the assets of the Company. Earnout Shares are divided into three separate series, designated as “Tranche 1 Earnout Shares,” “Tranche 2 Earnout Shares,” and “Tranche 3 Earnout Shares,” and are comprised of 4.4 million Tranche 1 Earnout Shares, 4.4 million Tranche 2 Earnout Shares, and 4.4 million Tranche 3 Earnout Shares. Each separate series of Earnout Shares initially do not have the right to participate in any distributions paid by the Company. However, upon the achievement of separate benchmark targets applicable to each series in accordance with the terms of the Amended and Restated Certificate of Designation, or upon the occurrence of certain liquidity events, each series of Earnout Shares can become Participating Earnout Shares and will become entitled to priority allocations of profits and increases in value from the Company, and will: (i) have equivalent economic and other rights as the Class P-I shares of the Company, (ii) vote together as a single class with the Class P-I shares on all matters submitted to holders of Class P-I shares generally, (iii) not have separate voting rights on any matters (other than amendments to the terms of the Participating Earnout Shares that affect such Participating Earnout Shares adversely and in a manner that is different from the terms of the Class P-I shares), and (iv) have the right to participate in all distributions payable by the Company, as if they were, and on a pari passu basis with, the Class P-I shares for all purposes set forth in the Fifth Operating Agreement. Prior to the satisfaction of these targets as per the terms and conditions of the Amended and Restated Certificate of Designation, Earnout Shares will not be entitled to (x) vote with other shares on matters submitted to the holders of shares generally or (y) receive any distributions made to any other holders of shares (and will not be entitled to any accrual of distributions prior to achieving the targets described in the Amended and Restated Certificate of Designation). As of September 30, 2024, certain Earnout Shares have earned participating status as discussed in Earnout Shares below. In connection with the Acquisition, Group LLC received consideration of 24.4 million Class P-I shares and 13.1 million Earnout Shares. Holders of the Class P-I shares or Earnout Shares issued pursuant to the Contribution Agreement will not be permitted to sell or transfer the Class P-I shares or Earnout Shares for twelve months after the closing date of the Acquisition. See Earnout Shares— Footnote 16. Equity for the definition and additional information on the Contribution Agreement. The Fifth Operating Agreement authorizes the Company’s Board of Directors, without approval of any of the members, to increase the number of shares the Company is authorized to issue and to classify and reclassify any authorized but unissued class or series of shares into any other class or series of shares having such designations, preferences, right, power and duties as may be specified by the Company's Board of Directors. The Fifth Operating Agreement also authorizes the Company's Board of Directors, without approval of any of the members, to issue additional shares of any class or series for the consideration and on the terms and conditions established by the Company's Board of Directors. In addition, the Company may also issue additional limited liability company interests that have designations, preferences, right, powers and duties that are different from, and may be senior to, those applicable to the common shares. Distribution Reinvestment Plan The Company adopted a DRP through which the Company’s Class A, C and I shareholders could elect to purchase additional shares with distributions from the Company rather than receiving the cash distributions. The DRP was amended as of February 1, 2021 to include all share classes. Shares issued pursuant to the DRP will have the same voting rights as shares offered pursuant to the Company's prior public and private offerings. As of April 17, 2023, pursuant to the Company’s Post-Effective Amendment No. 1 to Form S-3 on Form S-1 (File No. 333-251021), the Company was offering up to $20.0 million in Class A, C and I shares to its existing Class A, C, and I shareholders pursuant to the Third Amended and Restated DRP. As of January 17, 2024, the Company ceased offering the shares under the previously effective registration statement, and pursuant to the Company’s new registration statement on Form S-3 (File No. 333-276532), the Company is offering up to $20.0 million in Class A, C and I shares to its existing Class A, C and I shareholders pursuant to the Third Amended and Restated DRP. No dealer manager fees, selling commissions or other sales charges will be paid with respect to shares issued pursuant to the DRP except for distribution fees on Class C, P-S and P-T shares (as discussed in Note 2. Significant Accounting Policies). At its discretion, the Board of Directors may amend, suspend or terminate the DRP as well as modify or waive the terms of the DRP with respect to certain or all shareholders, in its discretion, to be in the best interests of the Company. A participant may terminate the election to participate in the DRP by written notice to the plan administrator received by the plan administrator at least 10 days prior to the distribution payment date. As of September 30, 2024, the Company issued 3.4 million Class A shares, 0.6 million Class C shares, 1.7 million Class I shares, 0.1 million Class P-A shares, 3.2 million Class P-I shares, 4.2 thousand Class P-D shares, 1.8 million Class P-S shares, and 16.4 thousand Class P-T shares for a total of 10.8 million aggregate shares issued under the DRP. As of December 31, 2023, the Company issued 3.3 million Class A shares, 0.6 million Class C shares, 1.6 million Class I shares, 0.1 million Class P-A shares, 2.8 million Class P-I shares, 3.7 thousand Class P-D shares, 1.6 million Class P-S shares, and 14.4 thousand Class P-T shares for a total of 10.0 million aggregate shares issued under the DRP. The Company suspended the payment of shareholder distributions effective following the distribution payment on May 1, 2024. In connection with suspending shareholder distributions, the Company also suspended the DRP which was offered to shareholders who could elect to have the full amount of cash distributions reinvested in additional shares. As a result of the suspension of shareholders distributions and the DRP, shareholders will not be able to purchase additional shares through the DRP until such time, if any, as the Board of Directors affirmatively authorizes the recommencement of the shareholder distributions and the DRP. However, the Company can make no such assurances as to whether this will happen or the timing or terms of any recommencement. Share Repurchase Program The Company, through approval by its Board of Directors, adopted the SRP, pursuant to which the Company would conduct quarterly share repurchases to allow members to sell all or a portion of their shares (of any class) back to the Company at a price equal to the then current monthly share value for that class of shares. The SRP includes numerous restrictions that will limit a shareholder’s ability to sell shares. At the sole discretion of the Board of Directors, the Company may also use cash on hand (including the proceeds from the issuance of new shares), cash available from borrowings or other external financing sources and cash from liquidation of investments to repurchase shares. A shareholders’ right to purchase is subject to the availability of funds and the other provisions of the SRP. Additionally, a shareholder must hold his or her shares for a minimum of one year before he or she can participate in the SRP, subject to any of the following special circumstances: (i) the written request of the estate, heir or beneficiary or a deceased shareholder; (ii) a qualifying disability of the shareholder for a non-temporary period of time provided that the condition causing the qualifying disability was not pre-existing on the date that the shareholder became a shareholder; (iii) a determination of incompetence of the shareholder by a state or federal court located in the United States; or (iv) as determined by the Board of Directors, in their discretion, to be in the interests of the Company. If a member has made more than one purchase of shares, the one-year holding period will be calculated separately with respect to each purchase. The quarterly share repurchases limits for the SRP are set forth below. Quarter Ending Share Repurchase Limit(s) September 30, 2021, and each quarter thereafter During any 12-month period, 20.00% of the weighted average number of outstanding shares During any fiscal quarter, 5.00% of the weighted average number of shares outstanding in the prior four fiscal quarters The Company may repurchase fewer shares than have been requested in any particular quarter to be repurchased under the SRP, or none at all, in its discretion at any time. Further, the Board of Directors may modify, suspend or terminate the SRP if it deems such action to be in the best interest of the Company and its shareholders or in response to regulatory changes or changes in law. On September 23, 2023, the Board of Directors approved the suspension of the SRP effective immediately, except for repurchase requests made in connection with the death, qualifying disability or determination of incompetence of a shareholder. As a result of the suspension of the SRP, the Company will not accept or otherwise process any additional repurchase requests (except as noted above) until such time, if any, as the Board of Directors affirmatively authorizes the recommencement of the SRP. However, the Company can make no assurances as to whether this will happen or the timing or terms of any recommencement. The Company delayed the payment with respect to the shares repurchased by the Company for the second quarter and distributed related proceeds in the fourth quarter of 2023. The Company also paid an additional supplemental payment to these redeeming shareholders based on the amount of distributions that the redeeming shareholders would have received from July 1, 2023 through the final date on which the shares are paid, had the Company not repurchased the shares. The Company has received an order for the SRP from the SEC under Rule 102(a) of Regulation M under the Exchange Act. In addition, the SRP is substantially similar to repurchase programs for which the SEC has stated it will not recommend enforcement action under Rule 13e-4 and Regulation 14E under the Exchange Act. Liquidation Performance Unit In connection with the Acquisition, the Company issued a new Liquidation Performance Unit (the “LPU”) to the LPU Holder to replace the Special Unit previously issued to GCM. The Special Unit was contributed in connection with and immediately prior to the Acquisition from Group LLC, and therefore, was cancelled and terminated. The LPU Holder was formed on May 19, 2022 with the sole purpose of holding the LPU and is a wholly owned subsidiary of Group LLC. As per the terms of the agreement, upon an initial public offering of GREC (the “Listing”) or the liquidation of the Company, the LPU Holder shall be entitled to the Liquidation Performance Participation Distribution, the value and character of which is determined as follows: a. if the Liquidation Performance Participation Distribution is payable as a result of a liquidation, the Liquidation Performance Participation Distribution will equal 20.00% of the net proceeds from the liquidation remaining after the other members of the Company have received their share of net proceeds; or b. if the Liquidation Performance Participation Distribution is payable as a result of a Listing, the Liquidation Performance Participation Distribution will equal 20.00% of any premium the Company receives from the Listing. Additionally, the Liquidation Performance Participation Distribution shall be payable by converting the LPU into a number of newly issued Class P-I shares equal to the Liquidation Performance Participation Distribution divided by the Class P-I share value as of the first month end following the 30th trading day following such an IPO. Since none of the events that would trigger the Liquidation Performance Participation Distribution was considered probable to occur, no liability was recognized related to the LPU as of September 30, 2024 and December 31, 2023. Additionally, certain employees of the Company received profits interest units from the LPU Holder in exchange for employment services. Since the LPU Holder does not have any other operations or assets, the distribution an employee grantee shall receive from these profits interest units is the equivalent of the Liquidation Performance Participation Distribution the Company shall make to the LPU Holder. The Company has determined that the profits interest units do not represent a substantive class of the Company’s equity, and therefore, shall account for the potential distribution to employees as a payable in accordance with ASC Topic 710, Compensation—General. Since none of the events that would trigger the distribution was considered probable to occur, no liability was recognized as of September 30, 2024 and December 31, 2023, and no compensation expense was recognized for the nine months ended September 30, 2024 and 2023. Earnout Shares On May 19, 2022, the Company completed a management internalization transaction (“the Acquisition”) pursuant to which it acquired substantially all of the business and assets including intellectual property and personnel of its external advisor, GCM, Greenbacker Administration and GDEV GP (collectively, the “Acquired Entities”). For additional information on the Acquisition, see Part II — Item 8. — Consolidated Financial Statements and Supplementary Data — Note 3. Acquisitions in our Annual Report on Form 10-K for the year ended December 31, 2023. The Acquisition was implemented under the terms of the Contribution Agreement, dated as of May 19, 2022, by and between the Company and GCM's former parent, Group LLC, a subsequent contribution agreement between the Company and GREC pursuant to which all the acquired businesses and assets were immediately contributed by the Company to GREC, and certain related agreements. In connection with the Acquisition, Group LLC received consideration of 24.4 million Class P-I common shares, par value $0.001 per share (the “Class P-I shares”) and 13.1 million of a newly created class of common shares of the Company designated as the Earnout Shares, par value $0.001 per share. The Earnout Shares included in purchase consideration are classified as contingent consideration liabilities and are subject to recurring fair value measurements until they reach the status of Participating Earnout Shares. As of September 30, 2024, the Run Rate Revenue exceeded $8.3 million but was less than $12.5 million. Accordingly, for the nine months ended September 30, 2024, a total of 0.3 million Tranche 1 Earnout Shares with a fair value of $2.7 million achieved the status of Participating Earnout Shares, which was reclassified from Contingent consideration, net of current portion to Common stock, par value, and Additional paid-in capital, as well as Redeemable common shares, par value and Redeemable common shares, additional paid-in capital on the Consolidated Balance Sheets. As of September 30, 2024 and December 31, 2023, the fair value of the Earnout Shares that had not yet achieved the status of Participating Earnout Shares was $35.9 million and $42.3 million, respectively. The fair value of the contingent consideration related to Participating Earnout Shares is reclassified from Contingent consideration, net of current portion to Common shares, par value, and Additional paid-in capital, as well as Redeemable common shares, par value and Redeemable common shares, additional paid-in capital on the Consolidated Balance Sheets. The change in fair value of the contingent consideration, is included in General and administrative expense on the Consolidated Statements of Operations. As of September 30, 2024, none of the Company’s preferred shares were issued and outstanding. The following table is a summary of the shares issued, participating and repurchased during the period and outstanding as of September 30, 2024: (in thousands) Class A Class C Class I Class P-A Class P-I Class P-D Class P-S Class P-T Class EO (1) Total Shares outstanding as of December 31, 2023 15,809 2,706 6,533 850 124,039 192 44,514 249 3,730 198,622 Shares issued through reinvestment of distributions during the period 105 25 64 9 291 1 155 2 — 652 Shares repurchased during the period (15) (17) — — (37) — (50) — — (119) Shares transferred during the period — — — — 11 — (11) — — — Other capital activity — — — — 6 — — — 173 179 Shares outstanding as of March 31, 2024 15,899 2,714 6,597 859 124,310 193 44,608 251 3,903 199,334 Shares issued through reinvestment of distributions during the period 36 9 20 4 99 — 49 1 — 218 Shares repurchased during the period (32) — (12) — (422) — — — (57) (523) Shares transferred during the period — — — — — — — — — — Other capital activity — — — — 6 — — — 147 153 Shares outstanding as of June 30, 2024 15,903 2,723 6,605 863 123,993 193 44,657 252 3,993 199,182 Shares issued through reinvestment of distributions during the period — — — — — — — — — — Shares repurchased during the period (19) (2) (23) (3) (22) — (33) — — (102) Shares transferred during the period — — — — 56 — (56) — — — Other capital activity — — — — 338 — — — 2 340 Shares outstanding as of September 30, 2024 15,884 2,721 6,582 860 124,365 193 44,568 252 3,995 199,420 (1) Class EO Other capital activity relates to shares that achieved participating earnout share status as discussed in Earnout Shares above. Distributions On the last business day of each month, with the authorization of its Board of Directors, the Company declares distributions on each outstanding Class A, C, I, P-A, P-I, P-D, P-T, P-S shares and Earnout Shares. These distributions are calculated based on shareholders of record for each day in amounts equal to that exhibited in the table below based upon distribution period and class of share. The Company suspended the payment of shareholder distributions effective following the distribution payment on May 1, 2024. In connection with suspending shareholder distributions, the Company also suspended the DRP which was offered to shareholders who could elect to have the full amount of cash distributions reinvested in additional shares. Class of Share Distribution Period A C I P-A P-I P-D P-T P-S EO 1-Nov-15 31-Jan-16 $ 0.00165 $ 0.00165 $ 0.00165 $ — $ — $ — $ — $ — $ — 1-Feb-16 30-Apr-16 $ 0.00166 $ 0.00166 $ 0.00166 $ — $ — $ — $ — $ — $ — 1-May-16 31-Jul-16 $ 0.00166 $ 0.00166 $ 0.00166 $ 0.00158 $ 0.00158 $ — $ — $ — $ — 1-Aug-16 31-Oct-16 $ 0.00168 $ 0.00168 $ 0.00168 $ 0.00160 $ 0.00160 $ — $ — $ — $ — 1-Nov-16 31-Jan-17 $ 0.00169 $ 0.00164 $ 0.00169 $ 0.00160 $ 0.00160 $ — $ — $ — $ — 1-Feb-17 30-Apr-17 $ 0.00168 $ 0.00164 $ 0.00168 $ 0.00160 $ 0.00160 $ — $ — $ — $ — 1-May-17 31-Jul-17 $ 0.00167 $ 0.00163 $ 0.00167 $ 0.00160 $ 0.00158 $ — $ — $ — $ — 1-Aug-17 31-Oct-17 $ 0.00167 $ 0.00163 $ 0.00167 $ — $ 0.00159 $ — $ — $ — $ — 1-Nov-17 31-Oct-18 $ 0.00167 $ 0.00163 $ 0.00167 $ — $ 0.00158 $ — $ — $ — $ — 1-Nov-18 30-Apr-20 $ 0.00167 $ 0.00163 $ 0.00167 $ 0.00165 $ 0.00158 $ — $ — $ — $ — 1-May-20 30-Nov-20 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00153 $ 0.00158 $ — $ — $ — $ — 1-Dec-20 30-Jun-23 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00152 $ 0.00158 $ 0.00158 $ 0.00158 $ 0.00158 $ — 1-Jul-23 1-May-24 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00152 $ 0.00158 $ 0.00158 $ 0.00158 $ 0.00158 $ 0.00158 The following table reflects the distributions declared during the nine months ended September 30, 2024: (in thousands) Pay Date Paid in Cash Value of Shares Issued under DRP Total February 1, 2024 $ 7,610 $ 1,787 $ 9,397 March 1, 2024 7,145 1,691 8,836 April 1, 2024 7,607 1,821 9,428 May 1, 2024 7,373 1,757 9,130 Total $ 29,735 $ 7,056 $ 36,791 The following table reflects the distributions declared during the nine months ended September 30, 2023: (in thousands) Pay Date Paid in Cash Value of Shares Issued under DRP Total February 1, 2023 $ 7,386 $ 1,975 $ 9,361 March 1, 2023 6,679 1,777 8,456 March 31, 2023 7,420 1,942 9,362 May 1, 2023 7,114 1,888 9,002 June 1, 2023 7,373 1,934 9,307 July 3, 2023 7,145 1,871 9,016 August 1, 2023 7,232 1,926 9,158 September 1, 2023 7,226 1,935 9,161 October 2, 2023 7,003 1,873 8,876 Total $ 64,578 $ 17,121 $ 81,699 All distributions paid for the nine months ended September 30, 2024 and 2023 are expected to be reported as a return of capital to members for tax reporting purposes.

Share-based Compensation

Share-based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	Note 17. Share-based Compensation In May 2023, the Company’s Board of Directors adopted the 2023 Equity Incentive Plan, which authorized an aggregate of 5% of the common shares that are issued and outstanding as Class P-I shares for issuance to employees and non-employee directors. The maximum number of common shares authorized will be automatically increased by 1% on each anniversary of the effective date of the 2023 Equity Incentive Plan, until the total aggregate amount of issuable shares is 10% of the common shares issued and outstanding. The 2023 Equity Incentive Plan allows for the issuance of certain share awards. The Company’s Board of Directors determines the period over which share-based awards become exercisable and awards generally vest over a one Share-based compensation expense is recognized within Direct operating costs and General and administrative expense on the Consolidated Statements of Operations. The Company accounts for forfeitures as they occur. The following table summarizes share-based compensation expense recognized during the three and nine months ended September 30, 2024: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Restricted share units $ 1,632 $ 142 $ 6,243 $ 162 Cash-settled restricted share units — 665 19 665 Performance restricted share units 690 128 1,536 128 Director’s fees 48 49 144 146 GDEV I incentive fees (1) (29) 556 265 685 GDEV II incentive fees (1) 284 — 2,168 — GDEV II special profits interest 10 104 34 183 EO Awards (2) (1,360) 2,836 2,571 8,023 Total $ 1,275 $ 4,480 $ 12,980 $ 9,992 (1) The GDEV I and GDEV II incentive fees are carried interest that were issued by GDEV GP and GDEV GP II to certain employees of GCM that provided services to GDEV GP and GDEV GP II. (2) The Earnout Shares were granted in connection with the Acquisition. Restricted Share Units The Company grants service-based restricted share units to employees and non-employee directors under the 2023 Equity Incentive Plan. Compensation expense for these service-based restricted share units is based on the monthly share value (“MSV”) of the Company’s Class P-I shares on the business day prior to grant and is recognized ratably over the service period. There were 2.7 million of restricted share units granted during the nine months ended September 30, 2024 with a weighted average fair value of $7.78 per share. Unrecognized compensation expense related to restricted share units as of September 30, 2024 was $15.3 million, which the Company expects to recognize over a weighted average period of1.61 years. The following table provides a summary of the restricted share unit activity during the nine months ended September 30, 2024: (in thousands, except per share data) Restricted Share Units Weighted Average Fair Value Unvested balance as of December 31, 2023 267 $ 7.78 Granted 2,679 $ 7.78 Vested (551) $ 8.17 Forfeited (138) $ 7.34 Unvested balance as of September 30, 2024 2,257 $ 7.71 Cash-Settled Restricted Share Units As discussed in Note 14. Related Parties, in September 2023, 0.1 million previously issued restricted share units were forfeited and the Company simultaneously awarded 0.1 million new cash-settled restricted share units to a former employee of the Company. Of these cash-settled restricted share units, 67% vested on February 17, 2024 and were settled shortly thereafter, and 33% will vest on February 17, 2025 if the former employee does not violate the terms of a restrictive covenant set forth in such former employee’s separation agreement with the Company. The awards were fully vested on the grant date because the restrictive covenant does not create a substantive service condition. The fair value of these cash-settled restricted share units was $0.7 million on the grant date. The cash-settled restricted share units are measured at fair value each quarter until settled. The change in the fair value of the cash-settled restricted share units from the grant date through September 30, 2024 was not material. Performance Restricted Share Units In February 2024, the Company granted performance restricted share units of up to 0.7 million shares of the Company’s Class P-I shares to certain employees. The awards had a grant date fair value of approximately $2.5 million using a Black-Scholes-Merton model. The performance restricted share units are both a market and service-based award in accordance with ASC 718. Shares under this award will be earned based on total shareholder return between May 23, 2023 and May 23, 2026. Shares earned will vest on August 9, 2027. The Company will recognize the entire $2.5 million of compensation expense for this award, regardless of whether such conditions are met, over the requisite service period unless units are forfeited during the period. In July 2024, the Company granted performance restricted share units of up to 1.3 million shares of the Company’s Class P-I shares to certain employees. The awards had a grant date fair value of approximately $5.3 million using a Black-Scholes-Merton model. The performance restricted share units are both a market and service-based award in accordance with ASC 718. Shares under this award will be earned based on total shareholder return between July 31, 2024 and July 31, 2027. Shares earned will vest on July 18, 2028. The Company will recognize the entire $5.3 million of compensation expense for this award, regardless of whether such conditions are met, over the requisite service period unless units are forfeited during the period. The following table summarizes the assumptions and related information used to determine the grant-date fair value of performance restricted share units awarded for the February 2024 performance restricted share unit grant: Inputs Performance Restricted Share Units Weighted average grant-date fair value per Class P-I share $ 8.27 Performance period (in years) 3.0 Expected share volatility 28.6 % Dividend yield — % Daily distribution rate $ 0.00158 Risk-free interest rate 4.7 % The following table summarizes the assumptions and related information used to determine the grant-date fair value of performance restricted share units awarded for the July 2024 performance restricted share unit grant: Inputs Performance Restricted Share Units Weighted average grant-date fair value per Class P-I share $ 7.97 Performance period (in years) 3.0 Expected share volatility 25.1 % Dividend yield — % Daily distribution rate $ — Risk-free interest rate 4.3 % The following table provides a summary of performance restricted share unit activity during the nine months ended September 30, 2024: (in thousands, except per share data) Performance Restricted Share Units Weighted Average Fair Value Unvested balance as of December 31, 2023 1,067 $ 4.40 Granted 1,987 $ 3.92 Forfeited (65) $ 3.74 Unvested balance as of September 30, 2024 2,989 $ 4.09 EO Awards The Company recognized share-based compensation (benefit) expense of $(1.4) million and $2.6 million for the three and nine months ended September 30, 2024 related to the EO Awards, which are included in General and administrative expenses in the Consolidated Statements of Operations. As of September 30, 2024, unrecognized share-based compensation expense associated with the EO Awards is $3.4 million, which is expected to be amortized over a weighted average period of 1.8 years. The Company recognized total forfeitures of $1.4 million and $2.4 million during the three and nine months ended September 30, 2024. Refer to Note 16. Equity for additional details. GDEV I and GDEV II Incentive Fees The GDEV I and GDEV II incentive fees were carried interest issued by GDEV GP and GDEV GP II to certain employees of GCM that provided services to GDEV GP and GDEV GP II. The Company accounts for the carried interests issued to employees in accordance with ASC 710. Holders of carried interest receive distributions based on carried interest received by GDEV GP and GDEV GP II from GDEV I and GDEV II once the management fee shortfall has been reduced to zero. Vesting among employees is based on either the continued service of the participant or on the achievement of performance goals set out in the applicable award agreement. The carried interests issued to employees are liability classified, and compensation expense for the carried interests is based on the change in the fair value of the carried interests. The compensation expense recognized on the carried interests are included in General and administrative expenses in the Consolidated Statements of Operations.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Note 18. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the periods indicated: Three months ended Nine months ended (in thousands, except per share data) 2024 2023 2024 2023 Basic and diluted: Net loss attributable to Greenbacker Renewable Energy Company LLC $ (46,372) $ (60,461) $ (65,677) $ (63,648) Weighted average common shares outstanding used in computing net loss per share—basic 199,486 197,153 199,273 199,653 Weighted average common shares outstanding used in computing net loss per share—diluted 199,486 197,153 199,273 199,653 Net loss per share—basic $ (0.23) $ (0.31) $ (0.33) $ (0.32) Net loss per share—diluted $ (0.23) $ (0.31) $ (0.33) $ (0.32) Securities that could potentially be dilutive are excluded from the computation of diluted loss per share when a loss from continuing operations exists because their inclusion would result in an anti-dilutive effect on per share amounts. The effect of 5.2 million shares related to the Company’s share-based compensation awards for the three and nine months ended September 30, 2024 were excluded from the calculation of diluted earnings per share as effect of such shares would have been anti-dilutive. The effect of 1.4 million shares related to the Company’s share-based compensation awards for the three and nine months ended September 30, 2023 were excluded from the calculation of diluted earnings per share as effect of such shares would have been anti-dilutive.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	Note 19. Segment Reporting The Company determines its operating segments and reports segment information in accordance with how the Company’s CODM allocates resources and assesses performance. The Company’s CODM is its Chief Executive Officer. The Company’s operating segments are aggregated into two reportable segments, described below: • IPP – The IPP business represents the active management and operations of the Company's fleet of renewable energy projects, including those in late-stage development and under construction. The Company's renewable energy projects generally earn revenue through the sale of generated electricity as well as frequently through the sale of other commodities such as RECs. In certain cases, the Company also serves as a minority member in renewable energy projects where it does not actively manage and operate the project but receives periodic dividends. The Company also provides loans to developers for the construction of renewable energy and energy efficiency projects as an incremental revenue stream for IPP. The IPP business includes the direct costs to operate the Company's fleet, including costs such as operations and maintenance, repairs, and other costs incurred at the project / site level. Additionally, the Company employs a dedicated team of technical asset managers as well as a construction team to oversee the development and operations of our fleet. Such costs are recorded as Direct operating costs for IPP. The IPP business also includes the allocable portion of the Company’s General and administrative expenses, which represents overhead functions such as: finance and accounting, legal, information technology, human resources and other general functions that support the operations of IPP. • IM – The IM business represents GCM’s investment management platform, which is a renewable energy, energy efficiency and sustainability-related project acquisition, consulting and development company that is registered as an investment adviser under the Advisers Act. The IM business also includes administrative services provided by Greenbacker Administration for managed funds in the renewable energy industry as an additional revenue stream. The Company's IM business includes the direct costs incurred for the investment management services for managed funds and other marketing and investor relation services. This includes the costs to raise and deploy capital for such funds. Such costs are recorded as Direct operating costs for IM. The IM business also includes the allocable portion of the Company’s General and administrative expenses, which represents overhead functions such as: finance and accounting, legal, information technology, human resources and other general functions that support the operations of IM. The following table presents the Company’s reportable segment financial results: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Energy revenue $ 48,396 $ 43,721 $ 143,271 $ 126,115 Other revenue 2,083 2,626 4,778 5,896 Contract amortization, net (3,355) (4,088) (9,430) (13,832) Total IPP revenue $ 47,124 $ 42,259 $ 138,619 $ 118,179 Investment Management revenue $ 4,878 $ 2,842 $ 14,386 $ 9,174 Total net revenue $ 52,002 $ 45,101 $ 153,005 $ 127,353 The Company's CODM evaluates the financial performance of each segment using Segment Adjusted EBITDA, which excludes: (i) unallocated corporate expenses; (ii) interest expense; (iii) income taxes; (iv) depreciation expense; (v) amortization expense (including contract amortization); (vi) accretion; (vii) impairment of long-lived assets; (viii) share-based compensation; (ix) other non-recurring costs that are unrelated to the continuing operations of the Company’s segments; and (x) amounts attributable to our redeemable and non-redeemable controlling interests. Additionally, the Company does not allocate foreign currency gains and losses, other income and losses, change in fair value of contingent consideration (if any), and unrealized gains and losses to our operating segments. Refer to Part I — Item 2 — Results of Operations for additional discussion on Segment Adjusted EBITDA and segment results. The following table reconciles total Segment Adjusted EBITDA to Net loss attributable to Greenbacker Renewable Energy Company LLC: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Segment Adjusted EBITDA: IPP Adjusted EBITDA $ 9,580 $ 18,657 $ 54,665 $ 55,460 IM Adjusted EBITDA (682) (2,123) (982) (4,275) Total Segment Adjusted EBITDA $ 8,898 $ 16,534 $ 53,683 $ 51,185 Reconciliation: Total Segment Adjusted EBITDA $ 8,898 $ 16,534 $ 53,683 $ 51,185 Unallocated corporate expenses (6,838) (6,394) (20,336) (21,905) Total Adjusted EBITDA $ 2,060 $ 10,140 $ 33,347 $ 29,280 Less: Share-based compensation expense 1,275 4,480 12,980 9,992 Change in fair value of contingent consideration (4,690) (5,420) (3,764) (4,103) Non-recurring professional services and legal fees 3,036 729 7,094 2,921 Non-recurring salaries and personnel related expenses 1,257 1,250 1,659 1,250 Depreciation, amortization and accretion (1) 24,353 58,902 71,746 119,058 Gain on deconsolidation, net — — (5,722) — Impairment of long-lived assets, net and project termination costs 26,380 50,662 32,710 50,662 Operating loss $ (49,551) $ (100,463) $ (83,356) $ (150,500) Interest (expense) income, net (21,134) 13,369 (35,158) 7,912 Change in fair value of investments, net 2,822 (1,945) 656 (1,268) Other income, net 630 215 628 245 Loss before income taxes $ (67,233) $ (88,824) $ (117,230) $ (143,611) Benefit from income taxes 8,834 11,536 2,579 14,155 Net loss $ (58,399) $ (77,288) $ (114,651) $ (129,456) Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests (12,027) (16,827) (48,974) (65,808) Net loss attributable to Greenbacker Renewable Energy Company LLC $ (46,372) $ (60,461) $ (65,677) $ (63,648) (1) Includes contract amortization, net in the amount of $3.4 million , $4.1 million , $9.4 million, and $13.8 million for the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024 and 2023, respectively, which are included in Contract amortization, net on the Consolidated Statements of Operations. Assets are not allocated to the Company’s segments for internal reporting purposes.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 20. Subsequent Events The Company has evaluated events that have occurred after the balance sheet date but before the financial statements are issued and has determined that there were no subsequent events requiring adjustment or disclosure in the Consolidated Financial Statements, except as described below: On October 7, 2024, two of the Company's subsidiaries with development-stage projects received notices of termination from the offtaker due to contractual defaults under the terms of their respective PPAs, which gave the offtaker the right to terminate the PPAs if the defaults were not cured. The Company considered this to be a triggering event and performed an impairment analysis as of September 30, 2024. The impairment analysis indicated that the projected future cash flows for the projects no longer supported the recoverability of the carrying value of the related long-lived assets on the Company’s financial statements. Refer to Note 8. Property, Plant and Equipment. On October 24, 2024, Cider Solar Acquisition Co LLC and Cider Solar Manager LLC signed a financing agreement with a syndicate of lenders with a maximum borrowing commitment of $870.0 million which will fund the related Cider project. Within the maximum borrowing commitment, $372.6 million is related to construction loan commitments, $417.8 million is related to a ITC bridge loan commitments and the remaining $79.5 million is related to letters of credit commitments of which no borrowings have been executed related to this agreement subsequent to the closing date. On October 11, 2024, the Company loaned an additional $2.1 million to an OYA affiliate through the amended existing loan agreement between GDEV I, an affiliate of the Company, certain other unrelated lenders, and the OYA affiliate.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on prior periods’ results.
Basis of Consolidation	Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries, and those of its subsidiaries in which it has a controlling financial and/or voting interest. All intercompany balances and transactions have been eliminated in consolidation. The Company determines whether it has a controlling interest in an entity by first evaluating whether the entity is a variable interest entity (“VIE”) under U.S. GAAP. Refer to Note 5. Variable Interest Entities for further details.
Use of Estimates	Use of Estimates The preparation of the Company’s Consolidated Financial Statements in conformity with U.S. GAAP requires management to make a number of estimates and assumptions relating to the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. The Company bases its estimates on historical experience, current business factors and various other assumptions believed to be reasonable under the circumstances, all of which are necessary in order to form a basis for determining the carrying values of assets and liabilities. Actual results may differ from those estimates and assumptions. The Company evaluates the adequacy of its reserves and the estimates used in calculations on an on-going basis. Significant areas requiring management to make estimates include, but are not limited to: (i) the fair values of the reporting units used in assessing the recoverability of goodwill; (ii) estimates of future undiscounted net cash flows used in assessing the recoverability of long-lived assets; (iii) the change in fair value of equity method investments for which the fair value option has been elected; (iv) the change in fair value of contingent consideration; (v) the useful lives of intangible assets; (vi) the grant date fair value of restricted share units and performance restricted share units; (vii) derivative assets for the interest rate swaps; and (viii) valuation allowances on deferred tax assets which are based on an assessment of recoverability of the deferred tax assets against future taxable income. Although some variability is inherent in these estimates, the Company believes that the current estimates are reasonable in all material respects. Adjustments related to changes in estimates are reflected in the Company’s Consolidated Financial Statements in the period for which those estimates changed. Refer to the subsequent footnotes to these Condensed Consolidated Financial Statements for additional information on the Company’s estimates.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include investments in highly liquid money market instruments with an original maturity of three months or less. Restricted cash consists of cash accounts used as collateral for letters of credit and requirements for financial institutional loans and purchase and sale agreements that are restricted for use on certain of the Company’s renewable energy projects.
Sale Leasebacks	Sale Leasebacks The Company is party to sale-leaseback arrangements that provide for the sale of certain assets to a third-party and simultaneous leaseback to the Company. In accordance with Accounting Standards Codification (“ASC”) 842-40, Sale-Leaseback Transactions, the Company applies ASC 606-10, which states that if the seller-lessee retains, through the leaseback, substantially all of the benefits and risks incident to the ownership of the property sold, the sale-leaseback transaction is accounted for as a financing arrangement. An example of this type of criteria would include an option to repurchase the assets or the buyer-lessor having the option to sell the assets back to the Company. This provision is included in the Company’s sale-leaseback arrangements. As such, the Company accounts for these arrangements as financings. Under the financing method, the Company does not recognize as income any of the sale proceeds received from the lessor that contractually constitutes payment to acquire the assets subject to these arrangements. Instead, the sale proceeds received are accounted for as financing obligations and leaseback payments made by the Company are allocated between interest expense and a reduction to the financing obligation. Interest on the financing obligation is calculated using the Company’s incremental borrowing rate (“IBR”) or an imputed rate at the inception of the arrangement on the outstanding financing obligation. Judgment is required to determine the appropriate borrowing rate for the arrangement and in determining any gain or loss on the transaction that would be recorded either at the end of or over the lease term. As part of the arrangement, the Company will still operate and earn revenues from the facility throughout the lease term while the lessor will be entitled to all available tax benefits. The Company is statutorily obligated to continue operating the facility over the five-year recapture period. The Company has the option to renew the lease or repurchase the assets sold at the end of the lease term or earlier since an early buy option is present in the contract. The investment tax credits (“ITCs”), and other tax benefits associated with these projects transfer to the lessor/buyer; however, the payments are structured so that the Company is compensated for the transfer of the related tax attributes. The Company applies the guidance within ASC 842-10-15-28 and ASC 606-10-25-19 analogically on separating components of a contract to determine whether the ITCs received by lessor/buyer and the Company’s corresponding obligations to continue operating the projects should be separated from the financing liability. The Company determined these transactions to consist of two components: the aforementioned financing obligation as well as income from the transfer of the associated tax benefits which are initially deferred and will be recognized over the five-year recapture period on the anniversary date of each transaction. The Company applies the guidance within ASC 606-10-32-16 through 17 to assess the deferred gain related to the transfer of the tax benefits and determined these transactions to have significant financing component present in the contract. The effect of significant financing component is recorded as an adjustment or an increase to Current portion of failed sale-leaseback financing and deferred ITC gain and Failed sale-leaseback financing and deferred ITC gain, net of current portion on the Consolidated Balance Sheets using an appropriate interest rate determined by the Company. As a result, the Company records the deferred gain attributable to the transfer of the tax attributes over the contractual or five-year ITC recapture period in earnings with the associated interest recorded as Interest (expense) income, net on the Consolidated Statements of Operations. Origination costs are capitalized and amortized as interest expense on a straight-line basis over the term of the related lease term and presented as a direct deduction from the carrying amount of the related financing obligation on the Consolidated Balance Sheets.
Concentration of Risk	Concentration of Risk The Company’s derivative financial instruments and PPAs potentially subject the Company to concentrations of credit risk. The maximum exposure to loss due to credit risk of counterparties to either: (i) the Company’s derivative financial instruments or (ii) the Company’s PPAs, would generally equal: (a) the fair value of derivative financial instruments presented in the Company’s Consolidated Balance Sheets or (b) the revenue otherwise expected to be earned under the terms of the PPAs, had the relevant offtakers performed their obligations. The Company manages this credit risk by maintaining a diversified portfolio of creditworthy counterparties. The Company determines which customers, if any, comprise over ten percent of either revenue or accounts receivable. The Company had no customers from which revenue exceeded ten percent of total revenue for the three and nine months ended September 30, 2024. The Company had no customers from which revenue exceeded ten percent of total revenue for the three and nine months ended September 30, 2023. As of September 30, 2024, the Company had one customer from which the receivable balance was 23.8% of total accounts receivable. As of December 31, 2023, the Company had one customer from which the receivable balance was 24.4% of total accounts receivable. Refer to Note 11. Derivative Instruments and Note 4. Revenue for further details.
Recent Accounting Pronouncements - Adopted and Recent Accounting Pronouncements - Not Yet Adopted	Recent Accounting Pronouncements - Adopted In March 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-01, “Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards,” which provides an illustrative example intended to demonstrate how entities that account for profits interest and similar awards would determine whether a profits interest award should be accounted for in accordance with Topic 718. The amendments in ASU 2024-01 are effective for fiscal years beginning after December 15, 2024, with the early adoption permitted. The amendments may be applied either retrospectively or prospectively on the date of adoption. The Company elected to early adopt the amendments in ASU 2024-01 prospectively and will apply this ASU to all new profits interest awards issued beginning January 1, 2024. The ASU did not have any impact on its Consolidated Financial Statements and related disclosures in relation to its existing share-based compensation arrangements as it was adopted prospectively. Recent Accounting Pronouncements - Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” that would enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280. ASC 280 requires a public entity to report for each reportable segment a measure of segment profit or loss that its Chief Operating Decision Maker (“CODM”) uses to assess segment performance and to make decisions about resource allocations. The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more useful financial analyses. Currently, ASC 280 requires that a public entity disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit or loss that the CODM uses to assess segment performance and make decisions about allocating resources. ASC 280 also requires other specified segment items and amounts such as depreciation, amortization and depletion expense to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-07 retrospectively to all prior periods presented in the financial statements. The Company is still evaluating the impact of this ASU and the impact on its Condensed Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. For public business entities, the amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. The Company is still evaluating the impact of this ASU and the impact on its Consolidated Financial Statements and related disclosures. Changes to U.S. GAAP are established by the FASB in the form of ASUs to the FASB ASC. ASUs issued which are not specifically listed above were assessed and have already been adopted in a prior period or determined to be either not applicable or are not expected to have a material impact on the Company’s Consolidated Financial Statements and related disclosures.
Fair Value Measurements	Derivative assets and liabilities The Company estimates the fair value of its interest rate derivatives using a discounted cash flow valuation technique based on the net amount of estimated future cash flows related to the agreements. The primary inputs used in the fair value measurement include the contractual terms of the derivative agreements, current interest rates, and credit spreads. The significant inputs for the resulting fair value measurement are market-observable inputs, and thus the swaps are classified as Level 2 in the fair value hierarchy. Equity method investments In the table above, certain equity method investments may be valued at the purchase price for a period of time after an acquisition as the best indicator of fair value. In addition, certain valuations of investments may be entirely or partially derived by reference to observable valuation measures for a pending or consummated transaction. In the absence of quoted prices in active markets, the Company uses a variety of techniques to measure the fair value of its investments. The methodologies incorporate the Company’s assumptions about the factors that a market participant would use to value the investment. The various unobservable inputs used to determine the Level 3 valuations may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurements.
Noncontrolling Interests and Redeemable Noncontrolling Interests	Noncontrolling interests (“NCI”) represents the portion of net assets in consolidated subsidiaries that is not attributable, directly, or indirectly, to the Company. For accounting purposes, the holders of NCI of consolidated subsidiaries of the Company include Tax Equity Investors under the tax equity financing facilities as well as the NCI in GDEV GP, GDEV GP II and GREC II which are held by an employee of the Company.
Segment Information	The Company determines its operating segments and reports segment information in accordance with how the Company’s CODM allocates resources and assesses performance. The Company’s CODM is its Chief Executive Officer. The Company’s operating segments are aggregated into two reportable segments, described below: • IPP – The IPP business represents the active management and operations of the Company's fleet of renewable energy projects, including those in late-stage development and under construction. The Company's renewable energy projects generally earn revenue through the sale of generated electricity as well as frequently through the sale of other commodities such as RECs. In certain cases, the Company also serves as a minority member in renewable energy projects where it does not actively manage and operate the project but receives periodic dividends. The Company also provides loans to developers for the construction of renewable energy and energy efficiency projects as an incremental revenue stream for IPP. The IPP business includes the direct costs to operate the Company's fleet, including costs such as operations and maintenance, repairs, and other costs incurred at the project / site level. Additionally, the Company employs a dedicated team of technical asset managers as well as a construction team to oversee the development and operations of our fleet. Such costs are recorded as Direct operating costs for IPP. The IPP business also includes the allocable portion of the Company’s General and administrative expenses, which represents overhead functions such as: finance and accounting, legal, information technology, human resources and other general functions that support the operations of IPP. • IM – The IM business represents GCM’s investment management platform, which is a renewable energy, energy efficiency and sustainability-related project acquisition, consulting and development company that is registered as an investment adviser under the Advisers Act. The IM business also includes administrative services provided by Greenbacker Administration for managed funds in the renewable energy industry as an additional revenue stream. The Company's IM business includes the direct costs incurred for the investment management services for managed funds and other marketing and investor relation services. This includes the costs to raise and deploy capital for such funds. Such costs are recorded as Direct operating costs for IM. The IM business also includes the allocable portion of the Company’s General and administrative expenses, which represents overhead functions such as: finance and accounting, legal, information technology, human resources and other general functions that support the operations of IM. The Company's CODM evaluates the financial performance of each segment using Segment Adjusted EBITDA, which excludes: (i) unallocated corporate expenses; (ii) interest expense; (iii) income taxes; (iv) depreciation expense; (v) amortization expense (including contract amortization); (vi) accretion; (vii) impairment of long-lived assets; (viii) share-based compensation; (ix) other non-recurring costs that are unrelated to the continuing operations of the Company’s segments; and (x) amounts attributable to our redeemable and non-redeemable controlling interests. Additionally, the Company does not allocate foreign currency gains and losses, other income and losses, change in fair value of contingent consideration (if any), and unrealized gains and losses to our operating segments. Refer to Part I — Item 2 — Results of Operations for additional discussion on Segment Adjusted EBITDA and segment results.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Reconciliation of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets that aggregate to the beginning and ending balances shown in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2024: (in thousands) September 30, 2024 December 31, 2023 Cash and cash equivalents $ 108,432 $ 96,872 Restricted cash, current 61,070 85,235 Restricted cash 3,124 5,568 Total cash and cash equivalents and restricted cash $ 172,626 $ 187,675
Reconciliation of Restricted Cash	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets that aggregate to the beginning and ending balances shown in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2024: (in thousands) September 30, 2024 December 31, 2023 Cash and cash equivalents $ 108,432 $ 96,872 Restricted cash, current 61,070 85,235 Restricted cash 3,124 5,568 Total cash and cash equivalents and restricted cash $ 172,626 $ 187,675
Supplemental Cash Flow Information	The following table presents information regarding the Company’s non-cash investing and financing activities as well as the cash paid for interest: Nine months ended September 30, (in thousands) 2024 2023 Non-cash investing activities Capital expenditures incurred but not paid $ 30,834 $ 50,328 Non-cash financing activities Deferred shareholder servicing fees payable $ 7,940 $ 8,434 Redemptions payable 4,648 32,631 Distribution payable to shareholders — 7,940 Non-cash contributions from noncontrolling interests, net 87,865 — Non-cash distributions to noncontrolling interests $ 1,858 $ 3,777 Cash paid for Interest paid, net of amounts capitalized $ 31,606 $ 19,194

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table provides information on the disaggregation of revenue as reported in the Consolidated Statements of Operations: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Energy sales $ 41,729 $ 36,779 $ 122,325 $ 108,788 RECs and other incentives 6,667 6,942 20,946 17,327 Investment Management revenue 4,878 2,842 14,386 9,174 Other revenue 2,083 2,626 4,778 5,896 Contract amortization, net (3,355) (4,088) (9,430) (13,832) Total net revenue $ 52,002 $ 45,101 $ 153,005 $ 127,353 Add: Contract amortization, net 3,355 4,088 9,430 13,832 Less: Lease revenue (2,380) (2,314) (7,944) (7,867) Less: Investment, dividend and interest income (1,917) (2,520) (4,461) (5,453) Total net revenue from contracts with customers $ 51,060 $ 44,355 $ 150,030 $ 127,865
Remaining Performance Obligations	The following table includes the approximate amounts expected to be recognized related to remaining performance obligations for each of the next five years and thereafter: (in thousands) Period ended September 30, Amount 2024-2025 $ 2,345 2025-2026 2,013 2026-2027 876 2027-2028 875 2028-2029 875 Thereafter 1,941 Total $ 8,925

Fair Value Measurements and I_2

Fair Value Measurements and Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	The following table presents the fair values of the Company's financial assets and liabilities as of September 30, 2024 and the basis for determining their fair values: Fair Value as of September 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Derivative assets $ — $ 81,686 $ — $ 81,686 Derivative liabilities — (6,416) — (6,416) Equity method investments — — 89,222 89,222 Contingent consideration — — (35,884) (35,884) Total $ — $ 75,270 $ 53,338 $ 128,608 The following table presents the fair values of the Company's financial assets and liabilities as of December 31, 2023 and the basis for determining their fair values: Fair Value as of December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Derivative assets $ — $ 142,168 $ — $ 142,168 Derivative liabilities — (5,833) — (5,833) Equity method investments — — 94,878 94,878 Contingent consideration — — (42,307) (42,307) Total $ — $ 136,335 $ 52,571 $ 188,906
Fair Value Assets and Liabilities Using Significant Unobservable Inputs	The following table reconciles the beginning and ending balances for instruments that are recognized at fair value using Level 3 inputs in the Consolidated Financial Statements as of September 30, 2024 using significant unobservable inputs: (in thousands) Equity method investments Contingent consideration Total Balance as of December 31, 2023 $ 94,878 $ (42,307) $ 52,571 Purchases 271 — 271 Return of capital (6,583) — (6,583) Change in fair value of investments, net 656 — 656 Change in contingent consideration — 3,764 3,764 Reclassification of participating Earnout Shares — 2,659 2,659 Balance as of September 30, 2024 $ 89,222 $ (35,884) $ 53,338
Fair Value Assets and Liabilities Using Significant Unobservable Inputs	The following table reconciles the beginning and ending balances for instruments that are recognized at fair value using Level 3 inputs in the Consolidated Financial Statements as of September 30, 2024 using significant unobservable inputs: (in thousands) Equity method investments Contingent consideration Total Balance as of December 31, 2023 $ 94,878 $ (42,307) $ 52,571 Purchases 271 — 271 Return of capital (6,583) — (6,583) Change in fair value of investments, net 656 — 656 Change in contingent consideration — 3,764 3,764 Reclassification of participating Earnout Shares — 2,659 2,659 Balance as of September 30, 2024 $ 89,222 $ (35,884) $ 53,338 The following table presents the change in fair value of contingent consideration for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Change in fair value of contingent consideration $ (4,690) $ (5,420) $ (3,764) $ (4,103)
Schedule of Quantitative Information about Level 3 Fair Value Measurements	The following table quantifies the significant unobservable inputs used in determining the fair value of equity method investments as of September 30, 2024. The weighted averages are calculated based on the relative fair value of each investment as of September 30, 2024: Unobservable Input Input/Range Discount rate 7.8%-11.0% (weighted average 8.1%) Kilowatt hours production 0.5% annual degradation in production Potential leverage and estimated remaining useful life 28.0-33.5 years (weighted average 28.7 years) The following quantifies the significant unobservable inputs used to determine the fair value of contingent consideration as of September 30, 2024: Unobservable Input Input/Range Risk-Free Rate Over Earnout Term 3.6% Revenue Discount Rate 9.3% Annualized Revenue Volatility 22.5% Annualized Share Price Volatility 25.0% Quarterly Revenue / Share Price Correlation 40.0%
Schedule of Equity Method Investments	The following table presents the fair value for each of the Company’s equity method investments as of September 30, 2024 and December 31, 2023: (in thousands) September 30, 2024 December 31, 2023 Aurora $ 72,471 $ 72,962 OYA 9,821 16,229 GDEV I 4,233 4,137 GDEV II 2,697 1,550 Total Equity method investments $ 89,222 $ 94,878
Schedule of Unrealized Gain (Loss) on Investments	The following table presents the change in Total Change in fair value of investments, net for each of the Company’s investments for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Aurora $ 2,289 $ (3,634) $ (491) $ (693) OYA — 1,408 176 (1,592) GDEV — 299 50 1,055 GDEV II 533 (18) 921 (38) Total Change in fair value of investments, net $ 2,822 $ (1,945) $ 656 $ (1,268)

Notes Receivable (Tables)

Notes Receivable (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Notes Receivable	The Company’s n otes receivable consists of the following: (dollars in thousands) September 30, 2024 December 31, 2023 Year of origination Interest rate Maturity date Notes receivable, current Cider $ — $ 25,749 2022 8.00% 7/31/2024 (1) Shepherds Run — 2,742 2020 8.00% 3/31/2024 (2) Kane Warehouse 121 — 2015 10.25% 2/24/2025 OYA 5,000 — 2024 12.00% 12/23/2024 (3) Total notes receivable, current $ 5,121 $ 28,491 Notes receivable, noncurrent New Market $ 5,008 $ 5,008 2019 9.00% 9/30/2022 (4) SE Solar — 5,010 2019 9.00% 5/31/2023 (5) Kane Warehouse — 166 2015 10.25% 2/24/2025 Total notes receivable, noncurrent $ 5,008 $ 10,184 Loan reserve (6) (1,000) (2,000) Total notes receivable $ 9,129 $ 36,675 (1) In July 2024, the Company loaned an additional $4.0 million to Hecate Energy Cider Solar LLC. On July 30, 2024, the Company acquired 100% of the membership interests in Hecate Energy Cider Solar LLC. As part of the acquisition purchase price, the Company was deemed to have received an amount of $44.2 million of the principal and interest outstanding for the bridge loan agreement as of the closing date, and the seller was deemed to have repaid to the Company in satisfaction of the principal and interest outstanding. Refer to Note 3. Acquisitions and Divestitures for additional information. (2) The note receivable was paid in full on April 5, 2024. (3) In the third quarter of 2024, the Company loaned an affiliate of OYA $5.0 million, by becoming a party to an amended existing loan agreement between GDEV I, an affiliate of the Company, certain other unrelated lenders, and the OYA affiliate. The amended loan agreement allows the Company to provide additional loans to OYA, which is due on December 23, 2024 and bears interest at 12.00%. Refer to Note 5. Variable Interest Entities for additional information on OYA. (4) Option for purchase agreement exercised on September 30, 2022. The parties involved are working in good faith to enter into a purchase agreement. (5) The note receivable was paid in full on June 10, 2024, including the amount the Company previously reserved. The Company recorded the recovery as a reduction to bad debt expense within General and administrative on the Consolidated Statements of Operations. (6) As of September 30, 2024, New Market has not been repaid. During the year ended December 31, 2023, the Company recorded a reserve representing an allowance for credit losses for the estimated uncollectible portion of this note in the amount of $1.0 million. The Company has determined that no additional reserve is required for this note for the nine months ended September 30, 2024.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment, net consists of the following: (in thousands) September 30, 2024 December 31, 2023 Land $ 21,993 $ 23,473 Plant and equipment 1,758,249 1,732,499 Asset retirement cost 32,006 31,638 Finance right-of-use asset 65 65 Construction-in-progress 641,233 439,439 Other 287 262 Total property, plant and equipment $ 2,453,833 $ 2,227,376 Accumulated depreciation (117,287) (93,499) Property, plant and equipment, net $ 2,336,546 $ 2,133,877
Schedule of Depreciation	The following table presents Depreciation expense recorded within Depreciation, amortization and accretion on the Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Depreciation expense $ 17,575 $ 51,904 $ 52,549 $ 96,784 The following table presents the amortization expense related to intangible assets recorded on the Consolidated Balance Sheets which includes Contract amortization, net that was recorded as a reduction to revenue for favorable PPA and REC contracts in the Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Total Favorable Amortization expense $ 9,196 $ 10,468 $ 27,418 $ 31,435 Favorable Contract amortization reduction to revenue 6,812 8,032 20,268 24,597

Goodwill, Other Intangible As_2

Goodwill, Other Intangible Assets and Out-of-market Contracts (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Other Intangible Assets	Other intangible assets as of September 30, 2024 consisted of the following: (in thousands) Gross carrying amount Accumulated amortization Net intangible assets as of September 30, 2024 PPA contracts $ 362,880 $ (58,610) $ 304,270 REC contracts 46,235 (5,202) 41,033 Trademarks 2,800 (564) 2,236 Channel partner relationships 94,700 (22,473) 72,227 Other intangible assets 2,192 — 2,192 Total intangible assets, net $ 508,807 $ (86,849) $ 421,958 Other intangible assets as of December 31, 2023 consisted of the following: (in thousands) Gross carrying amount Accumulated amortization Net intangible assets as of December 31, 2023 PPA contracts $ 374,356 $ (47,741) $ 326,615 REC contracts 46,235 (3,441) 42,794 Trademarks 2,800 (389) 2,411 Channel partner relationships 94,700 (15,497) 79,203 Other intangible assets 2,191 — 2,191 Total intangible assets, net $ 520,282 $ (67,068) $ 453,214
Schedule of Amortization Expense	The following table presents Depreciation expense recorded within Depreciation, amortization and accretion on the Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Depreciation expense $ 17,575 $ 51,904 $ 52,549 $ 96,784 The following table presents the amortization expense related to intangible assets recorded on the Consolidated Balance Sheets which includes Contract amortization, net that was recorded as a reduction to revenue for favorable PPA and REC contracts in the Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Total Favorable Amortization expense $ 9,196 $ 10,468 $ 27,418 $ 31,435 Favorable Contract amortization reduction to revenue 6,812 8,032 20,268 24,597
Schedule of Out-Of-Market Contracts	The Company also has PPA and REC contracts that are held in an unfavorable position (out-of-market contracts) recorded as liabilities, which consists of the following as of September 30, 2024: (in thousands) Gross carrying amount Accumulated amortization Net out-of-market contracts as of September 30, 2024 PPA contracts $ (198,629) $ 20,618 $ (178,011) REC contracts (19,763) 13,828 (5,935) Total out-of-market contracts, net $ (218,392) $ 34,446 $ (183,946) PPA and REC contracts that are held in an unfavorable position (out-of-market contracts) recorded as liabilities consists of the following as of December 31, 2023: (in thousands) Gross carrying amount Accumulated amortization Net out-of-market contracts as of December 31, 2023 PPA contracts $ (198,629) $ 13,203 $ (185,426) REC contracts (19,763) 10,404 (9,359) Total out-of-market contracts, net $ (218,392) $ 23,607 $ (194,785)
Out Of Market Contract Amortization Expense	The following table presents the contract amortization contra-expense as an increase to revenue related to out-of-market contracts for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Out-of-market contract amortization $ 3,458 $ 3,944 $ 10,839 $ 10,765
Schedule Of Amortization Expense Of Finite-Lived Intangible Assets And Out-Of-Market Contracts, Net	The following table presents the amortization expense related to the Company’s finite-lived intangible asset and liabilities (out-of-market contracts), net contract amortization on PPA and REC contract intangible assets and out-of-market contracts, and amortization expense on channel partner relationships and trademark intangible assets for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Amortization expense related to intangible assets and (out-of-market contracts), net $ 5,738 $ 6,524 $ 16,579 $ 20,670 Less: Contract amortization on PPA and REC contracts intangible assets and (out-of-market contracts), net 3,355 4,088 9,430 13,832 Amortization expense on channel partner relationships and trademark intangible assets, net $ 2,383 $ 2,436 $ 7,149 $ 6,838
Estimated Future Annual Amortization Expense	Estimated future amortization expense, net for the above amortizable intangible assets and out-of-market contracts for each of the next five years and thereafter are as follows: (in thousands) Period ended September 30, Amortization Expense 2024-2025 $ 27,439 2025-2026 26,758 2026-2027 26,274 2027-2028 25,895 2028-2029 25,369 Thereafter 106,277 Total $ 238,012

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Credit Facilities and Loan Agreements	The Company has entered into various credit facilities and loan agreements through its subsidiaries, as described below. (dollars in thousands) September 30, 2024 December 31, 2023 Interest rate Maturity date GREC Entity HoldCo (2) $ 57,240 $ 65,951 Daily SOFR (1) + 1.85% June 20, 2025 Midway III Manager LLC 13,565 13,932 3 mo. SOFR + 1.73% September 28, 2025 Trillium Manager LLC 65,970 68,785 Daily SOFR + 2.10% June 9, 2027 GB Wind Holdco LLC (3) 16,269 50,408 3 mo. SOFR + 1.65% December 31, 2024 Greenbacker Wind Holdings II LLC 69,610 70,628 3 mo. SOFR + 1.98% December 31, 2026 Conic Manager LLC 22,739 23,363 3 mo. SOFR + 1.75% August 8, 2026 Turquoise Manager LLC 30,410 30,994 3 mo. SOFR + 1.35% December 23, 2027 Eagle Valley Clean Energy LLC (4) — 35,389 Various January 2, 2057 Greenbacker Renewable Energy Corporation (Premium financing agreement) 3,520 — 6.78% April 30, 2025 ECA Finco I, LLC 17,719 18,563 3 mo. SOFR + 2.60% February 25, 2028 GB Solar TE 2020 Manager LLC 17,385 18,506 3 mo. SOFR + 1.98% October 30, 2026 Sego Lily Solar Manager LLC 130,142 133,898 3 mo. SOFR + 1.53% June 30, 2028 Celadon Manager LLC 72,853 72,853 Daily SOFR + 1.60% February 18, 2029 GRP II Borealis Solar LLC 39,973 40,646 3 mo. SOFR + 2.00% June 30, 2027 Ponderosa Manager LLC 88,185 88,594 3 mo. SOFR + 1.40% October 4, 2029 PRC Nemasket LLC 40,040 41,806 Daily SOFR + 1.25% November 1, 2029 GREC Holdings 1 LLC 124,594 74,594 1 mo. SOFR + Applicable Margin (5) November 29, 2027 Dogwood GB Manager LLC 58,725 57,463 1 mo. SOFR + 1.73% March 29, 2030 GREC Warehouse Holdings I LLC 148,813 155,558 3 mo. SOFR + 2.03% August 11, 2026 Cider Solar Construction Owner LLC 81,000 — 9.75% July 30, 2028 Total debt $ 1,098,752 $ 1,061,931 Less: Total unamortized discount and deferred financing fees (17,689) (43,679) Less: Current portion of long-term debt (6) (106,204) (82,855) Total long-term debt, net $ 974,859 $ 935,397 (1) Secured Overnight Financing Rate (“SOFR”). (2) See the description of the credit agreement below for a discussion of GREC Entity HoldCo’s non-compliance with the debt service coverage ratio (as defined in the credit agreement) as of and for the fiscal quarter ended December 31, 2023. (3) $32.9 million was paid on the GB Wind Holdco LLC term loan in the first quarter of 2024 with proceeds from the Company’s February 2024 failed sale-leaseback arrangement. This repayment resulted in the acceleration of the remaining term loan maturity date to December 31, 2024. (4) EVCE was deconsolidated from the Company’s Consolidated Financial Statements as of April 17, 2024 as a result of the Bankruptcy Filing. Refer to Note 3. Acquisitions and Divestitures and below for additional information. (5) GREC Holdings 1 LLC’s loan includes interest on the outstanding principal at the term SOFR index rate plus a spread adjustment plus applicable margin (spread adjustment of 0.10%; applicable margin ranging between 1.75% and 2.00%). (6) Adjusted for $5.4 million and $6.1 million of unamortized debt discount and deferred financing fees pertaining to current portion of long-term debt of $111.6 million and $88.9 million as of September 30, 2024 and December 31, 2023, respectively.
Schedule of Components of Interest (Expense) Income Net	The following table shows the components of interest expense (income) included within Interest (expense) income, net on the Consolidated Statements of Operations: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Loan interest (1) $ 13,508 $ 10,728 $ 37,712 $ 31,730 Commitment / letter of credit fees 917 3,919 3,018 9,346 Amortization of deferred financing fees and discount 1,346 1,349 4,273 3,743 Interest on sale-leasebacks (2) 4,875 — 16,711 — Gain on interest rate swaps, net (3) — — (1,410) — Change in fair value of interest rate swaps, net (3) 7,058 (24,027) (5,197) (35,997) Interest capitalized (6,203) (5,272) (17,001) (16,464) Total $ 21,501 $ (13,303) $ 38,106 $ (7,642) (1) Includes interest rate swap settlements in the amount of $7.7 million, $7.5 million, $22.0 million and $19.2 million as a reduction of loan interest for the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024 and 2023, respectively. Refer to Note 11. Derivative Instruments for additional information. (2) Refer to Other Financing Arrangements for further discussion on the financing obligations and the deferred ITC gain related to the sale-leaseback arrangements. (3) Refer to Note 11. Derivative Instruments for additional information on the Company’s interest rate swaps.
Schedule of Principal Payments Due on Borrowings	The principal payments due on the Company’s borrowings for each of the next five years and thereafter are as follows: (in thousands) Period ended September 30, Principal Payments 2024-2025 $ 111,621 2025-2026 192,757 2026-2027 190,842 2027-2028 368,037 2028-2029 73,886 Thereafter 161,609 Total $ 1,098,752
Future Payments on Sale-Leaseback Financing Arrangements	The future payments on failed sale-leaseback financing arrangements, inclusive of the repurchase price for each of the next five years and thereafter, are as follows: (in thousands) Period ended September 30, Future Payments 2024-2025 $ 12,927 2025-2026 13,263 2026-2027 13,510 2027-2028 13,611 2028-2029 13,584 Thereafter 187,857 Total lease payments 254,752 Less: imputed interest (127,667) Less: origination costs (2,698) Present value of lease payments $ 124,387

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Estimated Fair Value Positions of Derivative Contracts	The following tables reflect the location and estimated fair value positions of derivative contracts at: (in thousands) September 30, 2024 Balance sheet location Outstanding notional amount Fair Value - Assets Fair Value - (Liabilities) Derivatives Designated as Hedging Instruments Interest rate swap contracts Derivative assets, current / Derivative assets / (Other current liabilities) / (Other noncurrent liabilities) $ 733,484 $ 81,574 $ — Derivatives Not Designated as Hedging Instruments Interest rate swap contracts Derivative assets, current / Derivative assets / (Other current liabilities) / (Other noncurrent liabilities) 126,876 112 (6,416) Total $ 860,360 $ 81,686 $ (6,416) (in thousands) December 31, 2023 Balance sheet location Outstanding notional amount Fair Value - Assets Fair Value - (Liabilities) Derivatives Designated as Hedging Instruments Interest rate swap contracts Derivative assets, current / Derivative assets / (Other current liabilities) $ 861,322 $ 98,669 $ (489) Derivatives Not Designated as Hedging Instruments Interest rate swap contracts Derivative assets, current / Derivative assets / (Other current liabilities) 463,063 43,499 (5,344) Total $ 1,324,385 $ 142,168 $ (5,833)
Fair Value of Derivative Contracts Recorded In Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Operations	The following table provides information on the fair value of derivative contracts as recorded in the Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Operations: Three months ended September 30, 2024 Nine months ended September 30, 2024 (in thousands) Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments Consolidated Other Comprehensive (Loss) Income Loss recognized in other comprehensive income $ (34,158) $ — $ (13,924) $ — Amortization of derivatives 1,360 (752) 3,789 (2,449) Less: Taxes on total net loss recognized in other comprehensive income 8,835 — 3,314 — Consolidated Statements of Operations Interest (expense) income, net Change in fair value of interest rate swaps, net — (7,058) — 5,197 Gain on interest rate swaps, net — — 1,410 — Three months ended September 30, 2023 Nine months ended September 30, 2023 (in thousands) Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments Consolidated Other Comprehensive (Loss) Income Gain (loss) recognized in other comprehensive income $ 35,427 $ — $ 28,234 $ — Amortization of off-market derivatives 1,711 (36) 5,160 (108) Less: Taxes on total net gain recognized in other comprehensive income 9,770 — 8,765 — Realized interest rate swaps reclassified to interest expense, net from accumulated other comprehensive income — (7,502) — (19,211) Gain reclassified into earnings as a result of partial discontinuance of cash flow hedge from other comprehensive income — — — 6,297 Consolidated Statements of Operations Interest (expense) income, net Change in fair value of interest rate swaps, net — 24,027 — 35,997

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Future Commitments Under Renewable Energy Contracts	The Company's commitments to third parties under REC sales contracts for each of the next five years and thereafter are as follows: (in thousands) Period ended September 30, Number of RECs 2024-2025 85 2025-2026 75 2026-2027 48 2027-2028 47 2028-2029 47 Thereafter 231 Total 533
Maturity of Operating Lease	Maturities of the Company’s lease liabilities for each of the next five years and thereafter are as follows: (in thousands) Period ended September 30, Operating Leases Finance Leases 2024-2025 $ 14,081 $ 18 2025-2026 13,838 18 2026-2027 13,962 8 2027-2028 14,039 — 2028-2029 14,193 — Thereafter 447,468 — Total lease payments 517,581 44 Less: Imputed interest (314,219) (3) Present value of lease liabilities $ 203,362 $ 41
Maturity of Finance Lease	Maturities of the Company’s lease liabilities for each of the next five years and thereafter are as follows: (in thousands) Period ended September 30, Operating Leases Finance Leases 2024-2025 $ 14,081 $ 18 2025-2026 13,838 18 2026-2027 13,962 8 2027-2028 14,039 — 2028-2029 14,193 — Thereafter 447,468 — Total lease payments 517,581 44 Less: Imputed interest (314,219) (3) Present value of lease liabilities $ 203,362 $ 41

Related Parties (Tables)

Related Parties (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table presents investment management revenue for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 GROZ: Management fees $ 73 $ 73 $ 218 $ 218 GDEV I: Management fees 523 604 1,694 1,854 GDEV II: Management Fees 495 83 1,653 1,115 GREC II: Management fees 1,550 1,052 4,386 2,641 Performance participation fee — — 1,088 1,155 Administrative fees $ 2,232 $ 1,036 $ 5,367 $ 2,427 The following table presents investment management receivable for the as of September 30, 2024 and December 31, 2023: (in thousands) September 30, 2024 December 31, 2023 GROZ: Management fees receivable $ 73 $ 194 GDEV I: Management fees receivable 4 — GDEV II: Management fees receivable — 797 GREC II: Management fees receivable 3,065 2,265 Performance participation fee receivable 1,088 499 Administrative fee receivable $ 3,811 $ 2,408 Base management fees under GCM's advisory fee agreement with GREC II are to be calculated at a monthly rate of 1.25% annually of the aggregate net asset value (“NAV”) of the net assets attributable to Class F shares of GREC II plus an annual percentage of the aggregate NAV of the net assets attributable to Class I, Class D, Class T, and Class S shares in accordance with the following schedule: Aggregate NAV Management Fee On NAV up to and including $1,500,000,000 1.75% (0.15% monthly) On NAV in excess of $1,500,000,000 1.50% (0.13% monthly)

Noncontrolling Interests and _2

Noncontrolling Interests and Redeemable Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest Attributable to Tax Equity Investors	The following table presents the redeemable noncontrolling interests (“RNCI”) attributable to Tax Equity Investors after adjusting the carrying amount to the redemption value and nonredeemable NCI attributable to Tax Equity Investors as of September 30, 2024 and December 31, 2023: (in thousands) September 30, 2024 December 31, 2023 Redeemable NCI attributable to Tax Equity Investors $ 1,828 $ 2,179 NCI attributable to Tax Equity Investors $ 111,080 $ 113,736
Net Income (Loss) to Noncontrolling Interest for Tax Equity Investors	The following table presents the Net income (loss) attributable to NCI for Tax Equity Investors for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Net loss attributable to NCI $ (12,103) $ (15,088) $ (48,905) $ (64,227) The following table presents the contributions from Tax Equity Investors and distributions to Tax Equity Investors for the nine months ended September 30, 2024 and 2023: Nine months ended 2024 2023 Contributions from Tax Equity Investors $ 70,407 $ 76,539 Less: Syndication costs 8,999 2,801 Contributions from Tax Equity Investors, net $ 61,408 $ 73,738 Distributions to Tax Equity Investors $ 14,764 $ 13,845 Less: Distributions paid in the current period 12,906 10,068 Non-cash distributions to noncontrolling interests $ 1,858 $ 3,777

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Quarterly Share Repurchase Limits	The quarterly share repurchases limits for the SRP are set forth below. Quarter Ending Share Repurchase Limit(s) September 30, 2021, and each quarter thereafter During any 12-month period, 20.00% of the weighted average number of outstanding shares During any fiscal quarter, 5.00% of the weighted average number of shares outstanding in the prior four fiscal quarters
Summary of Shares Issued and Repurchased	The following table is a summary of the shares issued, participating and repurchased during the period and outstanding as of September 30, 2024: (in thousands) Class A Class C Class I Class P-A Class P-I Class P-D Class P-S Class P-T Class EO (1) Total Shares outstanding as of December 31, 2023 15,809 2,706 6,533 850 124,039 192 44,514 249 3,730 198,622 Shares issued through reinvestment of distributions during the period 105 25 64 9 291 1 155 2 — 652 Shares repurchased during the period (15) (17) — — (37) — (50) — — (119) Shares transferred during the period — — — — 11 — (11) — — — Other capital activity — — — — 6 — — — 173 179 Shares outstanding as of March 31, 2024 15,899 2,714 6,597 859 124,310 193 44,608 251 3,903 199,334 Shares issued through reinvestment of distributions during the period 36 9 20 4 99 — 49 1 — 218 Shares repurchased during the period (32) — (12) — (422) — — — (57) (523) Shares transferred during the period — — — — — — — — — — Other capital activity — — — — 6 — — — 147 153 Shares outstanding as of June 30, 2024 15,903 2,723 6,605 863 123,993 193 44,657 252 3,993 199,182 Shares issued through reinvestment of distributions during the period — — — — — — — — — — Shares repurchased during the period (19) (2) (23) (3) (22) — (33) — — (102) Shares transferred during the period — — — — 56 — (56) — — — Other capital activity — — — — 338 — — — 2 340 Shares outstanding as of September 30, 2024 15,884 2,721 6,582 860 124,365 193 44,568 252 3,995 199,420 (1) Class EO Other capital activity relates to shares that achieved participating earnout share status as discussed in Earnout Shares above.
Schedule of Distributions	On the last business day of each month, with the authorization of its Board of Directors, the Company declares distributions on each outstanding Class A, C, I, P-A, P-I, P-D, P-T, P-S shares and Earnout Shares. These distributions are calculated based on shareholders of record for each day in amounts equal to that exhibited in the table below based upon distribution period and class of share. The Company suspended the payment of shareholder distributions effective following the distribution payment on May 1, 2024. In connection with suspending shareholder distributions, the Company also suspended the DRP which was offered to shareholders who could elect to have the full amount of cash distributions reinvested in additional shares. Class of Share Distribution Period A C I P-A P-I P-D P-T P-S EO 1-Nov-15 31-Jan-16 $ 0.00165 $ 0.00165 $ 0.00165 $ — $ — $ — $ — $ — $ — 1-Feb-16 30-Apr-16 $ 0.00166 $ 0.00166 $ 0.00166 $ — $ — $ — $ — $ — $ — 1-May-16 31-Jul-16 $ 0.00166 $ 0.00166 $ 0.00166 $ 0.00158 $ 0.00158 $ — $ — $ — $ — 1-Aug-16 31-Oct-16 $ 0.00168 $ 0.00168 $ 0.00168 $ 0.00160 $ 0.00160 $ — $ — $ — $ — 1-Nov-16 31-Jan-17 $ 0.00169 $ 0.00164 $ 0.00169 $ 0.00160 $ 0.00160 $ — $ — $ — $ — 1-Feb-17 30-Apr-17 $ 0.00168 $ 0.00164 $ 0.00168 $ 0.00160 $ 0.00160 $ — $ — $ — $ — 1-May-17 31-Jul-17 $ 0.00167 $ 0.00163 $ 0.00167 $ 0.00160 $ 0.00158 $ — $ — $ — $ — 1-Aug-17 31-Oct-17 $ 0.00167 $ 0.00163 $ 0.00167 $ — $ 0.00159 $ — $ — $ — $ — 1-Nov-17 31-Oct-18 $ 0.00167 $ 0.00163 $ 0.00167 $ — $ 0.00158 $ — $ — $ — $ — 1-Nov-18 30-Apr-20 $ 0.00167 $ 0.00163 $ 0.00167 $ 0.00165 $ 0.00158 $ — $ — $ — $ — 1-May-20 30-Nov-20 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00153 $ 0.00158 $ — $ — $ — $ — 1-Dec-20 30-Jun-23 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00152 $ 0.00158 $ 0.00158 $ 0.00158 $ 0.00158 $ — 1-Jul-23 1-May-24 $ 0.00152 $ 0.00149 $ 0.00152 $ 0.00152 $ 0.00158 $ 0.00158 $ 0.00158 $ 0.00158 $ 0.00158
Distributions Declared	The following table reflects the distributions declared during the nine months ended September 30, 2024: (in thousands) Pay Date Paid in Cash Value of Shares Issued under DRP Total February 1, 2024 $ 7,610 $ 1,787 $ 9,397 March 1, 2024 7,145 1,691 8,836 April 1, 2024 7,607 1,821 9,428 May 1, 2024 7,373 1,757 9,130 Total $ 29,735 $ 7,056 $ 36,791 The following table reflects the distributions declared during the nine months ended September 30, 2023: (in thousands) Pay Date Paid in Cash Value of Shares Issued under DRP Total February 1, 2023 $ 7,386 $ 1,975 $ 9,361 March 1, 2023 6,679 1,777 8,456 March 31, 2023 7,420 1,942 9,362 May 1, 2023 7,114 1,888 9,002 June 1, 2023 7,373 1,934 9,307 July 3, 2023 7,145 1,871 9,016 August 1, 2023 7,232 1,926 9,158 September 1, 2023 7,226 1,935 9,161 October 2, 2023 7,003 1,873 8,876 Total $ 64,578 $ 17,121 $ 81,699

Share-based Compensation (Table

Share-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation Expense	The following table summarizes share-based compensation expense recognized during the three and nine months ended September 30, 2024: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Restricted share units $ 1,632 $ 142 $ 6,243 $ 162 Cash-settled restricted share units — 665 19 665 Performance restricted share units 690 128 1,536 128 Director’s fees 48 49 144 146 GDEV I incentive fees (1) (29) 556 265 685 GDEV II incentive fees (1) 284 — 2,168 — GDEV II special profits interest 10 104 34 183 EO Awards (2) (1,360) 2,836 2,571 8,023 Total $ 1,275 $ 4,480 $ 12,980 $ 9,992 (1) The GDEV I and GDEV II incentive fees are carried interest that were issued by GDEV GP and GDEV GP II to certain employees of GCM that provided services to GDEV GP and GDEV GP II. (2) The Earnout Shares were granted in connection with the Acquisition.
Summary of Restricted Stock Unit Activity	The following table provides a summary of the restricted share unit activity during the nine months ended September 30, 2024: (in thousands, except per share data) Restricted Share Units Weighted Average Fair Value Unvested balance as of December 31, 2023 267 $ 7.78 Granted 2,679 $ 7.78 Vested (551) $ 8.17 Forfeited (138) $ 7.34 Unvested balance as of September 30, 2024 2,257 $ 7.71
Assumptions and Related Information To Determine Grant Date Fair Value of Performance Restricted Stock Units	The following table summarizes the assumptions and related information used to determine the grant-date fair value of performance restricted share units awarded for the February 2024 performance restricted share unit grant: Inputs Performance Restricted Share Units Weighted average grant-date fair value per Class P-I share $ 8.27 Performance period (in years) 3.0 Expected share volatility 28.6 % Dividend yield — % Daily distribution rate $ 0.00158 Risk-free interest rate 4.7 % The following table summarizes the assumptions and related information used to determine the grant-date fair value of performance restricted share units awarded for the July 2024 performance restricted share unit grant: Inputs Performance Restricted Share Units Weighted average grant-date fair value per Class P-I share $ 7.97 Performance period (in years) 3.0 Expected share volatility 25.1 % Dividend yield — % Daily distribution rate $ — Risk-free interest rate 4.3 %
Summary of Performance Restricted Stock Unit Activity	The following table provides a summary of performance restricted share unit activity during the nine months ended September 30, 2024: (in thousands, except per share data) Performance Restricted Share Units Weighted Average Fair Value Unvested balance as of December 31, 2023 1,067 $ 4.40 Granted 1,987 $ 3.92 Forfeited (65) $ 3.74 Unvested balance as of September 30, 2024 2,989 $ 4.09

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator of Basic Earnings per Share	The following table sets forth the computation of basic and diluted earnings per share for the periods indicated: Three months ended Nine months ended (in thousands, except per share data) 2024 2023 2024 2023 Basic and diluted: Net loss attributable to Greenbacker Renewable Energy Company LLC $ (46,372) $ (60,461) $ (65,677) $ (63,648) Weighted average common shares outstanding used in computing net loss per share—basic 199,486 197,153 199,273 199,653 Weighted average common shares outstanding used in computing net loss per share—diluted 199,486 197,153 199,273 199,653 Net loss per share—basic $ (0.23) $ (0.31) $ (0.33) $ (0.32) Net loss per share—diluted $ (0.23) $ (0.31) $ (0.33) $ (0.32)

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Reporting - Schedule of Reportable Segment Financial Results, Revenue and Adjusted EBITDA	The following table presents the Company’s reportable segment financial results: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Energy revenue $ 48,396 $ 43,721 $ 143,271 $ 126,115 Other revenue 2,083 2,626 4,778 5,896 Contract amortization, net (3,355) (4,088) (9,430) (13,832) Total IPP revenue $ 47,124 $ 42,259 $ 138,619 $ 118,179 Investment Management revenue $ 4,878 $ 2,842 $ 14,386 $ 9,174 Total net revenue $ 52,002 $ 45,101 $ 153,005 $ 127,353 The following table reconciles total Segment Adjusted EBITDA to Net loss attributable to Greenbacker Renewable Energy Company LLC: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Segment Adjusted EBITDA: IPP Adjusted EBITDA $ 9,580 $ 18,657 $ 54,665 $ 55,460 IM Adjusted EBITDA (682) (2,123) (982) (4,275) Total Segment Adjusted EBITDA $ 8,898 $ 16,534 $ 53,683 $ 51,185 Reconciliation: Total Segment Adjusted EBITDA $ 8,898 $ 16,534 $ 53,683 $ 51,185 Unallocated corporate expenses (6,838) (6,394) (20,336) (21,905) Total Adjusted EBITDA $ 2,060 $ 10,140 $ 33,347 $ 29,280 Less: Share-based compensation expense 1,275 4,480 12,980 9,992 Change in fair value of contingent consideration (4,690) (5,420) (3,764) (4,103) Non-recurring professional services and legal fees 3,036 729 7,094 2,921 Non-recurring salaries and personnel related expenses 1,257 1,250 1,659 1,250 Depreciation, amortization and accretion (1) 24,353 58,902 71,746 119,058 Gain on deconsolidation, net — — (5,722) — Impairment of long-lived assets, net and project termination costs 26,380 50,662 32,710 50,662 Operating loss $ (49,551) $ (100,463) $ (83,356) $ (150,500) Interest (expense) income, net (21,134) 13,369 (35,158) 7,912 Change in fair value of investments, net 2,822 (1,945) 656 (1,268) Other income, net 630 215 628 245 Loss before income taxes $ (67,233) $ (88,824) $ (117,230) $ (143,611) Benefit from income taxes 8,834 11,536 2,579 14,155 Net loss $ (58,399) $ (77,288) $ (114,651) $ (129,456) Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests (12,027) (16,827) (48,974) (65,808) Net loss attributable to Greenbacker Renewable Energy Company LLC $ (46,372) $ (60,461) $ (65,677) $ (63,648) (1) Includes contract amortization, net in the amount of $3.4 million , $4.1 million , $9.4 million, and $13.8 million for the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024 and 2023, respectively, which are included in Contract amortization, net on the Consolidated Statements of Operations.

Organization and Operations o_2

Organization and Operations of the Company (Details)	Sep. 30, 2024 project fund GW
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of projects | project	425
Production capacity (in gigawatt)	3.2
Production capacity, operational	1.6
Production capacity, pre-operational	1.6
Number of funds in renewable energy industry | fund	4

Significant Accounting Polici_4

Significant Accounting Policies - Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 108,432	$ 96,872
Restricted cash, current	61,070	85,235
Restricted cash	3,124	5,568
Total cash, cash equivalents and restricted cash	$ 172,626	$ 187,675	$ 77,235	$ 190,698

Significant Accounting Polici_5

Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Non-cash investing activities
Capital expenditures incurred but not paid	$ 30,834	$ 50,328
Non-cash financing activities
Deferred shareholder servicing fees payable	7,940	8,434
Redemptions payable	4,648	32,631
Distribution payable to shareholders	0	7,940
Non-cash contributions from noncontrolling interests, net	87,865	0
Non-cash distributions to noncontrolling interests	1,858	3,777
Cash paid for
Interest paid, net of amounts capitalized	$ 31,606	$ 19,194

Significant Accounting Polici_6

Significant Accounting Policies - Narrative (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
One Customer | Accounts Receivable | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	23.80%	24.40%

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details)		1 Months Ended	3 Months Ended				9 Months Ended
	Jul. 30, 2024 USD ($) MW	Feb. 29, 2024 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) project	Apr. 17, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Repayments of debt		$ 32,900,000
Outstanding principal				$ 1,098,752,000			$ 1,098,752,000			$ 1,061,931,000
Amounts due under loan				1,098,752,000			1,098,752,000
Gain on deconsolidation, net				0		$ 0	5,722,000	$ 0
Hecate Energy Cider Solar LLC
Business Acquisition [Line Items]
Membership interest	100%
Solar asset power (in megawatt) | MW	685.2
Repayments of debt				4,500,000
Net purchase price of assets acquired	$ 55,100,000
Payments for asset acquisitions	5,800,000
Asset Acquisition, Liability Assumed	5,100,000
Hecate Energy Cider Solar LLC | Plant and equipment
Business Acquisition [Line Items]
Net purchase price of assets acquired	54,300,000
Hecate Energy Cider Solar LLC | Forecast
Business Acquisition [Line Items]
Repayments of debt			$ 600,000
Cider Solar Construction Loan Owner LLC
Business Acquisition [Line Items]
Face amount of debt	81,000,000
Bridge Loan | Hecate Energy Cider Solar LLC
Business Acquisition [Line Items]
Payments due, monthly	$ 44,200,000
Discontinued Operations, Disposed of by Means Other than Sale | Eagle Valley Clean Energy LLC
Business Acquisition [Line Items]
Disposal group, including discontinued operation, assets									$ 8,100,000
Disposal group, including discontinued operation, liabilities									$ 16,300,000
Gain on deconsolidation, net					$ 8,200,000
Disposal group, including discontinued operation, accounts, notes and loans receivable					3,200,000
Disposal group, including discontinued operation allowance for credit losses for amount of receivables					$ 2,500,000
Discontinued Operations, Disposed of by Means Other than Sale | Eagle Valley Clean Energy LLC | Loans Payable
Business Acquisition [Line Items]
Outstanding principal				35,500,000			35,500,000
Amounts due under loan				$ 10,900,000			$ 10,900,000
Renewable Energy Projects
Business Acquisition [Line Items]
Number of assets acquired (in projects) | project								18
Net purchase price of assets acquired								$ 41,400,000
Weighted-average amortization period (years) - favorable							21 years 7 months 6 days
Renewable Energy Projects, Property, Plant And Equipment
Business Acquisition [Line Items]
Net purchase price of assets acquired								$ 37,100,000

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total net revenue	$ 52,002	$ 45,101	$ 153,005	$ 127,353
Add: Contract amortization, net	3,355	4,088	9,430	13,832
Less: Lease revenue	(2,380)	(2,314)	(7,944)	(7,867)
Less: Investment, dividend and interest income	(1,917)	(2,520)	(4,461)	(5,453)
Total net revenue from contracts with customers	51,060	44,355	150,030	127,865
Energy sales
Disaggregation of Revenue [Line Items]
Total net revenue	41,729	36,779	122,325	108,788
RECs and other incentives
Disaggregation of Revenue [Line Items]
Total net revenue	6,667	6,942	20,946	17,327
Investment Management revenue
Disaggregation of Revenue [Line Items]
Total net revenue	4,878	2,842	14,386	9,174
Other revenue
Disaggregation of Revenue [Line Items]
Total net revenue	2,083	2,626	4,778	5,896
Contract amortization, net
Disaggregation of Revenue [Line Items]
Total net revenue	$ (3,355)	$ (4,088)	$ (9,430)	$ (13,832)

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Contract assets	$ 0		$ 0		$ 0
Receivable related to contracts with customers	19,700		19,700		19,900
Contract liability	3,400		3,400		3,600
Revenue recognized on contract liability	200	$ 0	300	$ 0
Capitalized costs to obtain a contract	4,200		4,200		$ 3,900
Remaining performance obligations	8,925		8,925
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations	2,345		2,345
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations	2,013		2,013
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations	876		876
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations	875		875
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-10-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations	875		875
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-10-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 1,941		$ 1,941

Revenue - Remaining Performance

Revenue - Remaining Performance Obligations (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 8,925
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 2,345
Remaining performance obligations, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 2,013
Remaining performance obligations, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 876
Remaining performance obligations, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 875
Remaining performance obligations, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 875
Remaining performance obligations, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1,941
Remaining performance obligations, period

Variable Interest Entities (Det

Variable Interest Entities (Details)				1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 11, 2024 USD ($) project	Oct. 26, 2023 USD ($) project	Oct. 04, 2023 USD ($)	Sep. 30, 2021 solar_project	Feb. 29, 2016 solar_project	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 project	Sep. 30, 2024 tax_equity_partnership	Sep. 30, 2024	Sep. 30, 2024 subsidiary	Sep. 30, 2024 arrangement	Sep. 30, 2024 financing_arrangement	Dec. 31, 2023 USD ($)	Oct. 31, 2023 terminated_arrangement	Aug. 22, 2023 USD ($)
Variable Interest Entity [Line Items]
Number of tax equity partnerships | tax_equity_partnership											15
Assets						$ 3,644,939,000		$ 3,644,939,000								$ 3,459,605,000
Liabilities						2,000,099,000		2,000,099,000								1,826,640,000
Contingent consideration						40,808,000		40,808,000								0
Noncontrolling interests						225,781,000		225,781,000								113,875,000
Less: Distributions paid in the current period			$ 1,200,000					12,906,000	$ 12,828,000
Number of projects | project										425
Proceeds from sale of noncontrolling interests								87,692,000	$ 73,910,000
Maximum funded remaining construction costs																		$ 18,200,000
Maximum excess construction loans upon term conversion																		$ 1,200,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Illinois Winds LLC
Variable Interest Entity [Line Items]
Contingent consideration						40,800,000		40,800,000
GREC II | Illinois Winds LLC | Related Party
Variable Interest Entity [Line Items]
Noncontrolling interests						114,600,000		114,600,000
GREC II | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Illinois Winds LLC
Variable Interest Entity [Line Items]
Construction loan receivable							$ 38,100,000
GREC II | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Illinois Winds LLC | Related Party
Variable Interest Entity [Line Items]
Noncontrolling interests						40,800,000		40,800,000
Less: Distributions paid in the current period							$ 26,300,000
Payments to noncontrolling interests, construction costs						47,500,000
Aurora
Variable Interest Entity [Line Items]
Equity method ownership percentage												49%
Number of solar projects | solar_project					16
OYA
Variable Interest Entity [Line Items]
Equity method ownership percentage												50%
Number of solar projects | solar_project				19
Guarantees, fair value						0		0								0
Number of projects | project	2	9
Proceeds from sale of noncontrolling interests	$ 6,600,000	$ 3,700,000
Number of arrangements														3	2
Number of arrangements terminated | terminated_arrangement																	2
Face amount of debt						31,500,000		31,500,000
Debt instrument terminated guarantee						7,600,000		7,600,000
Recoverable amount from sale of projects		$ 1,000,000
GDEV I
Variable Interest Entity [Line Items]
Maximum exposure to loss						3,300,000		3,300,000
Payments for advance to affiliate						5,000,000
Debt instrument, interest rate, effective percentage												12%
GDEV I | GDEV GP
Variable Interest Entity [Line Items]
Ownership percentage hele by noncontrolling owners												2%
GDEV II
Variable Interest Entity [Line Items]
Maximum exposure to loss						2,800,000		2,800,000
GDEV II | GDEV GP II
Variable Interest Entity [Line Items]
Ownership percentage hele by noncontrolling owners												1.96%
OYA
Variable Interest Entity [Line Items]
Maximum exposure to loss						19,500,000		19,500,000
Number of subsidiaries entered into tax equity partnerships | subsidiary													4
GDEV GP
Variable Interest Entity [Line Items]
Noncontrolling interests						0		0								0
GDEV GP II
Variable Interest Entity [Line Items]
Noncontrolling interests						0		0								0
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets						1,700,000,000		1,700,000,000								1,500,000,000
Liabilities						$ 290,400,000		$ 290,400,000								$ 283,400,000

Fair Value Measurements and I_3

Fair Value Measurements and Investments - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	$ 81,686	$ 142,168
Derivative liabilities	(6,416)	(5,833)
Equity method investments	89,222	94,878
Contingent consideration	(35,884)	(42,307)
Total	$ 128,608	$ 188,906
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Derivative assets, current, Derivative assets	Derivative assets, current, Derivative assets
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	$ 0	$ 0
Derivative liabilities	0	0
Equity method investments	0	0
Contingent consideration	0	0
Total	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	81,686	142,168
Derivative liabilities	(6,416)	(5,833)
Equity method investments	0	0
Contingent consideration	0	0
Total	75,270	136,335
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Equity method investments	89,222	94,878
Contingent consideration	(35,884)	(42,307)
Total	$ 53,338	$ 52,571

Fair Value Measurements and I_4

Fair Value Measurements and Investments - Fair Value Assets and Liabilities Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Total Change in fair value of investments, net
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	General and administrative
Contingent consideration
Reclassification of participating Earnout Shares	$ 2,700	$ 30,800
Total
Reclassification of participating Earnout Shares	2,700	$ 30,800
Level 3
Equity method investments
Change in fair value of investments, net	656
Contingent consideration
Change in contingent consideration	3,764
Reclassification of participating Earnout Shares	2,659
Total
Beginning balance	52,571
Purchases	271
Return of capital	(6,583)
Change in fair value of investments, net	656
Change in contingent consideration	3,764
Reclassification of participating Earnout Shares	2,659
Ending balance	53,338
Level 3 | Contingent Consideration Liability
Contingent consideration
Beginning balance	(42,307)
Purchases	0
Return of capital	0
Change in contingent consideration	3,764
Reclassification of participating Earnout Shares	2,659
Ending balance	(35,884)
Total
Change in contingent consideration	3,764
Reclassification of participating Earnout Shares	2,659
Equity Method Investments | Level 3
Equity method investments
Beginning balance	94,878
Purchases	271
Return of capital	(6,583)
Change in fair value of investments, net	656
Ending balance	89,222
Total
Change in fair value of investments, net	$ 656

Fair Value Measurements and I_5

Fair Value Measurements and Investments - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Details) - Level 3	Sep. 30, 2024 year
Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.093
Discount rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, measurement input	0.078
Discount rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, measurement input	0.110
Discount rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, measurement input	0.081
Degradation In Production | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, measurement input	0.005
Useful Life | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, measurement input	28
Useful Life | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, measurement input	33.5
Useful Life | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, measurement input	28.7
Risk-Free Rate Over Earnout Term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.036
Annualized Revenue Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.225
Annualized Share Price Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.250
Quarterly Revenue / Share Price Correlation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.400

Fair Value Measurements and I_6

Fair Value Measurements and Investments - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Reclassification of participating Earnout Shares	$ 2.7	$ 30.8
GDEV I
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unfunded commitments	0.2
GDEV II
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unfunded commitments	$ 1.3

Fair Value Measurements and I_7

Fair Value Measurements and Investments - Equity Method Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Equity method investments	$ 89,222	$ 94,878
Aurora
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Equity method investments	72,471	72,962
OYA
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Equity method investments	9,821	16,229
GDEV I
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Equity method investments	4,233	4,137
GDEV II
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Equity method investments	$ 2,697	$ 1,550

Fair Value Measurements and I_8

Fair Value Measurements and Investments - Schedule of Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Total Change in fair value of investments, net	$ 2,822	$ (1,945)	$ 656	$ (1,268)
Aurora
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Total Change in fair value of investments, net	2,289	(3,634)	(491)	(693)
OYA
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Total Change in fair value of investments, net	0	1,408	176	(1,592)
GDEV
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Total Change in fair value of investments, net	0	299	50	1,055
GDEV II
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Total Change in fair value of investments, net	$ 533	$ (18)	$ 921	$ (38)

Fair Value Measurements and I_9

Fair Value Measurements and Investments - Schedule of Fair Value of Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Change in fair value of contingent consideration	$ (4,690)	$ (5,420)	$ (3,764)	$ (4,103)

Notes Receivable - Schedule of

Notes Receivable - Schedule of Notes Receivable (Details) - USD ($) $ in Thousands		9 Months Ended
	Jul. 30, 2024	Sep. 30, 2024	Jul. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, after allowance for credit loss, current		$ 5,121		$ 28,491
Notes receivable, noncurrent		5,008		10,184
Loan reserve		(1,000)		(2,000)
Total notes receivable		9,129		36,675
Cider
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, after allowance for credit loss, current		$ 0		25,749
Interest rate		8%
Shepherds Run
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, after allowance for credit loss, current		$ 0		2,742
Interest rate		8%
Kane Warehouse
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, after allowance for credit loss, current		$ 121		0
Notes receivable, noncurrent		$ 0		166
Interest rate		10.25%
OYA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, after allowance for credit loss, current		$ 5,000		0
Interest rate		12%
New Market
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, noncurrent		$ 5,008		5,008
Loan reserve		$ 0		(1,000)
Interest rate		9%
SE Solar
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, noncurrent		$ 0		$ 5,010
Interest rate		9%
Hecate Energy Cider Solar LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, after allowance for credit loss, current			$ 4,000
Membership interest	100%

Notes Receivable - Narrative (D

Notes Receivable - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other Current Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest receivable, current	$ 0.1	$ 6.3
Other Noncurrent Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest receivable, noncurrent	$ 1.9	$ 3.9

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Finance right-of-use asset	$ 65	$ 65
Construction-in-progress	641,233	439,439
Total property, plant and equipment	2,453,833	2,227,376
Accumulated depreciation	(117,287)	(93,499)
Property, plant and equipment, net	2,336,546	2,133,877
Land
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	21,993	23,473
Plant and equipment
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	1,758,249	1,732,499
Asset retirement cost
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	32,006	31,638
Other
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 287	$ 262

Property, Plant and Equipment_2

Property, Plant and Equipment - Narrative (Details) $ in Thousands	3 Months Ended					9 Months Ended
	Sep. 30, 2024 USD ($) project	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) project	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) wind_repower_project	Jun. 30, 2023 wind_repower_project
Property, Plant and Equipment [Line Items]
Development costs	$ 281,100					$ 281,100		$ 106,300
Impairment of long-lived assets, net and project termination costs	12,700			$ 50,700		19,000
Impairment of long-lived assets, net	$ 26,380		$ 6,300	50,662		$ 32,710	$ 50,662
Number of projects that were impacted from change in state legislature | project	6					6
Impairment loss	$ 2,900
Project termination costs						$ 13,600
Accelerated depreciation due to damages incurred					$ 1,000
Litigation settlement		$ 2,700
Litigation settlement, gain		$ 1,700
Number of wind repower projects | wind_repower_project								3
Number of repower projects with accelerated depreciation, beginning | wind_repower_project									2
Accelerated depreciation				36,100			51,900
Loss on plant and equipment
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets, net and project termination costs	6,300
Intangible Assets, Net
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets, net and project termination costs	$ 3,500
Manufacturing Facility
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets, net and project termination costs				$ 7,000			$ 7,000

Property, Plant and Equipment_3

Property, Plant and Equipment - Schedule of Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 17,575	$ 51,904	$ 52,549	$ 96,784

Goodwill, Other Intangible As_3

Goodwill, Other Intangible Assets and Out-of-market Contracts - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 221,314		$ 221,314		$ 221,314
Impairment of long-lived assets, net and project termination costs	$ 12,700	$ 50,700	$ 19,000
Manufacturing Facility
Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets, net and project termination costs		$ 7,000		$ 7,000

Goodwill, Other Intangible As_4

Goodwill, Other Intangible Assets and Out-of-market Contracts - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 508,807	$ 520,282
Accumulated amortization	(86,849)	(67,068)
Total	421,958	453,214
PPA contracts
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	362,880	374,356
Accumulated amortization	(58,610)	(47,741)
Total	304,270	326,615
REC contracts
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	46,235	46,235
Accumulated amortization	(5,202)	(3,441)
Total	41,033	42,794
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	2,800	2,800
Accumulated amortization	(564)	(389)
Total	2,236	2,411
Channel partner relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	94,700	94,700
Accumulated amortization	(22,473)	(15,497)
Total	72,227	79,203
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	2,192	2,191
Accumulated amortization	0	0
Total	$ 2,192	$ 2,191

Goodwill, Other Intangible As_5

Goodwill, Other Intangible Assets and Out-of-market Contracts - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 9,196	$ 10,468	$ 27,418	$ 31,435
Power Purchase Agreements and Renewable Energy Credits
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 6,812	$ 8,032	$ 20,268	$ 24,597

Goodwill, Other Intangible As_6

Goodwill, Other Intangible Assets and Out-of-market Contracts - Schedule of Out-Of-Market Contracts (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Out-of-Market Contracts, Intangible Liabilities [Line Items]
Gross carrying amount	$ (218,392)	$ (218,392)
Accumulated amortization	34,446	23,607
Net out-of-market contracts	(183,946)	(194,785)
PPA contracts
Finite-Lived Out-of-Market Contracts, Intangible Liabilities [Line Items]
Gross carrying amount	(198,629)	(198,629)
Accumulated amortization	20,618	13,203
Net out-of-market contracts	(178,011)	(185,426)
REC contracts
Finite-Lived Out-of-Market Contracts, Intangible Liabilities [Line Items]
Gross carrying amount	(19,763)	(19,763)
Accumulated amortization	13,828	10,404
Net out-of-market contracts	$ (5,935)	$ (9,359)

Goodwill, Other Intangible As_7

Goodwill, Other Intangible Assets and Out-of-market Contracts - Schedule of Contract Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Out-of-market contract amortization	$ 3,458	$ 3,944	$ 10,839	$ 10,765

Goodwill, Other Intangible As_8

Goodwill, Other Intangible Assets and Out-of-market Contracts - Schedule of PPA and REC (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule Of Finite-Lived Out-of-Market Contracts, Intangible Liabilities [Line Items]
Amortization expense related to intangible assets and (out-of-market contracts), net	$ 9,196	$ 10,468	$ 27,418	$ 31,435
Less: Contract amortization on PPA and REC contracts intangible assets and (out-of-market contracts), net	3,355	4,088	9,430	13,832
Channel Partner Relationships And Trademarks
Schedule Of Finite-Lived Out-of-Market Contracts, Intangible Liabilities [Line Items]
Amortization expense related to intangible assets and (out-of-market contracts), net	5,738	6,524	16,579	20,670
Amortization expense on channel partner relationships and trademark intangible assets, net	2,383	2,436	7,149	6,838
Power Purchase Agreements ("PPA"), Renewable Energy Credit ("REC") Contract And Out-of-Market Contracts, Intangible Liabilities
Schedule Of Finite-Lived Out-of-Market Contracts, Intangible Liabilities [Line Items]
Less: Contract amortization on PPA and REC contracts intangible assets and (out-of-market contracts), net	$ 3,355	$ 4,088	$ 9,430	$ 13,832

Goodwill, Other Intangible As_9

Goodwill, Other Intangible Assets and Out-of-market Contracts - Estimated Future Annual Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024-2025	$ 27,439
2025-2026	26,758
2026-2027	26,274
2027-2028	25,895
2028-2029	25,369
Thereafter	106,277
Total	$ 238,012

Debt - Schedule of Credit Facil

Debt - Schedule of Credit Facilities and Loan Agreements (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 25, 2021	Feb. 29, 2024	Mar. 31, 2024	Sep. 30, 2024	Aug. 08, 2024	Jul. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding principal				$ 1,098,752			$ 1,061,931
Less: Total unamortized discount and deferred financing fees				(17,689)			(43,679)
Less: Current portion of long-term debt				(106,204)			(82,855)
Total long-term debt, net				974,859			935,397
Repayments of debt		$ 32,900
Unamortized debt discount and deferred financing fees, current				5,400			6,100
Current portion of long-term debt, gross				111,600			88,900
GREC Entity HoldCo | Secured Debt
Debt Instrument [Line Items]
Outstanding principal				$ 57,240			65,951
Basis spread on variable rate (in percentage)	1.85%			1.85%
Midway III Manager LLC | Secured Debt
Debt Instrument [Line Items]
Outstanding principal				$ 13,565			13,932
Basis spread on variable rate (in percentage)				1.73%
Trillium Manager LLC | Construction, Revolving And Term Loans
Debt Instrument [Line Items]
Outstanding principal				$ 65,970			68,785
Basis spread on variable rate (in percentage)				2.10%
GB Wind Holdco LLC | Secured Debt
Debt Instrument [Line Items]
Outstanding principal				$ 16,269			50,408
Basis spread on variable rate (in percentage)				1.65%
GB Wind Holdco LLC | Tax Equity Bridge Loans
Debt Instrument [Line Items]
Repayments of debt			$ 32,900
Greenbacker Wind Holdings II LLC | Loans Payable
Debt Instrument [Line Items]
Outstanding principal				$ 69,610			70,628
Basis spread on variable rate (in percentage)				1.98%
Conic Manager LLC | Loans Payable
Debt Instrument [Line Items]
Outstanding principal				$ 22,739			23,363
Basis spread on variable rate (in percentage)				1.75%
Turquoise Manager LLC | Secured Debt
Debt Instrument [Line Items]
Outstanding principal				$ 30,410			30,994
Basis spread on variable rate (in percentage)				1.35%
Eagle Valley Clean Energy LLC | Loans Payable
Debt Instrument [Line Items]
Outstanding principal				$ 0			35,389
Greenbacker Renewable Energy Corporation (Premium financing agreement) | Premium Financing Loan
Debt Instrument [Line Items]
Outstanding principal				$ 3,520			0
Interest rate				6.78%	6.78%
ECA Finco I, LLC | Loans Payable
Debt Instrument [Line Items]
Outstanding principal				$ 17,719			18,563
Basis spread on variable rate (in percentage)				2.60%
GB Solar TE 2020 Manager LLC | Secured Debt
Debt Instrument [Line Items]
Outstanding principal				$ 17,385			18,506
Basis spread on variable rate (in percentage)				1.98%
Sego Lily Solar Manager LLC | Secured Debt
Debt Instrument [Line Items]
Outstanding principal				$ 130,142			133,898
Basis spread on variable rate (in percentage)				1.53%
Celadon Manager LLC | Secured Debt
Debt Instrument [Line Items]
Outstanding principal				$ 72,853			72,853
Basis spread on variable rate (in percentage)				1.60%
GRP II Borealis Solar LLC | Secured Debt
Debt Instrument [Line Items]
Outstanding principal				$ 39,973			40,646
Basis spread on variable rate (in percentage)				2%
Ponderosa Manager LLC | Construction Loan
Debt Instrument [Line Items]
Outstanding principal				$ 88,185			88,594
Basis spread on variable rate (in percentage)				1.40%
PRC Nemasket LLC | Loans Payable
Debt Instrument [Line Items]
Outstanding principal				$ 40,040			41,806
Basis spread on variable rate (in percentage)				1.25%
Dogwood GB Manager LLC | Loans Payable
Debt Instrument [Line Items]
Outstanding principal				$ 58,725			57,463
Basis spread on variable rate (in percentage)				1.73%
Cider Solar Construction Owner LLC | Loans Payable
Debt Instrument [Line Items]
Outstanding principal				$ 81,000			0
Interest rate				9.75%		9.75%
Revolving Credit Facility | GREC Holdings 1 LLC | Line of Credit
Debt Instrument [Line Items]
Outstanding principal				$ 124,594			74,594
Basis spread on variable rate (in percentage)				0.10%
Revolving Credit Facility | GREC Holdings 1 LLC | Line of Credit | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (in percentage)				1.75%
Revolving Credit Facility | GREC Holdings 1 LLC | Line of Credit | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (in percentage)				2%
Revolving Credit Facility | GREC Warehouse Holdings I LLC | Line of Credit
Debt Instrument [Line Items]
Outstanding principal				$ 148,813			$ 155,558
Basis spread on variable rate (in percentage)				2.03%

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands							1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 08, 2024 USD ($) monthly_installment	Jul. 30, 2024 USD ($)	Jun. 12, 2024 USD ($)	Jan. 02, 2024 USD ($) monthly_installment	May 30, 2023 USD ($)	Nov. 25, 2021	Feb. 29, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jan. 23, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 29, 2023 USD ($)
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]									Secured Overnight Financing Rate (SOFR) [Member]
Initial sale leaseback term (in years)							20 years
Proceeds from failed sale-leaseback							$ 111,500		$ 111,453	$ 0
Repayments of debt							32,900
Transaction costs							400
Total lease payments							87,400	$ 254,752	254,752
Origination costs							$ 900
Current portion of failed sale-leaseback financing and deferred ITC gain								12,900	12,900
Failed sale-leaseback deferred investment tax credit gains, current								33,000	33,000
Failed sale-leaseback financing obligation, noncurrent								114,200	114,200
Failed sale-leaseback deferred investment tax credit gains, noncurrent								113,700	113,700
Current portion of failed sale-leaseback financing obligation and deferred investment tax credit gain, origination costs								200	200			$ 300
Noncurrent portion of failed sale-leaseback financing obligation and deferred investment tax credit gain, origination costs								2,500	2,500			1,400
Current portion of failed sale-leaseback financing and deferred ITC gain												69,400
Failed sale-leaseback financing and deferred ITC gain, net of current portion								225,339	225,339			$ 169,829
Interest expense on financing obligation								2,900	11,000
Interest expense on deferred investment tax credit gain								$ 2,000	$ 5,700
Cider Solar Construction Loan Owner LLC
Debt Instrument [Line Items]
Face amount of debt		$ 81,000
Minimum
Debt Instrument [Line Items]
Imputed interest rate for financing obligation									7.20%
Incremental borrowing rate for deferred investment tax credit gain									4.50%
Maximum
Debt Instrument [Line Items]
Imputed interest rate for financing obligation									11.50%
Incremental borrowing rate for deferred investment tax credit gain									5.60%
GREC Entity HoldCo | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate (in percentage)						1.85%			1.85%
Prepayment of principal			$ 1,600
Greenbacker Renewable Energy Company LLC Premium Loan | Premium Financing Loan
Debt Instrument [Line Items]
Face amount of debt				$ 1,100
Interest rate				8.45%
Payments due, monthly				$ 100
Number of monthly installments (in monthly installments) | monthly_installment				10
Greenbacker Renewable Energy Corporation (Premium financing agreement) | Premium Financing Loan
Debt Instrument [Line Items]
Face amount of debt	$ 4,700
Interest rate	6.78%							6.78%	6.78%
Payments due, monthly	$ 500
Number of monthly installments (in monthly installments) | monthly_installment	9
Dogwood GB Manager LLC | Loans Payable
Debt Instrument [Line Items]
Basis spread on variable rate (in percentage)									1.73%
Dogwood GB Manager LLC | Loans Payable | Variable Rate, Third Timeframe
Debt Instrument [Line Items]
Basis spread on variable rate (in percentage)					0.10%
Dogwood GB Manager LLC | Loans Payable | Variable Rate, First Timeframe
Debt Instrument [Line Items]
Basis spread on variable rate (in percentage)					1.63%
Dogwood GB Manager LLC | Loans Payable | Variable Rate, Second Timeframe
Debt Instrument [Line Items]
Basis spread on variable rate (in percentage)					1.75%
Dogwood GB Manager LLC | Loans Payable | Variable Rate, Increase Per Annum
Debt Instrument [Line Items]
Increase to interest rate					0.13%
Dogwood GB Manager LLC | Loans Payable | Maximum
Debt Instrument [Line Items]
Face amount of debt					$ 90,600						$ 58,700		$ 47,100
Cider Solar Construction Owner LLC
Debt Instrument [Line Items]
Face amount of debt		$ 50,000
Cider Solar Construction Owner LLC | Loans Payable
Debt Instrument [Line Items]
Interest rate		9.75%						9.75%	9.75%
Interest rate if prepaid, percentage		0.1225
Cider Solar Construction Owner LLC | Loans Payable | Minimum
Debt Instrument [Line Items]
Prepayment premium (discount), percentage		0.2150
Cider Solar Construction Owner LLC | Loans Payable | Maximum
Debt Instrument [Line Items]
Prepayment premium (discount), percentage		0.2250

Debt - Schedule of Components o

Debt - Schedule of Components of Interest (Expense) Income Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Loan interest	$ 13,508	$ 10,728	$ 37,712	$ 31,730
Commitment / letter of credit fees	917	3,919	3,018	9,346
Amortization of deferred financing fees and discount	1,346	1,349	4,273	3,743
Interest on sale-leasebacks	4,875	0	16,711	0
Gain on interest rate swaps, net	0	0	(1,410)	0
Change in fair value of interest rate swaps, net	7,058	(24,027)	(5,197)	(35,997)
Interest capitalized	(6,203)	(5,272)	(17,001)	(16,464)
Total	21,501	(13,303)	38,106	(7,642)
Interest rate swap contracts
Debt Instrument [Line Items]
Loan interest	$ 7,700	$ 7,500	$ 22,000	$ 19,200

Debt - Schedule of Principal Pa

Debt - Schedule of Principal Payments Due on Borrowings (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024-2025	$ 111,621
2025-2026	192,757
2026-2027	190,842
2027-2028	368,037
2028-2029	73,886
Thereafter	161,609
Total	$ 1,098,752

Debt - Future Payments on Sale-

Debt - Future Payments on Sale-Leaseback Financing Arrangements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Feb. 29, 2024
Debt Disclosure [Abstract]
2024	$ 12,927
2025	13,263
2026	13,510
2027	13,611
2028	13,584
Thereafter	187,857
Total lease payments	254,752	$ 87,400
Less: imputed interest	(127,667)
Less: origination costs	(2,698)
Present value of lease payments	$ 124,387

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Thousands					3 Months Ended		9 Months Ended
	Apr. 30, 2024 USD ($)	Mar. 04, 2024 USD ($) amended_derivative_instrument	Feb. 09, 2024 USD ($)	Mar. 29, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Gain to be reclassified to income					$ 16,000		$ 16,000
Expected increase in interest expense for reclassification during the life of the hedge					31,800		31,800
Expected increase in interest expense for reclassification during next twelve months					2,000		2,000
Unrealized gain on interest rate swaps, net					(7,058)	$ 24,027	5,197	$ 35,997
Interest rate swap contracts
Derivative [Line Items]
Proceeds received from derivative instruments						$ 27,000	53,700	$ 36,900
Unrealized gain on interest rate swaps, net				$ 9,900
Interest rate swap contracts | Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Proceeds received from derivative instruments		$ 4,100
Number of instruments amended | amended_derivative_instrument		2
Reclassification from AOCI		$ 1,400
Interest rate swap contracts | Not Designated as Hedging Instrument
Derivative [Line Items]
Proceeds received from derivative instruments	$ 2,400		$ 47,200
Interest Rate Swap, Effective | Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Initial notional amount					733,500		733,500		$ 751,200
Interest Rate Swap, Effective | Not Designated as Hedging Instrument
Derivative [Line Items]
Initial notional amount					$ 126,900		$ 126,900		112,600
Interest Rate Swap, Forward Starting | Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Initial notional amount									110,100
Interest Rate Swap, Forward Starting | Not Designated as Hedging Instrument
Derivative [Line Items]
Initial notional amount									65,700
Interest Rate Swap, Deal Contingent | Not Designated as Hedging Instrument
Derivative [Line Items]
Initial notional amount									$ 284,700
Minimum
Derivative [Line Items]
Fixed swap rate					0.41%		0.41%
Maximum
Derivative [Line Items]
Fixed swap rate					4.37%		4.37%

Derivative Instruments - Estima

Derivative Instruments - Estimated Fair Value Positions of Derivative Contracts (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Outstanding notional amount	$ 860,360	$ 1,324,385
Fair Value - Assets	81,686	142,168
Fair Value - (Liabilities)	(6,416)	(5,833)
Interest rate swap contracts | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Outstanding notional amount	733,484	861,322
Fair Value - Assets	81,574	98,669
Fair Value - (Liabilities)	0	(489)
Interest rate swap contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Outstanding notional amount	126,876	463,063
Fair Value - Assets	112	43,499
Fair Value - (Liabilities)	$ (6,416)	$ (5,344)

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Contracts Recorded In Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Gain on interest rate swaps, net	$ 0	$ 0	$ 1,410	$ 0
Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income	(34,158)	35,427	(13,924)	28,234
Amortization of derivatives	1,360	1,711	3,789	5,160
Less: Taxes on total net loss recognized in other comprehensive income	8,835	9,770	3,314	8,765
Realized interest rate swaps reclassified to interest expense, net from accumulated other comprehensive income		0		0
Gain reclassified into earnings as a result of partial discontinuance of cash flow hedge from other comprehensive income		0		0
Change in fair value of interest rate swaps, net	0	0	0	0
Gain on interest rate swaps, net	0		1,410
Not Designated as Hedging Instrument
Derivative [Line Items]
Gain (loss) recognized in other comprehensive income	0	0	0	0
Amortization of derivatives	(752)	(36)	(2,449)	(108)
Less: Taxes on total net loss recognized in other comprehensive income	0	0	0	0
Realized interest rate swaps reclassified to interest expense, net from accumulated other comprehensive income		(7,502)		(19,211)
Gain reclassified into earnings as a result of partial discontinuance of cash flow hedge from other comprehensive income		0		6,297
Change in fair value of interest rate swaps, net	(7,058)	$ 24,027	5,197	$ 35,997
Gain on interest rate swaps, net	$ 0		$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate			2.20%	9.90%
Benefit from income taxes	$ 8,834	$ 11,536	$ 2,579	$ 14,155
Valuation allowance	$ 2,500		$ 2,500

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions			3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) agreement	Jul. 02, 2024 USD ($)	Mar. 31, 2023 USD ($) MW	Sep. 30, 2024 USD ($) agreement	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
Power of solar panel (in megawatts) | MW			107
Total purchase price			$ 39.2		$ 33.1
Payment for obligations	$ 16.6
Percentage of deposits	50%			50%
Amount received from vendor for solar panels	$ 0.6			$ 0.6
Loss of direct operating costs	$ 16			$ 16
Damages to rooftop property		$ 2
Number of forward sales agreements | agreement	2			2
Percentage of sales commitment	100%			100%
Commitment to fund construction of facilities
Other Commitments [Line Items]
Funding commitment				$ 800
Minimum | PPA contracts
Other Commitments [Line Items]
Power purchase agreement, term of contract (in years)				1 year
Maximum | PPA contracts
Other Commitments [Line Items]
Power purchase agreement, term of contract (in years)				5 years
Standby Letters of Credit
Other Commitments [Line Items]
Maximum borrowing capacity	$ 176.3			$ 176.3
Unused letters of credit	0			0
Parent Company Guarantees
Other Commitments [Line Items]
Guarantor obligations	$ 1,000			$ 1,000

Commitments and Contingencies_2

Commitments and Contingencies - Future Commitments Under Renewable Energy Contracts (Details) renewable_energy_credit in Thousands	Sep. 30, 2024 renewable_energy_credit
Commitments and Contingencies Disclosure [Abstract]
2024-2025	85
2025-2026	75
2026-2027	48
2027-2028	47
2028-2029	47
Thereafter	231
Total	533

Commitments and Contingencies_3

Commitments and Contingencies - Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Operating Leases
2024-2025	$ 14,081
2025-2026	13,838
2026-2027	13,962
2027-2028	14,039
2028-2029	14,193
Thereafter	447,468
Total lease payments	517,581
Less: Imputed interest	(314,219)
Present value of lease liabilities	203,362
Finance Leases
2024-2025	18
2025-2026	18
2026-2027	8
2027-2028	0
2028-2029	0
Thereafter	0
Total lease payments	44
Less: Imputed interest	(3)
Present value of lease liabilities	$ 41

Related Parties - Narrative (De

Related Parties - Narrative (Details) shares in Thousands, $ in Thousands			1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 01, 2023 USD ($) shares	May 19, 2022 uSD_per_hour	Sep. 30, 2023 shares	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Management fee payable					$ 33,408		$ 23,310
Other noncurrent assets					220,388		140,740
Earnout and Class P-I value of shares				$ 3,900
Class P-I shares
Related Party Transaction [Line Items]
Class P-I Share reclassification to permanent equity					3,090
Participating Earnout Shares
Related Party Transaction [Line Items]
Redeemable noncontrolling interests					$ 700		700
Restricted share units
Related Party Transaction [Line Items]
Granted (in shares) | shares			100		2,679
Number of shares forfeited (in shares) | shares			100		138
Related Party
Related Party Transaction [Line Items]
Cash severance	$ 1,300
Consulting, transition and other services	$ 200
Related Party | Restricted share units
Related Party Transaction [Line Items]
Granted (in shares) | shares	100
Number of shares forfeited (in shares) | shares	100
Related Party | Greenbacker Administration
Related Party Transaction [Line Items]
Fee (usd per hour) | uSD_per_hour		200
Related Party | GREC
Related Party Transaction [Line Items]
Maximum term to file with Securities Exchange Commission (in months)		12 months
Related Party | GROZ
Related Party Transaction [Line Items]
Base management fee payable, monthly rate					0.125%
Base management fee payable, annual rate					1.50%
Related Party | GDEV and GDEV B | Minimum
Related Party Transaction [Line Items]
Base management fee payable, annual rate					1.75%
Related Party | GDEV and GDEV B | Maximum
Related Party Transaction [Line Items]
Base management fee payable, annual rate					2%
Related Party | GDEV II | Minimum
Related Party Transaction [Line Items]
Base management fee payable, annual rate					1.50%
Related Party | GDEV II | Maximum
Related Party Transaction [Line Items]
Base management fee payable, annual rate					2%
Related Party | GREC II
Related Party Transaction [Line Items]
Base management fee payable, monthly rate					1.25%
Construction in progress, obligations guaranteed							38,600
Related Party | AEC Companies
Related Party Transaction [Line Items]
Management fee payable					$ 100		100
Other noncurrent assets					$ 100		$ 200
Payments received on loan receivable						$ 100

Related Parties - Schedule of I

Related Parties - Schedule of Investment Management Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Total net revenue	$ 52,002	$ 45,101	$ 153,005	$ 127,353
Related Party | GROZ | Management fees
Related Party Transaction [Line Items]
Total net revenue	73	73	218	218
Related Party | GDEV I | Management fees
Related Party Transaction [Line Items]
Total net revenue	523	604	1,694	1,854
Related Party | GDEV II | Management fees
Related Party Transaction [Line Items]
Total net revenue	495	83	1,653	1,115
Related Party | GREC II | Management fees
Related Party Transaction [Line Items]
Total net revenue	1,550	1,052	4,386	2,641
Related Party | GREC II | Performance participation fee
Related Party Transaction [Line Items]
Total net revenue	0	0	1,088	1,155
Related Party | GREC II | Administrative fees
Related Party Transaction [Line Items]
Total net revenue	$ 2,232	$ 1,036	$ 5,367	$ 2,427

Related Parties - Schedule of_2

Related Parties - Schedule of Investment Management Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts receivable, net	$ 33,408	$ 23,310
Related Party | GROZ | Management fees receivable
Related Party Transaction [Line Items]
Accounts receivable, net	73	194
Related Party | GDEV I | Management fees receivable
Related Party Transaction [Line Items]
Accounts receivable, net	4	0
Related Party | GDEV II | Management fees receivable
Related Party Transaction [Line Items]
Accounts receivable, net	0	797
Related Party | GREC II | Management fees receivable
Related Party Transaction [Line Items]
Accounts receivable, net	3,065	2,265
Related Party | GREC II | Performance participation fee
Related Party Transaction [Line Items]
Accounts receivable, net	1,088	499
Related Party | GREC II | Administrative fee receivable
Related Party Transaction [Line Items]
Accounts receivable, net	$ 3,811	$ 2,408

Related Parties - Schedule of R

Related Parties - Schedule of Related Party Transactions (Details) - Related Party - GREC II $ in Millions	Sep. 30, 2024 USD ($)
Related Party Transaction [Line Items]
Base management fee payable, monthly rate	1.25%
Class I, Class D, Class T And Class S | Related Party Transaction, Fee Arrangement, Scenario One
Related Party Transaction [Line Items]
Aggregate NAV (Class I, Class D, Class T, and Class S shares)	$ 1,500
Base management fee payable, annual rate	1.75%
Base management fee payable, monthly rate	0.15%
Class I, Class D, Class T And Class S | Related Party Transaction, Fee Arrangement, Scenario Two
Related Party Transaction [Line Items]
Aggregate NAV (Class I, Class D, Class T, and Class S shares)	$ 1,500
Base management fee payable, annual rate	1.50%
Base management fee payable, monthly rate	0.13%

Noncontrolling Interests and _3

Noncontrolling Interests and Redeemable Noncontrolling Interests - Redeemable Noncontrolling Interest (Details) - Tax Equity Investors - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Redeemable NCI attributable to Tax Equity Investors	$ 1,828	$ 2,179
NCI attributable to Tax Equity Investors	$ 111,080	$ 113,736

Noncontrolling Interests and _4

Noncontrolling Interests and Redeemable Noncontrolling Interests - Noncontrolling Interest (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 04, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Noncontrolling Interest [Line Items]
Contributions from Tax Equity Investors				$ 87,692	$ 73,910
Contributions from Tax Equity Investors, net		$ 48,096	$ 18,236	61,408	73,875
Distributions to Tax Equity Investors		6,278	4,812	15,182	13,299
Less: Distributions paid in the current period	$ 1,200			12,906	12,828
Tax Equity Investors
Noncontrolling Interest [Line Items]
Net loss attributable to NCI		$ (12,103)	$ (15,088)	(48,905)	(64,227)
Contributions from Tax Equity Investors				70,407	76,539
Less: Syndication costs				8,999	2,801
Contributions from Tax Equity Investors, net				61,408	73,738
Distributions to Tax Equity Investors				14,764	13,845
Less: Distributions paid in the current period				12,906	10,068
Non-cash distributions to noncontrolling interests				$ 1,858	$ 3,777

Noncontrolling Interests and _5

Noncontrolling Interests and Redeemable Noncontrolling Interests - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Noncontrolling interests	$ 225,781		$ 225,781		$ 113,875
GREC II | Illinois Winds LLC | Related Party
Noncontrolling Interest [Line Items]
Noncontrolling interests	114,600		114,600
GDEV GP
Noncontrolling Interest [Line Items]
Noncontrolling interests	0		0		0
Net income (loss) attributable to noncontrolling interest	0	$ 0	0	$ 0
GDEV GP II
Noncontrolling Interest [Line Items]
Noncontrolling interests	0		0		0
Net income (loss) attributable to noncontrolling interest	0	$ 0	0	$ 0
Other Noncontrolling Interest
Noncontrolling Interest [Line Items]
Noncontrolling interests	$ 200		$ 200		$ 200

Equity - Narrative (Details)

Equity - Narrative (Details)				9 Months Ended		28 Months Ended
	Jan. 17, 2024 USD ($)	Apr. 17, 2023 USD ($)	May 19, 2022 $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Distribution Made to Limited Partner [Line Items]
Total shares authorized (in shares)				400,000,000		400,000,000
Common shares, shares authorized (in shares)				350,000,000		350,000,000	350,000,000
Preferred stock, shares authorized (in shares)				50,000,000		50,000,000	50,000,000
Shares offered, DRP | $	$ 20,000,000	$ 20,000,000
Liquidation performance participation fee, percentage of net proceeds in excess of adjusted capital				0.2000
Liquidation performance participation payable | $				$ 0		$ 0	$ 0
Compensation expense | $				$ 0	$ 0
Common shares, par value (in dollars per share) | $ / shares				$ 0.001		$ 0.001	$ 0.001
Reclassification of participating Earnout Shares | $				$ 2,700,000	$ 30,800,000
Fair value of shares not yet achieved status of participating | $				$ 35,900,000		$ 35,900,000	$ 42,300,000
Preferred shares, shares issued (in shares)				0		0	0
Preferred shares, shares outstanding (in shares)				0		0	0
Distribution Reinvestment Plan
Distribution Made to Limited Partner [Line Items]
Shares issued (in shares)				10,800,000		10,800,000	10,000,000
Common Class EO | Acquired Entities
Distribution Made to Limited Partner [Line Items]
Earnout shares (in shares)			13,100,000
Common shares, par value (in dollars per share) | $ / shares			$ 0.001
Common Class EO | Acquired Entities | Tranche 1 Earnout Shares
Distribution Made to Limited Partner [Line Items]
Earnout shares (in shares)			4,400,000
Common Class EO | Acquired Entities | Tranche 1 Earnout Shares | Conversion to participating shares, threshold one
Distribution Made to Limited Partner [Line Items]
Earnout shares (in shares)				300,000
Quarterly run rate | $				$ 8,300,000
Maximum amount of that achieve the status of Participating Earnout Shares | $				$ 12,500,000
Common Class EO | Acquired Entities | Tranche 2 Earnout Shares
Distribution Made to Limited Partner [Line Items]
Earnout shares (in shares)			4,400,000
Common Class EO | Acquired Entities | Tranche 3 Earnout Shares
Distribution Made to Limited Partner [Line Items]
Earnout shares (in shares)			4,400,000
Class A shares | Distribution Reinvestment Plan
Distribution Made to Limited Partner [Line Items]
Shares issued (in shares)				3,400,000		3,400,000	3,300,000
Class C shares | Distribution Reinvestment Plan
Distribution Made to Limited Partner [Line Items]
Shares issued (in shares)				600,000		600,000	600,000
Class I shares | Distribution Reinvestment Plan
Distribution Made to Limited Partner [Line Items]
Shares issued (in shares)				1,700,000		1,700,000	1,600,000
Class P-A shares | Distribution Reinvestment Plan
Distribution Made to Limited Partner [Line Items]
Shares issued (in shares)				100,000		100,000	100,000
Class P-I shares | Distribution Reinvestment Plan
Distribution Made to Limited Partner [Line Items]
Shares issued (in shares)				3,200,000		3,200,000	2,800,000
Class P-I shares | Acquired Entities
Distribution Made to Limited Partner [Line Items]
Equity consideration (in shares)			24,400,000			24,400,000
Common shares, par value (in dollars per share) | $ / shares			$ 0.001
Class P-D shares | Distribution Reinvestment Plan
Distribution Made to Limited Partner [Line Items]
Shares issued (in shares)				4,200		4,200	3,700
Class P-S shares | Distribution Reinvestment Plan
Distribution Made to Limited Partner [Line Items]
Shares issued (in shares)				1,800,000		1,800,000	1,600,000
Class P-T shares | Distribution Reinvestment Plan
Distribution Made to Limited Partner [Line Items]
Shares issued (in shares)				16,400		16,400	14,400

Equity - Quarterly Share Repurc

Equity - Quarterly Share Repurchase Limits (Details)	36 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stock repurchase limit, percentage of weighted average number of shares during any 12-month period	0.2000
Stock repurchase limit, percentage of weighted average number of Shares prior four fiscal quarters	0.0500

Equity - Schedule of Shares Iss

Equity - Schedule of Shares Issued and Outstanding (Details) - shares shares in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	199,182	199,334	198,622	198,622
Shares issued through reinvestment of distributions (in shares)	0	218	652
Shares repurchased (in shares)	(102)	(523)	(119)
Shares transferred (in shares)	0	0	0
Other capital activity (in shares)	340	153	179
Ending balance (in shares)	199,420	199,182	199,334	199,420
Class A shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	15,903	15,899	15,809	15,809
Shares issued through reinvestment of distributions (in shares)	0	36	105
Shares repurchased (in shares)	(19)	(32)	(15)
Shares transferred (in shares)	0	0	0
Other capital activity (in shares)	0	0	0
Ending balance (in shares)	15,884	15,903	15,899	15,884
Class C shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	2,723	2,714	2,706	2,706
Shares issued through reinvestment of distributions (in shares)	0	9	25
Shares repurchased (in shares)	(2)	0	(17)
Shares transferred (in shares)	0	0	0
Other capital activity (in shares)	0	0	0
Ending balance (in shares)	2,721	2,723	2,714	2,721
Class I shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	6,605	6,597	6,533	6,533
Shares issued through reinvestment of distributions (in shares)	0	20	64
Shares repurchased (in shares)	(23)	(12)	0
Shares transferred (in shares)	0	0	0
Other capital activity (in shares)	0	0	0
Ending balance (in shares)	6,582	6,605	6,597	6,582
Class P-A shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	863	859	850	850
Shares issued through reinvestment of distributions (in shares)	0	4	9
Shares repurchased (in shares)	(3)	0	0
Shares transferred (in shares)	0	0	0
Other capital activity (in shares)	0	0	0
Ending balance (in shares)	860	863	859	860
Class P-I shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	123,993	124,310	124,039	124,039
Shares issued through reinvestment of distributions (in shares)	0	99	291
Shares repurchased (in shares)	(22)	(422)	(37)
Shares transferred (in shares)	56	0	11
Other capital activity (in shares)	338	6	6
Ending balance (in shares)	124,365	123,993	124,310	124,365
Class P-D shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	193	193	192	192
Shares issued through reinvestment of distributions (in shares)	0	0	1
Shares repurchased (in shares)	0	0	0
Shares transferred (in shares)	0	0	0
Other capital activity (in shares)	0	0	0
Ending balance (in shares)	193	193	193	193
Class P-S shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	44,657	44,608	44,514	44,514
Shares issued through reinvestment of distributions (in shares)	0	49	155
Shares repurchased (in shares)	(33)	0	(50)
Shares transferred (in shares)	(56)	0	(11)
Other capital activity (in shares)	0	0	0
Ending balance (in shares)	44,568	44,657	44,608	44,568
Class P-T shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	252	251	249	249
Shares issued through reinvestment of distributions (in shares)	0	1	2
Shares repurchased (in shares)	0	0	0
Shares transferred (in shares)	0	0	0
Other capital activity (in shares)	0	0	0
Ending balance (in shares)	252	252	251	252
Common Class EO
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	3,993	3,903	3,730	3,730
Shares issued through reinvestment of distributions (in shares)	0	0	0
Shares repurchased (in shares)	0	(57)	0
Shares transferred (in shares)	0	0	0
Other capital activity (in shares)	2	147	173
Ending balance (in shares)	3,995	3,993	3,903	3,995

Equity - Schedule of Distributi

Equity - Schedule of Distributions (Details) - $ / shares	3 Months Ended								7 Months Ended	11 Months Ended	12 Months Ended	18 Months Ended	31 Months Ended
	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2017	Oct. 31, 2016	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Nov. 30, 2020	May 31, 2024	Oct. 31, 2018	Apr. 30, 2020	Jun. 30, 2023
Class A shares
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distribution paid (in dollars per share)	$ 0.00167	$ 0.00167	$ 0.00168	$ 0.00169	$ 0.00168	$ 0.00166	$ 0.00166	$ 0.00165	$ 0.00152	$ 0.00152	$ 0.00167	$ 0.00167	$ 0.00152
Class C shares
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distribution paid (in dollars per share)	0.00163	0.00163	0.00164	0.00164	0.00168	0.00166	0.00166	0.00165	0.00149	0.00149	0.00163	0.00163	0.00149
Class I shares
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distribution paid (in dollars per share)	0.00167	0.00167	0.00168	0.00169	0.00168	0.00166	0.00166	0.00165	0.00152	0.00152	0.00167	0.00167	0.00152
Class P-A shares
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distribution paid (in dollars per share)	0	0.00160	0.00160	0.00160	0.00160	0.00158	0	0	0.00153	0.00152	0	0.00165	0.00152
Class P-I shares
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distribution paid (in dollars per share)	0.00159	0.00158	0.00160	0.00160	0.00160	0.00158	0	0	0.00158	0.00158	0.00158	0.00158	0.00158
Class P-D shares
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distribution paid (in dollars per share)	0	0	0	0	0	0	0	0	0	0.00158	0	0	0.00158
Class P-T shares
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distribution paid (in dollars per share)	0	0	0	0	0	0	0	0	0	0.00158	0	0	0.00158
Class P-S shares
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distribution paid (in dollars per share)	0	0	0	0	0	0	0	0	0	0.00158	0	0	0.00158
Class EO shares
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distribution paid (in dollars per share)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0.00158	$ 0	$ 0	$ 0

Equity - Distributions (Details

Equity - Distributions (Details) - USD ($) $ in Thousands														3 Months Ended		8 Months Ended	9 Months Ended
	May 01, 2024	Mar. 31, 2024	Mar. 01, 2024	Feb. 01, 2024	Oct. 02, 2023	Sep. 01, 2023	Aug. 01, 2023	Jul. 03, 2023	Jun. 01, 2023	May 01, 2023	Mar. 31, 2023	Mar. 01, 2023	Feb. 01, 2023	May 02, 2024	Sep. 30, 2023	Oct. 03, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Paid in Cash	$ 7,373	$ 7,607	$ 7,145	$ 7,610	$ 7,003	$ 7,226	$ 7,232	$ 7,145	$ 7,373	$ 7,114	$ 7,420	$ 6,679	$ 7,386	$ 29,735		$ 64,578
Issuance of common shares under distribution reinvestment plan	1,757	1,821	1,691	1,787	1,873	1,935	1,926	1,871	1,934	1,888	1,942	1,777	1,975	7,056	$ 5,734	17,121	$ 7,056	$ 17,122
Total					$ 8,876	$ 9,161	$ 9,158	$ 9,016	$ 9,307	$ 9,002	$ 9,362	$ 8,456	$ 9,361		$ 27,627	$ 81,699	$ 36,717	$ 82,131
Total	$ 9,130	$ 9,428	$ 8,836	$ 9,397										$ 36,791

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended				3 Months Ended		9 Months Ended
	Jul. 31, 2024	Feb. 29, 2024	Sep. 30, 2023	May 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense					$ 1,275	$ 4,480	$ 12,980	$ 9,992
Restricted share units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted (in shares)			100				2,679
Weighted average fair value of grants during period (in dollars per share)							$ 7.78
Unrecognized compensation expense					15,300		$ 15,300
Weighted-average period for recognition of unrecognized compensation cost (in years)							1 year 7 months 9 days
Number of shares forfeited (in shares)			100				138
Fair value of grants in period			$ 700
Share-based compensation expense					1,632	142	$ 6,243	162
Restricted share units | Tranche 1 Earnout Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage			67%
Restricted share units | Tranche 2 Earnout Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage			33%
Performance restricted share units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted (in shares)	1,300	700					1,987
Weighted average fair value of grants during period (in dollars per share)							$ 3.92
Number of shares forfeited (in shares)							65
Grant date fair value	$ 5,300	$ 2,500
Share-based compensation expense					690	128	$ 1,536	128
Common Class EO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense					3,400		$ 3,400
Weighted-average period for recognition of unrecognized compensation cost (in years)							1 year 9 months 18 days
Share-based compensation expense					(1,360)	$ 2,836	$ 2,571	$ 8,023
Forfeitures					$ 1,400		$ 2,400
2023 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for future grants (in shares)					6,200		6,200
2023 Equity Incentive Plan | Class P-I shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized percentage of common shares that are issued and outstanding for issuance to employee and non-employee directors				5%
Percentage increase on each anniversary to authorized percentage of common shares that are issued and outstanding for issuance to employee and non-employee directors				1%
Maximum percentage of common shares that are issued and outstanding for issuance to employee and non-employee directors				10%
Minimum | 2023 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)				1 year
Maximum | 2023 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)				4 years

Share-based Compensation - Shar

Share-based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 1,275	$ 4,480	$ 12,980	$ 9,992
Restricted share units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	1,632	142	6,243	162
Cash-settled restricted share units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	0	665	19	665
Performance restricted share units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	690	128	1,536	128
Director’s fees
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	48	49	144	146
GDEV I incentive fees
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	(29)	556	265	685
GDEV II incentive fees
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	284	0	2,168	0
GDEV II special profits interest
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	10	104	34	183
EO Awards
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ (1,360)	$ 2,836	$ 2,571	$ 8,023

Share-based Compensation - Summ

Share-based Compensation - Summary of Restricted and Performance Stock Unit Activity (Details) - $ / shares shares in Thousands	1 Months Ended			9 Months Ended
	Jul. 31, 2024	Feb. 29, 2024	Sep. 30, 2023	Sep. 30, 2024
Restricted Share Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unvested balance, beginning balance (in shares)				267
Granted (in shares)			100	2,679
Vested (in shares)				(551)
Forfeited (in shares)			(100)	(138)
Unvested balance, ending balance (in shares)				2,257
Weighted Average Fair Value
Unvested balance, Weighted Average Fair Value, beginning balance (in dollars per share)				$ 7.78
Granted, Weighted Average Fair Value (in dollars per share)				7.78
Vested, Weighted Average Fair Value (in dollars per share)				8.17
Forfeited, Weighted Average Fair Value (in dollars per share)				7.34
Unvested balance, Weighted Average Fair Value, ending balance (in dollars per share)				$ 7.71
Performance Restricted Share Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unvested balance, beginning balance (in shares)				1,067
Granted (in shares)	1,300	700		1,987
Forfeited (in shares)				(65)
Unvested balance, ending balance (in shares)				2,989
Weighted Average Fair Value
Unvested balance, Weighted Average Fair Value, beginning balance (in dollars per share)				$ 4.40
Granted, Weighted Average Fair Value (in dollars per share)				3.92
Forfeited, Weighted Average Fair Value (in dollars per share)				3.74
Unvested balance, Weighted Average Fair Value, ending balance (in dollars per share)				$ 4.09

Share-based Compensation - Assu

Share-based Compensation - Assumptions and Related Information To Determine Grant Date Fair Value of Performance Restricted Stock Units (Details) - Performance Restricted Share Units - $ / shares	1 Months Ended
	Jul. 31, 2024	Feb. 29, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance period (in years)	3 years	3 years
Expected share volatility	25.10%	28.60%
Dividend yield	0%	0%
Daily distribution rate (in dollars per share)	$ 0	$ 0.00158
Risk-free interest rate	4.30%	4.70%
Class P-I shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant-date fair value per Class P-I share (in dollars per share)	$ 7.97	$ 8.27

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Numerator and Denominator of Basic Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic and diluted:
Net loss attributable to Greenbacker Renewable Energy Company LLC	$ (46,372)	$ (60,461)	$ (65,677)	$ (63,648)
Weighted average common shares outstanding used in computing net loss per share- basic (in shares)	199,486	197,153	199,273	199,653
Weighted average common shares outstanding used in computing net loss per share- diluted (in shares)	199,486	197,153	199,273	199,653
Net loss per share- basic (in dollars per share)	$ (0.23)	$ (0.31)	$ (0.33)	$ (0.32)
Net loss per share- diluted (in dollars per share)	$ (0.23)	$ (0.31)	$ (0.33)	$ (0.32)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Anti-dilutive shares excluded from calculation of diluted earnings per share (in shares)	5.2	1.4	5.2	1.4

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2
Number of operating segments	2

Segment Reporting - Schedule of

Segment Reporting - Schedule of Reportable Segment Financial Results, Revenue and Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Total net revenue	$ 52,002		$ 45,101	$ 153,005	$ 127,353
Segment Adjusted EBITDA:
Adjusted EBITDA	2,060		10,140	33,347	29,280
Reconciliation:
Share-based compensation expense	1,275		4,480	12,980	9,992
Change in fair value of contingent consideration	(4,690)		(5,420)	(3,764)	(4,103)
Non-recurring professional services and legal fees	3,036		729	7,094	2,921
Non-recurring salaries and personnel related expenses	1,257		1,250	1,659	1,250
Depreciation, amortization and accretion	24,353		58,902	71,746	119,058
Gain on deconsolidation, net	0		0	(5,722)	0
Impairment of long-lived assets, net	26,380	$ 6,300	50,662	32,710	50,662
Impairment of long-lived assets, net and project termination costs	12,700		50,700	19,000
Operating loss	(49,551)		(100,463)	(83,356)	(150,500)
Interest (expense) income, net	(21,134)		13,369	(35,158)	7,912
Change in fair value of investments, net	2,822		(1,945)	656	(1,268)
Other income, net	630		215	628	245
Loss before income taxes	(67,233)		(88,824)	(117,230)	(143,611)
Benefit from income taxes	8,834		11,536	2,579	14,155
Net loss	(58,399)		(77,288)	(114,651)	(129,456)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(12,027)		(16,827)	(48,974)	(65,808)
Net loss attributable to Greenbacker Renewable Energy Company LLC	(46,372)		(60,461)	(65,677)	(63,648)
Less: Contract amortization on PPA and REC contracts intangible assets and (out-of-market contracts), net	3,355		4,088	9,430	13,832
Operating Segments
Segment Adjusted EBITDA:
Adjusted EBITDA	8,898		16,534	53,683	51,185
Unallocated corporate expenses
Segment Adjusted EBITDA:
Adjusted EBITDA	(6,838)		(6,394)	(20,336)	(21,905)
Energy revenue
Revenue
Total net revenue	48,396		43,721	143,271	126,115
Other revenue
Revenue
Total net revenue	2,083		2,626	4,778	5,896
Contract amortization, net
Revenue
Total net revenue	(3,355)		(4,088)	(9,430)	(13,832)
Investment Management revenue
Revenue
Total net revenue	4,878		2,842	14,386	9,174
IPP
Revenue
Total net revenue	47,124		42,259	138,619	118,179
IPP | Operating Segments
Segment Adjusted EBITDA:
Adjusted EBITDA	9,580		18,657	54,665	55,460
IPP | Energy revenue
Revenue
Total net revenue	48,396		43,721	143,271	126,115
IPP | Other revenue
Revenue
Total net revenue	2,083		2,626	4,778	5,896
IPP | Contract amortization, net
Revenue
Total net revenue	(3,355)		(4,088)	(9,430)	(13,832)
IM | Operating Segments
Segment Adjusted EBITDA:
Adjusted EBITDA	(682)		(2,123)	(982)	(4,275)
IM | Investment Management revenue
Revenue
Total net revenue	$ 4,878		$ 2,842	$ 14,386	$ 9,174

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Oct. 24, 2024 USD ($)	Oct. 11, 2024 USD ($)	Oct. 07, 2024 subsidiary	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Financing receivable, after allowance for credit loss, current				$ 5,121	$ 28,491
OYA
Subsequent Event [Line Items]
Financing receivable, after allowance for credit loss, current				$ 5,000	$ 0
Subsequent Event
Subsequent Event [Line Items]
Number of subsidiaries | subsidiary			2
Subsequent Event | OYA | Affiliated Entity
Subsequent Event [Line Items]
Financing receivable, after allowance for credit loss, current		$ 2,100
Subsequent Event | Revolving Credit Facility | Cider Project | Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 870,000
Subsequent Event | Secured Debt | Cider Project | Line of Credit
Subsequent Event [Line Items]
Face amount of debt	372,600
Subsequent Event | Bridge Loan | Cider Project | Line of Credit
Subsequent Event [Line Items]
Face amount of debt	417,800
Subsequent Event | Letter of Credit Commitment | Cider Project | Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 79,500