Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | |
Dec. 31, 2014 | Mar. 04, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | CK0001563922 | |
Entity Registrant Name | Greenbacker Renewable Energy Co LLC | |
Entity Central Index Key | 1563922 | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,613,502 | |
Entity Public Float | $0 |
CONSOLIDATED_STATEMENTS_OF_ASS
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||
Investments, at fair value (cost of $2,688,136 and $0, respectively) | $2,737,501 | |
Cash and cash equivalents | 7,567,061 | 202,000 |
Shareholder receivable | 274,098 | |
Receivable from advisor for capital contribution | 193,000 | |
Due from advisor | 49,291 | |
Other assets | 1,186 | |
Total assets | 10,822,137 | 202,000 |
LIABILITIES | ||
Management fee payable | 15,114 | |
Accounts payable and accrued expenses | 237,548 | |
Shareholder distributions payable | 56,820 | |
Total liabilities | 309,482 | |
Commitments and contingencies (See Note 2, Note 5 and Note 7) | ||
MEMBERS' EQUITY (NET ASSETS) | ||
Preferred stock, par value $.001 per share, 50,000,000 authorized, none issued and outstanding | ||
Common stock, par value $.001 per share, 350,000,000 authorized; 1,236,345 and 20,200 shares issued and outstanding, respectively | 1,236 | 20 |
Paid-in capital in excess of par value | 10,609,460 | 201,980 |
Capital contribution from advisor | 193,000 | |
Accumulated deficit | -340,406 | |
Net unrealized appreciation on investments and foreign currency translation | 39,519 | |
Total common stockholders' equity | 10,502,809 | 202,000 |
Special unitholder's equity | 9,846 | |
Total members' equity (net assets) | 10,512,655 | 202,000 |
Total liabilities and net assets | 10,822,137 | 202,000 |
Total common stockholders' equity | 10,502,809 | 202,000 |
Class A [Member] | ||
MEMBERS' EQUITY (NET ASSETS) | ||
Net assets | 9,326,240 | 202,000 |
Class C [Member] | ||
MEMBERS' EQUITY (NET ASSETS) | ||
Net assets | 721,773 | |
Class I [Member] | ||
MEMBERS' EQUITY (NET ASSETS) | ||
Net assets | $454,796 |
CONSOLIDATED_STATEMENTS_OF_ASS1
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Investments at fair value, cost | $2,688,136 | $0 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 1,236,345 | 20,200 |
Common stock, shares outstanding | 1,236,345 | 20,200 |
Class A [Member] | ||
Common stock, shares outstanding | 1,097,844 | 20,200 |
Class C [Member] | ||
Common stock, shares outstanding | 84,964 | 0 |
Class I [Member] | ||
Common stock, shares outstanding | 53,537 | 0 |
CONSOLIDATED_STATEMENT_OF_OPER
CONSOLIDATED STATEMENT OF OPERATIONS (USD $) | 9 Months Ended |
Dec. 31, 2014 | |
Investment income: | |
Dividends from investments | $37,121 |
Interest from investments | 1,170 |
Total investment income | 38,291 |
Operating expenses: | |
Management fees | 64,282 |
General and administration costs | 99,885 |
Audit expense | 209,229 |
Insurance expense | 55,883 |
Directors fees and expenses | 71,250 |
Organizational expenses | 66,750 |
Printing and mailing expenses | 53,457 |
Other expenses | 60,618 |
Operating expenses before expense waiver and reimbursement | 681,354 |
Pre-operating expenses | 222,734 |
Waiver of management fees | -21,228 |
Expense reimbursement from advisor | -648,720 |
Total expenses net of expense waiver and reimbursement | 234,140 |
Net investment loss | -195,849 |
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies | |
Net realized loss on foreign currency transaction | -136 |
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies | 49,365 |
Net decrease in net assets resulting from operations | -146,620 |
Net decrease in net assets attributed to special unitholder | -9,846 |
Net decrease in net assets attributed to common stockholders | ($156,466) |
Common stock per share information - basic and diluted: | |
Net investment loss | ($0.38) |
Net decrease in net assets attributed to common stockholders | ($0.30) |
Weighted average common shares outstanding | 513,052 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (USD $) | 3 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 05, 2013 | ||
Beginning Balance | $202,000 | |||||
Proceeds from Issuance of common stock to advisor and affiliate | 202,000 | 11,142,326 | ||||
Issuance of common stocks, Shares | 1,216,145 | [1] | ||||
Capital contribution from advisor | 193,000 | 193,000 | ||||
Offering Costs | -732,630 | |||||
Redemption of common stock | -1,000 | |||||
Shareholder distributions | -144,421 | |||||
Net investment loss and realized loss on foreign currency translation | -195,985 | |||||
Net unrealized appreciation on investments and foreign currency translation | 49,365 | 49,365 | ||||
Ending Balance | 10,512,655 | 202,000 | 10,512,655 | 10,512,655 | ||
Net investment loss | -106,838 | -195,849 | ||||
Special unitholder's [Member] | ||||||
Beginning Balance | ||||||
Proceeds from Issuance of common stock to advisor and affiliate | ||||||
Capital contribution from advisor | ||||||
Offering Costs | ||||||
Redemption of common stock | ||||||
Shareholder distributions | ||||||
Net investment loss and realized loss on foreign currency translation | ||||||
Net unrealized appreciation on investments and foreign currency translation | 9,846 | |||||
Ending Balance | 9,846 | 9,846 | 9,846 | |||
Par value [Member] | ||||||
Beginning Balance | 20 | |||||
Beginning Balance, Shares | 20,200 | |||||
Proceeds from Issuance of common stock to advisor and affiliate | 20 | 1,216 | ||||
Issuance of common stocks, Shares | 20,200 | 1,216,245 | ||||
Capital contribution from advisor | ||||||
Offering Costs | ||||||
Redemption of common stock | ||||||
Redemption of common stock, Shares | -100 | |||||
Shareholder distributions | ||||||
Net investment loss and realized loss on foreign currency translation | ||||||
Net unrealized appreciation on investments and foreign currency translation | ||||||
Ending Balance | 1,236 | 20 | 1,236 | 1,236 | ||
Ending Balance, Shares | 1,236,345 | 20,200 | 1,236,345 | 1,236,345 | ||
Paid-in capital in excess of par value [Member] | ||||||
Beginning Balance | 201,980 | |||||
Proceeds from Issuance of common stock to advisor and affiliate | 201,980 | 11,141,110 | ||||
Capital contribution from advisor | ||||||
Offering Costs | -732,630 | |||||
Redemption of common stock | -1,000 | |||||
Shareholder distributions | ||||||
Net investment loss and realized loss on foreign currency translation | ||||||
Net unrealized appreciation on investments and foreign currency translation | ||||||
Ending Balance | 10,609,460 | 201,980 | 10,609,460 | 10,609,460 | ||
Capital contribution from advisor [Member] | ||||||
Beginning Balance | ||||||
Proceeds from Issuance of common stock to advisor and affiliate | ||||||
Capital contribution from advisor | 193,000 | |||||
Offering Costs | ||||||
Redemption of common stock | ||||||
Shareholder distributions | ||||||
Net investment loss and realized loss on foreign currency translation | ||||||
Net unrealized appreciation on investments and foreign currency translation | ||||||
Ending Balance | 193,000 | 193,000 | 193,000 | |||
Accumulated deficit [Member] | ||||||
Beginning Balance | ||||||
Proceeds from Issuance of common stock to advisor and affiliate | ||||||
Offering Costs | ||||||
Redemption of common stock | ||||||
Shareholder distributions | -144,421 | |||||
Net investment loss and realized loss on foreign currency translation | -195,985 | |||||
Net unrealized appreciation on investments and foreign currency translation | ||||||
Ending Balance | -340,406 | -340,406 | -340,406 | |||
Accumulated unrealized appreciation on investments and foreign currency translation [Member] | ||||||
Beginning Balance | ||||||
Proceeds from Issuance of common stock to advisor and affiliate | ||||||
Offering Costs | ||||||
Redemption of common stock | ||||||
Shareholder distributions | ||||||
Net investment loss and realized loss on foreign currency translation | ||||||
Net unrealized appreciation on investments and foreign currency translation | 39,519 | |||||
Ending Balance | 39,519 | 39,519 | 39,519 | |||
Common stockholders' equity [Member] | ||||||
Beginning Balance | 202,000 | |||||
Proceeds from Issuance of common stock to advisor and affiliate | 202,000 | 11,142,326 | ||||
Capital contribution from advisor | 193,000 | |||||
Offering Costs | -732,630 | |||||
Redemption of common stock | -1,000 | |||||
Shareholder distributions | -144,421 | |||||
Net investment loss and realized loss on foreign currency translation | -195,985 | |||||
Net unrealized appreciation on investments and foreign currency translation | 39,519 | |||||
Ending Balance | $10,502,809 | $202,000 | $10,502,809 | $10,502,809 | ||
[1] | Per the company's prospectus, the 100 shares purchased by the initial member were redeemed, without interest, when escrow was broken and the company commenced operations. |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 9 Months Ended |
Dec. 31, 2014 | |
Operating activities: | |
Net decrease in net assets resulting from operations | ($146,620) |
Adjustments to reconcile net decrease in net assets from operations to net cash used in operating activities: | |
Purchase of investments | -2,688,136 |
Net realized loss on foreign currency transaction | 136 |
Net unrealized appreciation on investments and foreign currency translation | -49,365 |
Increase in operating assets: | |
Due from advisor | -49,291 |
Other assets | -1,186 |
Increase in operating liabilities: | |
Management fees payable | 15,114 |
Accounts payable and other liabilities | 237,411 |
Net cash used in operating activities | -2,681,937 |
Financing activities: | |
Proceeds from issuance of shares of common stock, net | 10,813,068 |
Distributions paid | -32,440 |
Offering costs | -732,630 |
Redemption of shares of common stock, net | -1,000 |
Net cash provided by financing activities | 10,046,998 |
Net increase in cash and cash equivalents | 7,365,061 |
Cash and cash equivalents, beginning of period | 202,000 |
Cash and cash equivalents, end of period | 7,567,061 |
Supplemental disclosure of cash flow information: | |
Shareholder distribution payable | 56,820 |
Shareholder distributions reinvested in common stock | 55,161 |
Non-cash financial activities: | |
Capital contribution from advisor receivable | 193,000 |
Shareholder receivable from sale of common stock | $274,098 |
CONSOLIDATED_SCHEDULE_OF_INVES
CONSOLIDATED SCHEDULE OF INVESTMENTS (USD $) | Dec. 31, 2014 | |
Cost | $2,688,136 | |
Fair Value | 2,737,501 | |
Percentage of Net Assets | 100.00% | [1] |
OTHER ASSETS IN EXCESS OF LIABILITIES, Fair Value | 7,775,154 | |
OTHER ASSETS IN EXCESS OF LIABILITIES, Percentage of Net Assets | 74.00% | [1] |
Total Members' Equity (Net Assets) | 10,512,655 | |
United States [Member] | ||
Cost | 1,620,000 | |
Fair Value | 1,688,792 | |
Percentage of Net Assets | 61.70% | |
Canada [Member] | ||
Cost | 1,068,136 | |
Fair Value | 1,048,709 | |
Percentage of Net Assets | 38.30% | |
Limited Liability Company Member Interests - Not readily marketable [Member] | ||
Cost | 2,688,136 | |
Fair Value | 2,737,501 | |
Percentage of Net Assets | 26.00% | [1] |
Limited Liability Company Member Interests - Not readily marketable [Member] | United States [Member] | ||
Cost | 1,620,000 | |
Fair Value | 1,688,792 | |
Percentage of Net Assets | 16.00% | [1] |
Limited Liability Company Member Interests - Not readily marketable [Member] | Canada [Member] | ||
Cost | 1,068,136 | |
Fair Value | 1,048,709 | |
Percentage of Net Assets | 10.00% | [1] |
Limited Liability Company Member Interests - Not readily marketable [Member] | Sunny Mountain Portfolio [Member] | Alternative Energy - Solar [Member] | ||
Shares or Principal Amount, Ownership Percentage | 100.00% | |
Cost | 920,000 | |
Fair Value | 989,115 | |
Percentage of Net Assets | 9.40% | [1] |
Limited Liability Company Member Interests - Not readily marketable [Member] | Canadian Northern Lights Portfolio [Member] | Alternative Energy - Solar [Member] | ||
Shares or Principal Amount, Ownership Percentage | 100.00% | |
Cost | 1,068,136 | |
Fair Value | 1,048,709 | |
Percentage of Net Assets | 10.00% | [1] |
Limited Liability Company Member Interests - Not readily marketable [Member] | Green Maple Portfolio [Member] | Alternative Energy - Solar [Member] | ||
Shares or Principal Amount, Ownership Percentage | 100.00% | |
Cost | 700,000 | |
Fair Value | $699,677 | |
Percentage of Net Assets | 6.60% | [1] |
[1] | Percentages are based on net assets of $10,512,655 as of December 31, 2014. |
Organization_and_Operations_of
Organization and Operations of the Company | 9 Months Ended |
Dec. 31, 2014 | |
Organization and Operations of the Company [Abstract] | |
Organization and Operations of the Company | Note 1. Organization and Operations of the Company |
Greenbacker Renewable Energy Company LLC (the “LLC”), a Delaware limited liability company, is an externally managed energy company that acquires and manages income-generating renewable energy and energy efficiency projects, and other energy-related businesses, as well as finance the construction and/or operation of these and sustainable development projects and businesses. The LLC plans to conduct substantially all of its operations through its wholly-owned subsidiary, Greenbacker Renewable Energy Corporation (“GREC”). GREC is a Maryland corporation formed in November 2011 and the LLC currently holds all of the outstanding shares of capital stock of GREC. The LLC and GREC (collectively “we”, “us”, “our”, and the “company”) is externally managed and advised by Greenbacker Capital Management LLC (the “advisor” or “GCM”), a renewable energy, energy efficiency and sustainability related project acquisition, consulting and development company. The LLC's fiscal year end is December 31. | |
The company is offering up to $1,500,000,000 in shares of limited liability company interests, or the shares, including up to $250,000,000 pursuant to the distribution reinvestment plan, on a “best efforts” basis through SC Distributors, LLC, the dealer manager, meaning it is not required to sell any specific number or dollar amount of shares. The company is publicly offering three classes of shares: Class A shares, Class C shares and Class I shares in any combination with a dollar value up to the maximum offering amount. The share classes have different selling commissions, dealer manager fees and there is an ongoing distribution fee with respect to Class C shares. The company has adopted a distribution reinvestment plan pursuant to which a shareholder may elect to have the full amount of cash distributions reinvested in additional shares. The company reserves the right to reallocate the shares offered between Class A, Class C and Class I shares and between this offering and the distribution reinvestment plan. | |
On March 28, 2014, the company met the initial offering requirement of $2,000,000 and on April 25, 2014 held the initial closing. Since the initial closing, the company has been selling shares on a continuous basis at a price of $10.00 per Class A share, $9.576 per Class C share and $9.186 per Class I share. Management considers the breaking of escrow to be the beginning of the company's operations. Accordingly, the Statements of Operations and Cash Flows are presented for the period April 25, 2014 (commencement of operations) through December 31, 2014. Commencing on June 30, 2014 which was the first full quarter after the minimum offering requirement was satisfied, and each quarter thereafter, our advisor, utilizing the services of an independent valuation firm when necessary, reviews and approves the net asset value for each class of shares, subject to the oversight of the board of directors. The company expects such determination will ordinarily be made within 30 days after each such completed fiscal quarter. To the extent that the net asset value per share on the most recent valuation date increases above or decreases below the net proceeds per share, the company will adjust the offering prices of all classes of shares. The adjustments to the per share offering prices, which will become effective five business days after such determination is published, will ensure that after the effective date of the new offering prices, the offering prices per share, after deduction of selling commissions, dealer manager fees and organization and offering expenses, are not above or below net asset value per share as of the most recent valuation date. The purchase price per share to be paid by each investor will be equal to the price that is in effect on the date such investor submits his or her completed subscription agreement to the dealer manager. After June 30, 2014, the shares have been offered in the primary offering at a price based on the most recent valuation, plus related selling commissions, dealer manager fees and organization and offering expenses. Five days after the completion of each quarter end valuation, shares will be offered pursuant to the distribution reinvestment plan at a price equal to the current offering price per each class of shares, less the sales selling commissions and dealer manager fees associated with that class of shares in the primary offering. | |
An inability to raise substantial funds would increase our fixed operating expenses as a percentage of gross revenue and income, and our ability to make distributions could be adversely affected. If we are unable to raise substantially more than the minimum offering proceeds, we will be thinly capitalized, our flexibility to implement the company's business plans may be adversely affected and would result in minimal, if any, diversification in the company's investments. | |
As of December 31, 2013, the company has issued 20,100 Class A shares to its advisor and 100 Class A shares to an affiliate of its advisor. While the 100 Class A shares were redeemed as a condition of breaking escrow, another affiliate of the advisor was issued 170,000 Class A shares on April 25, 2014. | |
We expect initially to focus on solar energy and wind energy projects as well as energy efficiency projects. We believe solar energy projects generally offer more predictable power generation characteristics, due to the relative predictability of sunlight over the course of time compared to other renewable energy classes and therefore we expect they will provide more stable income streams. However, technological advances in wind turbines and other energy generation technologies, as well as government incentives make wind energy and other types of projects attractive as well. Solar energy projects provide maximum energy production during the middle of the day and in the summer months when days are longer and nights shorter. Generally, the demand for power in the United States tends to be higher at those times due to the use of air conditioning and as a result energy prices tend to be higher. Solar energy projects tend to have minimal environmental impact enabling such projects to be developed close to areas of dense population where electricity demand is highest. Solar technology is scalable and well-established and it is a relatively simple process to integrate new acquisitions and projects into our portfolio. Over time, we expect to broaden our strategy to include other types of renewable energy projects and energy efficiency projects and businesses, which may include wind farms, hydropower assets, geothermal plants, biomass and biofuel assets, combined heat and power technology assets, fuel cell assets and other energy efficiency assets, among others, and to the extent we deem the opportunity attractive, other energy and sustainability related assets and businesses. | |
As of December 31, 2014, the company has made investments in the Sunny Mountain Portfolio, Canadian Northern Lights Portfolio and Green Maple Portfolio (See Note 3). | |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | ||||
Dec. 31, 2014 | |||||
Significant 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 U.S. generally accepted accounting principles (GAAP), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Actual results could differ from those estimates, assumptions, and judgments. Significant items subject to such estimates will include determining the fair value of investments, revenue recognition, income tax uncertainties, and other contingencies. The consolidated financial statements of the company include the accounts of the LLC and its consolidated subsidiary, GREC. All intercompany accounts and transactions have been eliminated. | |||||
The company's consolidated financial statements will be prepared using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial Services—Investment Companies (ASC Topic 946). In accordance with this specialized accounting guidance, the company will recognize and carry all of its investments at fair value with changes in fair value recognized in earnings. Additionally, the company will not apply consolidation or equity method of accounting to its investments. The company plans to carry liabilities at amounts payable, net of unamortized premiums or discounts. The company does not currently plan to elect to carry its liabilities at fair value. Net assets will be calculated as the carrying amounts of assets, including the fair value of investments, less the carrying amounts of its liabilities. | |||||
Cash and Cash Equivalents | |||||
Cash consists of demand deposits at a financial institution. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The company has not experienced any losses in any such accounts. | |||||
The company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Short-term investments that are cash equivalents are stated at cost, which approximates fair value. There are no restrictions on the use of the company's cash as of December 31, 2014 and 2013 except as noted below. | |||||
Foreign Currency Translation | |||||
The accounting records of the company are maintained in U.S. Dollars. The fair value of investments and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. Dollars using the exchange rate at the end of each reporting period. Amounts related to the purchases and sales of investments, investment income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. | |||||
Net unrealized currency gains and losses arising from valuing foreign currency denominated assets and liabilities at the current exchange rate are reflected as part of net unrealized appreciation (depreciation) on investments and currency translation. | |||||
Valuation of Investments at Fair Value | |||||
Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures (ASC Topic 820) defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value. The company plans to recognize and account for its investments at fair value. The fair values of the investments does not reflect transaction costs that may be incurred upon disposition of the investments. | |||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is an exchange price notion under which fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability | |||||
The advisor has established procedures to estimate the fair value of its investments which the company's board of directors has reviewed and approved. The company will use observable market data to estimate the fair value of investments to the extent that market data is available. In the absence of quoted market prices in active markets, or quoted market prices for similar assets or in markets that are not active, the company will use the valuation methodologies described below with unobservable data based on the best available information in the circumstances, which incorporates the company's assumptions about the factors that a market participant would use to value the asset. | |||||
For investments for which quoted market prices are not available, which will comprise most of our investment portfolio, fair value will be estimated by using the income or sales comparison approach. The income approach is based on the assumption that value is created by the expectation of future benefits discounted to a current value and the fair value estimate is the amount an investor would be willing to pay to receive those future benefits. The sales comparison approach compares recent comparable transactions to the investment. Adjustments are made for any dissimilarity between the comparable transactions and the investments. These valuation methodologies involve a significant degree of judgment on the part of our advisor. | |||||
In determining the appropriate fair value of an investment using these approaches, the most significant information and assumption may include, as applicable: available current market data, including relevant and applicable comparable market transactions, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the investment's ability to make payments, its earnings and discounted cash flows, the markets in which the project does business, comparisons of financial ratios of peer companies that are public, mergers and acquisitions comparables, the principal market and enterprise values, environmental factors, among other factors. | |||||
The estimated fair values will not necessarily represent the amounts that may be ultimately realized due to the occurrence or nonoccurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of the valuation of the investments, the estimate of fair values may differ significantly from the value that would have been used had a broader market for the investments existed. | |||||
The authoritative accounting guidance prioritizes the use of market-based inputs over entity-specific inputs and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation. The three levels of valuation hierarchy are defined as follows: | |||||
Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date. Valuation adjustments and block discounts are not applied to Level 1 measurements; | |||||
Level 2: Valuations based on quoted prices in less active, dealer or broker markets. Fair values are primarily obtained from third-party pricing services or broker quotes for identical or comparable assets or liabilities; | |||||
Level 3: Valuations derived from other valuation methodologies, including pricing models, discounted cash flow models and similar techniques, and not based on market, exchange, dealer, or broker-traded transactions. Level 3 valuations incorporate certain assumptions and projections that are not observable in the market and significant professional judgment in determining the fair value assigned to such assets or liabilities. | |||||
In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls will be determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. | |||||
Calculation of Net Asset Value | |||||
Net asset value by class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. Net asset value per share is calculated by dividing net asset value for each class by the total number of outstanding common shares for that class on the reporting date. | |||||
Earnings (Loss) per Share | |||||
In accordance with the provisions of ASC Topic 260 — “Earnings per Share” (“ASC Topic 260”), basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. | |||||
For the period | |||||
Commencement of | |||||
Operations (April 25, 2014) | |||||
through December | |||||
31, 2014 | |||||
Basic and diluted | |||||
Net decrease in net assets attributed to common stockholders | $ | (156,466 | ) | ||
Weighted average common shares outstanding | 513,052 | ||||
Net decrease in net assets attributed to common stockholders | $ | (0.30 | ) | ||
Revenue Recognition | |||||
Interest income is recorded on an accrual basis to the extent the company expects to collect such amounts. Interest receivable on loans and debt securities is not accrued for accounting purposes if there is reason to doubt an ability to collect such interest. Original issue discounts, market discounts or market premiums are accreted or amortized using the effective interest method as interest income. Prepayment premiums on loans and debt securities are recorded as interest income when received. | |||||
Loans are placed on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment. Non-accrual loans are generally restored to accrual status when past due and principal and interest is paid and, in management's judgment, is likely to remain current. | |||||
Dividend income is recorded (1) on the ex-dividend date for publicly issued securities and (2) when received from private investments. | |||||
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments | |||||
Realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. | |||||
Payment in-Kind Interest | |||||
For loans and debt securities with contractual payment-in-kind (PIK) interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. | |||||
Distribution Policy | |||||
Distributions to members, if any, will be authorized and declared by our board of directors quarterly in advance and paid on a monthly basis. From time to time, we may also pay interim special distributions in the form of cash or shares, with the approval of our board of directors. Distributions will be made on all classes of shares at the same time. The cash distributions with respect to the Class C shares will be lower than the cash distributions with respect to Class A and Class I shares because of the distribution fee associated with the Class C shares, which will be allocated as a Class C specific expense. Amounts distributed to each class will be allocated among the holders of the shares in such class in proportion to their shares. Distributions declared by our board of directors are recognized as distribution liabilities on the ex-dividend date. | |||||
Organization and Offering Costs | |||||
Organization and offering costs (“O&O costs”), other than sales commissions and the dealer manager fee, are initially being paid by our advisor on behalf of the company. These O&O costs include all costs to be paid by the company in connection with its formation and the offering, including legal, accounting, printing, mailing and filing fees, charges of the company's escrow holder, due diligence expense reimbursements to participating broker-dealers included in detailed and itemized invoices and costs in connection with administrative oversight of the offering and marketing process, and preparing supplemental sales materials, holding educational conferences, and attending retail seminars conducted by broker-dealers. While the total O&O costs shall be reasonable and shall in no event exceed an amount equal to 15% of the gross proceeds of this offering and the distribution reinvestment plan, the company is targeting no more than 1.5% of the gross proceeds for O&O costs other than sales commissions and dealer manager fees. The company anticipates that it will be obligated to reimburse our advisor for O&O costs that it may incur on behalf of the company, in accordance with the advisory agreement, but only to the extent that the reimbursement would not cause the selling commissions, the dealer manager fee and the other organization and offering expenses borne by the company to exceed 15% of gross offering proceeds as of the date of reimbursement. | |||||
The costs incurred by our advisor are recognized as a liability of the company to the extent that the company is obligated to reimburse our advisor, subject to the 15% of gross offering proceeds limitation described above. When recognized by the company, organizational costs will be expensed and offering costs, excluding selling commissions and dealer manager fees, will be recognized as a reduction of the proceeds from the offering. The company had previously disclosed that its policy was to defer offering costs and recognize these costs as an expense over a 12-month period. | |||||
As of December 31, 2014 and 2013, the advisor has incurred approximately $4,613,000 and $3,960,000, respectively, of O&O costs on behalf of the company of which $853,903 had been reimbursed to the advisor as of December 31, 2014. The O&O costs include $1,250,000 for formation services due to an affiliate of the advisor of which $250,000 was included in O&O costs at December 31, 2014 and 2013 but is not payable until the completion of the public offering. In addition, the dealer manager has incurred approximately $145,000 in O&O costs on behalf of the company as of December 31, 2014 which will be reimbursed by the company once gross offering proceeds reach a minimum of $50,000,000. | |||||
Capital Gains Incentive Allocation and Distribution | |||||
Pursuant to the proposed terms of the LLC's amended and restated limited liability company agreement, a capital gains incentive distribution will be earned by an affiliate of our advisor on realized gains from the sale of investments from the company's portfolio during operations prior to a liquidation of the company. While the terms of the advisory agreement are expected to neither include nor contemplate the inclusion of unrealized gains in the calculation of the capital gains incentive distribution, pursuant to an interpretation of an American Institute for Certified Public Accountants Technical Practice Aid for investment companies, the company will include unrealized gains in the calculation of the capital gains incentive distribution expense and related capital gains incentive fee payable. This amount reflects the incentive distribution that would be payable if the company's entire portfolio was liquidated at its fair value as of the balance sheet date even though the advisor is not entitled to an incentive distribution with respect to unrealized gains unless and until such gains are actually realized. Thus on each date that net asset value is calculated, the company calculates for the capital gains incentive distribution by calculating such distribution as if it were due and payable as of the end of such period. | |||||
Income Taxes | |||||
The LLC intends to operate so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code. As such, it will not be subject to any U.S. federal and state income taxes. In any particular year it is possible that the LLC will not meet the qualifying income exception and will not qualify to be treated as a partnership. If the LLC does not meet the qualifying income exception, the members would then be treated as stockholders in a corporation and the company would become taxable as a corporation for U.S. federal income tax purposes under the Internal Revenue Code. The LLC would be required to pay income tax at corporate rates on its net taxable income. Distributions to members from the LLC would constitute dividend income taxable to such members, to the extent of the company's earnings and profits and the payment of the distributions would not be deductible by the LLC. | |||||
The LLC plans to conduct substantially all of its operations through its wholly-owned subsidiary, GREC, which is a corporation that is subject to U.S. federal, state and local income taxes. Accordingly, most of its operations will be subject to U.S. federal, state and local income taxes. | |||||
Income taxes are accounted for under the assets and liabilities method. Deferred tax assets and liabilities are recorded for the estimated future tax consequences attributable to differences between items that are recognized in the consolidated financial statements and tax returns in different years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. For income tax benefits to be recognized including uncertain tax benefits, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of the benefit that is more likely than not to be realized upon ultimate settlement. A valuation allowance is established against net deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties associated with income taxes, if any, will be recognized in general and administrative expense. | |||||
The company does not consolidate its investments for financial statements, rather it accounts for its investments at fair value under the specialized accounting of ASC Topic 946. The tax attributes of the individual investments will be considered and incorporated in the company's fair value estimates for those investments. The amounts recognized in the financial statements for unrealized appreciation and depreciation will result in a difference between the financial statements and the cost basis of the assets for tax purposes. These differences will be recognized as deferred tax assets and liabilities. Additionally in certain circumstances, the entities that hold the company's investments may be included in the consolidated tax return of GREC and the differences between the amounts recognized for financial statement purposes and the tax return will be recognized as additional deferred tax assets and liabilities. | |||||
Recently Issued Accounting Pronouncements | |||||
Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. The company is choosing not to take advantage of the extended transition period for complying with new or revised accounting standards. | |||||
In June 2013, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance that define the criteria under which a company may utilize Investment Company accounting, clarifies the measurement guidance for companies that qualify to utilize this accounting method, and requires new disclosures. The company has evaluated the new accounting guidance and it has concluded that it continues to meet the criteria of an investment company. The company has adopted the new guidance as of January 1, 2014, which did not have a significant impact on the consolidated financial statements. | |||||
In June 2014, the FASB issued new accounting guidance that eliminated the incremental financial reporting requirements for developing stage entities, including required certain inception-to-date disclosures. The new guidance also eliminates special consolidation guidance for variable interest entities that were development stage entities. The new guidance requires additional discussion of risks and uncertainties related to an entity's current activities and future plans when an entity has not started its planned operations. The company adopted the new guidance for the period commencing April 25, 2014, which coincides with the commencement of operations. Adoption of the new guidance did not have a significant impact on the consolidated financial statements. | |||||
In August 2014, the FASB issued new accounting guidance that requires management to assess an entity's ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments provide a definition of the term ‘substantial doubt' and include principles for considering the mitigating effect of management's plans. The amendments also require an evaluation every reporting period, including interim periods for a period of one year after the date that the financial statements are issued (or available to be issued), and certain disclosures when substantial doubt is alleviated or not alleviated. The amendments in this update are effective for reporting periods ending after December 15, 2016. Management is currently evaluating the impact of adopting this new accounting guidance update on the company's consolidated financial statement. | |||||
Investments
Investments | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Investments [Abstract] | |||||||||||||
Investments | Note 3. Investments | ||||||||||||
The composition of the company's investments as of December 31, 2014, at amortized cost and fair value were as follows: | |||||||||||||
Investments at | Investments at | Fair Value | |||||||||||
Cost | Fair | Percentage | |||||||||||
Value | of Total Portfolio | ||||||||||||
Sunny Mountain Portfolio | $ | 920,000 | $ | 989,115 | 36.1 | % | |||||||
Canadian Northern Lights Portfolio | 1,068,136 | 1,048,709 | 38.3 | ||||||||||
Green Maple Portfolio | 700,000 | 699,677 | 25.6 | ||||||||||
Total | $ | 2,688,136 | $ | 2,737,501 | 100 | % | |||||||
The composition of the company's investments as of December 31, 2014 by geographic region, at amortized cost and fair value were as follows: | |||||||||||||
Investments at | Investments at | Fair Value | |||||||||||
Cost | Fair | Percentage | |||||||||||
Value | of Total Portfolio | ||||||||||||
United States: | |||||||||||||
Mountain Region | $ | 920,000 | $ | 989,115 | 36.1 | % | |||||||
East Region | 700,000 | 699,677 | 25.6 | ||||||||||
Total United States | 1,620,000 | 1,688,792 | 61.7 | % | |||||||||
Canada | 1,068,136 | 1,048,709 | 38.3 | ||||||||||
Total | $ | 2,688,136 | $ | 2,737,501 | 100 | % | |||||||
The composition of the company's investments as of December 31, 2014 by industry, at amortized cost and fair value were as follows: | |||||||||||||
Investments at | Investments at | Fair Value | |||||||||||
Cost | Fair | Percentage | |||||||||||
Value | of Total Portfolio | ||||||||||||
Alternative Energy - Solar | $ | 2,688,136 | $ | 2,737,501 | 100 | % | |||||||
Total | $ | 2,688,136 | $ | 2,737,501 | 100 | % | |||||||
There were no investments as of December 31, 2013. | |||||||||||||
Investments held as of December 31, 2014 are considered Control Investments, which is defined as investments in companies in which the company own 25% or more of the voting securities of such company or have greater than 50% representation on such company's board of directors. | |||||||||||||
The company's investment in the Canadian Northern Lights Portfolio includes a restricted cash account that is held in escrow that will be remitted to its former owner upon receiving approval from the counter-parties to certain power purchase agreements. | |||||||||||||
Fair_Value_Measurements_Invest
Fair Value Measurements - Investment | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Measurements - Investment [Abstract] | |||||||||||||||||
Fair Value Measurements - Investment | Note 4. Fair Value Measurements - Investment | ||||||||||||||||
The following table presents fair value measurements of investments, by major class, as of December 31, 2014, according to the fair value hierarchy: | |||||||||||||||||
Valuation Inputs | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Limited Liability Company Member Interests | $ | — | $ | — | $ | 2,737,501 | $ | 2,737,501 | |||||||||
Total | $ | — | $ | — | $ | 2,737,501 | $ | 2,737,501 | |||||||||
There were no investments as of December 31, 2013. | |||||||||||||||||
The following tables provide a reconciliation of the beginning and ending balances for investments and secured borrowings that use Level 3 inputs for the period ended December 31, 2014: | |||||||||||||||||
Valuation Inputs | |||||||||||||||||
Balance as of April 25, | Net change in | Purchases and | Balance as of | ||||||||||||||
2014 | unrealized | other adjustments | December | ||||||||||||||
(Commencement of | appreciation on | to cost (1) | 31, | ||||||||||||||
Operations) | investment | 2014 | |||||||||||||||
Limited Liability Company Member Interests | $ | — | $ | 49,365 | $ | 2,688,136 | $ | 2,737,501 | |||||||||
Total | $ | — | $ | 49,365 | $ | 2,688,136 | $ | 2,737,501 | |||||||||
-1 | Include purchases of new investment, capitalized deal costs and effects of purchase price adjustments, if any. | ||||||||||||||||
The total change in unrealized appreciation included in the consolidated statements of operations within net change in unrealized appreciation on investment for the period ended December 31, 2014 attributable to Level 3 investments still held at December 31, 2014 was $49,365. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of the Level 3 as of the beginning of the period which the reclassifications occur. There were no transfers among Levels 1, 2 and 3 during the period ended December 31, 2014. | |||||||||||||||||
Net change in unrealized appreciation on investment at fair value for the period ended December 31, 2014 was $49,365, included within net change in unrealized appreciation on investment in the consolidated statements of operations. There was no net realized gains or losses on investment at fair value for the period ended December 31, 2014. | |||||||||||||||||
As of December 31, 2014, all of the company's portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the company's investments as of December 31, 2014: | |||||||||||||||||
Fair value | Valuation technique | Unobservable inputs | Rate/Assumption | ||||||||||||||
Limited Liability Company Member Interests | $ | 2,737,501 | Income approach | Discount rate | 8.30% | ||||||||||||
Future Kwh | 0.75% annual | ||||||||||||||||
Production | degradation in production | ||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the company's limited liability company member interests are discount rates and estimates related to the future production of electricity. Significant increases in the discount rate used or actual Kwh production meaningfully less than projected production would result in a significantly lower fair value measurement. | |||||||||||||||||
Related_Party_Agreements_and_T
Related Party Agreements and Transactions | 9 Months Ended | ||
Dec. 31, 2014 | |||
Related Party Agreements and Transactions [Abstract] | |||
Related Party Agreements and Transactions | Note 5. Related Party Agreements And Transactions | ||
The company executed advisory and administration agreements with the advisor and the Administrator, respectively, as well as a dealer manager agreement with the dealer manager, which entitles the advisor, certain affiliates of the advisor, and the dealer manager to specified fees upon the provision of certain services with regard to the offering and the ongoing management of the company as well as reimbursement of O&O costs incurred by the advisor and the dealer manager on behalf of the company (as discussed in Note 2) and certain other operating costs incurred by the advisor on behalf of the company. The term “Special Unitholder” refers to GREC Advisors, LLC, a Delaware limited liability company, which is a subsidiary of our advisor and “special unit”, refers to the special unit of limited liability company interest in GREC entitling the Special Unitholder to an incentive allocation and distribution. In addition, the company and the advisor entered into an expense reimbursement agreement whereby the advisor agrees to reimburse the company for certain expenses above certain limits and be repaid when the company's expenses are reduced below that threshold. The fees and reimbursement obligations are as follows: | |||
Type of Compensation and Recipient | Determination of Amount | ||
Selling Commissions — Dealer Manager | 7% of gross offering proceeds from the sale of Class A shares and up to 3% of gross offering proceeds from the sale of Class C shares. No selling commission will be paid with respect to Class I shares or for sales pursuant to the dividend reinvestment plan. All of its selling commissions are expected to be re-allowed to participating broker-dealers. | ||
Dealer Manager Fee — Dealer Manager | 2.75% of gross offering proceeds from the sale of Class A and Class C shares, and 1.75% of gross offering proceeds from the sale of Class I shares. No dealer manager fee will be paid for sales pursuant to the dividend reinvestment plan. The dealer manager may re-allow a portion of its dealer manager fee to selected broker-dealers. | ||
Distribution Fee — Dealer Manager | With respect to Class C shares only, the company will pay the dealer manager a distribution fee that accrues daily in an amount equal to 1/365th of 0.80% of the amount of the net asset value for the Class C shares for such day on a continuous basis from year to year. The company will stop paying distribution fees at the earlier of a listing of the Class C shares on a national securities exchange, following the completion of this offering, total underwriting compensation in this offering equals 10% of the gross proceeds from the primary offering or Class C shares are no longer outstanding. The dealer manager may re-allow all or a portion of the distribution fee to participating broker-dealers and servicing broker dealers. | ||
O&O costs — Advisor | The company will reimburse the advisor for the O&O costs (other than selling commissions and dealer manager fees) it has incurred on the company's behalf only to the extent that the reimbursement would not cause the selling commissions, dealer manager fee and the other O&O costs borne by the company to exceed 15.0% of the gross offering proceeds as the amount of proceeds increases. The company has targeted an offering expense ratio of 1.5% for O&O costs. | ||
Base Management Fees — Advisor | The base management fee payable to GCM will be calculated at a monthly rate of 0.167% (2.00% annually) of our gross assets (including amounts borrowed). For services rendered under the advisory agreement, the base management fee will be payable monthly in arrears. The base management fee will be calculated based on the average of the values of our gross assets for each day of the prior month. Base management fees for any partial period will be appropriately pro-rated. The base management fee may be deferred or waived, in whole or part, at the election of the advisor. All or any part of the deferred base management fee not taken as to any period shall be deferred without interest and may be taken in any period prior to the occurrence of a liquidity event as the advisor shall determine in its sole discretion. | ||
Incentive Allocation and Distribution — Special Unitholder | The incentive distribution to which the Special Unitholder may be entitled will be calculated and payable quarterly in arrears based on the pre-incentive distribution net investment income for the immediately preceding fiscal quarter. For this purpose, pre-incentive distribution net investment income means interest income, dividend and distribution income from equity investments (excluding that portion of distributions that are treated as return of capital) and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive, but excluding any fees for providing managerial assistance) accrued during the fiscal quarter, minus the operating expenses for the fiscal quarter (including the base management fee, expenses payable under the administration agreement with the company's Administrator, and any interest expense and distributions paid on any issued and outstanding indebtedness and preferred units of limited liability company interest, but excluding the incentive distribution). Pre-incentive distribution net investment income does not include any realized capital gains, realized capital losses, unrealized capital appreciation or depreciation or any accrued income taxes and other taxes including, but not limited to, franchise, property, and sales taxes. | ||
Pre-incentive distribution net investment income, expressed as a rate of return on the value of the company's average adjusted capital at the end of the immediately preceding fiscal quarter, will be compared to a “hurdle rate” of 1.75% per fiscal quarter (7.00% annualized). Adjusted capital shall mean: cumulative gross proceeds before sales and commission and dealer fees, generated from sales of the company's shares and preferred units of limited liability company interests (including the DRP) reduced for distributions to members of proceeds from non-liquidation dispositions of asset and amount paid for share repurchases pursuant to the Share Repurchase Program. Average adjusted capital shall mean: the average value of the adjusted capital for the two most recently completed fiscal quarters. The Special Unitholder shall receive an incentive distribution with respect to the pre-incentive distribution net investment income in each fiscal quarter as follows: | |||
• no incentive distribution in any fiscal quarter in which the pre-incentive distribution net investment income does not exceed the “hurdle rate” of 1.75%; | |||
• 100% of the pre-incentive distribution net investment income with respect to that portion of such pre-incentive distribution net investment income, if any, that exceeds the hurdle but is less than 2.1875% in any fiscal quarter (8.75% annualized with a 7% annualized hurdle rate). The company refers to this portion of the pre-incentive distribution net investment income (which exceeds the hurdle but is less than 2.1875%) as the “catch-up.” The “catch-up” is meant to provide the advisor with 20% of the pre-incentive distribution net investment income as if a hurdle did not apply if the net investment income exceeds 2.1875% in any fiscal quarter; and | |||
• 20% of the amount of the pre-incentive distribution net investment income, if any, that exceeds 2.1875% in any fiscal quarter (8.75% annualized with a 7% annualized hurdle rate) is payable to the Special Unitholder (once the hurdle is reached and the catch-up is achieved, 20% of all pre-incentive distribution investment income thereafter is allocated to the Special Unitholder). | |||
Capital Gains Incentive Distribution — Special Unitholder | The capital gains incentive distribution will be determined and payable to the Special Unitholder in arrears as of the end of each fiscal quarter (or upon termination of the advisory agreement, as of the termination date) to the Special Unitholder, and will equal 20.0% of the company's realized capital gains, if any, on a cumulative basis from inception through the end of each fiscal quarter, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any capital gain incentive distributions. | ||
Liquidation Incentive Distribution — Special Unitholder | The liquidation incentive distribution payable to the Special Unitholder will equal 20.0% of the net proceeds from a liquidation of the company (other than in connection with a listing, as described below) in excess of adjusted capital, as measured immediately prior to liquidation. Adjusted capital shall mean: cumulative gross proceeds generated from sales of shares (including the DRP) reduced for distributions to members of proceeds from non-liquidation dispositions of our assets and amounts paid for share repurchases pursuant to the Share Repurchase Program. In the event of any liquidity event that involves 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, the liquidation incentive distribution will equal 20% of the amount, if any, by which the company's listing value following such liquidity event exceeds the adjusted capital, as calculated immediately prior to such listing (the “listing premium”). Any such listing premium and related liquidation incentive distribution will be determined and payable in arrears 30 days after the commencement of trading following such liquidity event. | ||
Operating Expense and Expense Assumption and | The company will reimburse the advisor's cost of providing administrative services, legal, accounting and printing. The company will not reimburse the advisor for the salaries and benefits to be paid to the named executive officers. | ||
Reimbursement Agreement | |||
For the period beginning with the company's breaking of escrow and beginning operations on April 25, 2014, and ending December 31, 2014, advisor assumed operating expenses for the company in an amount sufficient to keep total annual operating expenses (exclusive of interest, taxes dividend expense, borrowing costs, organizational and extraordinary expenses) of the company (“Expenses”) at percentages of average net assets of such class for any calculation period no higher than 6.0% for Class A Class C and Class I shares (the “Maximum Rates”), and (ii) the company shall reimburse advisor, within 30 days of delivery of a request in proper form, for such Expenses, provided that such repayments do not cause the total Expenses attributable to a share class during the year of repayment to exceed the Maximum Rates. The expense reimbursement agreement was amended in December 2014 to continue until the earlier of December 31, 2015 or the end of the offering. No repayments by the company to advisor shall be permitted after the earlier of (i) the company's offering has expired or is terminated or (ii) December 31, 2016. The expense reimbursement agreement was amended in December 2014 to continue until the earlier of December 31, 2015 or the end of the offering. Furthermore, if the advisory agreement is terminated or not renewed, the advisor will have no further obligation to limit expenses per the expense reimbursement agreement and the company will not have any further obligation to reimburse the advisor for expenses not reimbursed as of the date of the termination. | |||
For the period ended December 31, 2014, the company incurred $681,354 in operating expenses including the management fees earned by the Advisor. Additionally, the company became obligated for all pre-operating costs (not including organizational and offering costs) upon commencement of operations. As discussed above, the Advisor assumed responsibility for all of the company's operating expenses under the expense reimbursement agreement above the Maximum Rates, which amounted to $648,720 for the period ended December 31, 2014. | |||
Pursuant to the terms of the expense reimbursement agreement, the advisor has paid approximately $648,720 of pre-operating and operating expenses inception to date on behalf of the company. Such expenses may be expensed by the company and payable to the Advisor under the terms outlined in the “Operating Expense and Expense Assumption and Reimbursement Agreement” section above. | |||
For the period ended December 31, 2014, the advisor earned $64,282 in management fees of which $21,228 were waived. The advisor had agreed to waive all management and incentive fees until the company makes its' first investment in a renewable energy or energy efficiency project or other energy related business, which occurred on September 1, 2014. While there were no incentive allocations earned to date by the advisor, the financial statements reflect a $9,846 incentive allocation expense based upon net unrealized gains as of December 31, 2014. | |||
Due from advisor on the consolidated statement of assets and liabilities in the amount of $49,291 is comprised of $5,232 due from the Advisor in connection with the expense reimbursement agreement combined with a payable from this advisor for excess Organization and Offering Costs reimbursed in the amount of $54,523. The company and advisor plan to cash settle any amounts due to / from advisor on a quarterly basis. | |||
For the period ended December 31, 2014, the company paid $694,159 in dealer manager fees and $208,215 in selling commission to the company's dealer manager, SC Distributors. These fees and commissions were paid in connection with the sales of the company's shares to investors and, as such, were recorded against the proceeds from the issuance of shares and are not reflected in the company's consolidated statement of operations. | |||
On December 31, 2014, the advisor made a non-refundable capital contribution to the company in the amount of $193,000 to maintain the company's net asset value per share at $8.50. | |||
Members_Equity
Members' Equity | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Members' Equity [Abstract] | |||||||||||||
Members' Equity | Note 6. Members' Equity | ||||||||||||
General | |||||||||||||
Pursuant to the terms of the LLC Agreement, the LLC may issue up to 400,000,000 shares, of which 350,000,000 shares are designated as Class A, Class C, and Class I shares (collectively, common shares), and 50,000,000 are designated as preferred shares and one special unit. Each class of common shares will have the same voting rights. | |||||||||||||
The following are the commissions and fees for each common share class: | |||||||||||||
Class A: Each Class A share issued in the primary offering will be subject to a selling commission of up to 7.00% per share and a dealer manager fee of up to 2.75% per share. No selling commissions or dealer manager fees will be paid for sales pursuant to the dividend reinvestment plan. | |||||||||||||
Class C: Each Class C share issued in the primary offering will be subject to a selling commission of up to 3.00% per share and a dealer manager fee of up to 2.75% per share. In addition, with respect to Class C shares, the company will pay the dealer manager on a monthly basis a distribution fee, or “distribution fee”, that accrues daily equal to 1/365th of 0.80% of the amount of the daily net asset value for the Class C shares on a continuous basis from year to year. No selling commissions or dealer manager fees will be paid for sales pursuant to the dividend reinvestment plan. | |||||||||||||
Class I: No selling commission or distribution fee will be paid for sales of any Class I shares. Each Class I shares will be subject to a dealer manager fee of up to 1.75% per share. | |||||||||||||
The following table is a summary of the shares issued during the period and outstanding as of December 31, 2014: | |||||||||||||
Shares Outstanding as of | Shares | Shares Outstanding as of | |||||||||||
December 31, 2013 | Issued/ Redeemed | 31-Dec-14 | |||||||||||
During the Period(a) | |||||||||||||
Class A shares | 20,200 | 1,077,644 | 1,097,844 | ||||||||||
Class C shares | — | 84.964 | 84,964 | ||||||||||
Class I shares | — | 53,537 | 53,537 | ||||||||||
Total | 20,200 | 1,216,145 | 1,236,345 | ||||||||||
(a) | Per the company's prospectus, the 100 shares purchased by the initial member were redeemed, without interest, when escrow was broken and the company commenced operations. | ||||||||||||
As of December 31, 2014 and December 31, 2013, none of the LLC's preferred shares were issued and outstanding. | |||||||||||||
The LLC Agreement authorizes the 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 board of directors. The LLC Agreement also authorizes the Board, 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 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. The Special Unitholder will hold the special unit in the company. Refer to Note 5 for the terms of the special unit. | |||||||||||||
Distribution Reinvestment Plan | |||||||||||||
The company adopted a distribution reinvestment plan ("DRP") through which the company's shareholders may elect to purchase additional shares with distributions from the company rather than receiving the cash distributions. The board of directors may reallocate the shares between the offering and the DRP. Shares issued pursuant to the DRP will have the same voting rights as shares offered pursuant to the offering. As of December 31, 2014 and December 31, 2013, $50,000,000 and $0 in shares, respectively, were allocated for use in the DRP. During this offering, the purchase price of shares purchased through the DRP will be at a price equal to the then current net offering price per share. No dealer manager fees, selling commissions or other sales charges will be paid with respect to shares purchased pursuant to the DRP, except for distribution fees on Class C shares issued under the DRP. At its discretion, the board of directors may amend, suspend, or terminate the DRP. A participant may terminate participation 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 December 31, 2014, 8,983 shares were issued under the DRP. There were no shares issued under the DRP as of December 31, 2013. | |||||||||||||
Share Repurchase Program | |||||||||||||
As the company's shares are currently not intended to be currently listed on a national exchange, once appropriate approvals have been received from the United States Securities and Exchange Commission, the company intends to commence a share repurchase program, or “share repurchase program”, pursuant to which quarterly share repurchases will be conducted, on up to approximately 5% of the weighted average number of outstanding shares in any 12-month period, to allow members who hold shares to sell shares back to the company at a price equal to the then current offering price less the selling commissions and dealer manager fees associated with that class of shares. The company is not obligated to repurchase shares and the board of directors may terminate the share repurchase program at its sole discretion. The share repurchase program will include numerous restrictions that will limit a shareholders ability to sell shares. Unless the board of directors determines otherwise, the company will limit the number of shares to be repurchased during any calendar year to the number of shares the company can repurchase with the proceeds received from the sale of shares under the distribution reinvestment plan. At the sole discretion of the board of directors, the company may also use cash on hand, cash available from borrowings and cash from liquidation of investments to repurchase shares. In addition, the company plans to limit repurchases in each fiscal quarter to 1.25% of the weighted average number of shares outstanding in the prior four fiscal quarters. No shares were repurchased in 2014 or 2013. | |||||||||||||
Distributions
Distributions | 9 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Distributions [Abstract] | ||||||||||||||
Distributions | Note 7. Distributions | |||||||||||||
On September 30, 2014, October 31, 2014, November 28, 2014 and December 31, 2014, with the authorization of the company's board of directors, the company declared distributions on each outstanding Class A, C and I shares. These distributions were calculated based on shareholders of record for each day in an amount equal to $0.0016438 per share per day (less the distribution fee with respect to Class C shares). | ||||||||||||||
The following tables reflect the distributions per share paid or payable in cash or with the distribution reinvestment plan (“DRP”) on the company's common stock to date: | ||||||||||||||
Pay Date | Paid in | Value of | Total | |||||||||||
Cash | Shares Issued under DRP | |||||||||||||
1-Oct-14 | $ | 5,123 | $ | 13,920 | $ | 19,043 | ||||||||
3-Nov-14 | 10,332 | 19,410 | 29,742 | |||||||||||
1-Dec-14 | 16,985 | 21,831 | 38,816 | |||||||||||
2-Jan-15 | 30,913 | 25,907 | 56,820 | |||||||||||
Total | $ | 63,353 | $ | 81,068 | $ | 144,421 | ||||||||
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Income Taxes | Note 8. Income Taxes | ||||||||||||
The LLC conducts most of its operations through GREC, its taxable wholly-owned subsidiary. The consolidated income tax provision for the year ended December 31, 2014 is comprised of the following: | |||||||||||||
Current | Deferred | Total | |||||||||||
Year ended December 31, 2014: | |||||||||||||
US federal | $ | - | $ | 24,886 | $ | 24,886 | |||||||
State and local | - | 2,171 | 2,171 | ||||||||||
Foreign jurisdiction | - | - | - | ||||||||||
Tax benefit/(expense) | $ | - | $ | 27,057 | $ | 27,057 | |||||||
Valuation allowance | - | (27,057 | ) | (27,057 | ) | ||||||||
Tax benefit/(expense), net | $ | - | $ | - | $ | - | |||||||
A reconciliation between the federal statutory rate and the effective tax rate is as follows: | |||||||||||||
Provision of income taxes, at federal tax rate | $ | (54,763 | ) | ||||||||||
Less: LLC income not taxable | $ | 29,877 | |||||||||||
Increase in income taxes resulting from: | |||||||||||||
State and local taxes, net of federal benefit | $ | (2,171 | ) | ||||||||||
Other | |||||||||||||
Actual provision for income taxes | $ | (27,057 | ) | ||||||||||
Less: valuation allowance | $ | 27,057 | |||||||||||
Tax provision, net | $ | - | |||||||||||
Deferred tax assets have been classified on the accompanying consolidated balance sheet as of December 31, 2014 as follows: | |||||||||||||
2014 | |||||||||||||
Amortization | 21,717 | ||||||||||||
Net operating losses | 61,632 | ||||||||||||
Unrealized gains | (18,785 | ) | |||||||||||
Net income (loss) from subsidiaries | (23,382 | ) | |||||||||||
Return of capital on investments in subsidiaries | (14,125 | ) | |||||||||||
Deferred tax assets | $ | 27,057 | |||||||||||
Less: valuation allowance | (27,057 | ) | |||||||||||
Deferred tax assets, net | $ | - | |||||||||||
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 ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. Based upon the lack of historical taxable income as well as the projections for future taxable income over the periods in which the deferred tax assets would be deductible, management has taken the view that it is more likely than not that the company will not realize the deferred tax asset amounts. Thus, a valuation allowance in the full amount of the deferred tax asset has been established. The amount of the deferred tax assets considered realizable, however, could be increased in the near term if estimates of future ongoing taxable income during the carryforward period are adequate to support the realization of the deferred tax assets. | |||||||||||||
The company follows the authoritative guidance on accounting for uncertainty in income taxes and concluded it has no material uncertain tax positions to be recognized at this time. | |||||||||||||
The company assessed its tax positions for all open tax years as of December 31, 2014 for all federal and state tax jurisdictions for the years 2011 through 2013. The results of this assessment are included in the company's tax provision and deferred tax assets as of December 2014. | |||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies |
Commitments: Pursuant to the definitive agreement to acquire the to-be-constructed Green Maple Portfolio, the company, subject to certain conditions, has committed to fund the acquisition and right to construct each of the five solar power facilities that comprise the Green Maple Portfolio. The company will acquire the right to construct and own each solar facility upon the satisfaction of the conditions precedent contained in the definitive agreement to acquire the Green Mountain Portfolio. If all of the conditions precedent for the purchase of any power generation facility are not met by the seller, provided such failure is not solely attributed to the Company, unless waived by the company, on or before June 15, 2015, the company may terminate its obligation to purchase such power generation facility. If all conditions precedent for the Green Mountain Portfolio are met, the minimum commitment for the Company will be approximately $1,400,000. The cost of the fully constructed Green Maple Portfolio will be approximately $9,222,000, plus closing costs. | |
Legal proceedings: The company may become involved in legal proceedings, administrative proceedings, claims and 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, we may be subject to legal proceedings or claims contesting the construction or operation of our renewable energy projects. In defending ourselves in these proceedings, we 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 our business, financial condition and results of operations. In addition, settlement of claims could adversely affect our financial condition and results of operations. As of December 31, 2014, management is not aware of any legal proceedings that might have a significant adverse impact on the company. | |
Financial_Highlights
Financial Highlights | 9 Months Ended | ||||
Dec. 31, 2014 | |||||
Financial Highlights [Abstract] | |||||
Financial Highlights | Note 10. Financial Highlights | ||||
The following is a schedule of financial highlights of the company attributed to common stockholders for the period ended December 31, 2014. The company's income and expense is allocated pro-rata across the outstanding Class A, Class C and Class I shares as applicable, and, therefore, the financial highlights are equal for each of the outstanding classes. Information for the period ended December 31, 2013 is not included since operations did not commence until April 25, 2014 and it is not considered meaningful. | |||||
Per share data attributed to common shares (1): | |||||
Net proceeds before offering costs (2) | $ | 9.17 | |||
Offering costs | (0.59 | ) | |||
Net proceeds after offering costs | 8.58 | ||||
Net investment loss and realized loss on foreign currency translation | (0.38 | ) | |||
Net unrealized appreciation on investments and foreign currency translation | 0.1 | ||||
Net decrease in net assets resulting from operations | (0.28 | ) | |||
Shareholder distributions | (0.28 | ) | |||
Capital contribution from advisor | 0.38 | ||||
Other (6) | 0.1 | ||||
Net decrease in members' equity attributed to common shares | (0.08 | ) | |||
Net asset value for common shares at end of period (3) | $ | 8.5 | |||
Total return attributed to common shares based on net asset value (4) | (5.33 | )% | |||
Common shareholders' equity at end of period | $ | 10,502,809 | |||
Common shares outstanding at end of period | 1,236,345 | ||||
Ratio/Supplemental data for common shares (annualized) (4)(5): | |||||
Ratio of net investment loss to average net assets | (6.60 | )% | |||
Ratio of operating expenses to average net assets | 7.89 | % | |||
-1 | The per share data was derived by using the weighted average shares outstanding during the period of April 25, 2014 through December 31, 2014, which was 513,052. | ||||
-2 | Net proceeds before offering costs is greater than $9.025 since a significant number of shares was sold with less than the maximum commission and dealer manager fee charged. | ||||
-3 | Net asset value would have been lower if the Advisor had not agreed to waive management fees and reimburse the company for expenses above the Maximum Rates as of December 31, 2014. | ||||
-4 | Total return, ratio of net investment loss and ratio of operating expenses to average net assets for the period ended December 31, 2014, prior to the effect of the expense reimbursement agreement and the management fee waiver were (11.35%), (21.68%) and 22.97%, respectively. | ||||
-5 | The company's net investment loss has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of a full fiscal year due to the company's brief period of operations through December 31, 2014. | ||||
-6 | Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and the fact that no offering costs were charged against shares issued prior to the commencement of this offering. |
Selected_Quarterly_Data
Selected Quarterly Data | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Selected Quarterly Data - Unaudited [Abstract] | |||||||||||||
Selected Quarterly Data - Unaudited | Note 12. Selected Quarterly Data – Unaudited | ||||||||||||
Presented in the following table is a summary of the unaudited quarterly financial information for the year ended December 31, 2014. The company believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information. | |||||||||||||
For the quarter ended | |||||||||||||
December 31, | September 30, | June 30, | |||||||||||
2014 | 2014 (1) | 2014 (1)(2) | |||||||||||
Total investment income | $ | 37,907 | $ | 304 | $ | 80 | |||||||
Net investment loss | $ | (106,838 | ) | $ | (35,547 | ) | $ | (53,464 | ) | ||||
Net gain (loss) on investments and foreign currency translation | $ | (32,636 | ) | $ | 81,865 | $ | - | ||||||
Net increase (decrease) in net assets resulting from operations | $ | (139,474 | ) | $ | 46,318 | $ | (53,464 | ) | |||||
Net investment loss per share – basic and diluted | $ | (0.13 | ) | $ | (0.10 | ) | $ | (0.19 | ) | ||||
Net increase (decrease) in net assets resulting from operations per share – basic and diluted | $ | (0.16 | ) | $ | 0.09 | $ | (0.19 | ) | |||||
Net asset value per share at period end | $ | 8.5 | $ | 8.5 | $ | 8.5 | |||||||
-1 | As the company had no substantive operations prior to April 25, 2014, the first quarter of 2014 has been omitted. | ||||||||||||
-2 | The selected financial information for the June 30, 2014 quarter consists of the company's commencement of operations (April 25, 2014 through June 30, 2014). |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Dec. 31, 2014 | |
Subsequent Event [Abstract] | |
Subsequent Event | Note 13. Subsequent Event |
On January 31, 2015, the company acquired 9.789 Megawatts of operating solar power facilities located on 13 sites in the states of Colorado, Connecticut, Florida, Hawaii, Indiana and North Carolina for a total purchase price of approximately $17,250,000, including the assumption of $9,073,000 of system level debt in place with Bridge Bank ($5,713,000) and the City and County of Denver ($3,360,000) with annual interest rates ranging from 5.5% to 7.5%. Electricity and environmental attributes produced by the portfolio will be sold under long term agreements to off takers including Duke Energy Progress (Progress Energy), Xcel Energy, the City and County of Denver at Denver International Airport, the Orlando Utilities Commission, Kauai Island Utility Cooperative, and NIPSCO among others. Approximately 90% of contracted revenues are expected to come from investment grade rated utilities and municipalities. | |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended | ||||
Dec. 31, 2014 | |||||
Significant Accounting Policies [Abstract] | |||||
Basis of Presentation | |||||
Basis of Presentation | |||||
The company's consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Actual results could differ from those estimates, assumptions, and judgments. Significant items subject to such estimates will include determining the fair value of investments, revenue recognition, income tax uncertainties, and other contingencies. The consolidated financial statements of the company include the accounts of the LLC and its consolidated subsidiary, GREC. All intercompany accounts and transactions have been eliminated. | |||||
The company's consolidated financial statements will be prepared using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial Services—Investment Companies (ASC Topic 946). In accordance with this specialized accounting guidance, the company will recognize and carry all of its investments at fair value with changes in fair value recognized in earnings. Additionally, the company will not apply consolidation or equity method of accounting to its investments. The company plans to carry liabilities at amounts payable, net of unamortized premiums or discounts. The company does not currently plan to elect to carry its liabilities at fair value. Net assets will be calculated as the carrying amounts of assets, including the fair value of investments, less the carrying amounts of its liabilities. | |||||
Cash and Cash Equivalents | |||||
Cash and Cash Equivalents | |||||
Cash consists of demand deposits at a financial institution. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The company has not experienced any losses in any such accounts. | |||||
The company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Short-term investments that are cash equivalents are stated at cost, which approximates fair value. There are no restrictions on the use of the company's cash as of December 31, 2014 and 2013 except as noted below. | |||||
Foreign Currency Translation | |||||
Foreign Currency Translation | |||||
The accounting records of the company are maintained in U.S. Dollars. The fair value of investments and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. Dollars using the exchange rate at the end of each reporting period. Amounts related to the purchases and sales of investments, investment income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. | |||||
Net unrealized currency gains and losses arising from valuing foreign currency denominated assets and liabilities at the current exchange rate are reflected as part of net unrealized appreciation (depreciation) on investments and currency translation. | |||||
Valuation of Investments at Fair Value | |||||
Valuation of Investments at Fair Value | |||||
Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures (ASC Topic 820) defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value. The company plans to recognize and account for its investments at fair value. The fair values of the investments does not reflect transaction costs that may be incurred upon disposition of the investments. | |||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is an exchange price notion under which fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability | |||||
The advisor has established procedures to estimate the fair value of its investments which the company's board of directors has reviewed and approved. The company will use observable market data to estimate the fair value of investments to the extent that market data is available. In the absence of quoted market prices in active markets, or quoted market prices for similar assets or in markets that are not active, the company will use the valuation methodologies described below with unobservable data based on the best available information in the circumstances, which incorporates the company's assumptions about the factors that a market participant would use to value the asset. | |||||
For investments for which quoted market prices are not available, which will comprise most of our investment portfolio, fair value will be estimated by using the income or sales comparison approach. The income approach is based on the assumption that value is created by the expectation of future benefits discounted to a current value and the fair value estimate is the amount an investor would be willing to pay to receive those future benefits. The sales comparison approach compares recent comparable transactions to the investment. Adjustments are made for any dissimilarity between the comparable transactions and the investments. These valuation methodologies involve a significant degree of judgment on the part of our advisor. | |||||
In determining the appropriate fair value of an investment using these approaches, the most significant information and assumption may include, as applicable: available current market data, including relevant and applicable comparable market transactions, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the investment's ability to make payments, its earnings and discounted cash flows, the markets in which the project does business, comparisons of financial ratios of peer companies that are public, mergers and acquisitions comparables, the principal market and enterprise values, environmental factors, among other factors. | |||||
The estimated fair values will not necessarily represent the amounts that may be ultimately realized due to the occurrence or nonoccurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of the valuation of the investments, the estimate of fair values may differ significantly from the value that would have been used had a broader market for the investments existed. | |||||
The authoritative accounting guidance prioritizes the use of market-based inputs over entity-specific inputs and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation. The three levels of valuation hierarchy are defined as follows: | |||||
Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date. Valuation adjustments and block discounts are not applied to Level 1 measurements; | |||||
Level 2: Valuations based on quoted prices in less active, dealer or broker markets. Fair values are primarily obtained from third-party pricing services or broker quotes for identical or comparable assets or liabilities; | |||||
Level 3: Valuations derived from other valuation methodologies, including pricing models, discounted cash flow models and similar techniques, and not based on market, exchange, dealer, or broker-traded transactions. Level 3 valuations incorporate certain assumptions and projections that are not observable in the market and significant professional judgment in determining the fair value assigned to such assets or liabilities. | |||||
In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls will be determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. | |||||
Calculation of Net Asset Value | |||||
Calculation of Net Asset Value | |||||
Net asset value by class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. Net asset value per share is calculated by dividing net asset value for each class by the total number of outstanding common shares for that class on the reporting date. | |||||
Earnings (Loss) per Share | |||||
Earnings (Loss) per Share | |||||
In accordance with the provisions of ASC Topic 260 — “Earnings per Share” (“ASC Topic 260”), basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. | |||||
For the period | |||||
Commencement of | |||||
Operations (April 25, 2014) | |||||
through December | |||||
31, 2014 | |||||
Basic and diluted | |||||
Net decrease in net assets attributed to common stockholders | $ | (156,466 | ) | ||
Weighted average common shares outstanding | 513,052 | ||||
Net decrease in net assets attributed to common stockholders | $ | (0.30 | ) | ||
Revenue Recognition | |||||
Revenue Recognition | |||||
Interest income is recorded on an accrual basis to the extent the company expects to collect such amounts. Interest receivable on loans and debt securities is not accrued for accounting purposes if there is reason to doubt an ability to collect such interest. Original issue discounts, market discounts or market premiums are accreted or amortized using the effective interest method as interest income. Prepayment premiums on loans and debt securities are recorded as interest income when received. | |||||
Loans are placed on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment. Non-accrual loans are generally restored to accrual status when past due and principal and interest is paid and, in management's judgment, is likely to remain current. | |||||
Dividend income is recorded (1) on the ex-dividend date for publicly issued securities and (2) when received from private investments. | |||||
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments | |||||
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments | |||||
Realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. | |||||
Payment in-Kind Interest | |||||
Payment in-Kind Interest | |||||
For loans and debt securities with contractual payment-in-kind (PIK) interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. | |||||
Distribution Policy | |||||
Distribution Policy | |||||
Distributions to members, if any, will be authorized and declared by our board of directors quarterly in advance and paid on a monthly basis. From time to time, we may also pay interim special distributions in the form of cash or shares, with the approval of our board of directors. Distributions will be made on all classes of shares at the same time. The cash distributions with respect to the Class C shares will be lower than the cash distributions with respect to Class A and Class I shares because of the distribution fee associated with the Class C shares, which will be allocated as a Class C specific expense. Amounts distributed to each class will be allocated among the holders of the shares in such class in proportion to their shares. Distributions declared by our board of directors are recognized as distribution liabilities on the ex-dividend date. | |||||
Organization and Offering Costs | |||||
Organization and Offering Costs | |||||
Organization and offering costs (“O&O costs”), other than sales commissions and the dealer manager fee, are initially being paid by our advisor on behalf of the company. These O&O costs include all costs to be paid by the company in connection with its formation and the offering, including legal, accounting, printing, mailing and filing fees, charges of the company's escrow holder, due diligence expense reimbursements to participating broker-dealers included in detailed and itemized invoices and costs in connection with administrative oversight of the offering and marketing process, and preparing supplemental sales materials, holding educational conferences, and attending retail seminars conducted by broker-dealers. While the total O&O costs shall be reasonable and shall in no event exceed an amount equal to 15% of the gross proceeds of this offering and the distribution reinvestment plan, the company is targeting no more than 1.5% of the gross proceeds for O&O costs other than sales commissions and dealer manager fees. The company anticipates that it will be obligated to reimburse our advisor for O&O costs that it may incur on behalf of the company, in accordance with the advisory agreement, but only to the extent that the reimbursement would not cause the selling commissions, the dealer manager fee and the other organization and offering expenses borne by the company to exceed 15% of gross offering proceeds as of the date of reimbursement. | |||||
The costs incurred by our advisor are recognized as a liability of the company to the extent that the company is obligated to reimburse our advisor, subject to the 15% of gross offering proceeds limitation described above. When recognized by the company, organizational costs will be expensed and offering costs, excluding selling commissions and dealer manager fees, will be recognized as a reduction of the proceeds from the offering. The company had previously disclosed that its policy was to defer offering costs and recognize these costs as an expense over a 12-month period. | |||||
As of December 31, 2014 and 2013, the advisor has incurred approximately $4,613,000 and $3,960,000, respectively, of O&O costs on behalf of the company of which $853,903 had been reimbursed to the advisor as of December 31, 2014. The O&O costs include $1,250,000 for formation services due to an affiliate of the advisor of which $250,000 was included in O&O costs at December 31, 2014 and 2013 but is not payable until the completion of the public offering. In addition, the dealer manager has incurred approximately $145,000 in O&O costs on behalf of the company as of December 31, 2014 which will be reimbursed by the company once gross offering proceeds reach a minimum of $50,000,000. | |||||
Capital Gains Incentive Allocation and Distribution | |||||
Capital Gains Incentive Allocation and Distribution | |||||
Pursuant to the proposed terms of the LLC's amended and restated limited liability company agreement, a capital gains incentive distribution will be earned by an affiliate of our advisor on realized gains from the sale of investments from the company's portfolio during operations prior to a liquidation of the company. While the terms of the advisory agreement are expected to neither include nor contemplate the inclusion of unrealized gains in the calculation of the capital gains incentive distribution, pursuant to an interpretation of an American Institute for Certified Public Accountants Technical Practice Aid for investment companies, the company will include unrealized gains in the calculation of the capital gains incentive distribution expense and related capital gains incentive fee payable. This amount reflects the incentive distribution that would be payable if the company's entire portfolio was liquidated at its fair value as of the balance sheet date even though the advisor is not entitled to an incentive distribution with respect to unrealized gains unless and until such gains are actually realized. Thus on each date that net asset value is calculated, the company calculates for the capital gains incentive distribution by calculating such distribution as if it were due and payable as of the end of such period. | |||||
Income Taxes | |||||
Income Taxes | |||||
The LLC intends to operate so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code. As such, it will not be subject to any U.S. federal and state income taxes. In any particular year it is possible that the LLC will not meet the qualifying income exception and will not qualify to be treated as a partnership. If the LLC does not meet the qualifying income exception, the members would then be treated as stockholders in a corporation and the company would become taxable as a corporation for U.S. federal income tax purposes under the Internal Revenue Code. The LLC would be required to pay income tax at corporate rates on its net taxable income. Distributions to members from the LLC would constitute dividend income taxable to such members, to the extent of the company's earnings and profits and the payment of the distributions would not be deductible by the LLC. | |||||
The LLC plans to conduct substantially all of its operations through its wholly-owned subsidiary, GREC, which is a corporation that is subject to U.S. federal, state and local income taxes. Accordingly, most of its operations will be subject to U.S. federal, state and local income taxes. | |||||
Income taxes are accounted for under the assets and liabilities method. Deferred tax assets and liabilities are recorded for the estimated future tax consequences attributable to differences between items that are recognized in the consolidated financial statements and tax returns in different years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. For income tax benefits to be recognized including uncertain tax benefits, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of the benefit that is more likely than not to be realized upon ultimate settlement. A valuation allowance is established against net deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties associated with income taxes, if any, will be recognized in general and administrative expense. | |||||
The company does not consolidate its investments for financial statements, rather it accounts for its investments at fair value under the specialized accounting of ASC Topic 946. The tax attributes of the individual investments will be considered and incorporated in the company's fair value estimates for those investments. The amounts recognized in the financial statements for unrealized appreciation and depreciation will result in a difference between the financial statements and the cost basis of the assets for tax purposes. These differences will be recognized as deferred tax assets and liabilities. Additionally in certain circumstances, the entities that hold the company's investments may be included in the consolidated tax return of GREC and the differences between the amounts recognized for financial statement purposes and the tax return will be recognized as additional deferred tax assets and liabilities. | |||||
Recently Issued Accounting Pronouncements | |||||
Recently Issued Accounting Pronouncements | |||||
Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. The company is choosing not to take advantage of the extended transition period for complying with new or revised accounting standards. | |||||
In June 2013, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance that define the criteria under which a company may utilize Investment Company accounting, clarifies the measurement guidance for companies that qualify to utilize this accounting method, and requires new disclosures. The company has evaluated the new accounting guidance and it has concluded that it continues to meet the criteria of an investment company. The company has adopted the new guidance as of January 1, 2014, which did not have a significant impact on the consolidated financial statements. | |||||
In June 2014, the FASB issued new accounting guidance that eliminated the incremental financial reporting requirements for developing stage entities, including required certain inception-to-date disclosures. The new guidance also eliminates special consolidation guidance for variable interest entities that were development stage entities. The new guidance requires additional discussion of risks and uncertainties related to an entity's current activities and future plans when an entity has not started its planned operations. The company adopted the new guidance for the period commencing April 25, 2014, which coincides with the commencement of operations. Adoption of the new guidance did not have a significant impact on the consolidated financial statements. | |||||
In August 2014, the FASB issued new accounting guidance that requires management to assess an entity's ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments provide a definition of the term ‘substantial doubt' and include principles for considering the mitigating effect of management's plans. The amendments also require an evaluation every reporting period, including interim periods for a period of one year after the date that the financial statements are issued (or available to be issued), and certain disclosures when substantial doubt is alleviated or not alleviated. The amendments in this update are effective for reporting periods ending after December 15, 2016. Management is currently evaluating the impact of adopting this new accounting guidance update on the company's consolidated financial statement. | |||||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 9 Months Ended | ||||
Dec. 31, 2014 | |||||
Significant Accounting Policies [Abstract] | |||||
Summary of Earnings (Loss) per Share | For the period | ||||
Commencement of | |||||
Operations (April 25, 2014) | |||||
through December | |||||
31, 2014 | |||||
Basic and diluted | |||||
Net decrease in net assets attributed to common stockholders | $ | (156,466 | ) | ||
Weighted average common shares outstanding | 513,052 | ||||
Net decrease in net assets attributed to common stockholders | $ | (0.30 | ) |
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Investments [Abstract] | |||||||||||||
Composition of Company's Investments | Investments at | Investments at | Fair Value | ||||||||||
Cost | Fair | Percentage | |||||||||||
Value | of Total Portfolio | ||||||||||||
Sunny Mountain Portfolio | $ | 920,000 | $ | 989,115 | 36.1 | % | |||||||
Canadian Northern Lights Portfolio | 1,068,136 | 1,048,709 | 38.3 | ||||||||||
Green Maple Portfolio | 700,000 | 699,677 | 25.6 | ||||||||||
Total | $ | 2,688,136 | $ | 2,737,501 | 100 | % | |||||||
Fair_Value_Measurements_Invest1
Fair Value Measurements - Investment (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Measurements - Investment [Abstract] | |||||||||||||||||
Schedule of Fair Value Measurements of Investments, by Major Class | Valuation Inputs | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||
Limited Liability Company Member Interests | $ | — | $ | — | $ | 2,737,501 | $ | 2,737,501 | |||||||||
Total | $ | — | $ | — | $ | 2,737,501 | $ | 2,737,501 | |||||||||
Reconciliation of Beginning and Ending Balances for Investments and Secured Borrowings | Valuation Inputs | ||||||||||||||||
Balance as of April 25, | Net change in | Purchases and | Balance as of | ||||||||||||||
2014 | unrealized | other adjustments | December | ||||||||||||||
(Commencement of | appreciation on | to cost (1) | 31, | ||||||||||||||
Operations) | investment | 2014 | |||||||||||||||
Limited Liability Company Member Interests | $ | — | $ | 49,365 | $ | 2,688,136 | $ | 2,737,501 | |||||||||
Total | $ | — | $ | 49,365 | $ | 2,688,136 | $ | 2,737,501 | |||||||||
-1 | Include purchases of new investment, capitalized deal costs and effects of purchase price adjustments, if any. | ||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | Fair value | Valuation technique | Unobservable inputs | Rate/Assumption | |||||||||||||
Limited Liability Company Member Interests | $ | 2,737,501 | Income approach | Discount rate | 8.30% | ||||||||||||
Future Kwh | 0.75% annual | ||||||||||||||||
Production | degradation in production |
Members_Equity_Tables
Members' Equity (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Members' Equity [Abstract] | |||||||||||||
Summary of Shares Issued and Outstanding | Shares Outstanding as of | Shares | Shares Outstanding as of | ||||||||||
December 31, 2013 | Issued/ Redeemed | 31-Dec-14 | |||||||||||
During the Period(a) | |||||||||||||
Class A shares | 20,200 | 1,077,644 | 1,097,844 | ||||||||||
Class C shares | — | 84.964 | 84,964 | ||||||||||
Class I shares | — | 53,537 | 53,537 | ||||||||||
Total | 20,200 | 1,216,145 | 1,236,345 | ||||||||||
(a) | Per the company's prospectus, the 100 shares purchased by the initial member were redeemed, without interest, when escrow was broken and the company commenced operations. | ||||||||||||
Distributions_Tables
Distributions (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Distributions [Abstract] | ||||||||||||||
Schedule of the distributions per share paid or payable in cash or with the distribution reinvestment plan ("DRP") on the Company's common stock to date | ||||||||||||||
Pay Date | Paid in | Value of | Total | |||||||||||
Cash | Shares Issued under DRP | |||||||||||||
1-Oct-14 | $ | 5,123 | $ | 13,920 | $ | 19,043 | ||||||||
3-Nov-14 | 10,332 | 19,410 | 29,742 | |||||||||||
1-Dec-14 | 16,985 | 21,831 | 38,816 | |||||||||||
2-Jan-15 | 30,913 | 25,907 | 56,820 | |||||||||||
Total | $ | 63,353 | $ | 81,068 | $ | 144,421 |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Schedule of components of income tax provision | |||||||||||||
Current | Deferred | Total | |||||||||||
Year ended December 31, 2014: | |||||||||||||
US federal | $ | - | $ | 24,886 | $ | 24,886 | |||||||
State and local | - | 2,171 | 2,171 | ||||||||||
Foreign jurisdiction | - | - | - | ||||||||||
Tax benefit/(expense) | $ | - | $ | 27,057 | $ | 27,057 | |||||||
Valuation allowance | - | (27,057 | ) | (27,057 | ) | ||||||||
Tax benefit/(expense), net | $ | - | $ | - | $ | - | |||||||
Schedule of reconciliation of federal statutory rate and effective tax rate | |||||||||||||
Provision of income taxes, at federal tax rate | $ | (54,763 | ) | ||||||||||
Less: LLC income not taxable | $ | 29,877 | |||||||||||
Increase in income taxes resulting from: | |||||||||||||
State and local taxes, net of federal benefit | $ | (2,171 | ) | ||||||||||
Other | |||||||||||||
Actual provision for income taxes | $ | (27,057 | ) | ||||||||||
Less: valuation allowance | $ | 27,057 | |||||||||||
Tax provision, net | $ | - | |||||||||||
Schedule of components of deferred tax assets | |||||||||||||
2014 | |||||||||||||
Amortization | 21,717 | ||||||||||||
Net operating losses | 61,632 | ||||||||||||
Unrealized gains | (18,785 | ) | |||||||||||
Net income (loss) from subsidiaries | (23,382 | ) | |||||||||||
Return of capital on investments in subsidiaries | (14,125 | ) | |||||||||||
Deferred tax assets | $ | 27,057 | |||||||||||
Less: valuation allowance | (27,057 | ) | |||||||||||
Deferred tax assets, net | $ | - |
Financial_Highlights_Tables
Financial Highlights (Tables) | 9 Months Ended | ||||
Dec. 31, 2014 | |||||
Financial Highlights [Abstract] | |||||
Schedule of Financial Highlights of Company's Income and Expense | |||||
Per share data attributed to common shares (1): | |||||
Net proceeds before offering costs (2) | $ | 9.17 | |||
Offering costs | (0.59 | ) | |||
Net proceeds after offering costs | 8.58 | ||||
Net investment loss and realized loss on foreign currency translation | (0.38 | ) | |||
Net unrealized appreciation on investments and foreign currency translation | 0.1 | ||||
Net decrease in net assets resulting from operations | (0.28 | ) | |||
Shareholder distributions | (0.28 | ) | |||
Capital contribution from advisor | 0.38 | ||||
Other (6) | 0.1 | ||||
Net decrease in members' equity attributed to common shares | (0.08 | ) | |||
Net asset value for common shares at end of period (3) | $ | 8.5 | |||
Total return attributed to common shares based on net asset value (4) | (5.33 | )% | |||
Common shareholders' equity at end of period | $ | 10,502,809 | |||
Common shares outstanding at end of period | 1,236,345 | ||||
Ratio/Supplemental data for common shares (annualized) (4)(5): | |||||
Ratio of net investment loss to average net assets | (6.60 | )% | |||
Ratio of operating expenses to average net assets | 7.89 | % | |||
-1 | The per share data was derived by using the weighted average shares outstanding during the period of April 25, 2014 through December 31, 2014, which was 513,052. | ||||
-2 | Net proceeds before offering costs is greater than $9.025 since a significant number of shares was sold with less than the maximum commission and dealer manager fee charged. | ||||
-3 | Net asset value would have been lower if the Advisor had not agreed to waive management fees and reimburse the company for expenses above the Maximum Rates as of December 31, 2014. | ||||
-4 | Total return, ratio of net investment loss and ratio of operating expenses to average net assets for the period ended December 31, 2014, prior to the effect of the expense reimbursement agreement and the management fee waiver were (11.35%), (21.68%) and 22.97%, respectively. | ||||
-5 | The company's net investment loss has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of a full fiscal year due to the company's brief period of operations through December 31, 2014. | ||||
-6 | Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and the fact that no offering costs were charged against shares issued prior to the commencement of this offering. |
Selected_Quarterly_Data_Tables
Selected Quarterly Data (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Selected Quarterly Data - Unaudited [Abstract] | |||||||||||||
Summary of unaudited quarterly financial information | For the quarter ended | ||||||||||||
December 31, | September 30, | June 30, | |||||||||||
2014 | 2014 (1) | 2014 (1)(2) | |||||||||||
Total investment income | $ | 37,907 | $ | 304 | $ | 80 | |||||||
Net investment loss | $ | (106,838 | ) | $ | (35,547 | ) | $ | (53,464 | ) | ||||
Net gain (loss) on investments and foreign currency translation | $ | (32,636 | ) | $ | 81,865 | $ | - | ||||||
Net increase (decrease) in net assets resulting from operations | $ | (139,474 | ) | $ | 46,318 | $ | (53,464 | ) | |||||
Net investment loss per share – basic and diluted | $ | (0.13 | ) | $ | (0.10 | ) | $ | (0.19 | ) | ||||
Net increase (decrease) in net assets resulting from operations per share – basic and diluted | $ | (0.16 | ) | $ | 0.09 | $ | (0.19 | ) | |||||
Net asset value per share at period end | $ | 8.5 | $ | 8.5 | $ | 8.5 | |||||||
-1 | As the company had no substantive operations prior to April 25, 2014, the first quarter of 2014 has been omitted. | ||||||||||||
-2 | The selected financial information for the June 30, 2014 quarter consists of the company's commencement of operations (April 25, 2014 through June 30, 2014). |
Organization_and_Operations_of1
Organization and Operations of the Company (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Apr. 25, 2014 | Mar. 28, 2014 | Dec. 31, 2013 | |
Organization And Operations Of Company [Line Items] | ||||
Dollar value of shares offering | $2,000,000 | |||
Commencement of operations | 25-Apr-14 | |||
Class A [Member] | ||||
Organization And Operations Of Company [Line Items] | ||||
Sale price of per share | 10 | |||
Shares issued | 170,000 | |||
Class C [Member] | ||||
Organization And Operations Of Company [Line Items] | ||||
Sale price of per share | 9.576 | |||
Class I [Member] | ||||
Organization And Operations Of Company [Line Items] | ||||
Sale price of per share | 9.186 | |||
Maximum [Member] | Distribution Reinvestment Plan [Member] | ||||
Organization And Operations Of Company [Line Items] | ||||
Dollar value of shares offering | 250,000,000 | |||
Limited Liability Company Member Interests [Member] | Maximum [Member] | ||||
Organization And Operations Of Company [Line Items] | ||||
Dollar value of shares offering | 1,500,000,000 | |||
Advisor [Member] | Class A [Member] | ||||
Organization And Operations Of Company [Line Items] | ||||
Shares issued | 20,100 | |||
Affiliate of Advisor [Member] | Class A [Member] | ||||
Organization And Operations Of Company [Line Items] | ||||
Shares issued | 100 | |||
Common shares redeemed | 100 |
Significant_Accounting_Policie3
Significant Accounting Policies (Summary of Earnings (Loss) per Share) (Details) (USD $) | 9 Months Ended |
Dec. 31, 2014 | |
Basic and diluted | |
Net decrease in net assets attributed to common stockholders | ($156,466) |
Weighted average common shares outstanding | 513,052 |
Net decrease in net assets attributed to common stockholders | ($0.30) |
Significant_Accounting_Policie4
Significant Accounting Policies (Narrative) (Details) (USD $) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
O&O Costs - Advisor [Member] | ||
Significant Accounting Policies [Line Items] | ||
Limit of offering costs reimbursement to advisor | 15.00% | |
Target offering expense ratio | 1.50% | |
Percentage of reimbursement out of gross offering proceeds | 15.00% | |
Prior policy, period over which company has to defer and expense offering costs | 12 months | |
Organization and offering costs reimbursed | $853,903 | |
O&O Costs - Dealer Manager [Member] | ||
Significant Accounting Policies [Line Items] | ||
Organization and offering cost incurred | 145,000 | |
O&O Costs - Dealer Manager [Member] | Minimum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Gross proceeds to be received for reimbursement by the entity | 50,000,000 | |
Advisor [Member] | ||
Significant Accounting Policies [Line Items] | ||
Organization and offering cost incurred | 4,613,000 | 3,960,000 |
Advisor [Member] | Formation Services [Member] | ||
Significant Accounting Policies [Line Items] | ||
Organization and offering cost incurred | 1,250,000 | 1,250,000 |
Organization and offering cost payable | $250,000 | $250,000 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Investment Holdings [Line Items] | ||
Investments | $0 | |
Control Investment, description | investments in companies in which the company own 25% or more of the voting securities of such company or have greater than 50% representation on such company's board of directors |
Investments_Composition_of_Com
Investments (Composition of Company's Investment at Amortized Cost and Fair Value) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment Holdings [Line Items] | |||
Investments at Cost | $2,688,136 | $0 | |
Investments at Fair Value | 2,737,501 | ||
Fair Value Percentage of Total Portfolio | 100.00% | [1] | |
United States [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | 1,620,000 | ||
Investments at Fair Value | 1,688,792 | ||
Fair Value Percentage of Total Portfolio | 61.70% | ||
Mountain Region [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | 920,000 | ||
Investments at Fair Value | 989,115 | ||
Fair Value Percentage of Total Portfolio | 36.10% | ||
East Region [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | 700,000 | ||
Investments at Fair Value | 699,677 | ||
Fair Value Percentage of Total Portfolio | 25.60% | ||
Canada [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | 1,068,136 | ||
Investments at Fair Value | 1,048,709 | ||
Fair Value Percentage of Total Portfolio | 38.30% | ||
Sunny Mountain Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | 920,000 | ||
Investments at Fair Value | 989,115 | ||
Fair Value Percentage of Total Portfolio | 36.10% | ||
Canadian Northern Lights Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | 1,068,136 | ||
Investments at Fair Value | 1,048,709 | ||
Fair Value Percentage of Total Portfolio | 38.30% | ||
Green Maple Portfolio [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | 700,000 | ||
Investments at Fair Value | 699,677 | ||
Fair Value Percentage of Total Portfolio | 25.60% | ||
Limited Liability Company Member Interests [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Fair Value | 2,737,501 | ||
Alternative Energy - Solar [Member] | |||
Investment Holdings [Line Items] | |||
Investments at Cost | 2,688,136 | ||
Investments at Fair Value | $2,737,501 | ||
Fair Value Percentage of Total Portfolio | 100.00% | ||
[1] | Percentages are based on net assets of $10,512,655 as of December 31, 2014. |
Fair_Value_Measurements_Invest2
Fair Value Measurements - Investment (Schedule of Fair Value Measurements of Investment, by Major Class) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 24, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | $2,737,501 | ||
Limited Liability Company Member Interests [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 2,737,501 | ||
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | |||
Level 1 [Member] | Limited Liability Company Member Interests [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | |||
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | |||
Level 2 [Member] | Limited Liability Company Member Interests [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | |||
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 2,737,501 | ||
Level 3 [Member] | Limited Liability Company Member Interests [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | $2,737,501 |
Fair_Value_Measurements_Invest3
Fair Value Measurements - Investment (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments | $0 | |||||||
Net change in unrealized appreciation on investment | -32,636 | 81,865 | [1] | [1],[2] | 49,365 | |||
Net Realized gains or Losses on Investment | 0 | |||||||
Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Change in unrealized appreciation | $49,365 | $49,365 | ||||||
[1] | As the company had no substantive operations prior to April 25, 2014, the first quarter of 2014 has been omitted. | |||||||
[2] | The selected financial information for the June 30, 2014 quarter consists of the company's commencement of operations (April 25, 2014 through June 30, 2014). |
Fair_Value_Measurements_Invest4
Fair Value Measurements - Investment (Reconciliation of Beginning and Ending Balances for Investments and Secured Borrowings) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | ||||
Ending Balance | 2,737,501 | 2,737,501 | ||
Limited Liability Company Member Interests [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Ending Balance | 2,737,501 | 2,737,501 | ||
Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | ||||
Net change in unrealized appreciation on investment | 49,365 | 49,365 | ||
Purchases and other adjustments to cost | 2,688,136 | [1] | ||
Ending Balance | 2,737,501 | 2,737,501 | ||
Level 3 [Member] | Limited Liability Company Member Interests [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | ||||
Net change in unrealized appreciation on investment | 49,365 | |||
Purchases and other adjustments to cost | 2,688,136 | [1] | ||
Ending Balance | $2,737,501 | $2,737,501 | ||
[1] | Include purchases of new investment, capitalized deal costs and effects of purchase price adjustments, if any. |
Fair_Value_Measurements_Invest5
Fair Value Measurements - Investment (Quantitative Information about Level 3 Fair Value Measurements) (Details) (USD $) | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Apr. 24, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | $2,737,501 | ||
Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | 2,737,501 | ||
Limited Liability Company Member Interests [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | 2,737,501 | ||
Limited Liability Company Member Interests [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value | $2,737,501 | ||
Valuation technique | Income approach | ||
Fair value Assumption | 0.75% | ||
Income Approach [Member] | Limited Liability Company Member Interests [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair value Rate | 8.30% |
Related_Party_Agreements_and_T1
Related Party Agreements and Transactions (Details) (USD $) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ||
Operating expenses including the management fees earned by the Advisor | $681,354 | |
Operating expenses assumed by the Advisor under the Expense Assumption and Reimbursement Agreement | 648,720 | |
Expense reimbursement from advisor | 648,720 | |
Management fees | 64,282 | |
Waiver of management fees | 21,228 | |
Due from advisor | 49,291 | |
Incentive allocation expense | 9,846 | |
Payment for dealer manager fees | 694,159 | |
Payments for selling commission | 208,215 | |
Non-refundable capital contribution from advisor to maintain the Company's net asset value per share at specified level | 193,000 | |
Net asset value per share to be maintained | $8.50 | |
Class A [Member] | Maximum [Member] | ||
Related Party Transaction [Line Items] | ||
Selling commision, percentage | 7.00% | |
Dealer manager fees, percentage | 2.75% | |
Class A [Member] | Distribution Reinvestment Plan [Member] | ||
Related Party Transaction [Line Items] | ||
Selling commision, percentage | ||
Dealer manager fees, percentage | ||
Class C [Member] | ||
Related Party Transaction [Line Items] | ||
Distribution fee, description | Accrues daily equal to 1/365th of 0.80% of the amount of the daily net asset value for the Class C shares on a continuous basis from year to year. | |
Class C [Member] | Maximum [Member] | ||
Related Party Transaction [Line Items] | ||
Selling commision, percentage | 3.00% | |
Dealer manager fees, percentage | 2.75% | |
Class C [Member] | Distribution Reinvestment Plan [Member] | ||
Related Party Transaction [Line Items] | ||
Selling commision, percentage | ||
Dealer manager fees, percentage | ||
Class I [Member] | ||
Related Party Transaction [Line Items] | ||
Selling commision, percentage | 0.00% | |
Class I [Member] | Maximum [Member] | ||
Related Party Transaction [Line Items] | ||
Dealer manager fees, percentage | 1.75% | |
Selling Commissions - Dealer Manager [Member] | Class A [Member] | ||
Related Party Transaction [Line Items] | ||
Selling commision, percentage | 7.00% | |
Selling Commissions - Dealer Manager [Member] | Class C [Member] | Maximum [Member] | ||
Related Party Transaction [Line Items] | ||
Selling commision, percentage | 3.00% | |
Selling Commissions - Dealer Manager [Member] | Class I [Member] | ||
Related Party Transaction [Line Items] | ||
Selling commision, percentage | ||
Dealer Manager Fee - Dealer Member [Member] | Dividend Reinvestment Plan [Member] | ||
Related Party Transaction [Line Items] | ||
Selling commissions | 0 | |
Dealer Manager Fee - Dealer Member [Member] | Class A [Member] | ||
Related Party Transaction [Line Items] | ||
Dealer manager fees, percentage | 2.75% | |
Dealer Manager Fee - Dealer Member [Member] | Class C [Member] | ||
Related Party Transaction [Line Items] | ||
Dealer manager fees, percentage | 2.75% | |
Dealer Manager Fee - Dealer Member [Member] | Class I [Member] | ||
Related Party Transaction [Line Items] | ||
Dealer manager fees, percentage | 1.75% | |
O&O Costs - Advisor [Member] | ||
Related Party Transaction [Line Items] | ||
Limit of offering costs reimbursement to advisor | 15.00% | |
Target offering expense ratio | 1.50% | |
Due from advisor | 54,523 | |
Base Management Fees - Advisor [Member] | ||
Related Party Transaction [Line Items] | ||
Base management fees payable, monthly rate | 0.17% | |
Base management fees payable, annual rate | 2.00% | |
Incentive Allocation And Distribution - Special Unitholder [Member] | ||
Related Party Transaction [Line Items] | ||
Hurdle rate, quarterly | 1.75% | |
Hurdle rate, annualized | 7.00% | |
Incentive Allocation And Distribution - Special Unitholder [Member] | Pre-incentive distribution net investment income, if any, that exceeds the hurdle rate but is less than 2.1875% in any fiscal quarter (8.75% annualized with a 7% annualized hurdle rate) [Member] | ||
Related Party Transaction [Line Items] | ||
Incentive distribution, percentage | 100.00% | |
Incentive Allocation And Distribution - Special Unitholder [Member] | Pre-incentive distribution net investment income, if any, that exceeds 2.1875% in any fiscal quarter (8.75% annualized with a 7% annualized hurdle rate) [Member] | ||
Related Party Transaction [Line Items] | ||
Incentive distribution, percentage | 20.00% | |
Capital Gains Incentive Distribution - Special Unitholder [Member] | ||
Related Party Transaction [Line Items] | ||
Capital gains incentive distribution, percentage | 20.00% | |
Liquidation Incentive Distribution - Special Unitholder [Member] | ||
Related Party Transaction [Line Items] | ||
Liquidation incentive distribution, percentage | 20.00% | |
Liquidation arrears period | 30 days | |
Operating Expense and Expense Assumption and Reimbursement Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Operating expense, percentage | 6.00% | |
Operating expense, reimbursement period | 30 days | |
Due from advisor | $5,232 |
Members_Equity_Narrative_Detai
Members' Equity (Narrative) (Details) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ||
Total number of shares authorized | 400,000,000 | |
Common stock of class A,C and I, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares outstanding | 1,236,345 | 20,200 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Shares issued under the DRP | 0 | |
Share repurchase program, description | Quarterly share repurchases will be conducted, on up to approximately 5% of the weighted average number of outstanding shares in any 12-month period, to allow members who hold shares to sell shares back to the company at a price equal to the then current offering price less the selling commissions and dealer manager fees associated with that class of shares. | |
Share repurchase program, repurchase limit | 5.00% | |
Share repurchase program, repurchase limit in the prior four fiscal quarters | 1.25% | |
Share repurchased | 0 | 0 |
Distribution Reinvestment Plan [Member] | ||
Class of Stock [Line Items] | ||
Shares allocated for use in the DRP | 50,000,000 | 0 |
Shares issued under the DRP | 8,983 | |
Minimum written notice period for termination | 10 days | |
Class A [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares outstanding | 1,097,844 | 20,200 |
Class A [Member] | Maximum [Member] | ||
Class of Stock [Line Items] | ||
Selling commision, percentage | 7.00% | |
Dealer manager fees, percentage | 2.75% | |
Class A [Member] | Distribution Reinvestment Plan [Member] | ||
Class of Stock [Line Items] | ||
Selling commision, percentage | ||
Dealer manager fees, percentage | ||
Class C [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares outstanding | 84,964 | 0 |
Distribution fee, description | Accrues daily equal to 1/365th of 0.80% of the amount of the daily net asset value for the Class C shares on a continuous basis from year to year. | |
Class C [Member] | Maximum [Member] | ||
Class of Stock [Line Items] | ||
Selling commision, percentage | 3.00% | |
Dealer manager fees, percentage | 2.75% | |
Class C [Member] | Distribution Reinvestment Plan [Member] | ||
Class of Stock [Line Items] | ||
Selling commision, percentage | ||
Dealer manager fees, percentage | ||
Class I [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares outstanding | 53,537 | 0 |
Selling commision, percentage | 0.00% | |
Class I [Member] | Maximum [Member] | ||
Class of Stock [Line Items] | ||
Dealer manager fees, percentage | 1.75% |
Members_Equity_Summary_of_Shar
Members' Equity (Summary of Shares Issued and Outstanding) (Details) | 12 Months Ended | |
Dec. 31, 2014 | ||
Class of Stock [Line Items] | ||
Shares Outstanding as of March 31, 2014 | 20,200 | |
Shares Issued/ Redeemed During the Period | 1,216,145 | [1] |
Shares Outstanding as of December 31, 2014 | 1,236,345 | |
Number of shares purchased by the initial member redeemed without interest, per the Company's Prospectus | 100 | |
Class A [Member] | ||
Class of Stock [Line Items] | ||
Shares Outstanding as of March 31, 2014 | 20,200 | |
Shares Issued/ Redeemed During the Period | 1,077,644 | [1] |
Shares Outstanding as of December 31, 2014 | 1,097,844 | |
Class C [Member] | ||
Class of Stock [Line Items] | ||
Shares Outstanding as of March 31, 2014 | 0 | |
Shares Issued/ Redeemed During the Period | 84.964 | [1] |
Shares Outstanding as of December 31, 2014 | 84,964 | |
Class I [Member] | ||
Class of Stock [Line Items] | ||
Shares Outstanding as of March 31, 2014 | 0 | |
Shares Issued/ Redeemed During the Period | 53,537 | [1] |
Shares Outstanding as of December 31, 2014 | 53,537 | |
[1] | Per the company's prospectus, the 100 shares purchased by the initial member were redeemed, without interest, when escrow was broken and the company commenced operations. |
Distributions_Narrative_Detail
Distributions (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | |||
Dec. 31, 2014 | Nov. 28, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||
Distribution, announcement date | 31-Dec-14 | 28-Nov-14 | 31-Oct-14 | 30-Sep-14 | |
Cash Distribution [Member] | |||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||
Cash distributions announced, per unit and per day | $0.00 |
Distributions_Schedule_of_Dist
Distributions (Schedule of Distributions Per Share Paid or Payable in Cash or With Distribution Reinvestment Plan) (Details) (USD $) | 0 Months Ended | 9 Months Ended | |||
Jan. 02, 2015 | Dec. 02, 2014 | Nov. 03, 2014 | Oct. 02, 2014 | Dec. 31, 2014 | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||
Pay Date | 2-Jan-15 | 1-Dec-14 | 3-Nov-14 | 1-Oct-14 | |
Total | $56,820 | $38,816 | $29,742 | $19,043 | $144,421 |
Cash Distribution [Member] | |||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||
Paid in Cash | 16,985 | 10,332 | 5,123 | 63,353 | |
Cash Distribution [Member] | Subsequent Event [Member] | |||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||
Paid in Cash | 30,913 | ||||
Distribution Reinvestment Plan [Member] | |||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||
Value of Shares Issued under DRP | 21,831 | 19,410 | 13,920 | 81,068 | |
Distribution Reinvestment Plan [Member] | Subsequent Event [Member] | |||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||
Value of Shares Issued under DRP | $25,907 |
Income_Taxes_Schedule_of_Compo
Income Taxes (Schedule of Components of Income Tax Provision) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Current | |
US federal | |
State and local | |
Foreign jurisdiction | |
Current tax benefit/(expense) , net | |
Deferred | |
US federal | 24,886 |
State and local | 2,171 |
Foreign jurisdiction | |
Deferred tax benefit/(expense) | 27,057 |
Valuation allowance | -27,057 |
Deferred tax benefit/(expense), net | |
Total | |
US federal | 24,886 |
State and local | 2,171 |
Foreign jurisdiction | |
Tax benefit/(expense) | 27,057 |
Valuation allowance | -27,057 |
Tax benefit/(expense), net |
Income_Taxes_Schedule_of_Recon
Income Taxes (Schedule of Reconciliation of Federal Statutory Rate and Effective Tax Rate) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Reconciliation of federal statutory rate and effective tax rate | |
Provision of income taxes, at federal tax rate | ($54,763) |
Less: LLC income not taxable | 29,877 |
Increase in income taxes resulting from: | |
State and local taxes, net of federal benefit | -2,171 |
Other | |
Actual provision for income taxes | -27,057 |
Less: valuation allowance | 27,057 |
Tax provision, net |
Income_Taxes_Schedule_of_Compo1
Income Taxes (Schedule of Components of Deferred Tax Assets) (Details) (USD $) | Dec. 31, 2014 |
Components of deferred tax assets | |
Amortization | $21,717 |
Net operating losses | 61,632 |
Unrealized gains | -18,785 |
Net income (loss) from subsidiaries | -23,382 |
Return of capital on investments in subsidiaries | -14,125 |
Deferred tax assets | 27,057 |
Less: valuation allowance | -27,057 |
Deferred tax assets, net |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (Green Maple Portfolio [Member], USD $) | 9 Months Ended |
Dec. 31, 2014 | |
item | |
Green Maple Portfolio [Member] | |
Commitments [Line Items] | |
Number of solar power facilities to be constructed | 5 |
Business combination initial commitment by the Company to purchase the development rights | $1,400,000 |
Business combination, Cost of the fully constructed facilities | $9,222,000 |
Financial_Highlights_Schedule_
Financial Highlights (Schedule of Financial Highlights of Company's Income and Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Per share data attributed to common shares: | |||||||
Net proceeds before offering costs | $9.17 | ||||||
Offering costs | ($0.59) | ||||||
Net proceeds after offering costs | $8.58 | ||||||
Net investment loss and realized loss on foreign currency translation | ($0.13) | ($0.10) | [1] | ($0.19) | [1],[2] | ($0.38) | |
Net unrealized appreciation on investments and foreign currency translation | $0.10 | ||||||
Net decrease in net assets resulting from operations | ($0.16) | $0.09 | [1] | ($0.19) | [1],[2] | ($0.28) | |
Shareholder distributions | ($0.28) | ($0.28) | |||||
Capital contribution from advisor | $0.38 | ||||||
Other | $0.10 | ||||||
Net decrease in Members' Equity attributed to common shares | ($0.08) | ||||||
Net asset value for common shares at end of period | $8.50 | $8.50 | [1] | $8.50 | [1],[2] | $8.50 | |
Total return attributed to common shares based on net asset value | -5.33% | ||||||
Common shareholders' equity at end of period | $10,502,809 | $10,502,809 | $202,000 | ||||
Common shares outstanding at end of period | 1,236,345 | 1,236,345 | 20,200 | ||||
Ratio/Supplemental data for common shares (annualized): | |||||||
Ratio of net investment loss to average net assets | -6.60% | ||||||
Ratio of operating expenses to average net assets | 7.89% | ||||||
[1] | As the company had no substantive operations prior to April 25, 2014, the first quarter of 2014 has been omitted. | ||||||
[2] | The selected financial information for the June 30, 2014 quarter consists of the company's commencement of operations (April 25, 2014 through June 30, 2014). |
Financial_Highlights_Schedule_1
Financial Highlights (Schedule of Financial Highlights of Company's Income and Expense) (Parenthetical) (Details) (USD $) | 9 Months Ended |
Dec. 31, 2014 | |
Financial Highlights [Line Items] | |
Weighted average common shares outstanding | 513,052 |
Net proceeds before offering costs | $9.17 |
Ratio of net investment loss to average net assets | -6.60% |
Ratio of operating expenses to average net assets | 7.89% |
Prior To Expense Assumption And Reimbursement Agreement and Management Fee Waiver [Member] | |
Financial Highlights [Line Items] | |
Return on investment ratio | -11.35% |
Ratio of net investment loss to average net assets | -21.68% |
Ratio of operating expenses to average net assets | 22.97% |
Minimum [Member] | |
Financial Highlights [Line Items] | |
Net proceeds before offering costs | $9.03 |
Selected_Quarterly_Data_Unaudi
Selected Quarterly Data - Unaudited (Summary of Unaudited Quarterly Financial Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |||
Summary of unaudited quarterly financial information | |||||||
Total investment income | $37,907 | $304 | [1] | $80 | [1],[2] | $38,291 | |
Net investment loss | -106,838 | -35,547 | [1] | -53,464 | [1],[2] | -195,849 | |
Net gain (loss) on investments and foreign currency translation | -32,636 | 81,865 | [1] | [1],[2] | 49,365 | ||
Net increase (decrease) in net assets resulting from operations | ($139,474) | $46,318 | [1] | ($53,464) | [1],[2] | ($146,620) | |
Net investment loss per share - basic and diluted | ($0.13) | ($0.10) | [1] | ($0.19) | [1],[2] | ($0.38) | |
Net increase (decrease) in net assets resulting from operations per share - basic and diluted | ($0.16) | $0.09 | [1] | ($0.19) | [1],[2] | ($0.28) | |
Net asset value per share at period end | $8.50 | $8.50 | [1] | $8.50 | [1],[2] | $8.50 | $8.50 |
[1] | As the company had no substantive operations prior to April 25, 2014, the first quarter of 2014 has been omitted. | ||||||
[2] | The selected financial information for the June 30, 2014 quarter consists of the company's commencement of operations (April 25, 2014 through June 30, 2014). |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event [Member], Solar power facilities located in the states of Colorado, Connecticut, Florida, Hawaii, Indiana and North Carolina [Member], USD $) | 1 Months Ended |
Jan. 31, 2015 | |
item | |
MW | |
Subsequent Event [Line Items] | |
Business acquisition, Date of acquisition agreement | 31-Jan-15 |
Power generation capacity of acquired company | 9.789 |
Number of sites in which operating solar power facilities of acquireee is located | 13 |
Gross purchase price | $17,250,000 |
Debt incurred to acquire portfolio | 9,073,000 |
Annual interest rate, minimum | 5.50% |
Annual interest rate, maximum | 7.50% |
Percentage of contracted revenues are expected to come from investment grade rated Utilities and Municipalities | 90.00% |
Bridge Bank [Member] | |
Subsequent Event [Line Items] | |
Debt incurred to acquire portfolio | 5,713,000 |
City and County of Denver [Member] | |
Subsequent Event [Line Items] | |
Debt incurred to acquire portfolio | $3,360,000 |