Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 01, 2017 | Jun. 30, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | Greenbacker Renewable Energy Co LLC | ||
Entity Central Index Key | 1,563,922 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 16,252,787 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | ||
ASSETS | ||||
Investments, at fair value (cost of $115,124,750 and $50,023,136, respectively) | $ 115,123,101 | $ 51,454,566 | ||
Cash and cash equivalents | 13,055,090 | 5,889,030 | ||
Shareholder receivable | 521,954 | 190,725 | ||
Due from advisor, net | 26,636 | |||
Deferred tax assets, net of allowance | 6,179,394 | 650,000 | ||
Other assets | 155,741 | 77,518 | ||
Total assets | 135,035,280 | 58,288,475 | ||
LIABILITIES | ||||
Term note payable, net of financing costs | 3,270,399 | |||
Management fee payable | 232,856 | 91,863 | ||
Accounts payable and accrued expenses | 423,639 | 327,799 | ||
Shareholder distributions payable | 403,983 | 156,985 | ||
Directors fees payable | 23,750 | |||
Due to advisor | 99,782 | |||
Due to dealer manager | 36,694 | |||
Payable for repurchases of common stock | 945,770 | |||
Deferred sales commission payable | 203,357 | |||
Total liabilities | 5,616,480 | 600,397 | ||
Commitments and contingencies (See Note 2, Note 5 and Note 9) | ||||
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; 14,921,922 and 6,721,967 shares issued and outstanding, respectively | 14,922 | 6,722 | ||
Paid-in capital in excess of par value | 128,425,800 | 57,713,925 | ||
Accumulated deficit | (3,538,523) | (1,591,014) | ||
Accumulated net realized gain on investments | 4,578 | |||
Accumulated unrealized appreciation (depreciation) on investments and foreign currency translation, net of deferred taxes | 4,511,437 | 1,272,186 | ||
Total common stockholders' equity | 129,418,214 | [1] | 57,401,819 | [2] |
Special unitholder's equity | 586 | 286,259 | ||
Total members' equity (net assets) | 129,418,800 | 57,688,078 | ||
Total liabilities and equity (net assets) | 135,035,280 | 58,288,475 | ||
Total common stockholders' equity | 129,418,214 | [1] | 57,401,819 | [2] |
Common Class A [Member] | ||||
MEMBERS' EQUITY (NET ASSETS) | ||||
Total common stockholders' equity | 94,541,760 | |||
Net assets | 94,541,760 | 46,289,968 | ||
Total common stockholders' equity | 94,541,760 | |||
Common Class C [Member] | ||||
MEMBERS' EQUITY (NET ASSETS) | ||||
Total common stockholders' equity | 8,796,002 | |||
Net assets | 8,796,002 | 2,121,675 | ||
Total common stockholders' equity | 8,796,002 | |||
Common Class I [Member] | ||||
MEMBERS' EQUITY (NET ASSETS) | ||||
Total common stockholders' equity | 23,938,449 | |||
Net assets | 23,938,449 | 8,990,176 | ||
Total common stockholders' equity | 23,938,449 | |||
Common Class P-A [Member] | ||||
MEMBERS' EQUITY (NET ASSETS) | ||||
Total common stockholders' equity | 414,145 | |||
Net assets | 414,145 | |||
Total common stockholders' equity | 414,145 | |||
Common Class P-I [Member] | ||||
MEMBERS' EQUITY (NET ASSETS) | ||||
Total common stockholders' equity | 1,727,858 | |||
Net assets | 1,727,858 | |||
Total common stockholders' equity | $ 1,727,858 | |||
[1] | Includes purchases of new investments, capitalized deal costs, effects of purchase price adjustments, return of capital and additional investments in existing investments, if any. | |||
[2] | The per share data was derived by using the weighted average shares outstanding during the year ended December 31, 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014, which was 3,335,719 and 513,052, respectively. |
CONSOLIDATED STATEMENTS OF ASS3
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | ||
Investments at fair value, cost | $ 115,124,750 | $ 50,023,136 | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||
Preferred stock, authorized | 50,000,000 | 50,000,000 | ||
Preferred stock, issued | 0 | 0 | ||
Preferred stock, outstanding | 0 | 0 | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||
Common stock, authorized | 350,000,000 | 350,000,000 | ||
Common stock, issued | 14,921,922 | 6,721,967 | ||
Common stock, outstanding | 14,921,922 | 6,721,967 | [1] | |
Common Class A [Member] | ||||
Common stock, outstanding | 10,878,502 | [2] | 5,420,728 | |
Common Class C [Member] | ||||
Common stock, outstanding | 1,041,836 | [2] | 248,456 | |
Common Class I [Member] | ||||
Common stock, outstanding | 2,754,491 | [2] | 1,052,783 | |
Common Class P-A [Member] | ||||
Common stock, outstanding | 47,774 | [2] | 0 | |
Common Class P-I [Member] | ||||
Common stock, outstanding | 199,319 | [2] | 0 | |
[1] | The per share data was derived by using the weighted average shares outstanding during the year ended December 31, 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014, which was 3,335,719 and 513,052, respectively. | |||
[2] | The per share data for Class A, C, I, P-A and P-I Shares were derived by using the weighted average shares outstanding during the nine months ended September 30, 2016, which were 7,738,490, 601,234, 1,759,980, 20,140 and 17,722, respectively. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Investment income: | |||||
Dividend income | $ 37,121 | $ 6,267,442 | $ 1,845,000 | ||
Interest income | 1,170 | 1,968,583 | 9,122 | ||
Total investment income | 38,291 | 8,236,025 | 1,854,122 | ||
Operating expenses: | |||||
Management fee expense | 64,282 | 2,018,434 | 571,271 | ||
Audit and tax expenses | 209,229 | 546,564 | 235,147 | ||
Interest and financing expenses | 294,996 | ||||
General and administration expenses | 99,885 | 417,247 | 210,539 | ||
Legal expenses | 271,820 | 130,395 | |||
Directors fees and expenses | 71,250 | 99,317 | 94,750 | ||
Insurance expense | 55,883 | 73,717 | 78,628 | ||
Organizational expenses | 66,750 | 35,188 | 238,542 | ||
Other expenses | 114,075 | 92,247 | 66,508 | ||
Operating expenses before expense waiver and reimbursement | 681,354 | 3,849,530 | 1,625,780 | ||
Pre-operating expenses | 222,734 | ||||
Waiver of management fees | (21,228) | ||||
Expense reimbursement to (from) advisor | (648,720) | 636,926 | 11,794 | ||
Total expenses, net of expense waiver and reimbursement | 234,140 | 4,486,456 | 1,637,574 | ||
Net investment income (loss) before taxes | (195,849) | 3,749,569 | 216,548 | ||
Deferred tax benefit | 1,142,738 | 522,985 | |||
Franchise tax expense | (121,940) | ||||
Net investment income (loss) | (195,849) | 4,770,367 | 739,533 | ||
Net change in realized and unrealized gain (loss) on investments, foreign currency translation and deferred tax assets: | |||||
Net realized loss on foreign currency transactions | (136) | ||||
Net realized gain on investments | 4,578 | ||||
Net change in unrealized appreciation (depreciation) on investments | 81,012 | (1,473,781) | 1,578,967 | ||
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies | (31,647) | 40,703 | (196,902) | ||
Change in benefit from deferred taxes on unrealized appreciation on investments | 4,386,656 | 127,015 | |||
Net increase (decrease) in net assets resulting from operations | (146,620) | 7,728,523 | 2,248,613 | ||
Net increase (decrease) in net assets attributed to special unitholder | (9,846) | 285,673 | (276,412) | ||
Net increase (decrease) in net assets attributed to common stockholders | $ (156,466) | $ 8,014,196 | $ 1,972,201 | ||
Common stock per share information - basic and diluted: | |||||
Net investment income (loss) (in dollars per share) | $ (0.38) | [1],[2] | $ 0.43 | $ 0.22 | [2],[3] |
Net increase (decrease) in net assets attributed to common stockholders (in dollars per share) | $ (0.30) | $ 0.73 | $ 0.59 | ||
Weighted average common shares outstanding (in shares) | 513,052 | 11,043,156 | 3,335,719 | ||
[1] | Does not reflect any incentive fees that may be payable to the Special Unitholder. | ||||
[2] | The per share data was derived by using the weighted average shares outstanding during the year ended December 31, 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014, which was 3,335,719 and 513,052, respectively. | ||||
[3] | Represents the impact of different share amounts used in 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. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balances at beginning | $ 6,722 | $ 1,236 | $ 6,722 | $ 1,236 | $ 20 | ||||
Balances at beginning (in shares) | 6,721,967 | 1,236,345 | 6,721,967 | 1,236,345 | 20,200 | ||||
Proceeds from issuance of common stock, net | $ 8,127 | $ 5,391 | $ 1,207 | ||||||
Proceeds from issuance of common stock, net (in shares) | 8,127,146 | 5,390,648 | 1,207,262 | ||||||
Issuance of common stock under distribution reinvestment plan | $ 359 | $ 110 | $ 9 | ||||||
Issuance of common stock under distribution reinvestment plan (in shares) | 359,464 | 109,974 | 8,983 | ||||||
Offering costs | |||||||||
Capital contribution from advisor | |||||||||
Repurchase of common stock | $ (286) | $ (15) | |||||||
Repurchase of common stock (in shares) | (286,655) | (15,000) | (100) | ||||||
Shareholder distributions | |||||||||
Net investment income | |||||||||
Net realized gain on investments | |||||||||
Net unrealized depreciation on investments | |||||||||
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies | |||||||||
Change in benefit from deferred taxes on unrealized appreciation on investments | |||||||||
Balances at end | $ 14,922 | $ 6,722 | $ 1,236 | $ 1,236 | $ 14,922 | $ 6,722 | $ 1,236 | ||
Balances at end (in shares) | 14,921,922 | 6,721,967 | 1,236,345 | 1,236,345 | 14,921,922 | 6,721,967 | 1,236,345 | ||
Paid-in capital in excess of par value [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balances at beginning | $ 57,713,925 | $ 10,802,460 | $ 57,713,925 | $ 10,802,460 | $ 201,980 | ||||
Proceeds from issuance of common stock, net | 73,883,345 | 48,671,850 | 11,253,051 | ||||||
Issuance of common stock under distribution reinvestment plan | 3,290,227 | 993,164 | 81,059 | ||||||
Offering costs | (3,824,182) | (2,618,189) | (732,630) | ||||||
Capital contribution from advisor | |||||||||
Repurchase of common stock | (2,637,515) | (135,360) | (1,000) | ||||||
Shareholder distributions | |||||||||
Net investment income | |||||||||
Net realized gain on investments | |||||||||
Net unrealized depreciation on investments | |||||||||
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies | |||||||||
Change in benefit from deferred taxes on unrealized appreciation on investments | |||||||||
Balances at end | $ 128,425,800 | $ 57,713,925 | $ 10,802,460 | $ 10,802,460 | 128,425,800 | 57,713,925 | 10,802,460 | ||
Accumulated deficit [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balances at beginning | (1,591,014) | (340,406) | (1,591,014) | (340,406) | |||||
Proceeds from issuance of common stock, net | |||||||||
Issuance of common stock under distribution reinvestment plan | |||||||||
Offering costs | |||||||||
Capital contribution from advisor | |||||||||
Repurchase of common stock | |||||||||
Shareholder distributions | (6,717,876) | (1,990,141) | (144,421) | ||||||
Net investment income | 4,770,367 | 739,533 | (195,985) | ||||||
Net realized gain on investments | |||||||||
Net unrealized depreciation on investments | |||||||||
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies | |||||||||
Change in benefit from deferred taxes on unrealized appreciation on investments | |||||||||
Balances at end | (3,538,523) | (1,591,014) | (340,406) | (340,406) | (3,538,523) | (1,591,014) | (340,406) | ||
Accumulated net realized gain on investment [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balances at beginning | |||||||||
Proceeds from issuance of common stock, net | |||||||||
Issuance of common stock under distribution reinvestment plan | |||||||||
Offering costs | |||||||||
Capital contribution from advisor | |||||||||
Repurchase of common stock | |||||||||
Shareholder distributions | |||||||||
Net investment income | |||||||||
Net realized gain on investments | 4,578 | ||||||||
Net unrealized depreciation on investments | |||||||||
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies | |||||||||
Change in benefit from deferred taxes on unrealized appreciation on investments | |||||||||
Balances at end | 4,578 | 4,578 | |||||||
Accumulated unrealized appreciation on investment and foreign currency translation net of deferred taxes [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balances at beginning | 1,272,186 | 39,519 | 1,272,186 | 39,519 | |||||
Proceeds from issuance of common stock, net | |||||||||
Issuance of common stock under distribution reinvestment plan | |||||||||
Offering costs | |||||||||
Capital contribution from advisor | |||||||||
Repurchase of common stock | |||||||||
Shareholder distributions | |||||||||
Net investment income | |||||||||
Net realized gain on investments | |||||||||
Net unrealized depreciation on investments | (1,188,108) | 1,302,554 | 71,166 | ||||||
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies | 40,703 | (196,902) | (31,647) | ||||||
Change in benefit from deferred taxes on unrealized appreciation on investments | 4,386,656 | 127,015 | |||||||
Balances at end | 4,511,437 | 1,272,186 | 39,519 | 39,519 | 4,511,437 | 1,272,186 | 39,519 | ||
Common stockholders' equity [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balances at beginning | 57,401,819 | 10,502,809 | 57,401,819 | 10,502,809 | 202,000 | ||||
Proceeds from issuance of common stock, net | 73,891,472 | 48,677,241 | 11,254,258 | ||||||
Issuance of common stock under distribution reinvestment plan | 3,290,586 | 993,274 | 81,068 | ||||||
Offering costs | (3,824,182) | (2,618,189) | (732,630) | ||||||
Repurchase of common stock | (2,637,801) | (135,375) | (1,000) | ||||||
Shareholder distributions | (6,717,876) | (1,990,141) | (144,421) | ||||||
Net investment income | 4,770,367 | 739,533 | (195,985) | ||||||
Net realized gain on investments | 4,578 | ||||||||
Net unrealized depreciation on investments | (1,188,108) | 1,302,554 | 71,166 | ||||||
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies | 40,703 | (196,902) | (31,647) | ||||||
Change in benefit from deferred taxes on unrealized appreciation on investments | 4,386,656 | 127,015 | |||||||
Balances at end | 129,418,214 | 57,401,819 | 10,502,809 | 10,502,809 | 129,418,214 | 57,401,819 | 10,502,809 | ||
Special unitholder [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balances at beginning | 286,259 | 9,846 | 286,259 | 9,846 | |||||
Proceeds from issuance of common stock, net | |||||||||
Issuance of common stock under distribution reinvestment plan | |||||||||
Offering costs | |||||||||
Capital contribution from advisor | |||||||||
Repurchase of common stock | |||||||||
Shareholder distributions | |||||||||
Net investment income | |||||||||
Net realized gain on investments | |||||||||
Net unrealized depreciation on investments | (285,673) | 276,413 | 9,846 | ||||||
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies | |||||||||
Change in benefit from deferred taxes on unrealized appreciation on investments | |||||||||
Balances at end | 586 | 286,259 | 9,846 | 9,846 | 586 | 286,259 | 9,846 | ||
Balances at beginning | 57,688,078 | 10,512,655 | 57,688,078 | 10,512,655 | 202,000 | ||||
Proceeds from issuance of common stock, net | $ 73,891,472 | $ 48,677,241 | 11,254,258 | ||||||
Proceeds from issuance of common stock, net (in shares) | 8,486,610 | 5,500,622 | |||||||
Issuance of common stock under distribution reinvestment plan | $ 3,290,586 | $ 993,274 | 81,068 | ||||||
Offering costs | (3,824,182) | (2,618,189) | (732,630) | ||||||
Repurchase of common stock | $ (2,637,801) | $ (135,375) | (1,000) | ||||||
Repurchase of common stock (in shares) | (286,655) | (15,000) | |||||||
Shareholder distributions | $ (6,717,876) | $ (1,990,141) | (144,421) | ||||||
Net investment income | 1,497,148 | 23,132 | 253,576 | (118,483) | (106,838) | (195,849) | 4,770,367 | 739,533 | (195,985) |
Net realized gain on investments | 4,578 | ||||||||
Net unrealized depreciation on investments | 81,012 | (1,473,781) | 1,578,967 | 81,012 | |||||
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies | (31,647) | 40,703 | (196,902) | (31,647) | |||||
Change in benefit from deferred taxes on unrealized appreciation on investments | 671,401 | $ 1,885,335 | 127,015 | 4,386,656 | 127,015 | ||||
Balances at end | $ 129,418,800 | $ 57,688,078 | $ 10,512,655 | $ 10,512,655 | $ 129,418,800 | $ 57,688,078 | $ 10,512,655 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities: | |||
Net increase (decrease) in net assets from operations | $ (146,620) | $ 7,728,523 | $ 2,248,613 |
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: | |||
Paid-in-kind interest income | (13,403) | ||
Amortization of deferred financing costs | 95,339 | ||
Purchase of investments | (2,688,136) | (65,451,172) | (47,321,597) |
Proceeds from principal payments and sales of investments | 354,137 | ||
Net realized gain on investments | (4,578) | ||
Net realized loss on foreign currency transaction | (136) | ||
Net change in unrealized (appreciation) depreciation on investments | (81,012) | 1,473,781 | (1,578,967) |
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities denominated in foreign currencies | 31,647 | (40,703) | 196,902 |
(Increase) decrease in other assets: | |||
Due from advisor, net | (49,291) | 26,636 | (56,755) |
Deferred tax assets, net of allowance | (5,529,394) | (650,000) | |
Other assets | (1,186) | (78,223) | (76,332) |
Increase (decrease) in other liabilities: | |||
Management fee payable | 15,114 | 140,993 | 76,749 |
Accounts payable and accrued expenses | 213,661 | 95,840 | 114,001 |
Directors fees payable | 23,750 | (23,750) | |
Net cash used in operating activities | (2,681,937) | (61,212,571) | (47,060,789) |
Financing activities: | |||
Borrowings on Credit facility and term note | 14,300,000 | ||
Paydowns on Credit facility and term note | (10,119,442) | ||
Payments of financing costs | (1,005,494) | ||
Proceeds from issuance of shares of common stock, net | 10,813,068 | 73,763,600 | 48,927,708 |
Distributions paid | (32,440) | (3,180,297) | (870,794) |
Offering costs | (732,630) | (3,824,182) | (2,618,189) |
Repurchases of common stock | (1,000) | (1,692,030) | (135,375) |
Due to advisor re: Offering costs, net | 99,782 | 79,408 | |
Due to dealer manager re: Offering costs | 36,694 | ||
Net cash provided by financing activities | 10,046,998 | 68,378,631 | 45,382,758 |
Net increase (decrease) in cash and cash equivalents | 7,365,061 | 7,166,060 | (1,678,031) |
Cash and cash equivalents, beginning of period | 202,000 | 5,889,030 | 7,567,061 |
Cash and cash equivalents, end of period | 7,567,061 | 13,055,090 | 5,889,030 |
Supplemental disclosure of cash flow information: | |||
Shareholder distribution payable | 56,820 | 403,983 | 156,985 |
Shareholder distributions reinvested in common stock | 81,068 | 3,290,586 | 993,274 |
Payable for repurchases of common stock | 945,770 | ||
Cash interest paid during the period | 288,758 | ||
Non cash financial activities | |||
Capital contribution from advisor receivable | 193,000 | ||
Shareholder receivable from sale of common stock | 274,098 | 521,954 | 190,725 |
Purchase of investments | 26,335,478 | 359,432 | |
Repayments of investments | $ 26,335,478 | $ 359,432 |
CONSOLIDATED SCHEDULE OF INVEST
CONSOLIDATED SCHEDULE OF INVESTMENTS - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |||
Cost | $ 115,124,750 | $ 50,023,136 | |||
Fair Value | $ 115,123,101 | $ 51,454,566 | |||
Percentage of Net Assets | 100.00% | [1] | 100.00% | [2] | |
OTHER ASSETS IN EXCESS OF LIABILITIES, Fair Value | $ 14,295,699 | $ 6,233,512 | |||
OTHER ASSETS IN EXCESS OF LIABILITIES, Percentage of Net Assets | 1.10% | [1] | 10.80% | [2] | |
TOTAL NET ASSETS | $ 129,418,800 | $ 57,688,078 | |||
Investment [Member] | |||||
Cost | 115,124,750 | 50,023,136 | |||
Fair Value | $ 115,123,101 | $ 51,454,566 | |||
Percentage of Net Assets | 89.00% | [1] | 89.20% | [2] | |
Alternative Energy - Wind [Member] | |||||
Cost | $ 42,277,428 | $ 6,750,000 | |||
Fair Value | $ 43,643,215 | $ 7,093,750 | |||
Percentage of Net Assets | 37.90% | 13.80% | |||
Total United States [Member] | |||||
Cost | $ 113,521,614 | $ 48,420,000 | |||
Fair Value | $ 113,307,932 | $ 49,891,599 | |||
Percentage of Net Assets | 87.60% | [1] | 86.50% | [2] | |
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | |||||
Cost | $ 112,750,243 | $ 47,236,705 | |||
Fair Value | $ 112,536,561 | $ 48,708,304 | |||
Percentage of Net Assets | 87.00% | [1] | 84.40% | [2] | |
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Alternative Energy - Solar [Member] | Sunny Mountain Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 884,578 | $ 920,000 | |||
Fair Value | $ 1,175,952 | $ 1,329,803 | |||
Percentage of Net Assets | 0.90% | [1] | 2.30% | [2] | |
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Alternative Energy - Solar [Member] | East To West Solar Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 23,256,875 | $ 19,765,000 | |||
Fair Value | $ 21,943,079 | $ 20,005,027 | |||
Percentage of Net Assets | 17.00% | [1] | 34.70% | [2] | |
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Alternative Energy - Solar [Member] | Green Maple Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 12,895,000 | $ 9,500,000 | |||
Fair Value | $ 11,447,775 | $ 9,577,290 | |||
Percentage of Net Assets | 8.80% | [1] | 16.60% | [2] | |
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Alternative Energy - Solar [Member] | Magnolia Sun Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 10,775,000 | $ 7,550,000 | |||
Fair Value | $ 10,445,788 | $ 7,542,723 | |||
Percentage of Net Assets | 8.20% | [1] | 13.10% | [2] | |
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Alternative Energy - Solar [Member] | Six States Solar Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 2,300,000 | $ 2,300,000 | |||
Fair Value | $ 2,846,174 | $ 2,685,597 | |||
Percentage of Net Assets | 2.20% | [1] | 4.70% | [2] | |
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Alternative Energy - Solar [Member] | Greenbacker Residential Solar Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 19,850,000 | ||||
Fair Value | $ 20,487,901 | ||||
Percentage of Net Assets | [1] | 15.80% | |||
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Alternative Energy - Wind [Member] | Greenbacker Wind Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 42,277,428 | $ 6,750,000 | |||
Fair Value | $ 43,643,215 | $ 7,093,750 | |||
Percentage of Net Assets | 33.70% | [1] | 12.30% | [2] | |
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Energy Efficiency - Lighting Replacement [Member] | GREC Energy Efficiency Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | ||||
Cost | $ 511,362 | $ 451,705 | |||
Fair Value | $ 546,677 | $ 474,114 | |||
Percentage of Net Assets | 0.40% | [1] | 0.70% | [2] | |
Total United States [Member] | Energy Efficiency Secured Loans - Not Readily Marketable [Member] | |||||
Cost | $ 771,371 | $ 1,183,295 | |||
Fair Value | $ 771,371 | $ 1,183,295 | |||
Percentage of Net Assets | 0.60% | [1] | 2.10% | [2] | |
Total United States [Member] | Energy Efficiency Secured Loans - Not Readily Marketable [Member] | Energy Efficiency - Lighting Replacement [Member] | 10.25% Renew AEC One, LLC Due 2025-02-24 [Member] | |||||
Fees | [3],[4] | 0.00% | |||
Maximum Commitment | $ 1,100,000 | [5] | $ 1,100,000 | [4] | |
Shares or Principal Amount | 771,371 | [5] | 1,085,508 | [4] | |
Cost | 771,371 | [5] | 1,085,508 | [4] | |
Fair Value | $ 771,371 | [5] | $ 1,085,508 | [4] | |
Percentage of Net Assets | 0.60% | [1],[5] | 1.90% | [2],[4] | |
Total United States [Member] | Energy Efficiency Secured Loans - Not Readily Marketable [Member] | Energy Efficiency - Lighting Replacement [Member] | 10% LED Funding - Universidad Project Due 2015-12-31 [Member] | |||||
Fees | [3] | 2.00% | |||
Maximum Commitment | $ 185,000 | ||||
Shares or Principal Amount | 97,787 | ||||
Cost | 97,787 | ||||
Fair Value | $ 97,787 | ||||
Percentage of Net Assets | [2] | 0.20% | |||
Canada [Member] | |||||
Cost | $ 1,603,136 | $ 1,603,136 | |||
Fair Value | $ 1,815,169 | $ 1,562,967 | |||
Percentage of Net Assets | 1.40% | [1] | 2.70% | [2] | |
Canada [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Alternative Energy - Solar [Member] | Canadian Northern Lights Portfolio [Member] | |||||
Shares or Principal Amount | 100.00% | 100.00% | |||
Cost | $ 1,603,136 | $ 1,603,136 | |||
Fair Value | $ 1,815,169 | $ 1,562,967 | |||
Percentage of Net Assets | 1.40% | [1] | 2.70% | [2] | |
[1] | Percentages are based on net assets of $129,418,800 as of December 31, 2016. | ||||
[2] | Percentages are based on net assets of $57,688,078 as of December 31, 2015. | ||||
[3] | Commitment fees payable on maturity of the loan. | ||||
[4] | Interest commences the earlier of the Operational Date or January 24, 2016. | ||||
[5] | Per the loan agreement, interest commenced on January 24, 2016. |
Organization and Operations of
Organization and Operations of the Company | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [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 finances the construction and/or operation of these and sustainable development projects and businesses. The LLC conducts 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”) are 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. Pursuant to an initial Registration Statement on Form S-1 (File No. 333-178786-01), the company offered 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 (“DRP”), through SC Distributors, LLC, the dealer manager. The offering pursuant to that initial Registration Statement terminated on February 7, 2017. Pursuant to a Registration Statement on Form S-1 (File No. 333-211571), the company is offering on a continuous basis up to $1,000,000,000 in shares of limited liability company interests, or the shares, including up to $200,000,000 of shares pursuant to the distribution reinvestment plan (“DRP”), 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, C and I shares in any combination with a dollar value up to the maximum offering amount. In addition, the company is privately offering two classes of shares, Class P-A and P-I shares. 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 DRP pursuant to which a shareholder owning publicly offered share classes 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 any share class and between its public offering, private offering and the DRP. Each quarter, 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 company’s 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. The company’s shares are 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 DRP 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, reduce our flexibility to implement the company’s business plans, and could adversely affect our ability to make distributions. The company has initially focused on solar energy and wind energy projects as well as energy efficiency projects. The company believes 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. Thus, the company expects 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. 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. Unlike solar energy projects, maximum wind power energy generally occurs in the winter months as the occurrence of wind is usually greater than in the summer months. Over time, the company expects to broaden its strategy to include other types of renewable energy projects and energy efficiency projects and businesses, which may include 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 the company deems an opportunity attractive, other energy and sustainability related assets and businesses. As of December 31, 2016, the company has made solar, wind and energy efficiency investments in nine portfolios, eight domiciled in the United States and one in Canada, as well as one energy efficiency secured loan in the United States (See Note 3). As of December 31, 2015, the company had made solar and wind investments in seven portfolios, six domiciled in the United States and one in Canada, as well as certain energy efficiency secured loans and leases in the United States. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 are 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 recognizes and carries all of its investments at fair value with changes in fair value recognized in earnings. Additionally, the company will not apply the consolidation or equity method of accounting to its investments. The company carries its liabilities at amounts payable, net of unamortized premiums or discounts. The company does not currently plan to elect to carry its non-investment liabilities at fair value. Net assets are calculated as the carrying amounts of assets, including the fair value of investments, less the carrying amounts of its liabilities. The financial information associated with the December 31, 2016, 2015 and 2014 consolidated financial statements has been prepared by management and, in the opinion of management, contains all adjustments and eliminations, consisting of only normal recurring adjustments, necessary for a fair presentation in accordance with GAAP. 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, 2016 and 2015. 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 change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies in the consolidated statements of operations. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities. 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 GAAP and expands disclosures about fair value. The company recognizes and accounts for its investments at fair value. The fair value 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 market 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 market 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 assumptions 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, merger and acquisition 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. The following information sets forth the computation of the weighted average basic and diluted net increase (decrease) in net assets attributed to common stockholders per share for the years ended December 31, 2016 and 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014: For the year ended December 31, 2016 For the year ended December 31, 2015 For the period from Commencement of Operations (April 25, 2014) through December 31, 2014 Basic and diluted Net increase (decrease) in net assets attributed to common stockholders $ 8,014,196 $ 1,972,201 $ (156,466 ) Weighted average common shares outstanding 11,043,156 3,335,719 513,052 Net increase (decrease) in net assets attributed to common stockholders per share $ 0.73 $ 0.59 $ (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. Any application, origination or other fees earned by the company in arranging or issuing debt are amortized over the expected term of the loan. 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. Dividends received from the company’s private investments, which generally reflect net cash flow from operations, are declared and paid on a quarterly basis at a minimum. 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 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 the company’s other publicly offered share classes because of the distribution fee associated with the Class C shares, which is allocated specifically to Class C net assets. Amounts distributed to each class are allocated amongst 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 and/or dealer manager 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 of its shares pursuant to now terminated Registration Statement on Form S-1 (File No. 333-178786-01), the current Registration Statement on Form S-1 (File No. 333-211571) and a private placement memorandum, including legal, accounting, printing, mailing and filing fees, charges of the company’s escrow holder, transfer agent fees, 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 for the public offering shall be reasonable and shall in no event exceed an amount equal to 15% of the gross proceeds of this offering and the DRP, the company is targeting no more than 4.0% of the gross proceeds for O&O costs other than sales commissions and dealer manager fees. The company is obligated to reimburse our advisor for O&O costs that it incurs 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. Total O&O costs related to the terminated Registration Statement amounted to approximately $ 7,500,000 or 4.8% of gross offering proceeds. The costs incurred by our advisor and/or dealer manager are recognized as a liability of the company to the extent that the company is obligated to reimburse our advisor and/or dealer manager, subject to the 15% of gross offering proceeds limitation described above. When recognized by the company, organizational costs are expensed and offering costs, excluding selling commissions and dealer manager fees, are recognized as a reduction of the proceeds from the offering. The following table provides information in regard to the status of O&O costs (in 000’s) as of December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Total O&O Costs Incurred by the Advisor and Dealer Manager $ 7,498 $ 5,913 Amounts previously reimbursed to the Advisor/Dealer Manager by the company 7,362 3,577 Amounts payable to Advisor/Dealer Manager by the company 136 79 Amounts of the contingent liability subject to payment by the company only upon adequate gross offering proceeds being raised — 2,257 Financing Costs Financing costs related to debt liabilities incurred by the company, GREC or any wholly-owned holding company formed specifically to be a credit agreement counterparty are presented on the consolidated statements of assets and liabilities as a direct deduction from the carrying amount of that debt liability. Financing costs are deferred and amortized using the straight line method over the life of the debt liability. Capital Gains Incentive Allocation and Distribution Pursuant to the 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 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 consolidated statements of assets and liabilities 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. As of December 31, 2016 and 2015, a capital gains incentive distribution allocation in the amounts of $586 and $286,259, respectively, was recorded based primarily upon appreciation on investments. Deferred Sales Commissions The company defers certain costs, principally sales commissions and related compensation, which are paid to the dealer manager and may be reallowed to financial advisors and broker/dealers in the future in connection with the sale of Class C shares sold with a reduced front-end load sales charge. The costs expected to be incurred at the time of the sale of Class C shares are recorded as a liability on the date of sale and are amortized on a straight-line basis over the period beginning at the time of sale and ending on the date which approximates an expected liquidity event for the company. Prior to June 30, 2016, the company did not record a liability at time of the sale for expected deferred sales commissions. As of December 31, 2016, the company has recorded a liability for deferred sales commissions in the amount of $203,357. Reclassifications Certain prior year amounts have been reclassified to conform with current year presentation. Derivative Instruments The company may utilize interest rate swaps to modify interest rate characteristics of certain liabilities to manage its exposure to interest rate fluctuations. Changes in the fair value of the interest rate swaps during the period are recognized in the accompanying consolidated statements of operations where the company, GREC or any wholly-owned holding company formed specifically to be a credit agreement counterparty is the counterparty and in the change in fair value of investments if a subsidiary of the company is the counterparty. While we are currently of the opinion that the currency fluctuation between the Canadian and U.S. Dollar will not have a material impact on our operating results, we may in the future enter into derivatives or other financial instruments in an attempt to hedge our foreign currency exchange risk if we believe not doing so would have a material impact our results of operations. 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 consolidated financial statements for unrealized appreciation and depreciation will result in a difference between the consolidated financial statements and the cost basis of the assets for tax purposes. These differences will be recognized as deferred tax assets and liabilities. Generally, the entities that hold the company’s investments will 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. 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, 2016 for all U.S. federal and state tax jurisdictions for the years 2013 through 2016. The results of this assessment are included in the company’s tax provision and deferred tax assets as of December 31, 2016. 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 December 2016, the FASB released an ASU that makes technical changes to various sections of the Accounting Standards Codification (“ASC”), including Topic 820, Fair Value Measurement. The changes to Topic 820 are intended to clarify the difference between a valuation approach and a valuation technique. The changes to ASC 820-10-50-2 require a reporting entity to disclose, for Level 2 and Level 3 fair value measurements, a change in either or both a valuation approach and a valuation technique and the reason(s) for the change. The changes to Topic 820 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. At this time, management is evaluating the implications of the ASU and its impact on the financial statements and disclosures has not yet been determined. In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, the "final rules") intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the Company’s financial statements and related disclosures. On August 26, 2016, the FASB issued ASU 2016-15, Statement of Cash Flows, or ASU 2016-15. ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: 1) debt prepayment or debt extinguishment costs; 2) settlement of zero-coupon bonds; 3) contingent consideration payments made after a business combination; 4) proceeds from the settlement of insurance claims; 5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; 6) distributions received from equity method investees; 7) beneficial interests in securitization transactions; and 8) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Entities should apply this ASU using a retrospective transition method to each period presented. The company is in the process of evaluating the impact, if any, that ASU 2016-15 will have on the company’s consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01 regarding “Recognition and Measurement of Financial Assets and Financial Liabilities”. The new guidance is intended to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information and addresses certain aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The new standard affects all entities that hold financial assets or owe financial liabilities. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. At this time, management is evaluating the implications of ASU No. 2016-01 and its impact on the financial statements and disclosures has not yet been determined. Updated Footnote Disclosure Certain footnote disclosures have been updated to enhance information presented pertaining to the value of shares sold and shares issued through the reinvestment of distributions. The impact of these additional disclosures is not material to the previously issued consolidated financial statements as of and for the years ended December 31, 2015 and 2014. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 3. Investments The composition of the company’s investments as of December 31, 2016, at amortized cost and fair value, were as follows: Investments Investments at Fair Value Alternative Energy - Solar: Sunny Mountain Portfolio $ 884,578 $ 1,175,952 1.0 % East to West Solar Portfolio 23,256,875 21,943,079 19.0 Green Maple Portfolio 12,895,000 11,447,775 9.9 Magnolia Sun Portfolio 10,775,000 10,445,788 9.1 Canadian Northern Lights Portfolio 1,603,136 1,815,169 1.6 Six States Solar Portfolio 2,300,000 2,846,174 2.5 Greenbacker Residential Solar Portfolio 19,850,000 20,487,901 17.8 Subtotal $ 71,564,589 $ 70,161,838 60.9 % Alternative Energy - Wind: Greenbacker Wind Portfolio $ 42,277,428 $ 43,643,215 37.9 % Subtotal $ 42,277,428 $ 43,643,215 37.9 % Energy Efficiency Secured Loans: GREC Energy Efficiency Portfolio $ 511,362 $ 546,677 0.5 % Renew AEC One, LLC 771,371 771,371 0.7 Subtotal $ 1,282,733 $ 1,318,048 1.2 % Total $ 115,124,750 $ 115,123,101 100.0 % The composition of the company’s investments as of December 31, 2015, at amortized cost and fair value, were as follows: Investments Investments at Fair Value Alternative Energy - Solar: Sunny Mountain Portfolio $ 920,000 $ 1,329,803 2.6 % East to West Solar Portfolio 19,765,000 20,005,027 38.9 Green Maple Portfolio 9,500,000 9,577,290 18.6 Magnolia Sun Portfolio 7,550,000 7,542,723 14.7 Canadian Northern Lights Portfolio 1,603,136 1,562,967 3.0 Six States Solar Portfolio 2,300,000 2,685,597 5.2 Subtotal $ 41,638,136 $ 42,703,407 83.0 % Alternative Energy - Wind: Greenbacker Wind Portfolio $ 6,750,000 $ 7,093,750 13.8 % Subtotal $ 6,750,000 $ 7,093,750 13.8 % Energy Efficiency Secured Loans: GREC Energy Efficiency Portfolio $ 451,705 $ 474,114 0.9 % LED Funding – Universidad Project 97,787 97,787 0.2 Renew AEC One, LLC 1,085,508 1,085,508 2.1 Subtotal $ 1,635,000 $ 1,657,409 3.2 % Total $ 50,023,136 $ 51,454,566 100.0 % The counterparty to all the energy efficiency investments held by the company as of December 31, 2016 and December 31, 2015 is a related party (See Note 5). The composition of the company’s investments as of December 31, 2016 by geographic region, at cost and fair value, were as follows: Investments at Investments at Fair Value United States: Mountain Region $ 46,145,555 47,846,814 41.5 % East Region 31,340,575 30,469,589 26.5 South Region 29,929,892 $ 28,553,024 24.8 West Region 5,170,489 5,413,151 4.7 Mid-West Region 935,103 1,025,354 0.9 Total United States $ 113,521,614 $ 113,307,932 98.4 % Canada: 1,603,136 1,815,169 1.6 Total $ 115,124,750 $ 115,123,101 100.0 % The composition of the company’s investments as of December 31, 2015 by geographic region, at cost and fair value, were as follows: Investments at Investments at Fair Value United States: South Region $ 24,919,749 $ 25,139,147 48.9 % Northeast Region 11,124,945 11,268,268 21.9 Mountain Region 10,259,953 11,133,946 21.6 West Region 1,247,582 1,396,242 2.7 Mid-West Region 867,771 953,996 1.9 Total United States $ 48,420,000 $ 49,891,599 97.0 % Canada: 1,603,136 1,562,967 3.0 Total $ 50,023,136 $ 51,454,566 100.0 % The composition of the company’s investments as of December 31, 2016 by industry, at cost and fair value, were as follows: Investments at Cost Investments at Fair Fair Value Alternative Energy - Solar $ 71,564,589 $ 70,161,838 60.9 % Alternative Energy - Wind 42,277,428 43,643,215 37.9 Energy Efficiency - Lighting Replacement 1,282,733 1,318,048 1.2 Total $ 115,124,750 $ 115,123,101 100.0 % The composition of the company’s investments as of December 31, 2015 by industry, at cost and fair value, were as follows: Investments at Cost Investments at Fair Fair Value Alternative Energy - Solar $ 41,638,136 $ 42,703,407 83.0 % Alternative Energy - Wind 6,750,000 7,093,750 13.8 Energy Efficiency - Lighting Replacement 1,635,000 1,657,409 3.2 Total $ 50,023,136 $ 51,454,566 100.0 % Investments held as of December 31, 2016 and 2015 are considered Control Investments, which are defined as investments in companies in which the company owns 25% or more of the voting securities of such company, have greater than 50% representation on such company’s board of directors, or investments in limited liability companies for which the company serves managing member. |
Fair Value Measurements - Inves
Fair Value Measurements - Investment | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements - Investment | Note 4. Fair Value Measurements - Investments The following table presents fair value measurements of investments, by major class, as of December 31, 2016, according to the fair value hierarchy: Valuation Inputs Level 1 Level 2 Level 3 Fair Value Limited Liability Company Member Interests $ — $ — $ 112,536,561 $ 112,536,561 Capital Stock — — 1,815,169 1,815,169 Energy Efficiency - Secured Loans — — 771,371 771,371 Total $ — $ — $ 115,123,101 $ 115,123,101 The following table presents fair value measurements of investments, by major class, as of December 31, 2015, according to the fair value hierarchy: Valuation Inputs Level 1 Level 2 Level 3 Fair Value Limited Liability Company Member Interests $ — $ — $ 48,708,304 $ 48,708,304 Capital Stock — — 1,562,967 1,562,967 Energy Efficiency Secured - Loans — — 1,183,295 1,183,295 Total $ — $ — $ 51,454,566 $ 51,454,566 The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2016: Balance as of Net change in Realized Translation of assets Purchases and other (1) Sales and (2) Transfers in Transfers out Balance as of Limited Liability Company Member Interests $ 48,708,304 $ (1,685,280 ) $ 4,578 $ - $ 39,115,694 $ (40,000 ) $ 26,433,265 $ - $ 112,536,561 Capital Stock 1,562,967 211,499 - 40,703 - - - - 1,815,169 Energy Efficiency - Secured Loans 1,183,295 - - - - (314,137 ) - (97,787 ) 771,371 Secured Loans - Other - - - - 26,335,478 - - (26,335,478 ) - Total $ 51,454,566 $ (1,473,781 ) $ 4,578 $ 40,703 $ 65,451,172 $ (354,137 ) $ 26,433,265 $ (26,433,265 ) $ 115,123,101 (1) Includes purchases of new investments, capitalized deal costs, effects of purchase price adjustments, paid-in-kind interest, return of capital and additional investments in exiting investments, if any. (2) Includes principal repayments on loans. The total change in unrealized depreciation included in the consolidated statements of operations within net change in unrealized appreciation (depreciation) on investments for the year ended December 31, 2016 attributable to Level 3 investments still held at December 31, 2016 was $1,473,781. 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. Net change in unrealized depreciation on investments at fair value for the year ended December 31, 2016 was $1,473,781, included within net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations. Net realized gains on investments at fair value for the year ended December 31, 2016 was $4,578. For the year ended December 31, 2016, net unrealized currency gains arising from valuing foreign currency-denominated assets and liabilities at the current exchange rate were $40,703 and included within net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies in the consolidated statements of operations. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2015: Balance as of Net change in Translation of Purchases and Repayments of Balance as of Limited Liability Company Member Interests $ 1,688,792 $ 1,402,807 $ — $ 45,976,137 $ (359,432 ) $ 48,708,304 Capital Stock 1,048,709 176,160 (196,902 ) 535,000 — 1,562,967 Energy Efficiency Secured Loans — — — 1,183,295 — 1,183,295 Total $ 2,737,501 $ 1,578,967 $ (196,902 ) $ 47,694,432 $ (359,432 ) $ 51,454,566 (1) Includes purchases of new investments, capitalized deal costs, paid-in-kind interest, effects of purchase price adjustments and additional investments in existing investment, if any. The total change in unrealized appreciation included in the consolidated statements of operations within net change in unrealized appreciation (depreciation) on investments for the year ended December 31, 2015 attributable to Level 3 investments still held at December 31, 2015 was $1,578,967. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of 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 year ended December 31, 2015. Net change in unrealized appreciation on investments at fair value for the year ended December 31, 2015 was $1,578,967, included within net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations. There were no net realized gains or losses on investments at fair value for the year ended December 31, 2015. For the year ended December 31, 2015, net unrealized currency losses arising from valuing foreign currency-denominated assets and liabilities at the current exchange rate were $196,902 and included within net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies in the consolidated statements of operations. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the period ended December 31, 2014: Balance as of April 25, Net change in Translation Purchases and Balance as of Limited Liability Company Member Interests $ — $ 68,792 $ — $ 1,620,000 $ 1,688,792 Capital Stock — 12,220 $ (31,647 ) 1,068,136 1,048,709 Total $ — $ 81,012 $ (31,647 ) $ 2,688,136 $ 2,737,501 (1) Includes purchase 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 (depreciation) on investments for the period from Commencement of Operations (April 25, 2014) through December 31, 2014 attributable to Level 3 investments still held at December 31, 2014 was $81,012. 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 from Commencement of Operations (April 25, 2014) through December 31, 2014. Net change in unrealized appreciation on investments at fair value for the period from Commencement of Operations (April 25, 2014) through December 31, 2014 was $81,012 included within net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations. There was no net realized gains or losses on investment at fair value for the period from Commencement of Operations (April 25, 2014) through December 31, 2014. For the period from Commencement of Operations (April 25, 2014) through December 31, 2014, net unrealized currency losses arising from valuing foreign currency-denominated assets and liabilities at the current exchange rate were $31,647 and included within net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies in the consolidated statements of operations. As of December 31, 2016, 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, 2016: Fair Value Valuation Unobservable Rates/Assumptions Alternative Energy - Solar $ 70,161,838 Income approach Discount rate, 7.0% - 9.25%, Alternative Energy – Wind $ 43,643,215 Income approach Discount rate, 7.75%, 0.50% annual Energy Efficiency – Secured Loans and Leases – Lighting Replacement $ 1,318,048 Income and collateral based approach Market yields 10.25% - 21.31% As of December 31, 2015, 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, 2015: Fair Value Valuation Unobservable Rates/Assumptions Alternative Energy - Solar $ 42,703,407 Income, cost and market approach Discount rate, 7.0% - 8.30%, Alternative Energy – Wind $ 7,093,750 Cost approach — — Energy Efficiency – Secured Loans and Leases – Lighting Replacement $ 1,657,409 Income and collateral based approach Market yields 10.25% - 12.0% 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 kilowatt hour (“kWh”) production meaningfully less than projected production would result in a significantly lower fair value measurement. |
Related Party Agreements And Tr
Related Party Agreements And Transactions Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Agreements And Transactions Agreements | Note 5. Related Party Agreements And Transactions Agreements The company has executed advisory and administration agreements with the advisor and Greenbacker Administration, LLC, our 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 of the company’s shares 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 agreed to reimburse the company for certain expenses above certain limits and be repaid when the company’s expenses are reduced below that threshold. The expense reimbursement expired and was not renewed as of December 31, 2016. The fees and reimbursement obligations are as follows: Type of Compensation and Recipient Determination of Amount Selling Commissions — Dealer Manager Up to 7% of gross offering proceeds from the sale of Class A and Class P-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 and Class P-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 Up to 2.75% of gross offering proceeds from the sale of Class A, P-A and C shares, and up to 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 1/366th 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 Commencing as of June 30, 2016, the company estimates the amount of distribution fees expected to be paid and records that liability at the time of sale. O&O costs — Advisor The company reimburses 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. While the company has targeted an offering expense ratio of 4.0% for O&O costs over the term of the current offering, 4.8% was charged on the offering that terminated as of February 7, 2017. 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 is be entitled to 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 Reimbursement Agreement 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. For the year ending December 31, 2015, the 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 5.0% (the “Maximum Rates”). During the year ending December 31, 2016, Expenses as a percentage of net assets was less than the Maximum Rates allowing the advisor to be fully reimbursed for past assumed operating expenses. The expense reimbursement agreement expired and was not renewed as of December 31, 2016 as Expenses are expected to continue in an amount less than the Maximum Rates. For the years ended December 31, 2016 and 2015, the company incurred $3,849,530 and $1,625,780, respectively, in operating expenses, including the management fees earned by the advisor. For the period from Commencement of Operations (April 25, 2014) through 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 had assumed responsibility for all of the company’s operating expenses under the expense reimbursement agreement above the Maximum Rates which excess amounted to $648,720, for the period from Commencement of Operations (April 25, 2014) through December 31, 2014. Since January 1, 2015, the advisor has elected to limit the company’s operating expenses to no higher than 5% annually of the company’s average net assets. While the advisor assumed responsibility for $830,884 of the company’s operating expenses under the expense reimbursement agreement since inception, as of December 31, 2016, the company had fully reimbursed the advisor for previously assumed operating expenses. For the years ended December 31, 2016 and 2015, the company recorded a charge of $636,926 and $11,794, respectively, in the statement of operations as reimbursement for assumption of past operating expenses. For the year ended December 31, 2015, the advisor assumed responsibility for $223,286 of the company’s operating expenses under the expense reimbursement agreement. For the years ended December 31, 2016 and 2015, the advisor earned $2,018,434 and $571,271, respectively, in management fees. While there was an incentive allocation of $916 earned to date by the advisor, the consolidated financial statements reflect a $285,673 decrease in incentive allocation for the year ended December 31, 2016 based primarily upon unrealized depreciation on investments and a $276,412 incentive allocation for the year ended December 31, 2015, based primarily upon unrealized appreciation on investments. For the period from Commencement of Operations (April 25, 2014) through 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 consolidated financial statements reflect a $9,846 incentive allocation for the period from Commencement of Operations (April 25, 2014) through December 31, 2014, based upon net unrealized appreciation. As of December 31, 2016, due to advisor/dealer manager on the consolidated statements of assets and liabilities in the amount of $136,476 is solely comprised of a payable to the advisor/dealer manager for reimbursable Organization and Offering Costs. As of December 31, 2015, due from advisor on the consolidated statements of assets and liabilities in the amount of $26,636 is comprised of $106,044 due from the advisor in connection with the expense reimbursement agreement combined with a payable to the advisor for reimbursable Organization and Offering Costs in the amount of $79,408. As of December 31, 2015, there were no amounts due to the dealer manager. The company, dealer manager and advisor plan to cash settle any amounts due to/from advisor/dealer manager on a monthly basis. For the years ended December 31, 2016 and 2015, the company paid $1,332,908 and $875,051, respectively, in dealer manager fees and $4,613,001 and $3,406,655, respectively, in selling commissions to the company’s dealer manager, SC Distributors. For the period from Commencement of Operations (April 25, 2014) through December 31, 2014, the company paid $208,215 in dealer manager fees and $694,159 in selling commission to the company’s dealer manager. 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 statements of operations. For the year ended December 31, 2016, Greenbacker Administration, LLC invoiced the company $203,381, for expenses, at cost, for services related to asset management, compliance and accounting services related to the company’s investments. For the year ended December 31, 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014, Greenbacker Administration, LLC did not invoice the company for expenses. As of December 31, 2016 and 2015, respectively, the advisor owned 23,469 and 21,959 Class A shares while an affiliate of the advisor owned 93,191 and 185,721 Class A shares. Transactions The company entered into secured loans to finance the purchase and installation of energy efficient lighting with LED Funding LLC and Renew AEC One LLC (“AEC Companies”). All of the loans with LED Funding LLC, an AEC Company, converted to an operating lease on the day the energy efficiency upgrades became operational. AEC Companies are considered related parties as the members of these entities own an indirect, non-controlling ownership interest in the company’s advisor. The loans outstanding between the AEC Companies and the company, and the subsequent operating leases, were negotiated at an arm’s length and contain standard terms and conditions that would be included in third party lending agreements including required security and collateral, interest rates based upon risk of the specific loan, and term of the loan. As of December 31, 2016, all loans and operating leases are considered current per their terms. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 6. Borrowings On July 11, 2016, the company, through a newly formed, indirect, wholly owned subsidiary, GREC Entity HoldCo LLC (the “Borrower”), entered into a Credit Agreement by and among the Borrower, the lenders party thereto and Fifth Third Bank, as administrative agent, as well as swap counterparty. The new credit facility consists of an initial term loan of $4,300,000 (the “Facility 1 Term Loan”) as well as a revolving credit facility in the aggregate principal amount of up to $33,250,000 (the “Revolver") that will convert to an additional term loan facility, based upon the amount outstanding on the conversion date, in July 2017 (the “Facility 2 Term Loan”) (collectively, the “Credit Facility”). Both the Facility 1 Term Loan and the Facility 2 Term Loan mature in July 2021. Financing costs of $1,005,494 related to the credit facility have been capitalized and are being amortized over the term of the Facility 1 Term Loan. The company used the net proceeds of borrowings under the Facility 1 Term Loan to repay amounts outstanding under a previously existing project loan. The net proceeds of borrowings under the Revolver will be used for investment in additional alternative energy power generation assets and other general corporate purposes. Loans made under the Credit Facility bear interest at 3.5% in excess of one-month LIBOR. Commitment fees on the average daily unused portion of the Revolver are payable at a rate per annum of 0.25%. Interest on the Credit Facility is payable on the last day of each month commencing August 31, 2016. Principal on the Facility 1 Term Loan is payable at a fixed amount of $23,889 on the last day of each month based upon a fifteen-year amortization. The Revolver is interest only for the first twelve months. Thereafter, the Revolver converts to the Facility 2 Term Loan whereby principal will be due monthly with amortization based upon the weighted average power purchase agreement life remaining on the date of conversion. Borrowings under the credit facility are secured by the assets, cash, agreements and equity interests in the Borrower and its subsidiaries. The company and its wholly owned subsidiary, Greenbacker Renewable Energy Corporation, are guarantors of the Borrower's obligations under the Credit Facility. In regard to the Credit Facility, we have entered in an interest rate swap agreement, effective July 29, 2016, with a total notional amount of $4,300,000 to swap the floating rate interest payments on the Facility 1 Term Loan for a corresponding fixed payment. The fixed swap rate is 1.11% with an all-in rate of 4.61% on the Facility 1 Term Loan. If an event of default shall occur and be continuing under the Credit Facility, the commitments under the Credit Facility may be terminated and the principal amount outstanding under the Credit Facility, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable. The company’s outstanding debt as of December 31, 2016 was as follows: December 31, 2016 December 31, 2015 Aggregate Principal Carrying Deferred Term Note Aggregate Principal Carrying Deferred Term Note Revolver $ 33,250,000 $ — $ — $ — $ — $ — $ — $ — $ — $ — Facility 1 Term Loan — 4,180,554 4,180,554 910,155 3,270,399 — — — — — Total $ 33,250,000 $ 4,180,554 $ 4,180,554 $ 910,155 $ 3,270,399 $ — $ — $ — $ — $ — The following table shows the components of interest expense, commitment fees related to the Revolving Facility, amortized deferred financing costs, weighted average stated interest rate and weighted average outstanding debt balance for the credit facility for the period July 11, 2016 through December 31, 2016: For the period July 11, Revolver interest $ 164,179 Revolver commitment fee 29,927 Facility 1 Term Loan interest 96,248 Amortization of deferred financing costs 95,339 Unrealized gain on interest rate swap $ (90,697 ) Total 294,996 Weighted average interest rate on credit facility 4.37 % Weighted average outstanding balance of credit facility $ 10,991,000 The principal payments due on borrowings for each of the next five years ending December 31 and thereafter, are as follows: Year ending December 31: Principal Payments 2017 286,668 2018 286,668 2019 286,668 2020 286,668 Thereafter 3,033,882 $ 4,180,554 |
Members' Equity
Members' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Members' Equity | Note 7. 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, C, I, P-A and P-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 current commissions and fees for each common share class in connection with the company’s continuous public offering pursuant to a Registration Statement on Form S-1 (File No. 333-211571) as well as the private offering of certain share classes. Class A and Class P-A: Each Class A and Class P-A share are 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 are paid for sales pursuant to the dividend reinvestment plan. Class C: Each Class C share issued in the primary offering is 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 pays the dealer manager on a monthly basis a distribution fee, or “distribution fee”, that accrues daily equal to 1/366th 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 are paid for sales pursuant to the DRP. Class I and Class P-I: No selling commission or distribution fee will be paid for sales of any Class I and Class P-I shares. Each Class I share is subject to a dealer manager fee of up to 1.75% per share. The following table is a summary of the shares issued and repurchased during the period and outstanding as of December 31, 2016: Shares Outstanding as of December 31, 2015 Shares Issued During the Period Shares Repurchased During the Period Shares Outstanding as of December 31, 2016 Class A shares 5,420,728 5,719,394 (261,620 ) 10,878,502 Class C shares 248,456 793,380 — 1,041,836 Class I shares 1,052,783 1,726,743 (25,035 ) 2,754,491 Class P-A shares — 47,774 — 47,774 Class P-I Shares — 199,319 — 199,319 Total 6,721,967 8,486,610 (286,655 ) 14,921,922 The following table is a summary of the shares issued and repurchased during the period and outstanding as of December 31, 2015: Shares Outstanding as of December 31, 2014 Shares Issued During the Period Shares Repurchased During the Period Shares Outstanding as of December 31, 2015 Class A shares 1,097,844 4,337,884 (15,000 ) 5,420,728 Class C shares 84,964 163,492 — 248,456 Class I shares 53,537 999,246 — 1,052,783 Total 1,236,345 5,500,622 (15,000 ) 6,721,967 There were no Class P-A or Class P-I shares outstanding as of December 31, 2015. The proceeds from shares sold and the value of shares issued through the reinvestment of distributions for each class of shares for the years ended December 31, 2016 and 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014 were as follows: Class A Shares Class C Shares Class I Shares Class P-A Shares Class P-I Shares Total For the year ended December 31, 2016: Proceeds from Shares Sold $ 49,913,307 $ 6,957,212 $ 15,078,606 $ 419,175 $ 1,750,750 $ 74,119,050 Proceeds from Shares Issued through Reinvestment of Distributions $ 2,347,789 $ 257,384 $ 685,413 $ — $ — $ 3,290,586 For the year ended December 31, 2015: Proceeds from Shares Sold $ 38,391,839 $ 1,413,670 $ 8,871,732 $ — $ — $ 48,677,241 Proceeds from Shares Issued through Reinvestment of Distributions $ 783,459 $ 61,957 $ 147,858 $ — $ — $ 993,274 For the period from Commencement of Operations (April 25, 2014) through December 31, 2014 Proceeds from Shares Sold $ 9,815,285 $ 763,425 $ 482,548 $ — $ — $ 11,061,258 Proceeds from Shares Issued through Reinvestment of Distributions $ 77,027 $ 3,407 $ 634 $ — $ — $ 81,068 As of December 31, 2016 and 2015, 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 of directors, without approval of any of the members, to issue additional shares of any class or series for the consideration and on the terms and conditions established by the 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. The proceeds related to the shareholder receivable amount of $521,954 presented on the consolidated statements of assets and liabilities as of December 31, 2016 was subsequently collected on January 6, 2017. Distribution Reinvestment Plan The company adopted a distribution reinvestment plan (“DRP”) through which the company’s Class A, C and I 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, 2016 and 2015, $50,000,000 in shares 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, 2016 and 2015, 478,421 and 118,957 shares, respectively were issued under the DRP. Share Repurchase Program During the quarter ended September 30, 2015, the company commenced 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 Class A, C or I 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 includes numerous restrictions that will limit a shareholders ability to sell shares. Unless the board of directors determines otherwise, the company limits 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 DRP. 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. For the year ended December 31, 2016, the company repurchased 261,620 Class A shares and 25,035 Class I shares at a total purchase price of $2,407,717 and $230,084, respectively, pursuant to the company’s share repurchase program, including 98,786 shares from an affiliate of the advisor. For the year ended December 31, 2015, the company repurchased 15,000 Class A shares at a total purchase price of $135,375, pursuant to the company’s share repurchase program. We have received an order for our repurchase program from the SEC under Rule 102(a) of Regulation M under the Exchange Act. In addition, our repurchase program is substantially similar to repurchase programs for which the SEC has stated it will not recommend enforcement action under Rule 13e-4 and Regulation 14E under the Exchange Act. |
Distributions
Distributions | 12 Months Ended |
Dec. 31, 2016 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Distributions | Note 8. Distributions On the last business day of each month, with the authorization of the company’s board of directors, the company declares distributions on each outstanding Class A, C, I, P-A and P-I share. These distributions are calculated based on shareholders of record for each day in amounts equal to that exhibited in the table below based upon distribution period and class of share. Class of Share Distribution Period A C I P-A P-I 1-Jan-15 31-Oct-15 $ 0.0016438 $ 0.0016438 $ 0.0016438 - - 1-Nov-15 31-Jan-16 $ 0.0016478 $ 0.0016478 $ 0.0016478 - - 1-Feb-16 30-Apr-16 $ 0.0016551 $ 0.0016551 $ 0.0016551 - - 1-May-16 31-Jul-16 $ 0.0016617 $ 0.0016617 $ 0.0016617 $ 0.0015826 $ 0.0015826 1-Aug-16 31-Oct-16 $ 0.0016766 $ 0.0016766 $ 0.0016766 $ 0.0015968 $ 0.0015968 1-Nov-16 31-Dec-16 $ 0.0016856 $ 0.0016402 $ 0.0016856 $ 0.0016036 $ 0.0016036 The following table reflects the distributions declared during the year ended December 31, 2016: Pay Date Paid in Cash Value of Shares Issued under DRP Total February 1, 2016 $ 171,410 $ 185,680 $ 357,090 March 1, 2016 182,825 195,193 378,018 April 1, 2016 221,088 221,729 442,817 May 2, 2016 234,799 241,934 476,733 June 1, 2016 261,003 271,362 532,365 July 1, 2016 270,112 277,033 547,145 August 1, 2016 296,391 288,859 585,250 September 1, 2016 323,445 299,790 623,235 October 3, 2016 334,152 299,699 633,851 November 1, 2016 356,589 321,863 678,452 December 1, 2016 371,493 320,165 691,658 January 3, 2017 403,983 367,279 771,262 Total $ 3,427,290 $ 3,290,586 $ 6,717,876 The following table reflects the distributions declared during the year ended December 31, 2015: Pay Date Paid in Cash Value of Shares Issued under DRP Total February 2, 2015 $ 35,820 $ 30,024 $ 65,844 March 2, 2015 35,691 30,341 66,032 April 1, 2015 46,720 38,120 84,840 May 1, 2015 53,139 46,808 99,947 June 1, 2015 61,499 57,380 118,879 July 1, 2015 69,501 65,739 135,240 August 3, 2015 82,395 81,426 163,821 September 1, 2015 95,124 95,081 190,205 October 1, 2015 104,797 109,643 214,440 November 2, 2015 120,894 128,288 249,182 December 1, 2015 134,302 143,800 278,102 January 4, 2016 156,985 166,624 323,609 Total $ 996,867 $ 993,274 $ 1,990,141 The following table summarizes our distributions declared for the period from Commencement of Operations (April 25, 2014) through December 31, 2014. Value of Pay Date Paid in Cash Shares Issued under DRP Total October 1, 2014 $ 5,123 $ 13,920 $ 19,043 November 3, 2014 10,332 19,410 29,742 December 1, 2014 16,985 21,831 38,816 January 2, 2015 30,913 25,907 56,820 Total $ 63,353 $ 81,068 $ 144,421 All distributions paid for the year ended December 31, 2016 are expected to be reported as a return of capital to stockholders for tax reporting purposes and all distributions paid for the year ended December 31, 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014 were reported as a return of capital to stockholders for tax purposes. Cash distributions paid during the periods presented were funded from the following sources noted below: For the year ended December 31, 2016 For the year ended December 31, 2015 For the period from Commencement of Operations (April 25, 2014) through December 31, 2014 Cash from operations $ 3,180,297 $ 216,548 $ — Offering proceeds — 654,246 32,440 Total Cash Distributions $ 3,180,297 $ 870,794 $ 32,440 The company expects to continue to fund distributions from a combination of cash from operations as well as offering proceeds until a minimum of $150,000,000 in net assets is reached as well as being fully invested in operating assets. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes The LLC conducts most of its operations through GREC, its taxable wholly-owned subsidiary. The consolidated income tax provision for the years ended December 31, 2016, 2015 and 2014 is comprised of the following: Current Deferred Total Year ended December 31, 2016: US federal $ — $ 2,916,807 $ 2,916,807 State and local — 360,921 360,921 Foreign jurisdiction — — — Tax benefit/(expense) $ — $ 3,277,728 $ 3,277,728 Change in valuation allowance — 2,251,666 2,251,666 Tax benefit/(expense), net $ — $ 5,529,394 $ 5,529,394 Current Deferred Total Year ended December 31, 2015: US federal $ — $ 3,151,932 $ 3,151,932 State and local — (20,847 ) (20,847 ) Foreign jurisdiction — — — Tax benefit/(expense) $ — $ 3,131,085 $ 3,131,085 Change in valuation allowance — (2,481,085 ) (2,481,085 ) Tax benefit/(expense), net $ — $ 650,000 $ 650,000 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 Change in valuation allowance — (27,057) (27,057 ) Tax benefit/(expense), net $ — $ — $ — The following table represents the components of the income tax expense and the proportionate ratio of each components as follows: 2016 Percentage 2015 Percentage 2014 Percentage Net increase (decrease) in net assets from operations before tax, based on ASC 946, at the federal income tax rate $ 869,681 (15.73 )% $ 462,771 (71.20 )% $ (54,763 ) 202.40 % Reversal of Greenbacker Renewable Energy, LLC’s (income)/loss treated as a partnership for U.S tax purposes, at federal income tax rate $ 42,047 (0.76 )% $ 197,603 (30.40 )% $ 29,877 (110.42 )% Adjustment for Greenbacker Renewable Energy Corporation’s consolidated book income/(loss), based on standard GAAP accounting, at federal income tax rate $ (2,066,516 ) 37.37 % $ (467,369 ) 71.90 % $ — — % Federal tax credit $ (1,762,020 ) 31.87 % $ (3,345,092 ) 514.63 % $ — — % State tax credit (229,419 ) 4.15 % — — — — % Increase in income taxes resulting from: State and local taxes, net of federal benefit $ (132,613 ) 2.40 % $ 21,421 (3.30 )% $ (2,171 ) 8.02 % Change in state rate $ 1,112 (0.02 )% $ (591 ) .09 % $ — — % Permanent differences, at federal income tax rate $ — — % $ 172 (.03 )% $ % Change in valuation allowance $ (2,251,666 ) 40.72 % $ 2,481,085 (381.69 )% $ 27,057 (100.00 )% Actual provision for income taxes $ (5,529,394 ) 100.00 % $ (650,000 ) 100.00 % $ — — % Deferred tax assets have been classified on the accompanying consolidated statements of assets and liabilities as of December 31, 2016 and 2015 as follows: 2016 2015 Amortization 103,532 76,832 Net operating losses 8,837,890 2,435,598 Federal tax credits 5,336,530 3,345,092 Unrealized gains (7,869,139 ) (2,726,437 ) Net income (loss) from subsidiaries — 0 Return of capital on investments in subsidiaries — 0 Deferred tax assets $ 6,408,813 $ 3,131,085 Less: valuation allowance (229,419 ) (2,481,085 ) Deferred tax assets, net $ 6,179,394 $ 650,000 As of December 31, 2016, the company has federal and state income tax net operating loss (“NOL”) and investment tax credit (“ITC”) carryforwards of which will expire on various dates through 2035 as follows: Expires Year Ending Federal NOL Federal ITC State NOL December 31, Amount Amount Amount 2022 — — $ 918,368 2025 — — $ 673,181 2030 — — $ 2,751,775 2034 $ 161,963 — $ 161,963 2035 $ 6,693,198 $ 3,345,092 $ 2,718,197 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 projections for future taxable income over the periods in which the deferred tax assets would be deductible, management as of December 31, 2016 has applied a partial valuation allowance against the deferred tax asset amounts the company will not be able to fully realize. For the year ended December 31, 2015, a partial valuation allowance against the deferred tax asset was established. 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 and filings for all open tax years as of December 31, 2016 for all federal and state tax jurisdictions for the years 2013 through 2016. The results of this assessment are included in the company’s tax provision and deferred tax assets as of December 31, 2016. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and Contingencies Legal proceedings: Pledge of collateral and unsecured guarantee of loans to subsidiaries: Pursuant to a credit agreement between GREC Entity Holdco LLC (“Holdco”), a wholly owned subsidiary of GREC, and a financial institution, Holdco has pledged all solar operating assets as well as all membership interests in operating subsidiaries owned by Holdco as collateral for the loan. GREC and the company have provided an unsecured guaranty on approximately $4,300,000 on the term and revolving loans as of December 31, 2016. See Note 1 – Organization and Operations of the Company and Note 5 – Related Party Agreements and Transactions Agreements for an additional discussion of the company’s commitments and contingencies. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2016 | |
Financial Highlights | |
Financial Highlights. | Note 11. Financial Highlights The following is a schedule of financial highlights of the company attributed to Class A, C, I, P-A and P-I shares for the year ended December 31, 2016. For the year ended December 31, 2016 Class A Class C Class I Shares Class P-A Class P-I Per share data attributed to common shares (1): Net Asset Value at beginning of period $ 8.54 $ 8.54 $ 8.54 $ 8.54 $ 8.54 Net investment income (3) 0.43 0.43 0.43 0.19 0.19 Net unrealized appreciation (depreciation) on investments, net of incentive allocation to special unitholder (0.10 ) (0.10 ) (0.10 ) (0.05 ) (0.05 ) Change in translation of assets and liabilities denominated in foreign currencies — — — — — Change in benefit from deferred taxes on unrealized appreciation on investments 0.40 0.40 0.40 0.18 0.17 Net increase in net assets attributed to common stockholders 0.73 0.73 0.73 0.32 0.31 Shareholder distributions: Distributions from net investment income (0.33 ) (0.33 ) (0.33 ) (0.15 ) (0.14 ) Distributions from offering proceeds (0.27 ) (0.27 ) (0.27 ) (0.11 ) (0.11 ) Offering costs and deferred sales commissions — (0.22 ) — — — Other (2) 0.02 (0.01 ) 0.02 0.07 0.07 Net increase in members’ equity attributed to common shares 0.15 (0.10 ) 0.15 0.13 0.13 Net asset value for common shares at end of period $ 8.69 $ 8.44 $ 8.69 $ 8.67 $ 8.67 Common shareholders’ equity at end of period $ 94,541,760 $ 8,796,002 $ 23,938,449 $ 414,145 $ 1,727,858 Common shares outstanding at end of period 10,878,502 1,041,836 2,754,491 47,774 199,319 Ratio/Supplemental data for common shares : Total return, net of expense reimbursement to/from advisor, attributed to common shares based on net asset value 8.79 % 5.65 % 8.79 % 4.59 % 4.49 % Ratio of net investment income, net of expense reimbursement to/from advisor, to average net assets 4.95 % 4.98 % 4.93 % 4.81 % 4.48 % Ratio of operating expenses, net of expense reimbursement to/from advisor, to average net assets 4.65 % 4.68 % 4.63 % 4.53 % 4.21 % Total return, excluding expense reimbursement to/from advisor, attributed to common shares based on net asset value 9.34 % 6.13 % 9.31 % 5.03 % 4.78 % Ratio of net investment income, excluding expense reimbursement to/from advisor, to average net assets 5.61 % 5.65 % 5.58 % 5.45 % 5.08 % Ratio of operating expenses, excluding expense reimbursement to/from advisor, to average net assets 3.99 % 4.02 % 3.97 % 3.88 % 3.61 % Portfolio turnover rate 0.43 % 0.43 % 0.43 % 0.43 % 0.43 % (1) The per share data for Class A, C, I, P-A and P-I Shares were derived by using the weighted average shares outstanding during the year ended December 31, 2016, which were 8,330,061, 690,825, 1,962,616, 30,286 and 82,013, respectively. (2) Represents the impact of different share amounts used in calculating certain per share data based on weighted average shares outstanding during the period and organizational costs, which are not included in operating expenses nor subject to the expense reimbursement agreement, and the impact of shares at a price other than the net asset value. (3) Does not reflect any incentive fees that may be payable to the Special Unitholder. The following is a schedule of financial highlights of the company attributed to common stockholders for the year ended December 31, 2015 and for the period from Commencement of Operations (April 25, 2014) through 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. For the year ended For the period from 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 Asset Value at beginning of period 8.50 — Net investment income (loss) and realized loss on foreign currency translation (7) 0.22 (0.38 ) Net unrealized appreciation (depreciation) on investments, net of incentive allocation to special unit holder 0.39 0.14 Change in translation of assets and liabilities denominated in foreign currencies (0.06 ) (0.06 ) Change in benefit from deferred taxes on unrealized appreciation on investments 0.04 — Net increase (decrease) in net assets attributed to common stockholders 0.59 (0.30 ) Shareholder distributions (0.60 ) (0.28 ) Capital contribution from advisor — 0.38 Other (6) 0.05 0.12 Net increase (decrease) in members’ equity attributed to common shares 0.04 (0.08 ) Net asset value for common shares at end of period (3) $ 8.54 $ 8.50 Total return attributed to common shares based on net asset value (4) 7.44 % (5.33 )% Common shareholders’ equity at end of period $ 57,401,819 $ 10,502,809 Common shares outstanding at end of period 6,721,967 1,236,345 Ratio/Supplemental data for common shares (annualized) (4)(5): Ratio of net investment income (loss) to average net assets 2.63 % (6.60 )% Ratio of operating expenses to average net assets 5.83 % 7.89 % Portfolio turnover rate 1.55 % N/A (1) The per share data was derived by using the weighted average shares outstanding during the year ended December 31, 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014, which was 3,335,719 and 513,052, respectively. (2) Net proceeds before offering costs, from the period from Commencement of Operations (April 25, 2014) through December 31, 2014 is greater than $9.025 since a significant number of shares were 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 income (loss) and ratio of operating expenses to average net assets for the year ended December 31, 2015, prior to the effect of the expense reimbursement agreement were 7.46%, 2.67% and 5.78%, respectively. Total return, ratio of net investment loss and ratio of operating expenses to average net assets for the period from Commencement of Operations (April 25, 2014) through 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 ratio of net investment loss to average net assets and ratio of operating expenses to average net assets have been annualized for the period from Commencement of Operations (April 25, 2014) through December 31, 2014 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 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. (7) Does not reflect any incentive fees that may be payable to the Special Unitholder. |
Selected Quarterly Data - Unaud
Selected Quarterly Data - Unaudited | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Data - Unaudited | Note 12. Selected Quarterly Data – Unaudited Presented in the following tables is a summary of the unaudited quarterly financial information for the years ended December 31, 2016, 2015 and 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, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Total investment income $ 2,848,655 $ 3,085,513 $ 1,645,291 $ 656,566 Net investment income $ 1,497,148 $ 1,730,438 $ 1,519,649 $ 23,132 Net gain (loss) on investments and foreign currency translation $ (1,706,876 ) $ 1,143,849 $ (231,426 ) $ (634,047 ) Change in benefit (expense) from deferred taxes on unrealized appreciation on investments $ 671,401 $ (8,372 ) $ 1,838,292 $ 1,885,335 Net increase in net assets resulting from operations $ 461,673 $ 2,865,915 $ 3,126,515 $ 1,274,420 Net investment income per share – basic and diluted $ 0.11 $ 0.14 $ 0.15 $ 0.00 Net increase in net assets resulting from operations per share – basic and diluted $ (0.03 ) $ 0.24 $ 0.30 $ 0.16 Net asset value per share at period end (Class A) $ 8.69 $ 8.74 $ 8.69 $ 8.56 Net asset value per share at period end (Class C) $ 8.44 $ 8.49 $ 8.43 $ 8.56 Net asset value per share at period end (Class I) $ 8.69 $ 8.74 $ 8.69 $ 8.56 Net asset value per share at period end (Class P-A) $ 8.67 $ 8.74 $ — $ — Net asset value per share at period end (Class P-I) $ 8.67 $ 8.74 $ — $ — For the quarter ended December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 Total investment income $ 421,488 $ 740,773 $ 633,646 $ 58,215 Net investment income (loss) $ 253,576 $ 270,523 $ 333,917 $ (118,483 ) Net gain (loss) on investments and foreign currency translation $ 666,498 $ 376,473 $ (46,396 ) $ 385,490 Change in benefit from deferred taxes on unrealized appreciation on investments $ 127,015 $ — $ — $ — Net increase in net assets resulting from operations $ 1,047,089 $ 646,996 $ 287,521 $ 267,007 Net investment income (loss) per share – basic and diluted $ 0.09 $ 0.07 $ 0.14 $ (0.08 ) Net increase in net assets resulting from operations per share – basic and diluted $ 0.20 $ 0.17 $ 0.12 $ 0.18 Net asset value per share at period end $ 8.54 $ 8.52 $ 8.50 $ 8.50 For the quarter ended December 31, 2014 September 30, 2014 (1) June 30, 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 $ 8.50 $ 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 Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13. Subsequent Events The company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in the consolidated financial statements or would be required to be recognized in the consolidated financial statements as of the year ended December 31, 2016, except as discussed below: On February 7, 2017, the initial offering pursuant to the company’s Registration Statement on Form S-1 (File No. 333-178786-01) was terminated. Effective February 8, 2017, pursuant to a new Registration Statement on Form S-1 (File No. 333-211571), the company is offering up to $1,000,000,000 in shares of limited liability company interests, including up to $200,000,000 pursuant to the DRP. |
Significant Accounting Polici21
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 are 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 recognizes and carries all of its investments at fair value with changes in fair value recognized in earnings. Additionally, the company will not apply the consolidation or equity method of accounting to its investments. The company carries its liabilities at amounts payable, net of unamortized premiums or discounts. The company does not currently plan to elect to carry its non-investment liabilities at fair value. Net assets are calculated as the carrying amounts of assets, including the fair value of investments, less the carrying amounts of its liabilities. The financial information associated with the December 31, 2016, 2015 and 2014 consolidated financial statements has been prepared by management and, in the opinion of management, contains all adjustments and eliminations, consisting of only normal recurring adjustments, necessary for a fair presentation in accordance with GAAP. |
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, 2016 and 2015. |
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 change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies in the consolidated statements of operations. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities. |
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 GAAP and expands disclosures about fair value. The company recognizes and accounts for its investments at fair value. The fair value 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 market 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 market 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 assumptions 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, merger and acquisition 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. The following information sets forth the computation of the weighted average basic and diluted net increase (decrease) in net assets attributed to common stockholders per share for the years ended December 31, 2016 and 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014: For the year ended For the year ended For the period from Commencement of Operations (April 25, 2014) through December 31, 2014: Basic and diluted Net increase (decrease) in net assets attributed to common stockholders $ 8,014,196 $ 1,972,201 $ (156,466 ) Weighted average common shares outstanding 11,043,156 3,335,719 513,052 Net increase (decrease) in net assets, attributed to common stockholders per share $ 0.73 $ 0.59 $ (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. Any application, origination or other fees earned by the company in arranging or issuing debt are amortized over the expected term of the loan. 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. Dividends received from the company’s private investments which generally reflect net cash flow from operations are declared and paid on a quarterly basis at a minimum. |
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 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 the company’s other publicly offered share classes because of the distribution fee associated with the Class C shares, which is allocated specifically to Class C net assets. Amounts distributed to each class are allocated amongst 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 and/or dealer manager 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 of its shares pursuant to now terminated Registration Statement on Form S-1 (File No. 333-178786-01), the current Registration Statement on Form S-1 (File No. 333-211571) and a private placement memorandum, including legal, accounting, printing, mailing and filing fees, charges of the company’s escrow holder, transfer agent fees, 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 for the public offering shall be reasonable and shall in no event exceed an amount equal to 15% of the gross proceeds of this offering and the DRP, the company is targeting no more than 4.0% of the gross proceeds for O&O costs other than sales commissions and dealer manager fees. The company is obligated to reimburse our advisor for O&O costs that it incurs 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. Total O&O costs related to the terminated Registration Statement amounted to approximately $ 7,500,000 or 4.8% of gross offering proceeds. The costs incurred by our advisor and/or dealer manager are recognized as a liability of the company to the extent that the company is obligated to reimburse our advisor and/or dealer manager, subject to the 15% of gross offering proceeds limitation described above. When recognized by the company, organizational costs are expensed and offering costs, excluding selling commissions and dealer manager fees, are recognized as a reduction of the proceeds from the offering. The following table provides information in regard to the status of O&O costs (in 000’s) as of December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Total O&O Costs Incurred by the Advisor and Dealer Manager $ 7,498 $ 5,913 Amounts previously reimbursed to the Advisor/Dealer Manager by the company 7,362 3,577 Amounts payable to Advisor/Dealer Manager by the company 136 79 Amounts of the contingent liability subject to payment by the company only upon adequate gross offering proceeds being raised — 2,257 |
Financing Costs | Financing Costs Financing costs related to debt liabilities incurred by the company, GREC or any wholly-owned holding company formed specifically to be a credit agreement counterparty are presented on the consolidated statements of assets and liabilities as a direct deduction from the carrying amount of that debt liability. Financing costs are deferred and amortized using the straight line method over the life of the debt liability. |
Capital Gains Incentive Allocation and Distribution | Capital Gains Incentive Allocation and Distribution Pursuant to the 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 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 consolidated statements of assets and liabilities 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. As of December 31, 2016 and 2015, a capital gains incentive distribution allocation in the amounts of $586 and $286,259, respectively, was recorded based primarily upon appreciation on investments. |
Deferred Sales Commissions | Deferred Sales Commissions The company defers certain costs, principally sales commissions and related compensation, which are paid to the dealer manager and may be reallowed to financial advisors and broker/dealers in the future in connection with the sale of Class C shares sold with a reduced front-end load sales charge. The costs expected to be incurred at the time of the sale of Class C shares are recorded as a liability on the date of sale and are amortized on a straight-line basis over the period beginning at the time of sale and ending on the date which approximates an expected liquidity event for the company. Prior to June 30, 2016, the company did not record a liability at time of the sale for expected deferred sales commissions. As of December 31, 2016, the company has recorded a liability for deferred sales commissions in the amount of $203,357. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform with current year presentation. |
Derivative Instruments | Derivative Instruments The company may utilize interest rate swaps to modify interest rate characteristics of certain liabilities to manage its exposure to interest rate fluctuations. Changes in the fair value of the interest rate swaps during the period are recognized in the accompanying consolidated statements of operations where the company, GREC or any wholly-owned holding company formed specifically to be a credit agreement counterparty is the counterparty and in the change in fair value of investments if a subsidiary of the company is the counterparty. While we are currently of the opinion that the currency fluctuation between the Canadian and U.S. Dollar will not have a material impact on our operating results, we may in the future enter into derivatives or other financial instruments in an attempt to hedge our foreign currency exchange risk if we believe not doing so would have a material impact our results of operations. |
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 consolidated financial statements for unrealized appreciation and depreciation will result in a difference between the consolidated financial statements and the cost basis of the assets for tax purposes. These differences will be recognized as deferred tax assets and liabilities. Generally, the entities that hold the company’s investments will 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. 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, 2016 for all U.S. federal and state tax jurisdictions for the years 2013 through 2016. The results of this assessment are included in the company’s tax provision and deferred tax assets as of December 31, 2016. |
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 December 2016, the FASB released an ASU that makes technical changes to various sections of the Accounting Standards Codification (“ASC”), including Topic 820, Fair Value Measurement. The changes to Topic 820 are intended to clarify the difference between a valuation approach and a valuation technique. The changes to ASC 820-10-50-2 require a reporting entity to disclose, for Level 2 and Level 3 fair value measurements, a change in either or both a valuation approach and a valuation technique and the reason(s) for the change. The changes to Topic 820 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. At this time, management is evaluating the implications of the ASU and its impact on the financial statements and disclosures has not yet been determined. In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, the "final rules") intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the Company's financial statements and related disclosures. On August 26, 2016, the FASB issued ASU 2016-15, Statement of Cash Flows, or ASU 2016-15. ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: 1) debt prepayment or debt extinguishment costs; 2) settlement of zero-coupon bonds; 3) contingent consideration payments made after a business combination; 4) proceeds from the settlement of insurance claims; 5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; 6) distributions received from equity method investees; 7) beneficial interests in securitization transactions; and 8) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Entities should apply this ASU using a retrospective transition method to each period presented. The company is in the process of evaluating the impact, if any, that ASU 2016-15 will have on the company’s consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01 regarding “Recognition and Measurement of Financial Assets and Financial Liabilities”. The new guidance is intended to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information and addresses certain aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The new standard affects all entities that hold financial assets or owe financial liabilities. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. At this time, management is evaluating the implications of ASU No. 2016-01 and its impact on the financial statements and disclosures has not yet been determined. |
Updated Footnote Disclosure | Updated Footnote Disclosure Certain footnote disclosures have been updated to enhance information presented pertaining to the value of shares sold and shares issued through the reinvestment of distributions. The impact of these additional disclosures is not material to the previously issued consolidated financial statements as of and for the years ended December 31, 2015 and 2014. |
Significant Accounting Polici22
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of earnings (loss) per share | The following information sets forth the computation of the weighted average basic and diluted net increase (decrease) in net assets attributed to common stockholders per share for the years ended December 31, 2016 and 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014: For the year ended For the year ended For the period from Commencement of Operations (April 25, 2014) through December 31, 2014: Basic and diluted Net increase (decrease) in net assets attributed to common stockholders $ 8,014,196 $ 1,972,201 $ (156,466 ) Weighted average common shares outstanding 11,043,156 3,335,719 513,052 Net increase (decrease) in net assets, attributed to common stockholders per share $ 0.73 $ 0.59 $ (0.30 ) |
Schedule of status of O&O costs | The following table provides information in regard to the status of O&O costs (in 000’s) as of December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Total O&O Costs Incurred by the Advisor and Dealer Manager $ 7,498 $ 5,913 Amounts previously reimbursed to the Advisor/Dealer Manager by the company 7,359 3,577 Amounts payable to Advisor/Dealer Manager by the company 136 79 Amounts of the contingent liability subject to payment by the company only upon adequate gross offering proceeds being raised — 2,257 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of composition of company's investments | The composition of the company’s investments as of December 31, 2016, at amortized cost and fair value, were as follows: Investments Investments at Fair Value Alternative Energy - Solar: Sunny Mountain Portfolio $ 884,578 $ 1,175,952 1.0 % East to West Solar Portfolio 23,256,875 21,943,079 19.0 Green Maple Portfolio 12,895,000 11,447,775 9.9 Magnolia Sun Portfolio 10,775,000 10,445,788 9.1 Canadian Northern Lights Portfolio 1,603,136 1,815,169 1.6 Six States Solar Portfolio 2,300,000 2,846,174 2.5 Greenbacker Residential Solar Portfolio 19,850,000 20,487,901 17.8 Subtotal $ 71,564,589 $ 70,161,838 60.9 % Alternative Energy - Wind: Greenbacker Wind Portfolio $ 42,277,428 $ 43,643,215 37.9 % Subtotal $ 42,277,428 $ 43,643,215 37.9 % Energy Efficiency Secured Loans: GREC Energy Efficiency Portfolio $ 511,362 $ 546,677 0.5 % Renew AEC One, LLC 771,371 771,371 0.7 Subtotal $ 1,282,733 $ 1,318,048 1.2 % Total $ 115,124,750 $ 115,123,101 100.0 % The composition of the company’s investments as of December 31, 2015, at amortized cost and fair value, were as follows: Investments Investments at Fair Value Alternative Energy - Solar: Sunny Mountain Portfolio $ 920,000 $ 1,329,803 2.6 % East to West Solar Portfolio 19,765,000 20,005,027 38.9 Green Maple Portfolio 9,500,000 9,577,290 18.6 Magnolia Sun Portfolio 7,550,000 7,542,723 14.7 Canadian Northern Lights Portfolio 1,603,136 1,562,967 3.0 Six States Solar Portfolio 2,300,000 2,685,597 5.2 Subtotal $ 41,638,136 $ 42,703,407 83.0 % Alternative Energy - Wind: Greenbacker Wind Portfolio $ 6,750,000 $ 7,093,750 13.8 % Subtotal $ 6,750,000 $ 7,093,750 13.8 % Energy Efficiency Secured Loans: GREC Energy Efficiency Portfolio $ 451,705 $ 474,114 0.9 % LED Funding – Universidad Project 97,787 97,787 0.2 Renew AEC One, LLC 1,085,508 1,085,508 2.1 Subtotal $ 1,635,000 $ 1,657,409 3.2 % Total $ 50,023,136 $ 51,454,566 100.0 % |
Schedule of investments by geographic region | The composition of the company’s investments as of December 31, 2016 by geographic region, at cost and fair value, were as follows: Investments at Investments at Fair Value United States: Mountain Region $ 46,145,555 47,846,814 41.5 % East Region 31,340,575 30,469,589 26.5 South Region 29,929,892 $ 28,553,024 24.8 West Region 5,170,489 5,413,151 4.7 Mid-West Region 935,103 1,025,354 0.9 Total United States $ 113,521,614 $ 113,307,932 98.4 % Canada: 1,603,136 1,815,169 1.6 Total $ 115,124,750 $ 115,123,101 100.0 % The composition of the company’s investments as of December 31, 2015 by geographic region, at cost and fair value, were as follows: Investments at Investments at Fair Value United States: South Region $ 24,919,749 $ 25,139,147 48.9 % Northeast Region 11,124,945 11,268,268 21.9 Mountain Region 10,259,953 11,133,946 21.6 West Region 1,247,582 1,396,242 2.7 Mid-West Region 867,771 953,996 1.9 Total United States $ 48,420,000 $ 49,891,599 97.0 % Canada: 1,603,136 1,562,967 3.0 Total $ 50,023,136 $ 51,454,566 100.0 % |
Schedule of investments by industry | The composition of the company’s investments as of December 31, 2016 by industry, at cost and fair value, were as follows: Investments at Cost Investments at Fair Fair Value Alternative Energy - Solar $ 71,564,589 $ 70,161,838 60.9 % Alternative Energy - Wind 42,277,428 43,643,215 37.9 Energy Efficiency - Lighting Replacement 1,282,733 1,318,048 1.2 Total $ 115,124,750 $ 115,123,101 100.0 % The composition of the company’s investments as of December 31, 2015 by industry, at cost and fair value, were as follows: Investments at Cost Investments at Fair Fair Value Alternative Energy - Solar $ 41,638,136 $ 42,703,407 83.0 % Alternative Energy - Wind 6,750,000 7,093,750 13.8 Energy Efficiency - Lighting Replacement 1,635,000 1,657,409 3.2 Total $ 50,023,136 $ 51,454,566 100.0 % |
Fair Value Measurements - Inv24
Fair Value Measurements - Investment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value measurements of investments, by major class | The following table presents fair value measurements of investments, by major class, as of December 31, 2016, according to the fair value hierarchy: Valuation Inputs Level 1 Level 2 Level 3 Fair Value Limited Liability Company Member Interests $ — $ — $ 112,536,561 $ 112,536,561 Capital Stock — — 1,815,169 1,815,169 Energy Efficiency - Secured Loans — — 771,371 771,371 Total $ — $ — $ 115,123,101 $ 115,123,101 The following table presents fair value measurements of investments, by major class, as of December 31, 2015, according to the fair value hierarchy: Valuation Inputs Level 1 Level 2 Level 3 Fair Value Limited Liability Company Member Interests $ — $ — $ 48,708,304 $ 48,708,304 Capital Stock — — 1,562,967 1,562,967 Energy Efficiency Secured - Loans — — 1,183,295 1,183,295 Total $ — $ — $ 51,454,566 $ 51,454,566 |
Schedule of reconciliation of beginning and ending balances for investments and secured borrowings | The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2016: Balance as of December 31, 2015 Net change in unrealized appreciation (depreciation) on investments Realized gain Translation of assets and liabilities denominated in foreign currencies Purchases and other adjustments to cost (1) Sales and Repayments of investments (2) Transfers in Transfers out Balance as of December 31, 2016 Limited Liability Company Member Interests $ 48,708,304 $ (1,685,280 ) $ 4,578 $ - $ 39,115,694 $ (40,000 ) $ 26,433,265 $ - $ 112,536,561 Capital Stock 1,562,967 211,499 - 40,703 - - - - 1,815,169 Energy Efficiency - Secured Loans 1,183,295 - - - - (314,137 ) - (97,787 ) 771,371 Secured Loans - Other - - - - 26,335,478 - - (26,335,478 ) - Total $ 51,454,566 $ (1,473,781 ) $ 4,578 $ 40,703 $ 65,451,172 $ (354,137 ) $ 26,433,265 $ (26,433,265 ) $ 115,123,101 (1) Includes purchases of new investments, capitalized deal costs, effects of purchase price adjustments, paid-in-kind interest, return of capital and additional investments in exiting investments, if any. (2) Includes principal repayments on loans. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2015: Balance as of December 31, 2014 Net change in unrealized appreciation on investments Translation of assets and liabilities denominated in foreign currencies Purchases and other adjustments to cost (1) Repayments of investments Balance as of December 31, 2015 Limited Liability Company Member Interests $ 1,688,792 $ 1,402,807 $ — $ 45,976,137 $ (359,432 ) $ 48,708,304 Capital Stock 1,048,709 176,160 (196,902 ) 535,000 — 1,562,967 Energy Efficiency Secured Loans — — — 1,183,295 — 1,183,295 Total $ 2,737,501 $ 1,578,967 $ (196,902 ) $ 47,694,432 $ (359,432 ) $ 51,454,566 (1) Includes purchases of new investments, capitalized deal costs, paid-in-kind interest, effects of purchase price adjustments and additional investments in existing investment, if any. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the period ended December 31, 2014: Balance as of April 25, 2014 (Commencement of Operations) Net change in unrealized appreciation on investment Translation of assets and liabilities denominated in foreign currencies Purchases and other adjustments to cost (1) Balance as of December 31, 2014 Limited Liability Company Member Interests $ — $ 68,792 $ — $ 1,620,000 $ 1,688,792 Capital Stock — 12,220 $ (31,647 ) 1,068,136 1,048,709 Total $ — $ 81,012 $ (31,647 ) $ 2,688,136 $ 2,737,501 (1) Includes purchase of new investment, capitalized deal costs and effects of purchase price adjustments, if any. |
Schedule of quantitative information about level 3 fair value measurements | As of December 31, 2016, 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, 2016: Fair Value Valuation Unobservable Rates/Assumptions Alternative Energy - Solar $ 70,161,838 Income approach Discount rate, 7.0% - 9.25%, 0. 50% annual degradation in production, 31.7 years Alternative Energy – Wind $ 43,643,215 Income approach Discount rate, 7.75%, 0.50% annual Energy Efficiency – Secured Loans and Leases – Lighting Replacement $ 1,318,048 Income and collateral based approach Market yields 10.25% - 21.31% As of December 31, 2015, 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, 2015: Fair Value Valuation Unobservable Rates/Assumptions Alternative Energy - Solar $ 42,703,407 Income, cost and market approach Discount rate, 7.0% - 8.30%, Alternative Energy – Wind $ 7,093,750 Cost approach — — Energy Efficiency – Secured Loans and Leases – Lighting Replacement $ 1,657,409 Income and collateral based approach Market yields 10.25% - 12.0% |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding debt | The company’s outstanding debt as of December 31, 2016 was as follows: December 31, 2016 December 31, 2015 Aggregate Principal Carrying Deferred Term Note Aggregate Principal Carrying Deferred Term Note Revolver $ 33,250,000 $ — $ — $ — $ — $ — $ — $ — $ — $ — Facility 1 Term Loan — 4,180,554 4,180,554 910,155 3,270,399 — — — — — Total $ 33,250,000 $ 4,180,554 $ 4,180,554 $ 910,155 $ 3,270,399 $ — $ — $ — $ — $ — |
Schedule of weighted average outstanding debt balance for credit facility | The following table shows the components of interest expense, commitment fees related to the Revolving Facility, amortized deferred financing costs, weighted average stated interest rate and weighted average outstanding debt balance for the credit facility for the period July 11, 2016 through December 31, 2016: For the period July 11, Revolver interest $ 164,179 Revolver commitment fee 29,927 Facility 1 Term Loan interest 96,248 Amortization of deferred financing costs 95,339 Unrealized gain on interest rate swap $ (90,697 ) Total 294,996 Weighted average interest rate on credit facility 4.37 % Weighted average outstanding balance of credit facility $ 10,991,000 |
Schedule of principal payments due on borrowings | The principal payments due on borrowings for each of the next five years ending December 31 and thereafter, are as follows: Year ending December 31: Principal Payments 2017 286,668 2018 286,668 2019 286,668 2020 286,668 Thereafter 3,033,882 $ 4,180,554 |
Members' Equity (Tables)
Members' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of shares issued and outstanding | The following table is a summary of the shares issued and repurchased during the period and outstanding as of December 31, 2016: Shares Outstanding as Shares Issued Shares Repurchased Shares Outstanding as Class A shares 5,420,728 5,719,394 (261,620 ) 10,878,502 Class C shares 248,456 793,380 — 1,041,836 Class I shares 1,052,783 1,726,743 (25,035 ) 2,754,491 Class P-A shares — 47,774 — 47,774 Class P-I Shares — 199,319 — 199,319 Total 6,721,967 8,486,610 (286,655 ) 14,921,922 The following table is a summary of the shares issued and repurchased during the period and outstanding as of December 31, 2015: Shares Outstanding as Shares Issued Shares Repurchased Shares Outstanding as Class A shares 1,097,844 4,337,884 (15,000 ) 5,420,728 Class C shares 84,964 163,492 — 248,456 Class I shares 53,537 999,246 — 1,052,783 Total 1,236,345 5,500,622 (15,000 ) 6,721,967 |
Schedule of shares sold and the value of shares issued through the reinvestment of distributions | The proceeds from shares sold and the value of shares issued through the reinvestment of distributions for each class of shares for the years ended December 31, 2016 and 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014 were as follows: Class A Shares Class C Shares Class I Shares Class P-A Class P-I Total For the year ended December 31, 2016: Proceeds from Shares Sold $ 49,913,307 $ 6,957,212 $ 15,078,606 $ 419,175 $ 1,750,750 $ 74,119,050 Proceeds from Shares Issued through Reinvestment of Distributions $ 2,347,789 $ 257,384 $ 685,413 $ — $ — $ 3,290,586 For the year ended December 31, 2015: Proceeds from Shares Sold $ 38,391,839 $ 1,413,670 $ 8,871,732 $ — $ — $ 48,677,241 Proceeds from Shares Issued through Reinvestment of Distributions $ 783,459 $ 61,957 $ 147,858 $ — $ — $ 993,274 For the period from Commencement of Operations (April 25, 2014) through December 31, 2014 Proceeds from Shares Sold $ 9,815,285 $ 763,425 $ 482,548 $ — $ — $ 11,061,258 Proceeds from Shares Issued through Reinvestment of Distributions $ 77,027 $ 3,407 $ 634 $ — $ — $ 81,068 |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Schedule of distribution period and class of share | These distributions are calculated based on shareholders of record for each day in amounts equal to that exhibited in the table below based upon distribution period and class of share. Class of Share Distribution Period A C I P-A P-I 1-Jan-15 31-Oct-15 $ 0.0016438 $ 0.0016438 $ 0.0016438 - - 1-Nov-15 31-Jan-16 $ 0.0016478 $ 0.0016478 $ 0.0016478 - - 1-Feb-16 30-Apr-16 $ 0.0016551 $ 0.0016551 $ 0.0016551 - - 1-May-16 31-Jul-16 $ 0.0016617 $ 0.0016617 $ 0.0016617 $ 0.0015826 $ 0.0015826 1-Aug-16 31-Oct-16 $ 0.0016766 $ 0.0016766 $ 0.0016766 $ 0.0015968 $ 0.0015968 1-Nov-16 31-Dec-16 $ 0.0016856 $ 0.0016402 $ 0.0016856 $ 0.0016036 $ 0.0016036 |
Schedule of distributions declared | The following table reflects the distributions declared during the year ended December 31, 2016: Pay Date Paid in Cash Value of Shares Issued under DRP Total February 1, 2016 $ 171,410 $ 185,680 $ 357,090 March 1, 2016 182,825 195,193 378,018 April 1, 2016 221,088 221,729 442,817 May 2, 2016 234,799 241,934 476,733 June 1, 2016 261,003 271,362 532,365 July 1, 2016 270,112 277,033 547,145 August 1, 2016 296,391 288,859 585,250 September 1, 2016 323,445 299,790 623,235 October 3, 2016 334,152 299,699 633,851 November 1, 2016 356,589 321,863 678,452 December 1, 2016 371,493 320,165 691,658 January 3, 2017 403,983 367,279 771,262 Total $ 3,427,290 $ 3,290,586 $ 6,717,876 The following table reflects the distributions declared during the year ended December 31, 2015: Pay Date Paid in Cash Value of Shares Issued under DRP Total February 2, 2015 $ 35,820 $ 30,024 $ 65,844 March 2, 2015 35,691 30,341 66,032 April 1, 2015 46,720 38,120 84,840 May 1, 2015 53,139 46,808 99,947 June 1, 2015 61,499 57,380 118,879 July 1, 2015 69,501 65,739 135,240 August 3, 2015 82,395 81,426 163,821 September 1, 2015 95,124 95,081 190,205 October 1, 2015 104,797 109,643 214,440 November 2, 2015 120,894 128,288 249,182 December 1, 2015 134,302 143,800 278,102 January 4, 2016 156,985 166,624 323,609 Total $ 996,867 $ 993,274 $ 1,990,141 The following table summarizes our distributions declared for the period from Commencement of Operations (April 25, 2014) through December 31, 2014. Value of Pay Date Paid in Cash Shares Issued under DRP Total October 1, 2014 $ 5,123 $ 13,920 $ 19,043 November 3, 2014 10,332 19,410 29,742 December 1, 2014 16,985 21,831 38,816 January 2, 2015 30,913 25,907 56,820 Total $ 63,353 $ 81,068 $ 144,421 Cash distributions paid during the periods presented were funded from the following sources noted below: For the year ended December 31, 2016 For the year ended December 31, 2015 For the period from Commencement of Operations (April 25, 2014) through December 31, 2014 Cash from operations $ 3,180,297 $ 216,548 $ — Offering proceeds — 654,246 32,440 Total Cash Distributions $ 3,180,297 $ 870,794 $ 32,440 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax provision | The LLC conducts most of its operations through GREC, its taxable wholly-owned subsidiary. The consolidated income tax provision for the years ended December 31, 2016, 2015 and 2014 is comprised of the following: Current Deferred Total Year ended December 31, 2016: US federal $ — $ 2,916,807 $ 2,916,807 State and local — 360,921 360,921 Foreign jurisdiction — — — Tax benefit/(expense) $ — $ 3,277,728 $ 3,277,728 Change in valuation allowance — 2,251,666 2,251,666 Tax benefit/(expense), net $ — $ 5,529,394 $ 5,529,394 Current Deferred Total Year ended December 31, 2015: US federal $ — $ 3,151,932 $ 3,151,932 State and local — (20,847 ) (20,847 ) Foreign jurisdiction — — — Tax benefit/(expense) $ — $ 3,131,085 $ 3,131,085 Change in valuation allowance — (2,481,085 ) (2,481,085 ) Tax benefit/(expense), net $ — $ 650,000 $ 650,000 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 Change in valuation allowance — (27,057) (27,057 ) Tax benefit/(expense), net $ — $ — $ — |
Schedule of reconciliation between the federal statutory rate and the effective tax rate | The following table represents the components of the income tax expense and the proportionate ratio of each components as follows: 2016 Percentage 2015 Percentage 2014 Percentage Net increase (decrease) in net assets from operations before tax, based on ASC 946, at the federal income tax rate $ 869,681 (15.73 )% $ 462,771 (71.20 )% $ (54,763 ) 202.40 % Reversal of Greenbacker Renewable Energy, LLC’s (income)/loss treated as a partnership for U.S tax purposes, at federal income tax rate $ 42,047 (0.76 )% $ 197,603 (30.40 )% $ 29,877 (110.42 )% Adjustment for Greenbacker Renewable Energy Corporation’s consolidated book income/(loss), based on standard GAAP accounting, at federal income tax rate $ (2,066,516 ) 37.37 % $ (467,369 ) 71.90 % $ — — % Federal tax credit $ (1,762,020 ) 31.87 % $ (3,345,092 ) 514.63 % $ — — % State tax credit (229,419 ) 4.15 % — — — — % Increase in income taxes resulting from: State and local taxes, net of federal benefit $ (132,613 ) 2.40 % $ 21,421 (3.30 )% $ (2,171 ) 8.02 % Change in state rate $ 1,112 (0.02 )% $ (591 ) .09 % $ — — % Permanent differences, at federal income tax rate $ — — % $ 172 (.03 )% $ % Change in valuation allowance $ (2,251,666 ) 40.72 % $ 2,481,085 (381.69 )% $ 27,057 (100.00 )% Actual provision for income taxes $ (5,529,394 ) 100.00 % $ (650,000 ) 100.00 % $ — — % |
Schedule of deferred tax assets | Deferred tax assets have been classified on the accompanying consolidated statements of assets and liabilities as of December 31, 2016 and 2015 as follows: 2016 2015 Amortization 103,532 76,832 Net operating losses 8,837,890 2,435,598 Federal tax credits 5,336,530 3,345,092 Unrealized gains (7,869,139 ) (2,726,437 ) Net income (loss) from subsidiaries — 0 Return of capital on investments in subsidiaries — 0 Deferred tax assets $ 6,408,813 $ 3,131,085 Less: valuation allowance (229,419 ) (2,481,085 ) Deferred tax assets, net $ 6,179,394 $ 650,000 |
Schedule of tax carryforwards | As of December 31, 2016, the company has federal and state income tax net operating loss (“NOL”) and investment tax credit (“ITC”) carryforwards of which will expire on various dates through 2035 as follows: Expires Year Ending Federal NOL Federal ITC State NOL December 31, Amount Amount Amount 2022 — — $ 918,368 2025 — — $ 673,181 2030 — — $ 2,751,775 2034 $ 161,963 — $ 161,963 2035 $ 6,693,198 $ 3,345,092 $ 2,718,197 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Highlights | |
Schedule of financial highlights of company's income and expense | The following is a schedule of financial highlights of the company attributed to Class A, C, I, P-A and P-I shares for the year ended December 31, 2016. For the year ended December 31, 2016 Class A Class C Class I Shares Class P-A Class P-I Per share data attributed to common shares (1): Net Asset Value at beginning of period $ 8.54 $ 8.54 $ 8.54 $ 8.54 $ 8.54 Net investment income (3) 0.43 0.43 0.43 0.19 0.19 Net unrealized appreciation (depreciation) on investments, net of incentive allocation to special unitholder (0.11 ) (0.11 ) (0.11 ) (0.05 ) (0.05 ) Change in translation of assets and liabilities denominated in foreign currencies — — — — — Change in benefit from deferred taxes on unrealized appreciation on investments 0.40 0.40 0.40 0.18 0.17 Net increase in net assets resulting from operations 0.72 0.72 0.72 0.32 0.31 Shareholder distributions: Distributions from net investment income (0.33 ) (0.33 ) (0.33 ) (0.15 ) (0.14 ) Distributions from offering proceeds (0.27 ) (0.27 ) (0.27 ) (0.11 ) (0.11 ) Offering costs and deferred sales commissions — (0.22 ) — — — Other (2) 0.03 0.00 0.03 0.07 0.07 Net increase in members’ equity attributed to common shares 0.15 (0.10 ) 0.15 0.13 0.13 Net asset value for common shares at end of period $ 8.69 $ 8.44 $ 8.69 $ 8.67 $ 8.67 Common shareholders’ equity at end of period $ 94,541,760 $ 8,796,002 $ 23,938,449 $ 414,145 $ 1,727,858 Common shares outstanding at end of period 10,878,502 1,041,836 2,754,491 47,774 199,319 Ratio/Supplemental data for common shares : Total return, net of expense reimbursement to/from advisor, attributed to common shares based on net asset value 8.79 % 5.65 % 8.79 % 4.59 % 4.49 % Ratio of net investment income, net of expense reimbursement to/from advisor, to average net assets 4.95 % 4.98 % 4.93 % 4.81 % 4.48 % Ratio of operating expenses, net of expense reimbursement to/from advisor, to average net assets 4.65 % 4.68 % 4.63 % 4.53 % 4.21 % Total return, excluding expense reimbursement to/from advisor, attributed to common shares based on net asset value 9.34 % 4.38 % 7.49 % 5.03 % 4.78 % Ratio of net investment income, excluding expense reimbursement to/from advisor, to average net assets 5.61 % 5.65 % 5.58 % 5.45 % 5.08 % Ratio of operating expenses, excluding expense reimbursement to/from advisor, to average net assets 3.99 % 4.02 % 3.97 % 3.88 % 3.61 % Portfolio turnover rate 0.43 % 0.43 % 0.43 % 0.43 % 0.43 % (1) The per share data for Class A, C, I, P-A and P-I Shares were derived by using the weighted average shares outstanding during the year ended December 31, 2016, which were 8,330,061, 690,825, 1,962,616, 30,286 and 82,013, respectively. (2) 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 organizational costs which are not included in operating expenses nor subject to the expense reimbursement agreement and the impact of shares at a price other than the net asset value. (3) Does not reflect any incentive fees that may be payable to the Special Unitholder. The following is a schedule of financial highlights of the company attributed to common stockholders for the year ended December 31, 2015 and for the period from Commencement of Operations (April 25, 2014) through 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. For the year ended December 31, 2015 For the period from Commencement of Operations (April 25, 2014) through December 31, 2014 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 Asset Value at beginning of period 8.50 — Net investment income (loss) and realized loss on foreign currency translation (7) 0.22 (0.38 ) Net unrealized appreciation (depreciation) on investments 0.47 0.16 Change in translation of assets and liabilities denominated in foreign currencies (0.06 ) (0.06 ) Change in benefit from deferred taxes on unrealized appreciation on investments 0.04 — Net increase (decrease) in net assets resulting from operations 0.67 (0.28 ) Shareholder distributions (0.60 ) (0.28 ) Capital contribution from advisor — 0.38 Other (6) (0.03 ) 0.10 Net increase (decrease) in members’ equity attributed to common shares 0.04 (0.08 ) Net asset value for common shares at end of period (3) $ 8.54 $ 8.50 Total return attributed to common shares based on net asset value (4) 7.44 % (5.33 )% Common shareholders’ equity at end of period $ 57,401,819 $ 10,502,809 Common shares outstanding at end of period 6,721,967 1,236,345 Ratio/Supplemental data for common shares (annualized) (4)(5): Ratio of net investment income (loss) to average net assets 2.63 % (6.60 )% Ratio of operating expenses to average net assets 5.83 % 7.89 % Portfolio turnover rate 1.55 % N/A (1) The per share data was derived by using the weighted average shares outstanding during the year ended December 31, 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014, which was 3,335,719 and 513,052, respectively. (2) Net proceeds before offering costs, from the period from Commencement of Operations (April 25, 2014) through December 31, 2014 is greater than $9.025 since a significant number of shares were 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 income (loss) and ratio of operating expenses to average net assets for the year ended December 31, 2015, prior to the effect of the expense reimbursement agreement were 7.46%, 2.67% and 5.78%, respectively. Total return, ratio of net investment loss and ratio of operating expenses to average net assets for the period from Commencement of Operations (April 25, 2014) through 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 ratio of net investment loss to average net assets and ratio of operating expenses to average net assets have been annualized for the period from Commencement of Operations (April 25, 2014) through December 31, 2014 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. (7) Does not reflect any incentive fees that may be payable to the Special Unitholder. |
Selected Quarterly Data - Una30
Selected Quarterly Data - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of unaudited quarterly financial information | Presented in the following tables is a summary of the unaudited quarterly financial information for the years ended December 31, 2016, 2015 and 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, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Total investment income $ 2,848,655 $ 3,085,513 $ 1,645,291 $ 656,566 Net investment income $ 1,497,148 $ 1,730,438 $ 1,519,649 $ 23,132 Net gain (loss) on investments and foreign currency translation $ (1,706,876 ) $ 1,143,849 $ (231,426 ) $ (634,047 ) Change in benefit (expense) from deferred taxes on unrealized appreciation on investments $ 671,401 $ (8,372 ) $ 1,838,292 $ 1,885,335 Net increase in net assets resulting from operations $ 461,673 $ 2,865,915 $ 3,126,515 $ 1,274,420 Net investment income per share – basic and diluted $ 0.11 $ 0.14 $ 0.15 $ 0.00 Net increase in net assets resulting from operations per share – basic and diluted $ (0.03 ) $ 0.24 $ 0.30 $ 0.16 Net asset value per share at period end (Class A) $ 8.69 $ 8.74 $ 8.69 $ 8.56 Net asset value per share at period end (Class C) $ 8.44 $ 8.49 $ 8.43 $ 8.56 Net asset value per share at period end (Class I) $ 8.69 $ 8.74 $ 8.69 $ 8.56 Net asset value per share at period end (Class P-A) $ 8.67 $ 8.74 $ — $ — Net asset value per share at period end (Class P-I) $ 8.67 $ 8.74 $ — $ — For the quarter ended December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 Total investment income $ 421,488 $ 740,773 $ 633,646 $ 58,215 Net investment income (loss) $ 253,576 $ 270,523 $ 333,917 $ (118,483 ) Net gain (loss) on investments and foreign currency translation $ 666,498 $ 376,473 $ (46,396 ) $ 385,490 Change in benefit from deferred taxes on unrealized appreciation on investments $ 127,015 $ — $ — $ — Net increase in net assets resulting from operations $ 1,047,089 $ 646,996 $ 287,521 $ 267,007 Net investment income (loss) per share – basic and diluted $ 0.09 $ 0.07 $ 0.14 $ (0.08 ) Net increase in net assets resulting from operations per share – basic and diluted $ 0.20 $ 0.17 $ 0.12 $ 0.18 Net asset value per share at period end $ 8.54 $ 8.52 $ 8.50 $ 8.50 For the quarter ended December 31, 2014 September 30, 2014 (1) June 30, 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 $ 8.50 $ 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). |
Organization and Operations o31
Organization and Operations of the Company (Details Narrative) | Dec. 31, 2016USD ($) |
Maximum [Member] | Distribution Reinvestment Plan ("DRP") [Member] | |
Dollar value of shares offering | $ 200,000,000 |
Limited Liability Company [Member] | Maximum [Member] | |
Dollar value of shares offering | 1,500,000,000 |
Limited Liability Company [Member] | Minimum [Member] | |
Dollar value of shares offering | $ 1,000,000,000 |
Significant Accounting Polici32
Significant Accounting Policies (Details) - USD ($) | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic and diluted | |||
Net increase (decrease) in net assets attributed to common stockholders | $ (156,466) | $ 8,014,196 | $ 1,972,201 |
Weighted average common shares outstanding (in shares) | 513,052 | 11,043,156 | 3,335,719 |
Net increase (decrease) in net assets, attributed to common stockholders per share (in dollars per share) | $ (0.30) | $ 0.73 | $ 0.59 |
Significant Accounting Polici33
Significant Accounting Policies (Details 1) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Amounts payable to Advisor/Dealer Manager by the company | $ 99,782 | |
Advisor And Dealer Manager [Member] | ||
Total O&O Costs Incurred by the Advisor and Dealer Manager | 7,498,000 | 5,913,000 |
Amounts previously reimbursed to the Advisor/Dealer Manager by the company | 7,362,000 | 3,577,000 |
Amounts payable to Advisor/Dealer Manager by the company | 136,000 | 79,000 |
Amounts of the contingent liability subject to payment by the company only upon adequate gross offering proceeds being raised | $ 2,257,000 |
Significant Accounting Polici34
Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Capital gains incentive distribution allocation | $ 586 | $ 286,259 |
Deferred sales commissions | $ 203,357 | |
Greenbacker Capital Management LLC [Member] | ||
Limit of offering costs reimbursement to advisor | 15.00% | |
Target offering expense ratio | 4.00% | |
Percentage of reimbursement out of gross offering proceeds | 15.00% | |
Percentage of terminated registration statement amounted out of gross offering proceeds | 4.80% | |
Terminated registration statement amount | $ 7,500,000 |
Investments (Details)
Investments (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | ||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 115,124,750 | $ 50,023,136 | ||
Investments at Fair Value | $ 115,123,101 | $ 51,454,566 | ||
Fair Value Percentage of Total Portfolio | 100.00% | [1] | 100.00% | [2] |
Alternative Energy - Solar [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 71,564,589 | $ 41,638,136 | ||
Investments at Fair Value | $ 70,161,838 | $ 42,703,407 | ||
Fair Value Percentage of Total Portfolio | 60.90% | 83.00% | ||
Alternative Energy - Solar [Member] | Sunny Mountain Portfolio [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 884,578 | $ 920,000 | ||
Investments at Fair Value | $ 1,175,952 | $ 1,329,803 | ||
Fair Value Percentage of Total Portfolio | 1.00% | 2.60% | ||
Alternative Energy - Solar [Member] | East To West Solar Portfolio [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 23,256,875 | $ 19,765,000 | ||
Investments at Fair Value | $ 21,943,079 | $ 20,005,027 | ||
Fair Value Percentage of Total Portfolio | 19.00% | 38.90% | ||
Alternative Energy - Solar [Member] | Green Maple Portfolio [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 12,895,000 | $ 9,500,000 | ||
Investments at Fair Value | $ 11,447,775 | $ 9,557,290 | ||
Fair Value Percentage of Total Portfolio | 9.90% | 18.60% | ||
Alternative Energy - Solar [Member] | Magnolia Sun Portfolio [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 10,775,000 | $ 7,550,000 | ||
Investments at Fair Value | $ 10,445,788 | $ 7,542,723 | ||
Fair Value Percentage of Total Portfolio | 9.10% | 14.70% | ||
Alternative Energy - Solar [Member] | Canadian Northern Lights Portfolio [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 1,603,136 | $ 1,603,136 | ||
Investments at Fair Value | $ 1,815,169 | $ 1,562,967 | ||
Fair Value Percentage of Total Portfolio | 1.60% | 3.00% | ||
Alternative Energy - Solar [Member] | Six States Solar Portfolio [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 2,300,000 | $ 2,300,000 | ||
Investments at Fair Value | $ 2,846,174 | $ 2,685,597 | ||
Fair Value Percentage of Total Portfolio | 2.50% | 5.20% | ||
Alternative Energy - Solar [Member] | Greenbacker Residential Solar Portfolio [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 19,850,000 | |||
Investments at Fair Value | $ 20,487,901 | |||
Fair Value Percentage of Total Portfolio | 17.80% | |||
Alternative Energy - Wind [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 42,277,428 | $ 6,750,000 | ||
Investments at Fair Value | $ 43,643,215 | $ 7,093,750 | ||
Fair Value Percentage of Total Portfolio | 37.90% | 13.80% | ||
Alternative Energy - Wind [Member] | Greenbacker Wind Portfolio [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 42,277,428 | $ 6,750,000 | ||
Investments at Fair Value | $ 43,643,215 | $ 7,093,750 | ||
Fair Value Percentage of Total Portfolio | 37.90% | 13.80% | ||
Energy Efficiency - Secured Loans and Leases - Lighting Replacement [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 1,282,733 | $ 1,635,000 | ||
Investments at Fair Value | $ 1,318,048 | $ 1,657,409 | ||
Fair Value Percentage of Total Portfolio | 1.20% | 3.20% | ||
Energy Efficiency - Secured Loans and Leases - Lighting Replacement [Member] | GREC Energy Efficiency Portfolio [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 511,362 | $ 451,705 | ||
Investments at Fair Value | $ 546,677 | $ 474,114 | ||
Fair Value Percentage of Total Portfolio | 0.50% | 0.90% | ||
Energy Efficiency - Secured Loans and Leases - Lighting Replacement [Member] | 10.25% Renew AEC One, LLC Due 2025-02-24 [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 771,371 | $ 1,085,508 | ||
Investments at Fair Value | $ 771,371 | $ 1,085,508 | ||
Fair Value Percentage of Total Portfolio | 0.70% | 2.10% | ||
Energy Efficiency - Secured Loans and Leases - Lighting Replacement [Member] | 10% LED Funding - Universidad Project Due 2015-12-31 [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 97,787 | |||
Investments at Fair Value | $ 97,787 | |||
Fair Value Percentage of Total Portfolio | 0.20% | |||
[1] | Percentages are based on net assets of $129,418,800 as of December 31, 2016. | |||
[2] | Percentages are based on net assets of $57,688,078 as of December 31, 2015. |
Investments (Details 1)
Investments (Details 1) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | ||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 115,124,750 | $ 50,023,136 | ||
Investments at Fair Value | $ 115,123,101 | $ 51,454,566 | ||
Fair Value Percentage of Total Portfolio | 100.00% | [1] | 100.00% | [2] |
Total United States [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 113,521,614 | $ 48,420,000 | ||
Investments at Fair Value | $ 113,307,932 | $ 49,891,599 | ||
Fair Value Percentage of Total Portfolio | 98.40% | 97.00% | ||
Canada [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 1,603,136 | $ 1,603,136 | ||
Investments at Fair Value | $ 1,815,169 | $ 1,562,967 | ||
Fair Value Percentage of Total Portfolio | 1.60% | 3.00% | ||
Mountain Region [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 46,145,555 | $ 10,259,953 | ||
Investments at Fair Value | $ 47,846,814 | $ 11,133,946 | ||
Fair Value Percentage of Total Portfolio | 41.50% | 21.60% | ||
East Region [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 31,340,575 | |||
Investments at Fair Value | $ 30,469,589 | |||
Fair Value Percentage of Total Portfolio | 26.50% | |||
South Region [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 29,929,892 | $ 24,919,749 | ||
Investments at Fair Value | $ 28,553,024 | $ 25,139,147 | ||
Fair Value Percentage of Total Portfolio | 24.80% | 48.90% | ||
West Region [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 5,170,489 | $ 1,247,582 | ||
Investments at Fair Value | $ 5,413,151 | $ 1,396,242 | ||
Fair Value Percentage of Total Portfolio | 4.70% | 2.70% | ||
Mid-West Region [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 935,103 | $ 867,771 | ||
Investments at Fair Value | $ 1,025,354 | $ 953,996 | ||
Fair Value Percentage of Total Portfolio | 0.90% | 1.90% | ||
Northeast Region [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 11,124,945 | |||
Investments at Fair Value | $ 11,268,268 | |||
Fair Value Percentage of Total Portfolio | 21.90% | |||
[1] | Percentages are based on net assets of $129,418,800 as of December 31, 2016. | |||
[2] | Percentages are based on net assets of $57,688,078 as of December 31, 2015. |
Investments (Details 2)
Investments (Details 2) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | ||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 115,124,750 | $ 50,023,136 | ||
Investments at Fair Value | $ 115,123,101 | $ 51,454,566 | ||
Fair Value Percentage of Total Portfolio | 100.00% | [1] | 100.00% | [2] |
Alternative Energy - Solar [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 71,564,589 | $ 41,638,136 | ||
Investments at Fair Value | $ 70,161,838 | $ 42,703,407 | ||
Fair Value Percentage of Total Portfolio | 60.90% | 83.00% | ||
Alternative Energy - Wind [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 42,277,428 | $ 6,750,000 | ||
Investments at Fair Value | $ 43,643,215 | $ 7,093,750 | ||
Fair Value Percentage of Total Portfolio | 37.90% | 13.80% | ||
Energy Efficiency - Secured Loans and Leases - Lighting Replacement [Member] | ||||
Investment Holdings [Line Items] | ||||
Investments at Cost | $ 1,282,733 | $ 1,635,000 | ||
Investments at Fair Value | $ 1,318,048 | $ 1,657,409 | ||
Fair Value Percentage of Total Portfolio | 1.20% | 3.20% | ||
[1] | Percentages are based on net assets of $129,418,800 as of December 31, 2016. | |||
[2] | Percentages are based on net assets of $57,688,078 as of December 31, 2015. |
Investments (Details Narrative)
Investments (Details Narrative) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||
Description of control investment | Investments held as of December 31, 2016 and 2015 are considered Control Investments, which are defined as investments in companies in which the company owns 25% or more of the voting securities of such company, have greater than 50% representation on such company’s board of directors, or investments in limited liability companies for which the company serves managing member. | Investments held as of December 31, 2016 and 2015 are considered Control Investments, which are defined as investments in companies in which the company owns 25% or more of the voting securities of such company, have greater than 50% representation on such company’s board of directors, or investments in limited liability companies for which the company serves managing member. |
Fair Value Measurements - Inv39
Fair Value Measurements - Investments (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 24, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at Fair Value | $ 115,123,101 | $ 51,454,566 | ||
10.25% Renew AEC One, LLC Due 2025-02-24 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at Fair Value | 771,371 | 1,183,295 | ||
Capital Stock [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at Fair Value | 1,815,169 | 1,562,967 | ||
Limited Liability Company [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at Fair Value | 112,536,561 | 48,708,304 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at Fair Value | ||||
Fair Value, Inputs, Level 1 [Member] | 10.25% Renew AEC One, LLC Due 2025-02-24 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at Fair Value | ||||
Fair Value, Inputs, Level 1 [Member] | Capital Stock [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at Fair Value | ||||
Fair Value, Inputs, Level 1 [Member] | Limited Liability Company [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at Fair Value | ||||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at Fair Value | ||||
Fair Value, Inputs, Level 2 [Member] | 10.25% Renew AEC One, LLC Due 2025-02-24 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at Fair Value | ||||
Fair Value, Inputs, Level 2 [Member] | Capital Stock [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at Fair Value | ||||
Fair Value, Inputs, Level 2 [Member] | Limited Liability Company [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at Fair Value | ||||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at Fair Value | 115,123,101 | 51,454,566 | $ 2,737,501 | |
Fair Value, Inputs, Level 3 [Member] | 10.25% Renew AEC One, LLC Due 2025-02-24 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at Fair Value | 771,371 | 1,183,295 | ||
Fair Value, Inputs, Level 3 [Member] | Capital Stock [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at Fair Value | 1,815,169 | 1,562,967 | 1,048,709 | |
Fair Value, Inputs, Level 3 [Member] | Limited Liability Company [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at Fair Value | $ 112,536,561 | $ 48,708,304 | $ 1,688,792 |
Fair Value Measurements - Inv40
Fair Value Measurements - Investments (Details 1) - USD ($) | 8 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments at fair value | $ 51,454,566 | |||||||
Translation of assets and liabilities denominated in foreign currencies | $ (31,647) | 40,703 | $ (196,902) | $ (31,647) | ||||
Sales and Repayments of investments | 26,335,478 | 359,432 | ||||||
Investments at fair value | 115,123,101 | 51,454,566 | ||||||
10.25% Renew AEC One, LLC Due 2025-02-24 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments at fair value | 1,183,295 | |||||||
Investments at fair value | 771,371 | 1,183,295 | ||||||
Capital Stock [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments at fair value | 1,562,967 | |||||||
Investments at fair value | 1,815,169 | 1,562,967 | ||||||
Limited Liability Company [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments at fair value | 48,708,304 | |||||||
Investments at fair value | 112,536,561 | 48,708,304 | ||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments at fair value | 51,454,566 | 2,737,501 | ||||||
Net change in unrealized appreciation on investments | 81,012 | (1,473,781) | 1,578,967 | |||||
Net realized gains on investments | 4,578 | |||||||
Translation of assets and liabilities denominated in foreign currencies | (31,647) | 40,703 | (196,902) | |||||
Purchases and other adjustments to cost | 2,688,136 | [1] | 65,451,172 | [2] | 47,694,432 | [3] | ||
Sales and Repayments of investments | (354,137) | (359,432) | ||||||
Transfer in | 26,433,265 | |||||||
Transfers out | (26,433,265) | |||||||
Investments at fair value | 2,737,501 | 115,123,101 | 51,454,566 | 2,737,501 | ||||
Fair Value, Inputs, Level 3 [Member] | 10.25% Renew AEC One, LLC Due 2025-02-24 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments at fair value | 1,183,295 | |||||||
Net change in unrealized appreciation on investments | ||||||||
Net realized gains on investments | ||||||||
Translation of assets and liabilities denominated in foreign currencies | ||||||||
Purchases and other adjustments to cost | 1,183,295 | [3] | ||||||
Sales and Repayments of investments | (314,137) | |||||||
Transfer in | ||||||||
Transfers out | (97,787) | |||||||
Investments at fair value | 771,371 | 1,183,295 | ||||||
Fair Value, Inputs, Level 3 [Member] | 9.5% Secured Turbine Supply Loan (Greenfield Wind LLC) [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments at fair value | ||||||||
Net change in unrealized appreciation on investments | ||||||||
Net realized gains on investments | ||||||||
Translation of assets and liabilities denominated in foreign currencies | ||||||||
Purchases and other adjustments to cost | [2] | 26,335,478 | ||||||
Sales and Repayments of investments | ||||||||
Transfer in | ||||||||
Transfers out | (26,335,478) | |||||||
Investments at fair value | ||||||||
Fair Value, Inputs, Level 3 [Member] | Capital Stock [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments at fair value | 1,562,967 | 1,048,709 | ||||||
Net change in unrealized appreciation on investments | 12,220 | 211,499 | 176,160 | |||||
Net realized gains on investments | ||||||||
Translation of assets and liabilities denominated in foreign currencies | (31,647) | 40,703 | (196,902) | |||||
Purchases and other adjustments to cost | 1,068,136 | [1] | 535,000 | [3] | ||||
Sales and Repayments of investments | ||||||||
Transfer in | ||||||||
Transfers out | ||||||||
Investments at fair value | 1,048,709 | 1,815,169 | 1,562,967 | 1,048,709 | ||||
Fair Value, Inputs, Level 3 [Member] | Limited Liability Company [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments at fair value | 48,708,304 | 1,688,792 | ||||||
Net change in unrealized appreciation on investments | 68,792 | (1,685,280) | 1,402,807 | |||||
Net realized gains on investments | 4,578 | |||||||
Translation of assets and liabilities denominated in foreign currencies | ||||||||
Purchases and other adjustments to cost | 1,620,000 | [1] | 39,115,694 | [2] | 45,976,137 | [3] | ||
Sales and Repayments of investments | (40,000) | (359,432) | ||||||
Transfer in | 26,433,265 | |||||||
Transfers out | ||||||||
Investments at fair value | $ 1,688,792 | $ 112,536,561 | $ 48,708,304 | $ 1,688,792 | ||||
[1] | Includes purchase of new investment, capitalized deal costs and effects of purchase price adjustments, if any. | |||||||
[2] | Includes purchases of new investments, capitalized deal costs, effects of purchase price adjustments, paid-in-kind interest, return of capital and additional investments in exiting investments, if any. | |||||||
[3] | Includes purchases of new investments, capitalized deal costs, paid-in-kind interest, effects of purchase price adjustments and additional investments in existing investment, if any. |
Fair Value Measurements - Inv41
Fair Value Measurements - Investments (Details 2) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 24, 2014 | |
Investments at Fair Value | $ 115,123,101 | $ 51,454,566 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Investments at Fair Value | 115,123,101 | 51,454,566 | $ 2,737,501 | |
Fair Value, Inputs, Level 3 [Member] | Energy Efficiency - Secured Loans and Leases - Lighting Replacement [Member] | ||||
Investments at Fair Value | $ 1,318,048 | $ 1,657,409 | ||
Valuation Techniques | Income and collateral based approach | Income and collateral based approach | ||
Unobservable Inputs | Market yields and value of collateral | Market yields and value of collateral | ||
Fair Value, Inputs, Level 3 [Member] | Energy Efficiency - Secured Loans and Leases - Lighting Replacement [Member] | Minimum [Member] | ||||
Fair value Rate | 10.25% | 10.25% | ||
Fair Value, Inputs, Level 3 [Member] | Energy Efficiency - Secured Loans and Leases - Lighting Replacement [Member] | Maximum [Member] | ||||
Fair value Rate | 21.31% | 12.00% | ||
Fair Value, Inputs, Level 3 [Member] | Alternative Energy - Solar [Member] | ||||
Investments at Fair Value | $ 70,161,838 | $ 42,703,407 | ||
Valuation Techniques | Income approach | Income, cost and market approach. | ||
Unobservable Inputs | Discount rate, future kWh Production, potential leverage and estimated remaining useful life | Discount rate, future kWh Production, and estimated remaining useful life. | ||
Fair value Assumption | 0.50% | 0.50% | ||
Expected term | 31 years 8 months 12 days | 32 years 3 months 12 days | ||
Fair Value, Inputs, Level 3 [Member] | Alternative Energy - Solar [Member] | Minimum [Member] | ||||
Fair value Rate | 7.00% | 7.00% | ||
Fair Value, Inputs, Level 3 [Member] | Alternative Energy - Solar [Member] | Maximum [Member] | ||||
Fair value Rate | 9.25% | 8.30% | ||
Fair Value, Inputs, Level 3 [Member] | Alternative Energy - Wind [Member] | ||||
Investments at Fair Value | $ 43,643,215 | $ 7,093,750 | ||
Valuation Techniques | Income approach | Cost approach | ||
Unobservable Inputs | Discount rate, future kWh Production, potential leverage and estimated remaining useful life | |||
Fair value Rate | 7.75% | |||
Fair value Assumption | 0.50% | |||
Expected term | 33 years 3 months 18 days |
Fair Value Measurements - Inv42
Fair Value Measurements - Investments (Details Narrative) - USD ($) | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrealized gain (loss) on foreign currency transaction | $ 81,012 | $ (1,473,781) | $ 1,578,967 | $ 81,012 |
Fair Value, Inputs, Level 3 [Member] | ||||
Net change in unrealized appreciation (depreciation) on investments | $ 81,012 | (1,473,781) | 1,578,967 | |
Net realized gains on investments | 4,578 | |||
Unrealized gain (loss) on foreign currency transaction | $ 40,703 | $ 196,902 |
Related Party Agreements And 43
Related Party Agreements And Transactions Agreements (Details Narrative) - USD ($) | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating expenses including the management fees earned by the advisor | $ 681,354 | $ 3,849,530 | $ 1,625,780 |
Management fees | 64,282 | 2,018,434 | 571,271 |
Management fee waived | (21,228) | ||
Net increase (decrease) in net assets attributed to special unitholder | (9,846) | 285,673 | (276,412) |
Due from advisor/dealer manager | 26,636 | ||
Due to advisor/dealer manager | $ 99,782 | ||
Special unitholder [Member] | |||
Hurdle rate, quarterly | 1.75% | ||
Hurdle rate, annualized | 7.00% | ||
Percentage of capital gains incentive distribution | 20.00% | ||
Percentage of liquidation incentive distribution | 20.00% | ||
Liquidation arrears period | 30 days | ||
Due to advisor/dealer manager | $ 136,476 | 26,636 | |
SC Distributors, LLC [Member] | |||
Payment for dealer manager fees | 208,215 | 1,332,908 | 875,051 |
Payments for selling commission | 694,159 | $ 4,613,001 | 3,406,655 |
SC Distributors, LLC [Member] | Common Class A [Member] | Maximum [Member] | |||
Percentage of selling commision | 7.00% | ||
Percentage of dealer manager fees | 2.75% | ||
SC Distributors, LLC [Member] | Common Class P-A [Member] | Maximum [Member] | |||
Percentage of selling commision | 7.00% | ||
Percentage of dealer manager fees | 2.75% | ||
SC Distributors, LLC [Member] | Common Class C [Member] | |||
Description of distribution fee | 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 1/366th 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. | ||
SC Distributors, LLC [Member] | Common Class C [Member] | Maximum [Member] | |||
Percentage of selling commision | 3.00% | ||
Percentage of dealer manager fees | 2.75% | ||
SC Distributors, LLC [Member] | Common Class I [Member] | Maximum [Member] | |||
Percentage of dealer manager fees | 1.75% | ||
Greenbacker Capital Management LLC [Member] | |||
Limit of offering costs reimbursement to advisor | 15.00% | ||
Target offering expense ratio | 4.00% | ||
Percentage of reimbursement out of gross offering proceeds | 15.00% | ||
Percentage of termination offering | 4.80% | ||
Base management fees payable, monthly rate | 0.167% | ||
Base management fees payable, annual rate | 2.00% | ||
Percentage of operating expense | 5.00% | ||
Operating expenses including the management fees earned by the advisor | 681,354 | $ 3,849,530 | 1,625,780 |
Past operating expenses assumed by the advisor | 648,720 | 636,926 | 11,794 |
Expense reimbursement from advisor | 830,884 | 223,286 | |
Management fees | 64,282 | 2,018,434 | 571,271 |
Incentive allocation | 9,846 | 916 | |
Incentive allocation expense | 285,673 | 276,412 | |
Management fee waived | $ 21,228 | ||
Due to advisor/dealer manager | 106,044 | ||
Expense reimbursement to advisor | $ 79,408 | ||
Asset management and accounting services costs | $ 203,381 | ||
Greenbacker Capital Management LLC [Member] | Common Class A [Member] | |||
Shares issued | 23,469 | 21,959 | |
Special unitholder [Member] | Investment Income Exceeds 2.1875% Quarterly [Member] | |||
Percentage of incentive distribution | 20.00% | ||
Special unitholder [Member] | Investment Income Exceeds The Hurdle Rate Less Than 2.1875% Quarterly [Member] | |||
Hurdle rate, quarterly | 8.75% | ||
Hurdle rate, annualized | 7.00% | ||
Percentage of incentive distribution | 100.00% | ||
Special unitholder [Member] | Special unitholder [Member] | Investment Income Exceeds 2.1875% Quarterly [Member] | |||
Hurdle rate, quarterly | 8.75% | ||
Hurdle rate, annualized | 7.00% | ||
Percentage of incentive distribution | 20.00% | ||
Affiliated Entity [Member] | Common Class A [Member] | |||
Shares issued | 93,191 | 185,721 |
Borrowings (Details)
Borrowings (Details) - Credit Agreement [Member] - GREC Entity HoldCo LLC [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Aggregate Principal Amount Available | $ 33,250,000 | |
Principal Amount Outstanding | 4,180,554 | |
Carrying Value | 4,180,554 | |
Deferred Financing Costs | 910,155 | |
Term Note Payable, Net of Financing Costs | 3,270,399 | |
Facility 1 Term Loan [Member] | ||
Aggregate Principal Amount Available | ||
Principal Amount Outstanding | 4,180,554 | |
Carrying Value | 4,180,554 | |
Deferred Financing Costs | 910,155 | |
Term Note Payable, Net of Financing Costs | 3,270,399 | |
Revolver [Member] | ||
Aggregate Principal Amount Available | 33,250,000 | |
Principal Amount Outstanding | ||
Carrying Value | ||
Deferred Financing Costs | ||
Term Note Payable, Net of Financing Costs |
Borrowings (Details 1)
Borrowings (Details 1) - USD ($) | 3 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | ||||
Revolver interest | $ 164,179 | |||
Revolver commitment fee | 29,927 | |||
Facility 1 Term Loan interest | 96,248 | |||
Amortization of deferred financing costs | 95,339 | $ 95,339 | ||
Unrealized gain on interest rate swap | (90,697) | |||
Total | $ 294,996 | |||
Weighted average interest rate on Credit Facility | 4.37% | 4.37% | ||
Weighted average outstanding balance of Credit Facility | $ 10,991,000 |
Borrowings (Details 2)
Borrowings (Details 2) - Credit Agreement [Member] - GREC Entity HoldCo LLC [Member] - Facility 1 Term Loan [Member] | Dec. 31, 2016USD ($) |
Year ending December 31: | |
2,017 | $ 286,668 |
2,018 | 286,668 |
2,019 | 286,668 |
2,020 | 286,668 |
Thereafter | 3,033,882 |
Total | $ 4,180,554 |
Borrowings (Details Narrtive)
Borrowings (Details Narrtive) - GREC Entity HoldCo LLC [Member] - USD ($) | Jul. 11, 2016 | Dec. 31, 2016 | Jul. 29, 2016 | Dec. 31, 2015 |
Credit Agreement [Member] | ||||
Deferred financing costs | $ 910,155 | |||
Credit Agreement [Member] | Facility 1 Term Loan [Member] | ||||
Current borrowing capacity | $ 4,300,000 | |||
Expiration year & month | 2021-07 | |||
Financing costs | $ 1,005,494 | |||
Description of interest rate terms | Credit Facility bear interest at 3.5% in excess of one-month LIBOR. | |||
Repayment of debt periodic payment | $ 23,889 | |||
Frequency of repayment of debt periodic payment | Monthly | |||
Deferred financing costs | 910,155 | |||
Credit Agreement [Member] | Revolver [Member] | ||||
Maximum borrowing capacity | $ 33,250,000 | |||
Expiration year & month | 2021-07 | |||
Description of interest rate terms | Credit Facility bear interest at 3.5% in excess of one-month LIBOR. | |||
Percentage of commitment fees on unused portion | 25.00% | |||
Deferred financing costs | ||||
Interest rate swap agreement [Member] | Facility 1 Term Loan [Member] | ||||
Current borrowing capacity | $ 4,300,000 | |||
Fixed swap interest rate | 1.11% | |||
All-in interest rate | 4.61% |
Members' Equity (Details )
Members' Equity (Details ) - shares | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | ||||
Common Stock, Number of Shares [Roll Forward] | |||||
Shares Outstanding, beginning | [1] | 6,721,967 | 1,236,345 | ||
Shares Issued During the Period | 8,486,610 | 5,500,622 | |||
Shares Repurchased During the Period | (286,655) | (15,000) | |||
Shares Outstanding, ending | 14,921,922 | 6,721,967 | [1] | ||
Common Class A [Member] | |||||
Common Stock, Number of Shares [Roll Forward] | |||||
Shares Outstanding, beginning | 5,420,728 | 1,097,844 | |||
Shares Issued During the Period | 5,719,394 | 4,337,884 | |||
Shares Repurchased During the Period | (261,620) | (15,000) | |||
Shares Outstanding, ending | 10,878,502 | [2] | 5,420,728 | ||
Common Class C [Member] | |||||
Common Stock, Number of Shares [Roll Forward] | |||||
Shares Outstanding, beginning | 248,456 | 84,964 | |||
Shares Issued During the Period | 793,380 | 163,492 | |||
Shares Repurchased During the Period | |||||
Shares Outstanding, ending | 1,041,836 | [2] | 248,456 | ||
Common Class I [Member] | |||||
Common Stock, Number of Shares [Roll Forward] | |||||
Shares Outstanding, beginning | 1,052,783 | 53,537 | |||
Shares Issued During the Period | 1,726,743 | 999,246 | |||
Shares Repurchased During the Period | (25,035) | ||||
Shares Outstanding, ending | 2,754,491 | [2] | 1,052,783 | ||
Common Class P-A [Member] | |||||
Common Stock, Number of Shares [Roll Forward] | |||||
Shares Outstanding, beginning | 0 | ||||
Shares Issued During the Period | 47,774 | ||||
Shares Repurchased During the Period | |||||
Shares Outstanding, ending | 47,774 | [2] | 0 | ||
Common Class P-I [Member] | |||||
Common Stock, Number of Shares [Roll Forward] | |||||
Shares Outstanding, beginning | 0 | ||||
Shares Issued During the Period | 199,319 | ||||
Shares Repurchased During the Period | |||||
Shares Outstanding, ending | 199,319 | [2] | 0 | ||
[1] | The per share data was derived by using the weighted average shares outstanding during the year ended December 31, 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014, which was 3,335,719 and 513,052, respectively. | ||||
[2] | The per share data for Class A, C, I, P-A and P-I Shares were derived by using the weighted average shares outstanding during the nine months ended September 30, 2016, which were 7,738,490, 601,234, 1,759,980, 20,140 and 17,722, respectively. |
Members' Equity (Details 1)
Members' Equity (Details 1) - USD ($) | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Proceeds from Shares Sold | $ 11,061,258 | $ 74,119,050 | $ 48,677,241 |
Proceeds from Shares Issued through Reinvestment of Distributions | 81,068 | 3,290,586 | 993,274 |
Common Class A [Member] | |||
Proceeds from Shares Sold | 9,815,285 | 49,913,307 | 38,391,839 |
Proceeds from Shares Issued through Reinvestment of Distributions | 77,027 | 2,347,789 | 783,459 |
Common Class C [Member] | |||
Proceeds from Shares Sold | 763,425 | 6,957,212 | 1,413,670 |
Proceeds from Shares Issued through Reinvestment of Distributions | 3,407 | 257,384 | 61,957 |
Common Class I [Member] | |||
Proceeds from Shares Sold | 482,548 | 15,078,606 | 8,871,732 |
Proceeds from Shares Issued through Reinvestment of Distributions | 634 | 685,413 | 147,858 |
Common Class P-A [Member] | |||
Proceeds from Shares Sold | 419,175 | ||
Proceeds from Shares Issued through Reinvestment of Distributions | |||
Common Class P-I [Member] | |||
Proceeds from Shares Sold | 1,750,750 | ||
Proceeds from Shares Issued through Reinvestment of Distributions |
Members' Equity (Details Narrat
Members' Equity (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||||
Total number of shares authorized | 400,000,000 | |||
Common stock of class A, C, I, P-A and P-I, shares authorized | 350,000,000 | 350,000,000 | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||
Description of share repurchase program | 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 | (286,655) | (15,000) | ||
Total purchase price | $ 2,637,801 | $ 135,375 | $ 1,000 | |
Shareholder receivable | $ 521,954 | $ 190,725 | ||
Distribution Reinvestment Plan ("DRP") [Member] | ||||
Class of Stock [Line Items] | ||||
Shares allocated for use in the DRP | 50,000,000 | 50,000,000 | ||
Shares issued under the DRP | 478,421 | 118,957 | ||
Minimum written notice period for termination | 10 days | |||
Common Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Share repurchased | (261,620) | (15,000) | ||
Total purchase price | $ 2,407,717 | $ 135,375 | ||
Common Class P-A [Member] | ||||
Class of Stock [Line Items] | ||||
Share repurchased | ||||
Common Class C [Member] | ||||
Class of Stock [Line Items] | ||||
Share repurchased | ||||
Common Class I [Member] | ||||
Class of Stock [Line Items] | ||||
Share repurchased | (25,035) | |||
Total purchase price | $ 230,084 | |||
SC Distributors, LLC [Member] | Common Class A [Member] | Maximum [Member] | ||||
Class of Stock [Line Items] | ||||
Percentage of selling commision | 7.00% | |||
Percentage of dealer manager fees | 2.75% | |||
SC Distributors, LLC [Member] | Common Class P-A [Member] | Maximum [Member] | ||||
Class of Stock [Line Items] | ||||
Percentage of selling commision | 7.00% | |||
Percentage of dealer manager fees | 2.75% | |||
SC Distributors, LLC [Member] | Common Class C [Member] | ||||
Class of Stock [Line Items] | ||||
Description of distribution fee | 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 1/366th 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. | |||
SC Distributors, LLC [Member] | Common Class C [Member] | Maximum [Member] | ||||
Class of Stock [Line Items] | ||||
Percentage of selling commision | 3.00% | |||
Percentage of dealer manager fees | 2.75% | |||
SC Distributors, LLC [Member] | Common Class I [Member] | Maximum [Member] | ||||
Class of Stock [Line Items] | ||||
Percentage of dealer manager fees | 1.75% | |||
Greenbacker Capital Management LLC [Member] | ||||
Class of Stock [Line Items] | ||||
Total purchase price | $ 98,786 |
Distributions (Details)
Distributions (Details) - Cash Distribution [Member] - $ / shares | 2 Months Ended | 3 Months Ended | 10 Months Ended | |||
Dec. 31, 2016 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | |
Minimum [Member] | ||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||
Distribution Date | Nov. 1, 2016 | Aug. 1, 2016 | May 1, 2016 | Feb. 1, 2016 | Nov. 1, 2015 | Jan. 1, 2015 |
Maximum [Member] | ||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||
Distribution Date | Dec. 31, 2016 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 |
Common Class A [Member] | ||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||
Cash distributions announced per unit and per day | $ 0.0016856 | $ 0.0016766 | $ 0.0016617 | $ 0.0016551 | $ 0.0016478 | $ 0.0016438 |
Common Class C [Member] | ||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||
Cash distributions announced per unit and per day | 0.0016402 | 0.0016766 | 0.0016617 | 0.0016551 | 0.0016478 | 0.0016438 |
Common Class I [Member] | ||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||
Cash distributions announced per unit and per day | 0.0016856 | 0.0016766 | 0.0016617 | 0.0016551 | 0.0016478 | 0.0016438 |
Common Class P-A [Member] | ||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||
Cash distributions announced per unit and per day | 0.0016036 | 0.0015968 | 0.0015826 | |||
Common Class P-I [Member] | ||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||
Cash distributions announced per unit and per day | $ 0.0016036 | $ 0.0015968 | $ 0.0015826 |
Distributions (Details 1)
Distributions (Details 1) - USD ($) | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | $ 63,353 | $ 3,427,290 | $ 996,867 |
Value of Shares Issued under DRP | 81,068 | 3,290,586 | 993,274 |
Total | 144,421 | 6,717,876 | 1,990,141 |
February 1, 2016 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 171,410 | ||
Value of Shares Issued under DRP | 185,680 | ||
Total | 357,090 | ||
March 1, 2016 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 182,825 | ||
Value of Shares Issued under DRP | 195,193 | ||
Total | 378,018 | ||
April 1, 2016 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 221,088 | ||
Value of Shares Issued under DRP | 221,729 | ||
Total | 442,817 | ||
May 2, 2016 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 234,799 | ||
Value of Shares Issued under DRP | 241,934 | ||
Total | 476,733 | ||
June 1, 2016 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 261,003 | ||
Value of Shares Issued under DRP | 271,362 | ||
Total | 532,365 | ||
July 1, 2016 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 270,112 | ||
Value of Shares Issued under DRP | 277,033 | ||
Total | 547,145 | ||
August 1, 2016 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 296,391 | ||
Value of Shares Issued under DRP | 288,859 | ||
Total | 585,250 | ||
September 1, 2016 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 323,445 | ||
Value of Shares Issued under DRP | 299,790 | ||
Total | 623,235 | ||
October 3, 2016 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 334,152 | ||
Value of Shares Issued under DRP | 299,699 | ||
Total | 633,851 | ||
November 1, 2016 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 356,589 | ||
Value of Shares Issued under DRP | 321,863 | ||
Total | 678,452 | ||
December 1, 2016 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 371,493 | ||
Value of Shares Issued under DRP | 320,165 | ||
Total | 691,658 | ||
Jan 3, 2017 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 403,983 | ||
Value of Shares Issued under DRP | 367,279 | ||
Total | $ 771,262 | ||
February 2, 2015 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 35,820 | ||
Value of Shares Issued under DRP | 30,024 | ||
Total | 65,844 | ||
March 2, 2015 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 35,691 | ||
Value of Shares Issued under DRP | 30,341 | ||
Total | 66,032 | ||
April 1, 2015 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 46,720 | ||
Value of Shares Issued under DRP | 38,120 | ||
Total | 84,840 | ||
May 1, 2015 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 53,139 | ||
Value of Shares Issued under DRP | 46,808 | ||
Total | 99,947 | ||
June 1, 2015 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 61,499 | ||
Value of Shares Issued under DRP | 57,380 | ||
Total | 118,879 | ||
July 1, 2015 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 69,501 | ||
Value of Shares Issued under DRP | 65,739 | ||
Total | 135,240 | ||
August 3, 2015 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 82,395 | ||
Value of Shares Issued under DRP | 81,426 | ||
Total | 163,821 | ||
September 1, 2015 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 95,124 | ||
Value of Shares Issued under DRP | 95,081 | ||
Total | 190,205 | ||
October 1, 2015 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 104,797 | ||
Value of Shares Issued under DRP | 109,643 | ||
Total | 214,440 | ||
November 2, 2015 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 120,894 | ||
Value of Shares Issued under DRP | 128,288 | ||
Total | 249,182 | ||
December 1, 2015 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 134,302 | ||
Value of Shares Issued under DRP | 143,800 | ||
Total | 278,102 | ||
Jan 4, 2016 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 156,985 | ||
Value of Shares Issued under DRP | 166,624 | ||
Total | $ 323,609 | ||
Octomber 1, 2014 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 5,123 | ||
Value of Shares Issued under DRP | 13,920 | ||
Total | 19,043 | ||
November 3, 2014 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 10,332 | ||
Value of Shares Issued under DRP | 19,410 | ||
Total | 29,742 | ||
December 1, 2014 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 16,985 | ||
Value of Shares Issued under DRP | 21,831 | ||
Total | 38,816 | ||
Jan 2, 2015 [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Paid in Cash | 30,913 | ||
Value of Shares Issued under DRP | 25,907 | ||
Total | $ 56,820 |
Distributions (Details 2)
Distributions (Details 2) - USD ($) | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Distributions Made to Members or Limited Partners [Abstract] | |||
Cash from operations | $ 3,180,297 | $ 216,548 | |
Offering proceeds | 32,440 | 654,246 | |
Total Cash Distributions | $ 32,440 | $ 3,180,297 | $ 870,794 |
Distributions (Details Narrativ
Distributions (Details Narrative) | Dec. 31, 2016USD ($) |
Distributions Made to Members or Limited Partners [Abstract] | |
Fund distributions | $ 150,000,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | |||
US federal | |||
State and local | |||
Foreign jurisdiction | |||
Current tax benefit/(expense) | |||
Change in valuation allowance | |||
Current tax benefit/(expense), net | |||
Deferred | |||
US federal | 2,916,807 | 3,151,932 | 24,886 |
State and local | 360,921 | (20,847) | 2,171 |
Foreign jurisdiction | |||
Deferred tax benefit/(expense) | 3,277,728 | 3,131,085 | 27,057 |
Change in valuation allowance | 2,251,666 | (2,481,085) | (27,057) |
Deferred tax benefit/(expense), net | 5,529,394 | 650,000 | |
Total | |||
US federal | 2,916,807 | 3,151,932 | 24,886 |
State and local | 360,921 | (20,847) | 2,171 |
Foreign jurisdiction | |||
Tax benefit/(expense) | 3,277,728 | 3,131,085 | 27,057 |
Change in valuation allowance | 2,251,666 | (2,481,085) | (27,057) |
Tax benefit/(expense), net | $ 5,529,394 | $ 650,000 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Net increase (decrease) in net assets from operations before tax, based on ASC 946, at the federal income tax rate | $ 869,681 | $ 462,771 | $ (54,763) |
Reversal of Greenbacker Renewable Energy, LLC's (income)/loss treated as a partnership for U.S tax purposes, at federal income tax rate | 42,047 | 197,603 | 29,877 |
Adjustment for Greenbacker Renewable Energy Corporation's consolidated book income/(loss), based on standard GAAP accounting, at federal income tax rate | (2,066,516) | (467,369) | |
Federal tax credit | (1,762,020) | (3,345,092) | |
State tax credit | (229,419) | ||
Increase in income taxes resulting from: | |||
State and local taxes, net of federal benefit | (132,613) | 21,421 | (2,171) |
Change in state rate | 1,112 | (591) | |
Permanent differences, at federal income tax rate | 172 | ||
Change in valuation allowance | (2,251,666) | 2,481,085 | (27,057) |
Actual provision for income taxes | $ (5,529,394) | $ (650,000) | |
Net increase (decrease) in net assets from operations before tax, based on ASC 946, at the federal income tax rate | (15.73%) | 71.20% | 2.024% |
Reversal of Greenbacker Renewable Energy, LLC's (income)/loss treated as a partnership for U.S tax purposes, at federal income tax rate | (0.76%) | (30.40%) | (110.42%) |
Adjustment for Greenbacker Renewable Energy Corporation's consolidated book income/(loss), based on standard GAAP accounting, at federal income tax rate | 37.37% | 71.90% | |
Federal tax credit | 31.87% | 514.63% | |
State tax credit | 4.15% | ||
Increase in income taxes resulting from: | |||
State and local taxes, net of federal benefit | 2.40% | 3.30% | 8.02% |
Change in state rate | (0.02%) | 0.09% | |
Permanent differences, at federal income tax rate | (0.03%) | ||
Change in valuation allowance | 40.72% | (381.69%) | (100.00%) |
Actual provision for income taxes | 100.00% | 100.00% |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Amortization | $ 103,532 | $ 76,832 |
Net operating losses | 8,837,890 | 2,435,598 |
Federal tax credits | 5,336,530 | 3,345,092 |
Unrealized gains | (7,869,139) | (2,726,437) |
Net income (loss) from subsidiaries | 0 | |
Return of capital on investments in subsidiaries | 0 | |
Deferred tax assets | 6,408,813 | 3,131,085 |
Less: valuation allowance | (229,419) | (2,481,085) |
Deferred tax assets, net | $ 6,179,394 | $ 650,000 |
Income Taxes (Details 3)
Income Taxes (Details 3) | Dec. 31, 2016USD ($) |
2022 [Member] | |
Federal NOL Amount | |
Federal ITC Amount | |
State NOL Amount | 918,368 |
2025 [Member] | |
Federal NOL Amount | |
Federal ITC Amount | |
State NOL Amount | 673,181 |
2030 [Member] | |
Federal NOL Amount | |
Federal ITC Amount | |
State NOL Amount | 2,751,775 |
2034 [Member] | |
Federal NOL Amount | 161,963 |
Federal ITC Amount | |
State NOL Amount | 161,963 |
2035[Member] | |
Federal NOL Amount | 6,693,198 |
Federal ITC Amount | 3,345,092 |
State NOL Amount | $ 2,718,197 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | Dec. 31, 2016USD ($) |
Green Maple Portfolio [Member] | |
Other Commitments [Line Items] | |
Term loans | $ 4,867,000 |
East To West Solar Portfolio [Member] | |
Other Commitments [Line Items] | |
Term loans | 6,627,000 |
GREC Entity HoldCo LLC [Member] | |
Other Commitments [Line Items] | |
Term loans | $ 4,300,000 |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | [3] | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||||
Per share data attributed to common shares: | |||||||||||||||||||||||||
Net Asset Value at beginning of period | [1] | $ 8.54 | [2] | $ 8.50 | [2] | $ 8.54 | [2] | $ 8.50 | [2] | ||||||||||||||||
Net investment income (loss) (in dollars per share) | $ (0.19) | [3],[4] | $ 0.11 | $ 0.14 | $ 0.15 | 0 | $ 0.09 | $ 0.07 | $ 0.14 | $ (0.08) | $ (0.13) | $ (0.10) | (0.38) | [1],[5] | $ 0.43 | 0.22 | [1],[6] | ||||||||
Net unrealized appreciation (depreciation) on investments, net of incentive allocation to special unitholder | [1] | 0.14 | 0.39 | ||||||||||||||||||||||
Change in translation of assets and liabilities denominated in foreign currencies | [1] | (0.06) | (0.06) | ||||||||||||||||||||||
Change in benefit from deferred taxes on unrealized appreciation on investments | [1] | 0.04 | |||||||||||||||||||||||
Net increase in net assets attributed to common stockholders | [1] | (0.30) | 0.59 | ||||||||||||||||||||||
Shareholder distributions | |||||||||||||||||||||||||
Distributions from net investment income | [1] | (0.28) | (0.60) | ||||||||||||||||||||||
Other | [1],[6] | 0.12 | 0.05 | ||||||||||||||||||||||
Net increase in members' equity attributed to common shares | [1] | (0.08) | 0.04 | ||||||||||||||||||||||
Net asset value for common shares at end of period | [1],[2] | $ 8.54 | $ 8.50 | $ 8.50 | $ 8.54 | ||||||||||||||||||||
Common shareholders' equity at end of period | $ 129,418,214 | [7] | $ 57,401,819 | [1] | $ 10,502,809 | [1] | $ 10,502,809 | [1] | $ 129,418,214 | [7] | $ 57,401,819 | [1] | |||||||||||||
Common shares outstanding at end of period | 14,921,922 | 6,721,967 | [1] | 1,236,345 | [1] | 1,236,345 | [1] | 14,921,922 | 6,721,967 | [1] | |||||||||||||||
Ratio/Supplemental data for common shares (annualized): | |||||||||||||||||||||||||
Total return, net of expense reimbursement to/from advisor, attributed to common shares based on net asset value | [1],[8] | (5.33%) | 7.44% | ||||||||||||||||||||||
Ratio of net investment income, net of expense reimbursement to/from advisor, to average net assets | [1],[8],[9] | (6.60%) | 2.63% | ||||||||||||||||||||||
Ratio of operating expenses, net of expense reimbursement to/from advisor, to average net assets | [1],[8],[9] | 7.89% | 5.83% | ||||||||||||||||||||||
Portfolio turnover rate | [1],[8],[9] | 1.55% | |||||||||||||||||||||||
Common Class A [Member] | |||||||||||||||||||||||||
Per share data attributed to common shares: | |||||||||||||||||||||||||
Net Asset Value at beginning of period | [10] | 8.54 | $ 8.54 | ||||||||||||||||||||||
Net investment income (loss) (in dollars per share) | [5],[10] | 0.43 | |||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments, net of incentive allocation to special unitholder | [10] | (0.10) | |||||||||||||||||||||||
Change in translation of assets and liabilities denominated in foreign currencies | [10] | ||||||||||||||||||||||||
Change in benefit from deferred taxes on unrealized appreciation on investments | [10] | 0.4 | |||||||||||||||||||||||
Net increase in net assets attributed to common stockholders | [10] | 0.73 | |||||||||||||||||||||||
Shareholder distributions | |||||||||||||||||||||||||
Distributions from net investment income | [10] | (0.33) | |||||||||||||||||||||||
Distributions from offering proceeds | [10] | (0.27) | |||||||||||||||||||||||
Offering costs and deferred sales commissions | [10] | ||||||||||||||||||||||||
Other | [10],[11] | 0.02 | |||||||||||||||||||||||
Net increase in members' equity attributed to common shares | [10] | 0.15 | |||||||||||||||||||||||
Net asset value for common shares at end of period | [10] | $ 8.69 | $ 8.54 | $ 8.69 | $ 8.54 | ||||||||||||||||||||
Common shareholders' equity at end of period | $ 94,541,760 | $ 94,541,760 | |||||||||||||||||||||||
Common shares outstanding at end of period | 10,878,502 | [12] | 5,420,728 | 1,097,844 | 1,097,844 | 10,878,502 | [12] | 5,420,728 | |||||||||||||||||
Ratio/Supplemental data for common shares (annualized): | |||||||||||||||||||||||||
Total return, net of expense reimbursement to/from advisor, attributed to common shares based on net asset value | 8.79% | ||||||||||||||||||||||||
Ratio of net investment income, net of expense reimbursement to/from advisor, to average net assets | 4.95% | ||||||||||||||||||||||||
Ratio of operating expenses, net of expense reimbursement to/from advisor, to average net assets | 4.65% | ||||||||||||||||||||||||
Total return, excluding expense reimbursement to/from advisor, attributed to common shares based on net asset value | 9.34% | ||||||||||||||||||||||||
Ratio of net investment income, excluding expense reimbursement to/from advisor, to average net assets (4)(5) | 5.61% | ||||||||||||||||||||||||
Ratio of operating expenses, excluding expense reimbursement to/from advisor, to average net assets (4)(5) | 3.99% | ||||||||||||||||||||||||
Portfolio turnover rate | 0.43% | ||||||||||||||||||||||||
Common Class C [Member] | |||||||||||||||||||||||||
Per share data attributed to common shares: | |||||||||||||||||||||||||
Net Asset Value at beginning of period | [10] | 8.54 | $ 8.54 | ||||||||||||||||||||||
Net investment income (loss) (in dollars per share) | [5],[10] | 0.43 | |||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments, net of incentive allocation to special unitholder | [10] | (0.10) | |||||||||||||||||||||||
Change in translation of assets and liabilities denominated in foreign currencies | [10] | ||||||||||||||||||||||||
Change in benefit from deferred taxes on unrealized appreciation on investments | [10] | 0.4 | |||||||||||||||||||||||
Net increase in net assets attributed to common stockholders | [10] | 0.73 | |||||||||||||||||||||||
Shareholder distributions | |||||||||||||||||||||||||
Distributions from net investment income | [10] | (0.33) | |||||||||||||||||||||||
Distributions from offering proceeds | [10] | (0.27) | |||||||||||||||||||||||
Offering costs and deferred sales commissions | [10] | (0.22) | |||||||||||||||||||||||
Other | [10],[11] | (0.01) | |||||||||||||||||||||||
Net increase in members' equity attributed to common shares | [10] | (0.10) | |||||||||||||||||||||||
Net asset value for common shares at end of period | [10] | $ 8.44 | $ 8.54 | $ 8.44 | $ 8.54 | ||||||||||||||||||||
Common shareholders' equity at end of period | $ 8,796,002 | $ 8,796,002 | |||||||||||||||||||||||
Common shares outstanding at end of period | 1,041,836 | [12] | 248,456 | 84,964 | 84,964 | 1,041,836 | [12] | 248,456 | |||||||||||||||||
Ratio/Supplemental data for common shares (annualized): | |||||||||||||||||||||||||
Total return, net of expense reimbursement to/from advisor, attributed to common shares based on net asset value | 5.65% | ||||||||||||||||||||||||
Ratio of net investment income, net of expense reimbursement to/from advisor, to average net assets | 4.98% | ||||||||||||||||||||||||
Ratio of operating expenses, net of expense reimbursement to/from advisor, to average net assets | 4.68% | ||||||||||||||||||||||||
Total return, excluding expense reimbursement to/from advisor, attributed to common shares based on net asset value | 6.13% | ||||||||||||||||||||||||
Ratio of net investment income, excluding expense reimbursement to/from advisor, to average net assets (4)(5) | 5.65% | ||||||||||||||||||||||||
Ratio of operating expenses, excluding expense reimbursement to/from advisor, to average net assets (4)(5) | 4.02% | ||||||||||||||||||||||||
Portfolio turnover rate | 0.43% | ||||||||||||||||||||||||
Common Class I [Member] | |||||||||||||||||||||||||
Per share data attributed to common shares: | |||||||||||||||||||||||||
Net Asset Value at beginning of period | [10] | 8.54 | $ 8.54 | ||||||||||||||||||||||
Net investment income (loss) (in dollars per share) | [5],[10] | 0.43 | |||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments, net of incentive allocation to special unitholder | [10] | (0.10) | |||||||||||||||||||||||
Change in translation of assets and liabilities denominated in foreign currencies | [10] | ||||||||||||||||||||||||
Change in benefit from deferred taxes on unrealized appreciation on investments | [10] | 0.4 | |||||||||||||||||||||||
Net increase in net assets attributed to common stockholders | [10] | 0.73 | |||||||||||||||||||||||
Shareholder distributions | |||||||||||||||||||||||||
Distributions from net investment income | [10] | (0.33) | |||||||||||||||||||||||
Distributions from offering proceeds | [10] | (0.27) | |||||||||||||||||||||||
Offering costs and deferred sales commissions | [10] | ||||||||||||||||||||||||
Other | [10],[11] | 0.02 | |||||||||||||||||||||||
Net increase in members' equity attributed to common shares | [10] | 0.15 | |||||||||||||||||||||||
Net asset value for common shares at end of period | [10] | $ 8.69 | $ 8.54 | $ 8.69 | $ 8.54 | ||||||||||||||||||||
Common shareholders' equity at end of period | $ 23,938,449 | $ 23,938,449 | |||||||||||||||||||||||
Common shares outstanding at end of period | 2,754,491 | [12] | 1,052,783 | 53,537 | 53,537 | 2,754,491 | [12] | 1,052,783 | |||||||||||||||||
Ratio/Supplemental data for common shares (annualized): | |||||||||||||||||||||||||
Total return, net of expense reimbursement to/from advisor, attributed to common shares based on net asset value | 8.79% | ||||||||||||||||||||||||
Ratio of net investment income, net of expense reimbursement to/from advisor, to average net assets | 4.93% | ||||||||||||||||||||||||
Ratio of operating expenses, net of expense reimbursement to/from advisor, to average net assets | 4.63% | ||||||||||||||||||||||||
Total return, excluding expense reimbursement to/from advisor, attributed to common shares based on net asset value | 9.31% | ||||||||||||||||||||||||
Ratio of net investment income, excluding expense reimbursement to/from advisor, to average net assets (4)(5) | 5.58% | ||||||||||||||||||||||||
Ratio of operating expenses, excluding expense reimbursement to/from advisor, to average net assets (4)(5) | 3.97% | ||||||||||||||||||||||||
Portfolio turnover rate | 0.43% | ||||||||||||||||||||||||
Common Class P-A [Member] | |||||||||||||||||||||||||
Per share data attributed to common shares: | |||||||||||||||||||||||||
Net Asset Value at beginning of period | [10] | 8.54 | $ 8.54 | ||||||||||||||||||||||
Net investment income (loss) (in dollars per share) | [5],[10] | 0.19 | |||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments, net of incentive allocation to special unitholder | [10] | (0.05) | |||||||||||||||||||||||
Change in translation of assets and liabilities denominated in foreign currencies | [10] | ||||||||||||||||||||||||
Change in benefit from deferred taxes on unrealized appreciation on investments | [10] | 0.18 | |||||||||||||||||||||||
Net increase in net assets attributed to common stockholders | [10] | 0.32 | |||||||||||||||||||||||
Shareholder distributions | |||||||||||||||||||||||||
Distributions from net investment income | [10] | (0.15) | |||||||||||||||||||||||
Distributions from offering proceeds | [10] | (0.11) | |||||||||||||||||||||||
Offering costs and deferred sales commissions | [10] | ||||||||||||||||||||||||
Other | [10],[11] | 0.07 | |||||||||||||||||||||||
Net increase in members' equity attributed to common shares | [10] | 0.13 | |||||||||||||||||||||||
Net asset value for common shares at end of period | [10] | $ 8.67 | $ 8.54 | $ 8.67 | $ 8.54 | ||||||||||||||||||||
Common shareholders' equity at end of period | $ 414,145 | $ 414,145 | |||||||||||||||||||||||
Common shares outstanding at end of period | 47,774 | [12] | 0 | 47,774 | [12] | 0 | |||||||||||||||||||
Ratio/Supplemental data for common shares (annualized): | |||||||||||||||||||||||||
Total return, net of expense reimbursement to/from advisor, attributed to common shares based on net asset value | 4.59% | ||||||||||||||||||||||||
Ratio of net investment income, net of expense reimbursement to/from advisor, to average net assets | 4.81% | ||||||||||||||||||||||||
Ratio of operating expenses, net of expense reimbursement to/from advisor, to average net assets | 4.53% | ||||||||||||||||||||||||
Total return, excluding expense reimbursement to/from advisor, attributed to common shares based on net asset value | 5.03% | ||||||||||||||||||||||||
Ratio of net investment income, excluding expense reimbursement to/from advisor, to average net assets (4)(5) | 5.45% | ||||||||||||||||||||||||
Ratio of operating expenses, excluding expense reimbursement to/from advisor, to average net assets (4)(5) | 3.88% | ||||||||||||||||||||||||
Portfolio turnover rate | 0.43% | ||||||||||||||||||||||||
Common Class P-I [Member] | |||||||||||||||||||||||||
Per share data attributed to common shares: | |||||||||||||||||||||||||
Net Asset Value at beginning of period | [10] | $ 8.54 | $ 8.54 | ||||||||||||||||||||||
Net investment income (loss) (in dollars per share) | [5],[10] | 0.19 | |||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments, net of incentive allocation to special unitholder | [10] | (0.05) | |||||||||||||||||||||||
Change in translation of assets and liabilities denominated in foreign currencies | [10] | ||||||||||||||||||||||||
Change in benefit from deferred taxes on unrealized appreciation on investments | [10] | 0.17 | |||||||||||||||||||||||
Net increase in net assets attributed to common stockholders | [10] | 0.31 | |||||||||||||||||||||||
Shareholder distributions | |||||||||||||||||||||||||
Distributions from net investment income | [10] | (0.14) | |||||||||||||||||||||||
Distributions from offering proceeds | [10] | (0.11) | |||||||||||||||||||||||
Offering costs and deferred sales commissions | [10] | ||||||||||||||||||||||||
Other | [10],[11] | 0.07 | |||||||||||||||||||||||
Net increase in members' equity attributed to common shares | [10] | 0.13 | |||||||||||||||||||||||
Net asset value for common shares at end of period | [10] | $ 8.67 | $ 8.54 | $ 8.67 | $ 8.54 | ||||||||||||||||||||
Common shareholders' equity at end of period | $ 1,727,858 | $ 1,727,858 | |||||||||||||||||||||||
Common shares outstanding at end of period | 199,319 | [12] | 0 | 199,319 | [12] | 0 | |||||||||||||||||||
Ratio/Supplemental data for common shares (annualized): | |||||||||||||||||||||||||
Total return, net of expense reimbursement to/from advisor, attributed to common shares based on net asset value | 4.49% | ||||||||||||||||||||||||
Ratio of net investment income, net of expense reimbursement to/from advisor, to average net assets | 4.48% | ||||||||||||||||||||||||
Ratio of operating expenses, net of expense reimbursement to/from advisor, to average net assets | 4.21% | ||||||||||||||||||||||||
Total return, excluding expense reimbursement to/from advisor, attributed to common shares based on net asset value | 4.78% | ||||||||||||||||||||||||
Ratio of net investment income, excluding expense reimbursement to/from advisor, to average net assets (4)(5) | 5.08% | ||||||||||||||||||||||||
Ratio of operating expenses, excluding expense reimbursement to/from advisor, to average net assets (4)(5) | 3.61% | ||||||||||||||||||||||||
Portfolio turnover rate | 0.43% | ||||||||||||||||||||||||
[1] | The per share data was derived by using the weighted average shares outstanding during the year ended December 31, 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014, which was 3,335,719 and 513,052, respectively. | ||||||||||||||||||||||||
[2] | 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. | ||||||||||||||||||||||||
[3] | As the company had no substantive operations prior to April 25, 2014, the first quarter of 2014 has been omitted. | ||||||||||||||||||||||||
[4] | 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). | ||||||||||||||||||||||||
[5] | Does not reflect any incentive fees that may be payable to the Special Unitholder. | ||||||||||||||||||||||||
[6] | Represents the impact of different share amounts used in 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. | ||||||||||||||||||||||||
[7] | Includes purchases of new investments, capitalized deal costs, effects of purchase price adjustments, return of capital and additional investments in existing investments, if any. | ||||||||||||||||||||||||
[8] | Total return, ratio of net investment income (loss) and ratio of operating expenses to average net assets for the year ended December 31, 2015, prior to the effect of the expense reimbursement agreement were 7.46%, 2.67% and 5.78%, respectively. Total return, ratio of net investment loss and ratio of operating expenses to average net assets for the period from Commencement of Operations (April 25, 2014) through 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. | ||||||||||||||||||||||||
[9] | The company's ratio of net investment loss to average net assets and ratio of operating expenses to average net assets have been annualized for the period from Commencement of Operations (April 25, 2014) through December 31, 2014 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. | ||||||||||||||||||||||||
[10] | The per share data for Class A, C, I, P-A and P-I Shares were derived by using the weighted average shares outstanding during the year ended December 31, 2016, which were 8,330,061, 690,825, 1,962,616, 30,286 and 82,013, respectively. | ||||||||||||||||||||||||
[11] | Represents the impact of different share amounts used in calculating certain per share data based on weighted average shares outstanding during the period and organizational costs, which are not included in operating expenses nor subject to the expense reimbursement agreement, and the impact of shares at a price other than the net asset value. | ||||||||||||||||||||||||
[12] | The per share data for Class A, C, I, P-A and P-I Shares were derived by using the weighted average shares outstanding during the nine months ended September 30, 2016, which were 7,738,490, 601,234, 1,759,980, 20,140 and 17,722, respectively. |
Financial Highlights (Details 1
Financial Highlights (Details 1) - USD ($) | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | [4] | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||||
Per share data attributed to common shares: | |||||||||||||||||||||||||
Net proceeds before offering costs | [1] | $ 9.17 | |||||||||||||||||||||||
Offering costs | [1],[2] | (0.59) | |||||||||||||||||||||||
Net proceeds after offering costs | [1] | 8.58 | |||||||||||||||||||||||
Net Asset Value at beginning of period | [1] | $ 8.54 | [3] | $ 8.50 | [3] | $ 8.54 | [3] | 8.50 | [3] | ||||||||||||||||
Net investment income (loss) and realized loss on foreign currency translation | $ (0.19) | [4],[5] | $ 0.11 | $ 0.14 | $ 0.15 | $ 0 | $ 0.09 | $ 0.07 | $ 0.14 | $ (0.08) | $ (0.13) | $ (0.10) | (0.38) | [1],[6] | $ 0.43 | 0.22 | [1],[7] | ||||||||
Net unrealized appreciation (depreciation) on investments, net of incentive allocation to special unit holder | [1] | 0.14 | 0.39 | ||||||||||||||||||||||
Change in translation of assets and liabilities denominated in foreign currencies | [1] | (0.06) | (0.06) | ||||||||||||||||||||||
Change in benefit from deferred taxes on unrealized appreciation on investments | [1] | 0.04 | |||||||||||||||||||||||
Net increase (decrease) in net assets attributed to common stockholders | [1] | (0.30) | 0.59 | ||||||||||||||||||||||
Shareholder distributions | [1] | (0.28) | (0.60) | ||||||||||||||||||||||
Capital contribution from advisor | [1] | 0.38 | |||||||||||||||||||||||
Other | [1],[7] | 0.12 | 0.05 | ||||||||||||||||||||||
Net increase (decrease) in members' equity attributed to common shares | [1] | (0.08) | 0.04 | ||||||||||||||||||||||
Net asset value for common shares at end of period | [1],[3] | $ 8.54 | $ 8.50 | $ 8.50 | $ 8.54 | ||||||||||||||||||||
Total return attributed to common shares based on net asset value | [1],[8] | (5.33%) | 7.44% | ||||||||||||||||||||||
Common shareholders' equity at end of period | $ 129,418,214 | [9] | $ 57,401,819 | [1] | $ 10,502,809 | [1] | $ 10,502,809 | [1] | $ 129,418,214 | [9] | $ 57,401,819 | [1] | |||||||||||||
Common shares outstanding at end of period | 14,921,922 | 6,721,967 | [1] | 1,236,345 | [1] | 1,236,345 | [1] | 14,921,922 | 6,721,967 | [1] | |||||||||||||||
Ratio/Supplemental data for common shares (annualized): | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | [1],[8],[10] | (6.60%) | 2.63% | ||||||||||||||||||||||
Ratio of operating expenses to average net assets | [1],[8],[10] | 7.89% | 5.83% | ||||||||||||||||||||||
Portfolio turnover rate | [1],[8],[10] | 1.55% | |||||||||||||||||||||||
[1] | The per share data was derived by using the weighted average shares outstanding during the year ended December 31, 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014, which was 3,335,719 and 513,052, respectively. | ||||||||||||||||||||||||
[2] | Net proceeds before offering costs, from the period from Commencement of Operations (April 25, 2014) through December 31, 2014 is greater than $9.025 since a significant number of shares were 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] | As the company had no substantive operations prior to April 25, 2014, the first quarter of 2014 has been omitted. | ||||||||||||||||||||||||
[5] | 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). | ||||||||||||||||||||||||
[6] | Does not reflect any incentive fees that may be payable to the Special Unitholder. | ||||||||||||||||||||||||
[7] | Represents the impact of different share amounts used in 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. | ||||||||||||||||||||||||
[8] | Total return, ratio of net investment income (loss) and ratio of operating expenses to average net assets for the year ended December 31, 2015, prior to the effect of the expense reimbursement agreement were 7.46%, 2.67% and 5.78%, respectively. Total return, ratio of net investment loss and ratio of operating expenses to average net assets for the period from Commencement of Operations (April 25, 2014) through 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. | ||||||||||||||||||||||||
[9] | Includes purchases of new investments, capitalized deal costs, effects of purchase price adjustments, return of capital and additional investments in existing investments, if any. | ||||||||||||||||||||||||
[10] | The company's ratio of net investment loss to average net assets and ratio of operating expenses to average net assets have been annualized for the period from Commencement of Operations (April 25, 2014) through December 31, 2014 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. |
Financial Highlights (Details N
Financial Highlights (Details Narrative) - shares | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Weighted average common shares outstanding | 513,052 | 11,043,156 | 3,335,719 | |
Ratio of net investment income (loss) to average net assets | [1],[2],[3] | (6.60%) | 2.63% | |
Ratio of operating expenses to average net assets | [1],[2],[3] | 7.89% | 5.83% | |
Prior To Expense Assumption And Reimbursement Agreement [Member] | ||||
Return on investment ratio | (11.35%) | 7.46% | ||
Ratio of net investment income (loss) to average net assets | (21.68%) | 2.67% | ||
Ratio of operating expenses to average net assets | 22.97% | 5.78% | ||
Common Class A [Member] | ||||
Weighted average common shares outstanding | 8,330,061 | |||
Ratio of net investment income (loss) to average net assets | 4.95% | |||
Ratio of operating expenses to average net assets | 4.65% | |||
Common Class C [Member] | ||||
Weighted average common shares outstanding | 690,825 | |||
Ratio of net investment income (loss) to average net assets | 4.98% | |||
Ratio of operating expenses to average net assets | 4.68% | |||
Common Class I [Member] | ||||
Weighted average common shares outstanding | 1,962,616 | |||
Ratio of net investment income (loss) to average net assets | 4.93% | |||
Ratio of operating expenses to average net assets | 4.63% | |||
Common Class P-A [Member] | ||||
Weighted average common shares outstanding | 30,286 | |||
Ratio of net investment income (loss) to average net assets | 4.81% | |||
Ratio of operating expenses to average net assets | 4.53% | |||
Common Class P-I [Member] | ||||
Weighted average common shares outstanding | 82,013 | |||
Ratio of net investment income (loss) to average net assets | 4.48% | |||
Ratio of operating expenses to average net assets | 4.21% | |||
[1] | The company's ratio of net investment loss to average net assets and ratio of operating expenses to average net assets have been annualized for the period from Commencement of Operations (April 25, 2014) through December 31, 2014 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. | |||
[2] | The per share data was derived by using the weighted average shares outstanding during the year ended December 31, 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014, which was 3,335,719 and 513,052, respectively. | |||
[3] | Total return, ratio of net investment income (loss) and ratio of operating expenses to average net assets for the year ended December 31, 2015, prior to the effect of the expense reimbursement agreement were 7.46%, 2.67% and 5.78%, respectively. Total return, ratio of net investment loss and ratio of operating expenses to average net assets for the period from Commencement of Operations (April 25, 2014) through 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. |
Selected Quarterly Data - Una63
Selected Quarterly Data - Unaudited (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | [1],[2] | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | [1] | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Total investment income | $ 80 | $ 2,848,655 | $ 3,085,513 | $ 1,645,291 | $ 656,566 | $ 421,488 | $ 740,773 | $ 633,646 | $ 58,215 | $ 37,907 | $ 304 | $ 38,291 | $ 8,236,025 | $ 1,854,122 | ||||||
Net investment income (loss) | (53,464) | 1,497,148 | 1,730,438 | 1,519,649 | 23,132 | 253,576 | 270,523 | 333,917 | (118,483) | (106,838) | (35,547) | (195,849) | 4,770,367 | 739,533 | $ (195,985) | |||||
Net gain (loss) on investments and foreign currency translation | (1,706,876) | 1,143,849 | (231,426) | (634,047) | 666,498 | 376,473 | (46,396) | 385,490 | (32,636) | 81,865 | ||||||||||
Change in benefit (expense) from deferred taxes on unrealized appreciation on investments | 671,401 | (8,372) | 1,838,292 | 1,885,335 | 127,015 | 4,386,656 | 127,015 | |||||||||||||
Net increase (decrease) in net assets resulting from operations | $ (53,464) | $ 461,673 | $ 2,865,915 | $ 3,126,515 | $ 1,274,420 | $ 1,047,089 | $ 646,996 | $ 287,521 | $ 267,007 | $ (139,474) | $ 46,318 | $ (146,620) | $ 7,728,523 | $ 2,248,613 | ||||||
Net investment income (loss) per share - basic and diluted (in dollars per share) | $ (0.19) | $ 0.11 | $ 0.14 | $ 0.15 | $ 0 | $ 0.09 | $ 0.07 | $ 0.14 | $ (0.08) | $ (0.13) | $ (0.10) | $ (0.38) | [3],[4] | $ 0.43 | $ 0.22 | [4],[5] | ||||
Net increase (decrease) in net assets resulting from operations per share - basic and diluted (in dollars per share) | (0.19) | (0.03) | 0.24 | 0.3 | 0.16 | 0.2 | 0.17 | 0.12 | 0.18 | (0.16) | 0.09 | |||||||||
Net asset value per share at period end (in dollars per share) | $ 8.50 | $ 8.54 | $ 8.52 | $ 8.5 | $ 8.5 | $ 8.50 | $ 8.50 | $ 8.50 | $ 8.54 | $ 8.50 | ||||||||||
Common Class A [Member] | ||||||||||||||||||||
Net investment income (loss) per share - basic and diluted (in dollars per share) | [3],[6] | 0.43 | ||||||||||||||||||
Net asset value per share at period end (in dollars per share) | 8.69 | 8.74 | 8.69 | 8.56 | 8.69 | |||||||||||||||
Common Class C [Member] | ||||||||||||||||||||
Net investment income (loss) per share - basic and diluted (in dollars per share) | [3],[6] | 0.43 | ||||||||||||||||||
Net asset value per share at period end (in dollars per share) | 8.44 | 8.49 | 8.43 | 8.56 | 8.44 | |||||||||||||||
Common Class I [Member] | ||||||||||||||||||||
Net investment income (loss) per share - basic and diluted (in dollars per share) | [3],[6] | 0.43 | ||||||||||||||||||
Net asset value per share at period end (in dollars per share) | 8.69 | 8.74 | 8.69 | 8.56 | 8.69 | |||||||||||||||
Common Class P-A [Member] | ||||||||||||||||||||
Net investment income (loss) per share - basic and diluted (in dollars per share) | [3],[6] | 0.19 | ||||||||||||||||||
Net asset value per share at period end (in dollars per share) | 8.67 | 8.74 | 8.67 | |||||||||||||||||
Common Class P-I [Member] | ||||||||||||||||||||
Net investment income (loss) per share - basic and diluted (in dollars per share) | [3],[6] | 0.19 | ||||||||||||||||||
Net asset value per share at period end (in dollars per share) | $ 8.67 | $ 8.74 | $ 8.67 | |||||||||||||||||
[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). | |||||||||||||||||||
[3] | Does not reflect any incentive fees that may be payable to the Special Unitholder. | |||||||||||||||||||
[4] | The per share data was derived by using the weighted average shares outstanding during the year ended December 31, 2015 and for the period from Commencement of Operations (April 25, 2014) through December 31, 2014, which was 3,335,719 and 513,052, respectively. | |||||||||||||||||||
[5] | Represents the impact of different share amounts used in 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. | |||||||||||||||||||
[6] | The per share data for Class A, C, I, P-A and P-I Shares were derived by using the weighted average shares outstanding during the year ended December 31, 2016, which were 8,330,061, 690,825, 1,962,616, 30,286 and 82,013, respectively. |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] | Mar. 03, 2017N | Feb. 08, 2017USD ($) | Feb. 28, 2017USD ($) |
Subsequent Event [Line Items] | |||
Offering price | $ 1,000,000,000 | ||
Limited Liability Company [Member] | |||
Subsequent Event [Line Items] | |||
Offering price | $ 200,000,000 | ||
One Roof Energy Inc. [Member] | Purchase and Sale Agreement [Member] | Residential Photovoltaic Solar Systems [Member] | |||
Subsequent Event [Line Items] | |||
Number of solar systems | N | 747 | ||
Total purchase price | $ 8,000,000 | ||
Agreement terms | 20 years | ||
Weighted average remaining life | 18 years |