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Greenbacker Renewable Energy Co LLC

Quarterly report

September 30, 2024	December 31, 2023
(unaudited)			Assets			Current assets:			Cash and cash equivalents			$	108,432	$	96,872	Restricted cash, current	61,070		85,235
Accounts receivable, net			33,408		23,310
Derivative assets, current			16,082		24,062
Contingent consideration			40,808		—
Other current assets			26,983		62,429
Total current assets			286,783		291,908	Noncurrent assets:	Restricted cash			3,124		5,568
Property, plant and equipment, net			2,336,546		2,133,877
Intangible assets, net			421,958		453,214
Goodwill			221,314		221,314
Investments, at fair value			89,222		94,878
Derivative assets			65,604		118,106
Other noncurrent assets			220,388		140,740
Total noncurrent assets			3,358,156		3,167,697	Total assets	$	3,644,939	$	3,459,605	Liabilities, Redeemable Noncontrolling Interests and Equity	Current liabilities:			Accounts payable and accrued expenses			$	90,929	$	79,288	Shareholder distributions payable	—		7,606	Contingent consideration, current	12,466		16,546	Current portion of long-term debt	106,204		82,855	Current portion of failed sale-leaseback financing and deferred ITC gain	45,667		69,436	Other current liabilities	14,110		7,997	Total current liabilities	269,376		263,728	Noncurrent liabilities:	Long-term debt, net of current portion			974,859		935,397	Failed sale-leaseback financing and deferred ITC gain, net of current portion	225,339		169,829	Contingent consideration, net of current portion	35,884		42,307	Deferred tax liabilities, net	52,803		58,696	Operating lease liabilities	201,010		108,406	Out-of-market contracts, net	183,946		194,785	Other noncurrent liabilities	56,882		53,492	Total noncurrent liabilities	1,730,723		1,562,912	Total liabilities	$	2,000,099	$	1,826,640	Commitments and contingencies (Note 13. Commitments and Contingencies)
Redeemable noncontrolling interests			$	1,828	$	2,179	Redeemable common shares, par value, $0.001 per share, 85 and 873 outstanding as of 2024 and 2023, respectively	—		1	Redeemable common shares, additional paid-in capital	658		7,245	Equity:	Preferred shares, par value, $0.001 per share, 50,000 authorized; none issued and outstanding			—		—	Common shares, par value, $0.001 per share, 350,000 authorized, 199,335 and 197,749 outstanding as of 2024 and 2023, respectively	199		198	Additional paid-in capital	1,788,843		1,770,060	Accumulated deficit	(409,130)		(306,525)	Accumulated other comprehensive income	36,661		45,932	Noncontrolling interests	225,781		113,875	Total equity	1,642,354		1,623,540	Total liabilities, redeemable noncontrolling interests and equity	$	3,644,939	$	3,459,605

13 Nov 24

1:38pm

Greenbacker Renewable Energy Co LLC

Quarterly report

Shares	Par Value			Additional paid-in capital			Accumulated deficit			Accumulated other comprehensive income			Noncontrolling interests			Total equity			Redeemable common shares			Par value - redeemable common shares			Additional paid-in capital - redeemable common shares			Redeemable noncontrolling interests
Balances as of December 31, 2022			198,044			$			198	$	1,763,061	$	(114,680)	$	56,094	$	84,008	$	1,788,681	$	—	$	—	$	—	$	2,034	Issuance of common shares under distribution reinvestment plan	1,974		3	17,119	—	—	—	17,122	—	—	—	—	Repurchases of common shares	(5,755)		(6)	(50,463)	—	—	—	(50,469)	—	—	—	—	Deferred shareholder servicing fees	—		—	—	(115)	—	—	(115)	—	—	—	—	Shareholder distributions	—		—	—	(82,131)	—	—	(82,131)	—	—	—	—	Unrealized loss on derivatives designated as cash flow hedges and changes in Accumulated other comprehensive income (loss), net of tax	—		—	—	—	24,521	—	24,521	—	—	—	—	Contributions from noncontrolling interests, net	—		—	—	—	—	73,875	73,875	—	—	—	—	Distributions to noncontrolling interests	—		—	—	—	—	(13,299)	(13,299)	—	—	—	—	Earnout Share participation	3,489		3	30,794	—	—	—	30,797	—	—	—	—	Share-based compensation expense	17		—	8,460	—	—	—	8,460	—	—	—	—	Reclassification of participating Earnout Shares to temporary equity	(122)		—	(1,069)	54	—	—	(1,015)	122	—	1,016	—	Reclassification of Class P-I shares to temporary equity	(742)		(1)	(6,504)	349	—	—	(6,156)	742	1	6,155	—	Other noncontrolling interest activity	—		—	—	—	—	(689)	(689)	—	—	—	—	Net loss	—		—	—	(63,648)	—	(65,808)	(129,456)	—	—	—	—	Balances as of September 30, 2023	196,905			$			197	$	1,761,398	$	(260,171)	$	80,615	$	78,087	$	1,660,126	$	864	$	1	$	7,171	$	2,034

13 Nov 24

1:38pm

Greenbacker Renewable Energy Co LLC

Quarterly report

The Company’s n otes receivable consists of the following:

(dollars in thousands)	September 30, 2024			December 31, 2023			Year of origination			Interest rate			Maturity date
Notes receivable, current			Cider			$	—	$	25,749	2022	8.00%			7/31/2024(1)
Shepherds Run			—		2,742	2020	8.00%			3/31/2024(2)
Kane Warehouse			121		—	2015	10.25%			2/24/2025
OYA			5,000		—	2024	12.00%			12/23/2024(3)
Total notes receivable, current			$	5,121	$	28,491	Notes receivable, noncurrent	New Market			$	5,008	$	5,008	2019	9.00%			9/30/2022(4)
SE Solar			—		5,010	2019	9.00%			5/31/2023(5)
Kane Warehouse			—		166	2015	10.25%			2/24/2025
Total notes receivable, noncurrent			$	5,008	$	10,184	Loan reserve(6)	(1,000)		(2,000)	Total notes receivable	$	9,129	$	36,675

13 Nov 24

1:38pm

Greenbacker Renewable Energy Co LLC

Quarterly report

The following table provides information on the fair value of derivative contracts as recorded in the Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Operations:

Three months ended September 30, 2024	Nine months ended September 30, 2024
(in thousands)			Derivatives Designated as Hedging Instruments			Derivatives Not Designated as Hedging Instruments			Derivatives Designated as Hedging Instruments			Derivatives Not Designated as Hedging Instruments
Consolidated Other Comprehensive (Loss) Income			Loss recognized in other comprehensive income			$	(34,158)	$	—	$	(13,924)	$	—	Amortization of derivatives	1,360		(752)	3,789	(2,449)	Less: Taxes on total net loss recognized in other comprehensive income	8,835		—	3,314	—	Consolidated Statements of Operations	Interest (expense) income, net			Change in fair value of interest rate swaps, net			—		(7,058)	—	5,197	Gain on interest rate swaps, net	—		—	1,410	—

13 Nov 24

1:38pm

Greenbacker Renewable Energy Co LLC

Quarterly report

The following table presents the contributions from Tax Equity Investors and distributions to Tax Equity Investors for the nine months ended September 30, 2024 and 2023:

Nine months ended September 30,
2024			2023
Contributions from Tax Equity Investors			$	70,407	$	76,539	Less: Syndication costs	8,999		2,801	Contributions from Tax Equity Investors, net	$	61,408	$	73,738	Distributions to Tax Equity Investors	$	14,764	$	13,845	Less: Distributions paid in the current period	12,906			10,068
Non-cash distributions to noncontrolling interests			$	1,858	$	3,777

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1:38pm

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