From GlobeNewswire: 2024-11-25 07:00:00

Greenbacker Renewable Energy Company LLC has announced its financial results for the third quarter of 2024, including a 7% year-over-year increase in operating capacity, clean energy generation, and revenue. The company placed 22 new solar assets into service, driving significant production increases for its solar fleet. Wind repowers contributed to substantial wind fleet production increases.

Greenbacker accomplished key objectives, including placing 22 new projects into service, generating operating revenue of $55.4 million, and increasing revenue by 13% year-over-year. Looking ahead, the company plans to increase its operating fleet significantly over the next four years and continue delivering on sustainability goals, which include abating carbon emissions and saving billions of gallons of water.

In the third quarter of 2024, Greenbacker continued to execute on its strategy to expand its fleet of clean energy assets. The company’s solar and wind energy assets saw significant production increases of 15% and 39%, respectively. Wind repowers drove the wind fleet’s year-over-year increases in revenue and production.

Greenbacker expanded its investment management segment by hiring two seasoned professionals. Greenbacker Capital Management (“GCM”) increased revenue by 72% year-over-year, generating $4.9 million in the quarter. GCM added two distribution and capital raising professionals to its team.

Total operating revenue for Greenbacker in the third quarter was $55.4 million, representing a 13% year-over-year increase. The company’s solar and wind fleets generated nearly 800,000 megawatt-hours of combined total power in the quarter, a 21% year-over-year production increase.

Greenbacker’s investments have abated over 7 million metric tons of carbon emissions and saved over 7 billion gallons of water. The company’s clean energy assets have produced over 10 million MWh of clean power since 2016, supporting thousands of green jobs and contributing to sustainability goals.

Greenbacker Renewable Energy Company LLC and its subsidiaries reported a total net revenue of $52.0 million for the third quarter of 2024. The company’s operating loss was $49.5 million, driven primarily by operating expenses related to direct operating costs, general and administrative expenses, and depreciation, amortization, and accretion.



Read more at GlobeNewswire:: Greenbacker delivers third quarter results