From GlobeNewswire: 2024-04-04 09:00:00

Greenbacker Renewable Energy Company LLC announced its annual revenue, showcasing year-over-year growth in power generation and operating capacity in 2023. The company completed its first wind asset repowers, monetized IRA incentives, and launched a new energy transition real estate strategy. Operating revenue topped $181 million, with a 38% increase in solar power generation.

One of Greenbacker’s key achievements in 2023 was the completion of its first project repowers, qualifying for a 40% tax credit under the IRA. By monetizing this credit through sale-leaseback financing, the company fully financed the repower cost and added 292 MW to its operating fleet. The repowers extended the projects’ useful life and potential long-term revenue.

As part of their strategy to capitalize on IRA incentives, Greenbacker was among the first to benefit from the new solar production tax credit and the domestic content bonus. By sourcing equipment domestically and qualifying for the domestic content tax credit adder, the company was able to enhance the value of its projects and reduce maintenance costs through repowering efforts.

Greenbacker also launched a new strategy focused on Energy Transition Real Estate through its investment management segment. GCM raised over $263 million for its managed funds, increasing fee-earning AUM to approximately $700 million and boosting the company’s aggregate AUM to $3.8 billion. GCM continued to deliver on impact metrics in carbon abatement, water conservation, and green jobs.

In 2023, Greenbacker’s fleet generated 2.5 million MWh of clean power, reflecting a 7% increase with a significant rise in solar power production. The company’s annual total operating revenue reached $181.2 million, driven by energy revenue from long-term PPAs. Despite strategic wind asset repowers temporarily affecting production, the new assets brought online in 2023 are projected to enhance revenue in 2024.



Read more at GlobeNewswire:: Greenbacker delivers 2023 results