# EDGAR Filing Document

**Accession Number:** 0001563922
**File Stem:** 0001563922-26-000006
**Filing Date:** 2026-3
**Character Count:** 781103
**Document Hash:** 79f56cc82cec7bc259b2225c07ba57f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001563922-26-000006.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001563922-26-000006

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 157

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Greenbacker Renewable Energy Co LLC
- **CENTRAL INDEX KEY:** 0001563922
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55610
- **FILM NUMBER:** 26735404

**BUSINESS ADDRESS:**
- **STREET 1:** C/O GREENBACKER CAPITAL MANAGEMENT LLC
- **STREET 2:** 230 PARK AVENUE, SUITE 1560
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10169
- **BUSINESS PHONE:** 646-237-7884

**MAIL ADDRESS:**
- **STREET 1:** C/O GREENBACKER CAPITAL MANAGEMENT LLC
- **STREET 2:** 230 PARK AVENUE, SUITE 1560
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10169

?xml version='1.0' encoding='ASCII'? cik0001563922-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 **FORM 10-K**

**(Mark One)**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission file number: 000-55610**

**GREENBACKER RENEWABLE ENERGY COMPANY LLC**

**(Exact Name of Registrant as Specified in its Charter)**

---

| | |
|:---|:---|
| **Delaware** | **80-0872648** |
| **(State or Other Jurisdiction of<br>Incorporation or Organization)** | **(I.R.S. Employer<br>Identification No.)** |

---

**230 Park Avenue, Suite 1560, New York, NY 10169**

**Tel (646) 720-9463**

**(Address, including zip code and telephone number, including area code, of registrants principal executive office)**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| None | N/A | N/A |

---

Securities registered pursuant to section 12(g) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A Shares of Limited Liability Company Interests | N/A | N/A |
| Class C Shares of Limited Liability Company Interests | N/A | N/A |
| Class I Shares of Limited Liability Company Interests | N/A | N/A |

---

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act of 1933. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

------

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of March 1, 2026, the registrant had 199,394,286 shares of common interests, $0.001 par value, outstanding.

**DOCUMENTS INCORPORATED BY REFERENCE**

The Registrant intends to file a definitive proxy statement pursuant to Regulation 14A within 120 days after the end of the year ended December 31, 2025 (the "2026 Proxy Statement"). Portions of the Registrant's 2026 Proxy Statement to be filed pursuant to Regulation 14A are incorporated herein by reference into Part III of this Form 10-K.

------

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | | **PAGE** |
| <u>[Glossary of Key Terms](#id5d8d9e19bd743a78743a5e2ae7f375f_16)</u> | <u>[Glossary of Key Terms](#id5d8d9e19bd743a78743a5e2ae7f375f_16)</u> | [ii](#id5d8d9e19bd743a78743a5e2ae7f375f_16) |
| <u>[Forward-Looking Statements](#id5d8d9e19bd743a78743a5e2ae7f375f_19)</u> | <u>[Forward-Looking Statements](#id5d8d9e19bd743a78743a5e2ae7f375f_19)</u> | [iv](#id5d8d9e19bd743a78743a5e2ae7f375f_19) |
| **<u>[PART I.](#id5d8d9e19bd743a78743a5e2ae7f375f_22)</u>** |  |  |
| <u>[Item 1.](#id5d8d9e19bd743a78743a5e2ae7f375f_910)</u> | <u>[Business](#id5d8d9e19bd743a78743a5e2ae7f375f_910)</u> | [1](#id5d8d9e19bd743a78743a5e2ae7f375f_910) |
| <u>[Item 1A.](#id5d8d9e19bd743a78743a5e2ae7f375f_913)</u> | <u>[Risk Factors](#id5d8d9e19bd743a78743a5e2ae7f375f_913)</u> | [12](#id5d8d9e19bd743a78743a5e2ae7f375f_913) |
| <u>[Item 1B.](#id5d8d9e19bd743a78743a5e2ae7f375f_946)</u> | <u>[Unresolved Staff Comments](#id5d8d9e19bd743a78743a5e2ae7f375f_946)</u> | [29](#id5d8d9e19bd743a78743a5e2ae7f375f_946) |
| <u>[Item 1C.](#id5d8d9e19bd743a78743a5e2ae7f375f_949)</u> | <u>[Cybersecurity](#id5d8d9e19bd743a78743a5e2ae7f375f_949)</u> | [30](#id5d8d9e19bd743a78743a5e2ae7f375f_949) |
| <u>[Item 2.](#id5d8d9e19bd743a78743a5e2ae7f375f_952)</u> | <u>[Properties](#id5d8d9e19bd743a78743a5e2ae7f375f_952)</u> | [31](#id5d8d9e19bd743a78743a5e2ae7f375f_952) |
| <u>[Item 3.](#id5d8d9e19bd743a78743a5e2ae7f375f_982)</u> | <u>[Legal Proceedings](#id5d8d9e19bd743a78743a5e2ae7f375f_982)</u> | [31](#id5d8d9e19bd743a78743a5e2ae7f375f_982) |
| <u>[Item 4.](#id5d8d9e19bd743a78743a5e2ae7f375f_997)</u> | <u>[Mine Safety Disclosures](#id5d8d9e19bd743a78743a5e2ae7f375f_997)</u> | [32](#id5d8d9e19bd743a78743a5e2ae7f375f_997) |
| **<u>[PART II.](#id5d8d9e19bd743a78743a5e2ae7f375f_955)</u>** |  |  |
| <u>[Item 5.](#id5d8d9e19bd743a78743a5e2ae7f375f_958)</u> | <u>[Market for Registrant's Common Equity, Related Member Matters and Issuer Purchases of Equity Securities](#id5d8d9e19bd743a78743a5e2ae7f375f_958)</u> | [33](#id5d8d9e19bd743a78743a5e2ae7f375f_958) |
| <u>[Item 6.](#id5d8d9e19bd743a78743a5e2ae7f375f_961)</u> | <u>[Reserved](#id5d8d9e19bd743a78743a5e2ae7f375f_961)</u> | [34](#id5d8d9e19bd743a78743a5e2ae7f375f_961) |
| <u>[Item 7.](#id5d8d9e19bd743a78743a5e2ae7f375f_757)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#id5d8d9e19bd743a78743a5e2ae7f375f_757)</u> | [35](#id5d8d9e19bd743a78743a5e2ae7f375f_757) |
| <u>[Item 7A.](#id5d8d9e19bd743a78743a5e2ae7f375f_904)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#id5d8d9e19bd743a78743a5e2ae7f375f_904)</u> | [65](#id5d8d9e19bd743a78743a5e2ae7f375f_904) |
| <u>[Item 8.](#id5d8d9e19bd743a78743a5e2ae7f375f_25)</u> | <u>[Consolidated Financial Statements and Supplementary Data](#id5d8d9e19bd743a78743a5e2ae7f375f_25)</u> | [66](#id5d8d9e19bd743a78743a5e2ae7f375f_25) |
| <u>[Item 9.](#id5d8d9e19bd743a78743a5e2ae7f375f_964)</u> | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#id5d8d9e19bd743a78743a5e2ae7f375f_964)</u> | [150](#id5d8d9e19bd743a78743a5e2ae7f375f_964) |
| <u>[Item 9A.](#id5d8d9e19bd743a78743a5e2ae7f375f_967)</u> | <u>[Controls and Procedures](#id5d8d9e19bd743a78743a5e2ae7f375f_967)</u> | [150](#id5d8d9e19bd743a78743a5e2ae7f375f_967) |
| <u>[Item 9B.](#id5d8d9e19bd743a78743a5e2ae7f375f_970)</u> | <u>[Other Information](#id5d8d9e19bd743a78743a5e2ae7f375f_970)</u> | [150](#id5d8d9e19bd743a78743a5e2ae7f375f_970) |
| <u>[Item 9C.](#id5d8d9e19bd743a78743a5e2ae7f375f_973)</u> | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#id5d8d9e19bd743a78743a5e2ae7f375f_973)</u> | [150](#id5d8d9e19bd743a78743a5e2ae7f375f_973) |
| **<u>[PART III.](#id5d8d9e19bd743a78743a5e2ae7f375f_1003)</u>** |  |  |
| <u>[Item 10.](#id5d8d9e19bd743a78743a5e2ae7f375f_1006)</u> | <u>[Directors, Executive Officers and Corporate Governance](#id5d8d9e19bd743a78743a5e2ae7f375f_1006)</u> | [151](#id5d8d9e19bd743a78743a5e2ae7f375f_1006) |
| <u>[Item 11.](#id5d8d9e19bd743a78743a5e2ae7f375f_1009)</u> | <u>[Executive Compensation](#id5d8d9e19bd743a78743a5e2ae7f375f_1009)</u> | [151](#id5d8d9e19bd743a78743a5e2ae7f375f_1009) |
| <u>[Item 12.](#id5d8d9e19bd743a78743a5e2ae7f375f_1012)</u> | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Member Matters](#id5d8d9e19bd743a78743a5e2ae7f375f_1012)</u> | [151](#id5d8d9e19bd743a78743a5e2ae7f375f_1012) |
| <u>[Item 13.](#id5d8d9e19bd743a78743a5e2ae7f375f_1015)</u> | <u>[Certain Relationships and Related Transactions, and Directors Independence](#id5d8d9e19bd743a78743a5e2ae7f375f_1015)</u> | [151](#id5d8d9e19bd743a78743a5e2ae7f375f_1015) |
| <u>[Item 14.](#id5d8d9e19bd743a78743a5e2ae7f375f_1018)</u> | <u>[Principal Accountant Fees and Services](#id5d8d9e19bd743a78743a5e2ae7f375f_1018)</u> | [151](#id5d8d9e19bd743a78743a5e2ae7f375f_1018) |
| **<u>[PART IV.](#id5d8d9e19bd743a78743a5e2ae7f375f_1021)</u>** |  |  |
| <u>[Item 15.](#id5d8d9e19bd743a78743a5e2ae7f375f_1024)</u> | <u>[Exhibits, Consolidated Financial Statement Schedules](#id5d8d9e19bd743a78743a5e2ae7f375f_1024)</u> | [151](#id5d8d9e19bd743a78743a5e2ae7f375f_1024) |
| <u>[Item 16.](#id5d8d9e19bd743a78743a5e2ae7f375f_1033)</u> | <u>[Form 10-K Summary](#id5d8d9e19bd743a78743a5e2ae7f375f_1033)</u> | [154](#id5d8d9e19bd743a78743a5e2ae7f375f_1033) |
| <u>[Signatures](#id5d8d9e19bd743a78743a5e2ae7f375f_1036)</u> | <u>[Signatures](#id5d8d9e19bd743a78743a5e2ae7f375f_1036)</u> | [155](#id5d8d9e19bd743a78743a5e2ae7f375f_1036) |

---

i

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**GLOSSARY OF KEY TERMS**

When the following terms and abbreviations appear in the text of this report, except as otherwise indicated, they have the meanings indicated below:

---

| | |
|:---|:---|
| Acquisition | The management internalization transaction completed by the Company on May 19, 2022 |
| Adjusted EBITDA | A non-GAAP financial measure that the Company uses as a performance measure as well as for internal planning purposes |
| Advisers Act | The Investment Advisers Act of 1940 |
| Advisory Agreement | Fourth Amended and Restated Advisory Agreement between Greenbacker Renewable Energy Company LLC and Greenbacker Capital Management LLC |
| AEC Companies | LED Funding LLC and Renew AEC One LLC |
| ASC | Accounting Standards Codification |
| ASU | Accounting Standards Update |
| Aurora Solar | Aurora Solar Holdings, LLC |
| CES | Clean Energy Standards |
| COD | Commercial Operations Date |
| CODM | Chief Operating Decision Maker |
| Contribution Agreement | Contribution agreement between Greenbacker Renewable Energy Company LLC and Greenbacker Capital Management LLC's former parent, Greenbacker Group LLC under which the Acquisition was implemented |
| DRP | Distribution Reinvestment Plan |
| Earnout Shares | Class EO common shares issued as part of the Acquisition |
| EBITDA | A non-GAAP financial measure that adjusts income before income taxes to exclude interest, depreciation expense and amortization expense |
| EPC | Engineering, procurement, and construction |
| Exchange Act | Securities Exchange Act of 1934 |
| FASB | Financial Accounting Standards Board |
| FFO | A non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain non-recurring items that are not indicative of the ongoing operating performance of the business |
| Fifth Operating Agreement | Fifth Amended and Restated Limited Liability Company Operating Agreement of Greenbacker Renewable Energy Company LLC |
| GCM | Greenbacker Capital Management LLC |
| GDEV | Greenbacker Development Opportunities Fund I, LP |
| GDEV B | Greenbacker Development Opportunities Fund I (B), LP |
| GDEV GP | Greenbacker Development Opportunities Fund GP I, LLC |
| GDEV GP II | Greenbacker Development Opportunities GP II, LLC |
| GDEV I | Greenbacker Development Opportunities Fund I, LP and Greenbacker Development Opportunities Fund I, LP (B) |
| GDEV II | Greenbacker Development Opportunities Fund II, LP and Greenbacker Development Opportunities Fund II, LP (B) |
| GREC | Greenbacker Renewable Energy Corporation, a Maryland corporation |
| GDEV OYA Lender | GDEV OYA Lender LLC |
| GREC HoldCo or GREC Entity HoldCo | GREC Entity HoldCo LLC, a wholly owned subsidiary of GREC |
| GREC II | Greenbacker Renewable Energy Company II, LLC |
| Greenbacker Administration or Administrator | Greenbacker Administration LLC, a wholly-owned subsidiary of GREC |
| Group LLC | Greenbacker Group LLC |
| GROZ | Greenbacker Renewable Opportunity Zone Fund LLC |
| GROZ, GDEV I, GDEV II and GREC II | The managed funds |
| GW | Gigawatts |
| HLBV | Hypothetical Liquidation at Book Value |
| IM | The Investment Management segment represents GCM's investment management platform – a renewable energy, energy efficiency and sustainability-related project acquisition, consulting and development company that is registered as an investment adviser under the Advisers Act |
| IPP | The Independent Power Producer segment represents the active management and operations of the Company's fleet of renewable energy projects. |
| IRA | Inflation Reduction Act of 2022 |
| IRS | Internal Revenue Service |

---

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

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| | |
|:---|:---|
| ITC | Investment Tax Credit |
| kWh | Kilowatt hours |
| LP | Limited partner |
| LPU | Liquidation Performance Unit |
| LPU Holder | GB Liquidation Performance Holder LLC |
| MSV | Monthly share value |
| MW | Megawatts: (DC) for all solar assets and (AC) for wind assets |
| MWh | Megawatt Hours |
| NAV | Net asset value |
| NCI | Noncontrolling interests |
| OBBBA | One Big Beautiful Bill Act of 2025 |
| OYA | OYA-Rosewood Holdings LLC, previously OYA Solar B1 Intermediate Holdco LLC |
| PPA | Power Purchase Agreement |
| PTC | Production Tax Credit |
| PTO | Permission to Operate |
| REC | Renewable Energy Credit |
| RNCI | Redeemable noncontrolling interests |
| ROU | Right-of-use asset |
| RPS | Renewable Portfolio Standards |
| SEC | Securities and Exchange Commission |
| Service Recipients | Group LLC, in connection with the Acquisition entered into a transition services agreement with Greenbacker Administration |
| SOFR | Secured Overnight Financing Rate |
| Special Unit | Prior to the Acquisition, referred to the special unit of the limited liability company interest in the Greenbacker Renewable Energy Company LLC entitling the Special Unitholder to a performance participation fee |
| Special Unitholder | GREC Advisors, LLC, a Delaware limited liability company, which is a subsidiary of GCM |
| SRP | Share Repurchase Program |
| Tax Equity Investors | Third-party passive investors under tax equity financing facilities |
| TCJA | Tax Cuts and Jobs Act of 2017 |
| TCPA | Tax Credit Purchase Agreement |
| Transition Services Agreement | In connection with the Acquisition, the Service Recipients entered into a Transition Services Agreement |
| U.S. GAAP | U.S. generally accepted accounting principles |
| VIE | Variable interest entities |
| We, us, our and the Company | Greenbacker Renewable Energy Company LLC and its subsidiaries |

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iii

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Forward-Looking Statements**

Various statements in this Annual Report on Form 10-K (this "Annual Report"), including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects, revenues, income and capital spending. We generally identify forward-looking statements with the words "believe," "intend," "expect," "seek," "may," "will," "should," "would," "anticipate," "could," "estimate," "plan," "predict," "project" or their negatives, and other similar expressions. All statements we make relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results, or to our expectations regarding future industry trends, are forward-looking statements. The forward-looking statements contained in this Annual Report are largely based on our expectations, which reflect many estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. In addition, assumptions about future events may prove to be inaccurate. We caution all readers that the forward-looking statements contained in this Annual Report are not guarantees of future performance, and we cannot assure any reader that such statements will prove correct or that the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to the numerous risks and uncertainties as described under Part I — Item 1A. Risk Factors in this Annual Report on Form 10-K for the year ended December 31, 2025. All forward-looking statements are based upon information available to us on the date of this Annual Report. We undertake no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, except as otherwise required by law. Readers are advised to consult any additional disclosures that we may make directly or through reports that we in the future may file with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These cautionary statements qualify all forward-looking statements attributable to us, or persons acting on our behalf. The risks, contingencies and uncertainties associated with our forward-looking statements relate to, among other matters, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increasing volatility of the global financial markets and uncertain economic conditions, as a result of changes in interest rates, inflationary pressures, recessionary concerns, global supply chain issues or changes in U.S. or foreign trade policies, including the imposition of additional tariffs and other trade barriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse impacts of inflationary pressures and other changes in the economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to complete the under construction renewable energy projects that we acquire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to obtain or re-negotiate long-term contracts for the sale of our power produced by our projects on favorable terms and our inability to meet certain milestones and other performance criteria under existing power purchase agreements ("PPAs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our relationships with project developers, lawyers, investment and commercial banks, individual and institutional investors, consultants, diligence specialists, engineering, procurement, and construction ("EPC") companies, contractors, renewable energy technology manufacturers (such as panel manufacturers), solar insurance specialists, component manufacturers, software providers and other industry participants in the renewable energy, capital markets and project finance sectors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in supply, demand, prices and other conditions for electricity, other commodities and renewable energy credits ("RECs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public response to and changes in the local, state and federal regulatory framework affecting renewable energy projects, including the potential expiration or extension of the production tax credit ("PTC") and investment tax credit ("ITC"), potential reductions in renewable portfolio standard ("RPS") requirements, and the impacts of the passage of the Inflation Reduction Act of 2022 ("IRA");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax and other laws, regulations and policies, including, without limitation, the potential effects of the newly enacted legislation commonly referred to as the One Big Beautiful Bill Act ("OBBBA") and actions of the past, current or future administrations that could impact renewable energy projects in the United States by accelerating phase-outs of IRA energy tax credits and imposing new compliance and planning considerations for solar and wind facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The outcome of our exploration of strategic alternatives and our ability to consummate any such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition from other energy developers and asset managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the worldwide demand for electricity and the market for renewable energy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability or inability of conventional fossil fuel-based generation technologies to meet the worldwide demand for electricity;

iv

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our competitive position and our expectation regarding key competitive factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with changes in the fair value of our investments and the methods we use to estimate the fair value of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with our hedging strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential environmental liabilities and the cost of compliance with applicable environmental laws and regulations, which may be material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our electrical production projections (including assumptions of curtailment and facility availability) for our renewable energy projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to operate our business efficiently, manage costs (including salary and compensation related expenses and other general and administrative expenses) effectively and generate cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability of suitable renewable energy resources and other weather conditions that affect our electricity production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of litigation, including administrative and other proceedings or investigations relating to our renewable energy projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-payment by customers and enforcement of certain contractual provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the lack of a public trading market for our shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to make and the amount and timing of anticipated future distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with possible disruption in our operations or the economy generally due to terrorism, natural or man-made disasters, pandemics or threatened or actual armed conflicts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future changes in laws or regulations and conditions in our operating areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the loss of our exemption from the definition of an "investment company" under the Investment Company Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with litigation and investigation or enforcement actions by regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fiscal policies or inaction at the U.S. federal government level, which may lead to federal government shutdowns or negative impacts on the U.S economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to obtain financing or raise capital to achieve our business plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to attract and retain qualified personnel, increased labor costs, and the unavailability of skilled workers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with non-compliance with certain covenant requirements under our credit facilities.

Investors and others should note that we may announce material business and financial information to our investors using our website (www.greenbackercapital.com), U.S. SEC filings, webcasts, press releases and conference calls. We use these mediums to communicate with investors and the general public. It is possible that the information that we make available may be deemed to be material information. We therefore encourage investors, the media, and others interested in us to review the information that we post on our website.

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**PART I**

**ITEM 1. BUSINESS**

The use of "we", "us", "our" and the "Company" refer, collectively to the Greenbacker Renewable Energy Company LLC and its subsidiaries, unless otherwise expressly stated or context otherwise requires. This report does not constitute an offer of any of the Company's managed funds described herein.

**Organizational Overview**

Greenbacker Renewable Energy Company LLC (the "Company" or "GREC LLC") is a Delaware limited liability company formed in December 2012. The Company is an energy transition, renewable energy and investment management ("IM") company that acquires, constructs and operates renewable energy and energy efficiency projects, as well as finances the construction and/or operation of these and other sustainable development projects and businesses and provides investment management services to funds within the sustainable infrastructure and renewable energy industry through Greenbacker Capital Management LLC ("GCM"). As of December 31, 2025, the Company's fleet comprised 220 renewable energy projects with an aggregate power production capacity of approximately 2.8 gigawatts ("GW"), which includes operating capacity of approximately 1.4 GW and pre-operational capacity of approximately 1.4 GW. As of December 31, 2025, GCM serves as the registered investment adviser of four funds in the sustainable and renewable energy industry. The Company conducts substantially all its operations through its wholly owned subsidiary, GREC. The Company's fiscal year-end is December 31.

The Company conducted public offerings of Class A, C, and I shares of limited liability company interests commenced in August 2013 and terminated on March 29, 2019, raising a total of $253.4 million, along with Class A, C, and I shares pursuant to the Company's distribution reinvestment plan ("DRP"). The Company also privately offered Class P-A, P-I, P-D, P-T and P-S shares between April 2016 and March 16, 2022, raising a total of $1.4 billion. The Company also offered the share repurchase program ("SRP") pursuant to which quarterly share repurchases were conducted to allow shareholders to sell shares back to the Company. The Company suspended both the DRP and the SRP (except with respect to repurchase requests made in connection with the death, qualifying disability or determination of incompetence of a shareholder). Refer to Part II — Item 8 — Note 18. Equity in the Notes to the Consolidated Financial Statements for further details.

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The organizational structure chart below depicts a simplified version of our structure as of the date of the filing of this Annual Report. This structure chart does not include all legal entities:

![cik0001563922-20251231_g1.jpg](cik0001563922-20251231_g1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Held directly or through entities owned by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Greenbacker Administration performs certain operational management, construction management, compliance and oversight services, as well as asset accounting and administrative services, for certain of our managed funds. Refer to Part II — Item 8 — Note 16. Related Parties in the Notes to the Consolidated Financial Statements for further details on these agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> GCM is a SEC-registered investment adviser and provides investment management services to our managed funds: GROZ, GDEV I, GDEV II, and GREC II.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> We hold a 75.00% interest in the general partner of one of our managed funds, GDEV GP. The amended and restated limited partnership agreements of GDEV I provide GDEV GP a 20.00% carried interest over an 8.00% hurdle, subject to side letter agreements. In addition, we hold a 75.00% interest in the general partner of one of our managed funds, GDEV GP II. The amended and restated limited partnership agreements of GDEV II provide GDEV GP II a 20.00% carried interest over an 8.00% hurdle, subject to side letter agreement. Refer to Part II — Item 8 — Note 16. Related Parties in the Notes to the Consolidated Financial Statements for further details on these interests.

**Business Overview**

The Company's business objective is to generate attractive risk-adjusted returns for its shareholders by actively acquiring and financing the construction and/or operation of income-generating renewable energy, energy efficiency and sustainable development projects, primarily within North America, as well as by providing investment management services as an active third-party investment manager to funds within the sustainable infrastructure and renewable energy industry where the Company expects to receive investment management and incentive fees.

The Company currently categorizes its business in two reportable segments as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *IPP –* The IPP business represents the active management and operations of the Company's fleet of renewable energy projects. The Company's renewable energy projects generally earn revenue through the sale of generated electricity as well as through the sale of other commodities such as RECs and the provision of battery storage services. In certain cases, the Company also serves as a minority member in renewable energy projects where it does not actively manage and operate the project but receives periodic dividends.

The IPP business includes the direct costs to develop, construct and operate the Company's fleet, including costs such as operations and maintenance, repairs, and other costs incurred at the project / site level as well as the allocable portion of the Company's General and administrative expenses, which represents overhead functions such as: finance and accounting, legal, information technology, human resources and other general functions that support the operations of IPP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** *IM* – The IM business represents GCM's investment management platform – a renewable energy company that is registered as an investment adviser under the Advisers Act. The IM business also includes administrative services provided by Greenbacker Administration for managed funds in the renewable energy industry.

The Company's IM business includes the direct costs incurred for the investment management services for managed funds and other marketing and investor relation services including costs to raise and deploy capital for such funds. The IM business also includes the allocable portion of the Company's General and administrative expenses, which represents overhead functions such as: finance and accounting, legal, information technology, human resources and other general functions that support the operations of IM.

The segment discussion following, and included in Part II — Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations within this Annual Report, reflects information on our businesses as of December 31, 2025.

***Independent Power Producer Segment***

The Company's growth strategy for the IPP segment is to continue to build a diversified portfolio of renewable energy, energy efficiency and other sustainability-related projects and businesses. Our preferred acquisition strategy is to acquire controlling equity stakes in our target assets or to be named the managing member of a limited liability company in order to oversee and supervise its operations. However, we may also provide financing to projects owned by others, including through the provision of secured loans which may or may not include some form of equity participation. We may change our acquisition strategies without prior notice or shareholder approval. We may also provide projects with senior unsecured debt, subordinated unsecured debt, convertible debt, preferred equity, and make minority equity investments.

The Company primarily owns and operates solar, wind, energy storage and other energy efficiency assets. Although the Company believes solar energy assets generally offer more predictable power generation characteristics, technological advances in wind turbines and other energy-generation technologies coupled with various government incentives, make wind energy and other types of assets attractive. The Company invested in three wind repower projects in 2023 and 2024 with advanced technology that enabled the Company to erect more efficient wind turbines to increase productivity. The Company expects to continue to maintain a diversified portfolio of assets intended to help maximize its overall financial performance by leveraging its industry knowledge,

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As of December 31, 2025, our fleet comprised 220 renewable energy projects with an aggregate power production capacity of approximately 2.8 GW when fully operational. The tables below provide a breakdown for the number of the Company's operating and pre-operational renewable energy projects and power production capacities for the Company's entire fleet:

---

| | | |
|:---|:---|:---|
| **Technology** | **Number of Assets** | **Number of Assets** |
| **Technology** | **Operating** | **Pre-Operating** |
| Solar | 166 | 15 |
| Wind | 14 |  |
| Battery Storage | 21 | 3 |
| Energy Efficiency | 1 |  |
| Total | **202** | **18** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Size (MW)**<sup>(1)</sup> | **Size (MW)**<sup>(1)</sup> | **Percent capacity (%)** | **Percent capacity (%)** |
|<br>**Technology** | **Operating** | **Pre-Operating** | **Operating** | **Pre-Operating** |
| Solar | 950.3 | 1353.8 | 71.1% | 99.3% |
| Wind | 376.4 |  | 28.2% | —% |
| Battery Storage | 9.1 | 9.8 | 0.7% | 0.7% |
| **Total** | **1335.8** | **1363.6** | **100.0%** | **100.0%** |

---

We maintain a diversified fleet of renewable energy projects by industry type as illustrated above and by geographic region. As of December 31, 2025, our fleet was spread across 23 states, Canada, Puerto Rico and Washington, D.C.

The table below presents a summarized regional breakdown of the Company's fleet across the U.S. as of December 31, 2025:

---

| | |
|:---|:---|
| **REGIONAL BREAKDOWN** | **REGIONAL BREAKDOWN** |
| **Region** | **Percent capacity (%)** |
| East | 38.9% |
| Mid-West | 26.0% |
| Mountain | 27.0% |
| West | 7.3% |
| South | 0.8% |
| **Total** | **100.0%** |

---

The table below presents a summarized breakdown of the Company's contracted offtakers by counterparty type and creditworthiness as of December 31, 2025:

---

| | |
|:---|:---|
| **HIGH-CREDIT QUALITY OFFTAKERS BREAKDOWN** | **HIGH-CREDIT QUALITY OFFTAKERS BREAKDOWN** |
| **Offtaker** | **Percent capacity (%)** |
| Investment-Grade Utility | 84.0% |
| Investment-Grade Municipality | 2.8% |
| Investment-Grade Corporation | 7.8% |
| Non-Rated<sup>(1)</sup> | 5.4% |
| **Total** | **100.0%** |

---

(1)Unrated by credit rating agencies.

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Our renewable energy projects generate revenue primarily by selling: (1) generated electric energy and/or capacity to local utilities and other high-quality utility, municipal, corporate and in the case of community solar, residential counterparties; and (2) RECs and other commodities associated with renewable generation or related incentives. We acquire or finance projects that contain transmission infrastructures and access to power grids or networks that enable the generated power to be sold. We generally expect our projects will have PPAs with one or more counterparties, including local utilities or other high-credit-quality counterparties, who agree to purchase the electricity generated from the project. We refer to these PPAs as "must-take contracts," and we refer to these other counterparties as "offtakers." These must-take contracts in general are output-based and guarantee that all electricity generated by each project will be purchased. As of December 31, 2025, the PPA contracts in our existing operating fleet have approximately 17 weighted average years remaining prior to exposure to market prices.

Although we intend to work primarily with high-credit-quality counterparties, if an offtaker cannot fulfill its contractual obligation to purchase the power, we generally can sell the power to the local utility or other suitable counterparty, which would potentially ensure that revenue is generated for all solar electricity generation. We may also generate revenue from the receipt of interest and distributions from investments in our target assets. We employ a rigorous credit underwriting process for each of our contractual counterparties, including: (1) identification of high-credit-quality counterparties with appropriate bonding and insurance capacity; (2) where available, the review of counterparty financial statements and/or publicly available credit rating reports; (3) worst-case analysis testing of assets; and (4) ongoing monitoring of acquired assets and counterparty creditworthiness, including monitoring the public credit ratings reports issued by Moody's and Standard and Poor's.

Our PPAs, when structured with utilities and other large commercial users of electricity, are generally long-term in nature, tied to 100% of the output of the specific generating asset. Although we generally focus on projects with long-term contracts that ensure price certainty, we may also look for projects with shorter-term arrangements that will allow us to participate in market rate changes, which may lead to higher current income.

A number of the PPAs for our projects are structured as "behind-the-meter" agreements with residential, commercial or government entities. Under the agreements, all electricity generated by a project will be purchased by the offtaker at an agreed-upon rate that may be set at a slight discount to the retail electric tariff rate for the offtaker. These agreements also typically provide for annual rate increases over the term of the agreement, although that is not a necessary requirement. The behind-the-meter agreement is generally long-term in nature, and further provides that, should the offtaker fail to fulfill its contractual obligation and electricity that is not purchased by the offtaker may be sold to the local utility, usually at an equivalent wholesale spot electric rate, more typically the projects would have remedies available in terms of make whole and termination provisions that seek to satisfy the required economics of the deal.

*Acquisition of Pre-Operating and Operating Assets*

The Company participates in pre-operating projects that are similar to our existing operating assets in terms of the long-term risks, with potential additional returns due to additional risks in the early stages of the investment lifecycle. The Company primarily focuses on four basic investment categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.*Operating Assets* – We acquire and invest in solar, wind and other alternative energy assets that are already in commercial operation and generating investment returns through the sale of contracted electricity and environmental attributes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.*Assets before their commercial operation date ("COD")* – We purchase assets that have been constructed by developers but have not been placed in service. Functionally, these assets are generally ready to generate electricity but have not reached a milestone known as permission to operate ("PTO") with the local utility or COD. Although investing before PTO and COD may generate a modest investment premium, the primary advantage of this approach is the maximization of the contracted cash flow term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.*Assets at Notice to Proceed ("NTP")* – We invest in assets that have not yet been constructed but that have executed substantially all material contracts required for operation and the permits necessary to commence construction, a milestone commonly referred to as NTP. Assets acquired at the NTP stage generally involve construction and development risks that are greater than those associated with COD assets or operating assets. Investing at this stage allows the Company to participate earlier in the project lifecycle and, in certain cases, to influence equipment selection and construction practices. This investment strategy has supported the development of a proprietary pipeline of investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.*Special Situations* – We may selectively pursue investment opportunities involving projects that are subject to technical or financial challenges at either the project or owner level. In situations where these challenges can be addressed through the application of our in-house technical, operational, and financial expertise, we may make limited investments in such projects. These investments are intended to complement our core business activities and leverage our existing capabilities.

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*Investment and Financing Strategy*

We believe that acquiring renewable energy projects across all four categories discussed above may provide opportunities to generate returns over the medium term, diversify our portfolio, and develop a pipeline of potential investment opportunities. However, investments in pre-operational projects could have a negative impact on near-term cash flows, as significant amounts of capital are allocated to non-yielding assets. To address these effects, management continues to evaluate financing structures that may enable a larger portion of investable capital to be directed toward income-generating assets. As the size of our portfolio increases, our ability to access more advanced financing products may also improve.

We supplement our equity capital and seek to enhance potential returns to our shareholders through the use of prudent levels of borrowings at both the corporate and project levels. In addition to any corporate-level credit facilities or other secured or unsecured borrowings, we may utilize project-level financing, including back-leverage loans, construction loans, tax equity bridge loans, tax credit transfer bridge loans, property mortgages, letters of credit, and sale-leaseback transactions, which may be secured or unsecured. We may also issue publicly or privately placed debt instruments. When appropriate, we may replace short-term sources of capital with long-term financing. Our indebtedness may be recourse or non-recourse and may be cross-collateralized. We may invest in assets subject to existing liens or refinance indebtedness on assets acquired on a leveraged basis. Proceeds from borrowings may be used to acquire assets, refinance existing debt, finance investments, fund distributions, or for general corporate purposes. Additionally, we may utilize tax equity structures to monetize U.S. federal income tax attributes.

***General Market Overview for Alternative Energy Projects***

The U.S. power industry, which includes electricity generation and transmission, is structured to provide a sufficient, reliable and continuous supply of electricity to end users to meet varying demand on a minute-by-minute basis. Historically, the electricity supply has been dominated by fossil fuels, including coal and natural gas, as well as nuclear and hydroelectric generation. The growth of renewable energy has created opportunities in adjacent areas, including energy storage and grid enhancements. In addition, increasing adoption of electric vehicles has driven demand for investment in charging infrastructure. Expanding data center activity, driven by advances in cloud computing and artificial intelligence, has also contributed to higher electricity demand. Policy initiatives aimed at promoting industrial manufacturing and data center development are expected to further accelerate electricity demand in the U.S.

The federal policy landscape in 2025 has created a dynamic environment that may impact our business and financial results. The recent changes to the ITCs under the OBBBA could have an adverse effect on our business. However, we believe that renewable energy and the energy transition are poised to gain market share, driven by several supportive trends. The EIA anticipates that consumption of renewable energy and the need for additional battery storage will grow significantly by 2050, supported by decreasing technology costs:

*The decline of coal:* The U.S. coal industry has rapidly declined in the face of lower-cost natural gas and renewable energy, as well as regulations designed to reduce greenhouse gas emissions and protect public health.

*Falling price of renewables and storage:* The cost of renewable energy and energy storage has fallen substantially over the past decade, making renewable energy the lowest-cost provider of new generation in many markets.

*State mandates:* States' clean energy goals and mandates to use more renewable energy sources have contributed to the historic growth of renewables and are likely to drive further growth.

*Federal support*: Federal incentives have historically driven growth in renewable energy. The IRA of 2022 offered long-term tax credits and bonus provisions for clean energy projects. In 2025, the OBBBA introduced changes that accelerate the phase-out of these tax credits, add stricter domestic content requirements, and restrict eligibility for projects involving certain foreign entities of concern. While some transitional benefits remain, these changes may reduce our ability to qualify for certain tax credits and create uncertainty that could affect project economics and timelines. The Company continues to monitor Treasury and IRS guidance and other recent legislative and regulatory developments.

*Environmental concerns:* Reliance on fossil fuels has contributed to excessive greenhouse gas emissions, a key driver of global climate change and other environmental challenges. As a result, public support for a transition to renewable energy has grown. These factors, among others, have shifted renewable energy from a niche market to a central role in U.S. power generation. We expect this trend to continue, particularly driving growth in solar and wind generation and battery storage.

*Tax Equity Capital Sources in the Renewable Energy Market*

Our ability to raise capital from Tax Equity Investors and lenders on competitive terms to help finance the development, construction, and operations of our projects has been and will continue to be a significant driver of our further growth. Our ability to raise capital from Tax Equity Investors and lenders may be affected by general economic conditions, the state of the capital markets, inflation levels, and concerns about our industry or business.

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Tax equity is a critical source of financing for renewable energy projects, allowing investors to provide capital in exchange for tax benefits and a share of project cash flows. The federal government first introduced renewable energy tax credits with the Energy Tax Act of 1978, with the aim of supporting sustainable energy infrastructure and reducing dependence on foreign and non-renewable energy sources. The Act allowed businesses and individuals to reduce their tax bills by a percentage of the amount they spent on qualified investments in property and equipment for solar and wind energy (up to certain limits). Since then, these incentives have expanded significantly, offering larger tax credits and additional benefits such as accelerated depreciation. Tax equity investors—typically financial institutions, insurance companies, or corporations—contribute capital during construction milestones and receive in return a portion of tax credits, other tax benefits, and project cash flows. There are two main federal tax credits provided for renewable energy projects, ITCs and PTCs, as discussed in more detail below.

In general, our tax equity investments are structured using the "partnership flip" structure. Under partnership flip structures, we and our Tax Equity Investors contribute cash into a partnership to fund the acquisition of renewable energy or energy storage systems. Upon the satisfaction of certain conditions precedent, tax equity fund commitments become available. The conditions precedent to funding vary across our tax equity funds but generally require that we have entered into a PPA with a creditworthy offtaker, the renewable energy system is expected to be eligible for the Section 48E ITC or Section 45Y PTC, there is a recent appraisal from an independent appraiser establishing the fair market value of the renewable energy system, certain construction milestones are met and verified by an independent engineer and the property is in an approved state or territory. Initially, the tax equity investor receives substantially all of the non-cash value attributable to the renewable energy systems and energy storage systems, which includes accelerated depreciation and Section 48E ITCs or Section 45Y PTCs; however, we typically receive a majority of the operating cash distributions, which are generally paid quarterly. The tax allocations then flip once certain time- or yield-based milestones are met. Time-based flips occur on a set date after a five-year recapture period while yield-based flips occur after the tax equity investor achieves a specified return typically on an after-tax basis. After the flip occurs, we receive substantially all of the remaining cash and tax allocations. In addition, ITCs and PTCs can be transferred to an unrelated purchaser for cash, providing an additional path, along with traditional tax equity investment structures, for the Company to monetize the value of its ITCs and PTCs.

***Current Competition in the Alternative Energy — Solar Marketplace***

The solar financing market is still a relatively new phenomenon and is not as well developed as in other asset classes. Currently in the renewable energy marketplace, there are several sources of capital:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Developer/Owner Operators.** The major competition we face in the market comes from privately backed developer–owner operators that are typically capitalized through a combination of family offices, private equity funds, and hedge funds. These competitors generally target relatively larger returns and seek to maximize sponsor value through the aggregation of portfolios of operating assets that generate stable and predictable cash flows, with a significant portion of returns realized upon exit. We believe that these competitors are sensitive to conditions in the equity capital markets and may become capital constrained during periods of market volatility or downturns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Institutional Investors and Utilities.** This sector is composed primarily of large life insurance companies, pension funds, infrastructure funds, and major public utilities, and it dominates investment in larger-scale projects. We encounter these participants most often when pursuing the larger projects within our portfolio, where their substantial capital resources and long-term investment horizons may make them well suited to finance large renewable energy developments.

In management's view, the Company has been competitive in bidding for solar assets against these sources of capital and maintains a significant pipeline of potential transactions.

***Opportunities in Solar Power Today***

There is a growing trend among U.S. corporations to partner with developers and financiers to procure renewable power for their operations. Motivated by cost savings, long-term electricity price certainty and support for sustainability, the commercial and industrial sector is rapidly emerging as one of the most dynamic segments of the renewable energy project market. In parallel, several U.S. states have implemented programs to encourage the development of community solar projects, allowing groups of companies, municipalities, and individuals to purchase renewable power from local solar and wind facilities within their utility zones, and the Company has successfully acquired and continues to operate such projects.

The Company has focused on building long-term relationships with established and respected developers, with the objective of acquiring pipelines of projects rather than pursuing one-off transactions. By working closely with developers to help efficiently close their deals, we have developed a competitive advantage that has resulted in consistent and recurring deal flow. Importantly, our approach is differentiated from that of developer-owner operators, as we do not seek to compete with developers. Instead, we partner with them, enabling developers to concentrate on project development while we focus on financing and long-term ownership. This aligned and collaborative strategy has proven to be mutually beneficial.

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***Current Competition in the Alternative Energy — Wind Marketplace***

We expect near-term conditions for wind development to remain favorable, supported by strong underlying demand. Although policy uncertainty and higher turbine costs may present headwinds, we believe the sector will remain competitive in bidding for new projects. In addition, we see attractive opportunities to acquire operating wind assets that are approaching the end of their tax credit periods or that require repowering to extend their useful lives and improve performance.

***Opportunities in Wind Power Today***

Management believes that targeted investments in select wind opportunities provide increased diversification of cash flows, as wind assets generally perform better in the winter months, while solar assets tend to perform better in the summer. Management also believes the Company is well positioned to identify attractive assets in the wind sector. In addition, the Company may have opportunities to repower certain wind assets in its portfolio, potentially extending their useful lives and enhancing generation efficiency. Such repowering could also allow the Company to qualify for additional tax credits and secure incremental tax equity financing.

***General Market Overview for Battery Storage***

We believe that battery storage represents a growing investment opportunity, driven by its potential for sustained growth, new state mandates, and declining costs for both short-term and long-term storage solutions.

***Investment Management Segment***

The IM segment represents GCM's platform for sustainable infrastructure, renewable energy, energy efficiency, and other sustainability-related asset management. This business focuses on project acquisition, financing, consulting, and development, and is registered as an investment adviser under the Investment Advisers Act of 1940. The IM segment enables the Company to diversify its revenue streams by providing investment management and administrative services to investment funds on behalf of external stakeholders that invest in complementary areas of the sustainable infrastructure sector. Through the IM platform, the Company raises and deploys capital for managed funds in alignment with its overall mission, expanding its ability to address social and environmental challenges. The IM management team continues to develop commercial relationships and capital-raising processes across multiple industries. Together with the IPP business, the IM segment contributes to a complementary growth strategy, providing diversified revenue streams and additional avenues for raising capital, thereby reducing reliance on public capital markets for growth.

Services provided by the IM business include capital raising and deployment, marketing and investor relations, technical asset management, finance and accounting, and other administrative support for managed funds in the sustainable infrastructure and renewable energy industries. For certain funds, the Company may also be eligible to receive performance-based incentive fees.

*Greenbacker Renewable Opportunity Zone Fund*

GROZ is an investment vehicle focused on renewable energy opportunities located within "Qualified Opportunity Zones" as designated by the IRS, enabling the Company to capture potential growth and take advantage of incentives under the JOBS Act. Qualified Opportunity Zones are designated low-income communities in the U.S. that are targeted for capital investment, with the goal of promoting economic development and job creation. GROZ is currently closed to new investment.

Under GCM's advisory fee agreement with GROZ, base management fees are calculated at a monthly rate of 0.125% (1.50% annually) of the average gross invested capital of the vehicle. In addition, the Company is eligible to receive certain performance-based incentive fee distributions from GROZ, including upon liquidation, subject to thresholds defined in the amended and restated limited liability company operating agreement of GROZ.

*Greenbacker Development Opportunities Fund I & II*

GDEV launched in 2020, makes private equity and development capital investments in the sustainable infrastructure industry. GREC's investment in GDEV is complementary to the Company's core business, as it helps retain and strengthen existing project developer relationships, expand the number of developer relationships, generate incremental investment opportunities and provide the Company insights into new markets and industry trends. GDEV B launched in 2022, is a parallel fund to GDEV.

The amended and restated limited partnership agreements of GDEV I provide GDEV GP, the general partner of GDEV I, with a 20.00% carried interest participation over an 8.00% preferred return, subject to side letter agreements. The Company owns a 75.00% equity interest in GDEV GP. As of December 31, 2025, GDEV GP held a 2.00% interest in GDEV I.

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In March 2022, GDEV I was closed to new investors, and in November 2022, the Company launched a successor fund, GDEV II, which also makes private equity and development capital investments in the sustainable infrastructure sector. The Company receives management fees from GDEV I based on the aggregate cost basis of portfolio securities, management fees from GDEV II based on committed capital, and certain performance-based incentive fees from both GDEV I and GDEV II.

*Greenbacker Renewable Energy Company II, LLC*

GREC II was launched in May 2022 and is an investment vehicle focused on acquiring, owning and operating renewable energy projects with an emphasis on up-and-coming areas of the energy investment sector, including battery storage, mobility and other related investments. GREC II is structured as a total return vehicle prioritizing long-term internal rates of return over near-term cash yields. The vehicle deploys capital into both pre-construction and operating renewable energy projects, as well as energy efficiency, battery storage, mobility and other related investments. Under the advisory agreement, the Company receives management fees, administrative fees, and certain performance-based incentive fees from GREC II.

For additional information regarding these related-party arrangements, see Part II — Item 8 — Note 16. Related Parties, in the Notes to the Consolidated Financial Statements.

***General Market Overview for Investment Management***

While volatility persists in the public equity and debt markets, creating headwinds for the investment management industry generally, alternative investment managers continue to experience capital inflows, as investors seek to diversify away from public stocks and bonds into strategies that are less correlated with public market movements. Despite the challenging current market conditions, management believes opportunities remain due to comparatively less competition in the alternative investment space.

**Seasonality**

Certain types of renewable power generation exhibit seasonal patterns. For example, wind power generation is generally stronger in the winter, when wind speeds tend to be higher, while solar power generation is typically stronger in the summer primarily due to longer days and more intense sunlight. Because these seasonal variations are relatively predictable, management considers seasonality when evaluating potential acquisitions in these types of assets. As a result, the impact of seasonality on the Company's business, including income from renewable energy projects, depends on the composition and diversity of its portfolio across renewable energy, energy efficiency, and other sustainability-related investments. To the extent that acquisitions are concentrated in either solar or wind power, the Company's operations and revenues may exhibit greater seasonality based on the specific mix of renewable technologies.

**Overview of Significant Government Incentives**

The renewable energy and energy efficiency sector generally benefits from support and incentives at the U.S. federal, state, and local levels, designed to address technical barriers to deployment and to promote the adoption of renewable energy and energy-saving technologies. Certain energy efficiency projects may be eligible for government incentives that can offset project development costs. Similar incentives are also available from governments in other jurisdictions.

Corporate entities may access benefits through tax credits, including PTCs and ITCs, tax deductions, accelerated depreciation, and federal grants or loan guarantees, such as those offered by the U.S. Department of Energy. The following describes certain U.S. federal and state government incentives that the Company leverages in executing its business strategy.

***U.S. Federal Incentives***

*Corporate Depreciation: Modified Accelerated Cost Recovery System ("MACRS")*

Under MACRS, certain renewable energy and energy efficiency projects are eligible to recover capital investments through accelerated depreciation. Bonus depreciation under Section 168(k) of the Internal Revenue Code was subject to a phase-down under prior law, with percentages scheduled to decline for property placed in service in successive years. However, recent tax legislation enacted in 2025 restored 100% bonus depreciation and made it permanent for most qualifying property acquired and placed in service on or after January 20, 2025, allowing immediate expensing of the full cost of such property in the year it is placed in service. Property acquired (or under a binding contract) before January 20, 2025 generally remains subject to the earlier phase-down schedule. Certain renewable energy assets and energy storage technologies may also qualify as five-year property under MACRS for cost-recovery purposes. These accelerated cost recovery provisions affect the timing of tax deductions for capital investments, enhancing cash flow and the economics of qualifying projects.

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*Inflation Reduction Act ("IRA")*

The IRA of 2022 significantly revised the Internal Revenue Code by expanding and modifying federal tax credits and incentives for clean energy development and production. The IRA extended and enhanced the ITCs and PTCs, including increased credit amounts for projects that satisfy prevailing wage, registered apprenticeship, and domestic content requirements. However, subsequent legislation and regulatory actions under the OBBBA introduced in 2025 scaled back certain clean-energy tax incentives under the IRA by accelerating phase-outs for certain clean energy credits, imposing restrictions related to foreign entities of concern, and establishing new beginning of construction and placed-in-service deadlines for project eligibility. Beginning January 1, 2025, the traditional technology-specific ITC and PTC for new projects were replaced by technology-neutral credits: the Clean Electricity Investment Tax Credit under Section 48E and the Clean Electricity Production Tax Credit under Section 45Y. These credits apply to qualified zero-emission electricity generation facilities and generally retain prevailing wage, apprenticeship, and bonus credit structures. The IRS has issued guidance clarifying certain eligibility and compliance requirements, including safe harbor rules for establishing beginning of construction. These changes have shortened development timelines and increased compliance complexity compared to the original IRA framework, under which certain credits were expected to remain available through at least 2032 or until specified emissions reduction targets were achieved. Further legislative amendments or regulatory guidance could continue to affect the availability, value, and timing of these incentives.

*Solar and Wind Energy Tax Credits*

Under Sections 45Y and 48E, tax credits for solar and wind facilities are subject to construction commencement, continuity, and placed-in-service timelines. Facilities that begin construction after July 4, 2026 must be placed in service as early as December 31, 2027 for certain projects to remain eligible for such credits. Facilities that begin construction on or before July 4, 2026 must satisfy applicable beginning-of-construction continuity requirements in order to avoid potential credit termination. In addition, restrictions on components sourced from foreign entities of concern apply to eligible projects.

*Other Clean Energy Technologies, Including Energy Storage*

For clean energy technologies other than solar and wind, including energy storage technologies, the applicable tax credits under Sections 45Y and 48E are subject to a phase-out of the tax credit percentage based on the calendar year in which construction begins. The applicable credit amount is reduced for projects beginning construction in later years and may be unavailable for projects beginning construction after the specified phase-out dates. The timing and extent of these reductions may vary by technology and remain subject to legislative change and regulatory interpretation.

*Impact on Our Business*

The availability, timing, and amount of tax credits are significant factors in the development, financing, and operation of our projects. Any failure to satisfy construction start, continuity, or placed-in-service requirements, as well as any further legislative, regulatory, or interpretive changes, could materially and adversely affect our business, financial condition, results of operations, and cash flows.

***State Incentives***

*Renewable Portfolio Standards ("RPS") and Clean Energy Standards ("CES")*

While varying based on jurisdiction, RPS and CES programs require local electric utilities and other load-serving entities to obtain a specified portion of their electricity from renewable energy sources or, in the case of CES programs, from zero-carbon energy sources. These programs are intended to diversify energy resources and support the development of clean energy generation. According to the U.S. Energy Information Administration, a majority of U.S. states and the District of Columbia have enacted RPS or CES programs or established related targets or goals. Utilities may satisfy applicable requirements by owning or developing qualifying generation facilities, purchasing electricity generated from such facilities, acquiring RECs, or making alternative compliance payments in the event of a shortfall.&nbsp;&nbsp;&nbsp;&nbsp;

*Renewable Energy Credits ("REC")*

RECs represent the environmental attributes associated with the generation of electricity from qualifying renewable energy sources. RECs are generally created in connection with renewable electricity generation and may be sold separately from the underlying electricity. In jurisdictions with RPS or CES programs, RECs may be used by utilities and other load-serving entities to satisfy compliance with applicable requirements. The availability, pricing, and eligibility requirements for RECs vary by state and technology type, and certain jurisdictions include specific carve-outs or incentives for particular forms of renewable generation. We may generate revenue from the sale of RECs associated with eligible projects, subject to market conditions and applicable regulatory requirements.

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*Feed-In Tariffs*

Certain U.S. states and Canadian provinces have implemented feed-in tariff ("FIT") programs that permit qualifying renewable energy producers to enter into long-term contracts at fixed prices based on the cost of generation for the specific types of renewable energy projects. FIT programs vary by technology, project size, location such as rooftop or ground mounted, and geographic region and are generally available to a range of participants, including residential, commercial, and institutional project owners. FIT rates are typically designed to adjust over time to reflect changes in technology costs and market conditions. The availability of FIT contracts may affect the timing, pricing, and economics of certain renewable energy projects.

**Environmental Regulation**

Our operations and the projects in which we invest are subject to extensive federal, state, and local environmental, health, and safety laws and regulations. These requirements include permits and approvals governing the construction, operation, and maintenance of renewable energy and energy efficiency projects, including regulations related to emissions to air, discharges to water, and impacts to land and groundwater. Applicable requirements vary by location and asset type and are subject to change over time. Compliance with such environmental regulations and codes is an important aspect of our ability to continue our operations.

We seek to purchase, finance or invest in projects that are "shovel-ready," meaning that substantially all planning, engineering and permitting activities have been completed and construction can begin immediately or upon receipt of certain final permits that must be obtained immediately prior to construction. However, the projects in which we invest may incur ongoing significant costs related to operations, maintenance and compliance with laws, regulations and permit requirements.

We are subject to the federal Occupational Safety and Health Act ("OSHA"), as amended, and comparable state and local laws governing employee health and safety, and we endeavor to maintain compliance with these requirements. Failure to comply with applicable environmental, health, and safety laws or permit conditions could result in fines, penalties, remediation obligations, permit restrictions, or other enforcement actions. Historically, compliance with environmental and safety regulations has not had a material adverse effect on our operations or financial condition.

**Competition**

Although we believe there is currently a capital shortage in the renewable energy sector, we still compete for projects with other energy corporations, including investment funds (such as private equity funds and mezzanine funds) and traditional financial services companies (such as commercial banks and other sources of funding), as well as utilities and other producers of electricity. Moreover, alternative investment vehicles also make investments in renewable energy projects. Our competitors may be substantially larger and have considerably greater financial, technical and marketing resources than we do.

**Human Capital**

As of December 31, 2025, the Company had 124 employees.

The Company is committed to attracting, developing and retaining a highly talented and motivated workforce. It regularly reviews its compensation and benefit programs and pay practices to help ensure that staff members are compensated fairly and competitively. The Company believes that its success and performance directly correlate to the quality, character and engagement of its employees.

The Company strives to maintain a workplace culture that supports community, professional development, and workforce engagement. It is focused on fostering a sense of belonging by providing equal access to opportunities and fair and consistent treatment for all employees.

**Available Information**

We file registration statements, proxy statements, our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to those statements and reports with the SEC. Investors may obtain copies of these statements and reports by accessing the SEC's website at www.sec.gov. Our statements and reports and any amendments to any of those statements and reports that we file with the SEC are available free of charge as soon as reasonably practicable on our website at www.greenbackercapital.com. The contents of our website are not incorporated by reference in or are otherwise a part of this Annual Report, and any references to our website is intended to be an inactive textual reference only.

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**ITEM 1A. RISK FACTORS**

Investing in the Company's shares involves several significant risks and uncertainties. You should carefully consider the risks and uncertainties described below, together with all the other information in this Annual Report, including *"Management's discussion and analysis of Financial Condition and Results of Operations"* and the consolidated financial statements and the related notes. Because of the following risks and uncertainties, as well as other variables which may affect the Company's operating results in the conduct of its business, the Company's past financial performance should not be considered an indicator of future performance. If any of the following events detailed below occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, the value of the shares could decline, and you may lose part or all of your investment.

**Summary of Risk Factors**

Below is a summary listing of key risks, which are discussed in more detail later in this section:

**Risks Related to Our Business and Structure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Government policies including federal tax policy providing incentives that we may rely upon could change at any time, which could impact the competitiveness of our service offerings to customers and the market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our ability to achieve our business objectives depends on our executive management team's ability to manage and support our asset strategy. If we were to lose certain key members of our executive management team, our ability to achieve our business objectives could be significantly harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Because our business model depends to a significant extent upon relationships with a diverse group of third-parties, the inability to maintain relationships, or the failure of these relationships to generate business opportunities, as well as compliance risks by such third-parties could adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our success is subject to general market and economic conditions we cannot control or predict, including but not limited to acts of terrorism or related acts of war, natural disaster, pandemics, inflation, supply chain disruptions or other catastrophic events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are evaluating strategic alternatives and there can be no assurance that we will be successful in identifying or completing any strategic alternative transactions, that any such strategic alternative transactions will result in additional value for our shareholders or that the process will not have an adverse impact on our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Inflationary pressures could adversely impact our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Changes in U.S. foreign trade policies, including the imposition of additional tariffs and other trade barriers, and efforts to withdraw from or materially modify international trade agreements, may materially and adversely affect the Company's business, operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We are not currently paying distributions to our shareholders and may not reinstate payment of distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Investment return may be reduced if we are required to register as an investment company under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Legal proceedings and regulatory actions, or negative developments in pending proceedings or other contingencies, could have a material adverse effect on our financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Cybersecurity risks could result in the loss of data, interruptions in our business and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our business is subject to evolving corporate governance and public disclosure regulations and expectations, including with respect to Environmental, Social and Governance ("ESG") matters, that could expose us to numerous risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our Board of Directors may change our business and acquisition policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Conflicts of interest may arise in the allocation of acquisition opportunities.

**Risks Related to Our Acquisitions and Industry Focus**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our strategic focus is on the renewable energy, energy efficiency and related sectors, which subjects us to more risks than if we were broadly diversified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Existing regulations and policies and changes to these regulations and policies may present technical, regulatory and economic barriers to the purchase and use of energy generation and consumption projects, including solar and wind energy projects, which may significantly reduce our ability to meet our investment objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** The profitability of our projects may be adversely affected if they are subject to regulation under the Federal Power Act, or state or local public utility laws and regulations that regulate the sale of electricity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our projects may rely on electric transmission lines and other transmission facilities that are owned and operated by third parties. In these situations, our projects will be exposed to transmission facility curtailment risk, including but not limited to

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curtailment caused by breakdown of the power grid system, which may delay and increase the costs of our projects or reduce the return to us on those investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Liability relating to environmental matters may impact the value of properties that we may acquire or the properties underlying our projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We may invest in tax equity partnerships, which creates additional risk because, among other things, we cannot exercise sole decision-making power, and our partners may have different economic interests than we have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** If the market for various types of climate solutions projects or the investment techniques related to such projects do not develop as we anticipate, new business generation in this target area may be adversely impacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our assets may be exposed to an increase in climate change or other change in meteorological conditions which could have an impact on electric generation, revenue or insurance costs, all of which could adversely affect our business, financial condition and results of operations and cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Changes in the treatment or qualification of RECs may adversely impact our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We may be exposed to uninsured losses and may experience increased insurance costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We do not own all of the land on which the projects in our portfolio are located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We will be required to make substantial capital expenditures to develop the projects in our growth pipeline, repower existing assets and pursue new growth opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our investments are subject to changes in market value and other risks, which have in the past, and may in the future, materially adversely affect our liquidity, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** If the solar power industry experiences a shortage of key inputs, such as polysilicon, the profitability of solar power-producing projects may decrease, which may result in slower growth in the solar power market than we anticipate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** The operating results of the projects in which we invest that produce solar power may be negatively affected by a number of factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** If wind conditions are unfavorable or below our estimates on any of our wind projects, the electricity production on such project and therefore, our income, may be substantially below our estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our investments in energy storage facilities may be negatively affected by a number of factors, including increases in storage costs, risk of fire and decreases in retail peak electricity pricing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** In our due diligence review of potential investments, we may rely on third-party consultants and advisors and representations made by sellers of potential portfolio projects, and we may not identify all relevant facts that may be necessary or helpful in evaluating potential investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** There can be no guarantee that newly developed technologies that we invest in will perform as anticipated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our investment management business is highly regulated and failure to comply with the various rules and regulations of the jurisdictions in which we operate could have adverse effects.

**Risks Related to Debt Financing and Lending**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We may need to incur financial leverage to be able to achieve our investment objectives. We cannot guarantee the availability of such financings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we borrow money, the potential for gain or loss on the amounts invested in us will be magnified and may increase the risk of investing in us. Borrowed money may also adversely affect the return on our assets, reduce cash available for distribution to our members, and result in losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We will be exposed to risks associated with changes in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Cross-collateral arrangements among projects within our portfolio could expand the negative impact of a problem with one project to negatively affect other projects in our portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We are subject to credit and performance risk from customers, hedging counterparties and vendors.

**Risks Related to Our Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The shares that were sold in our security offerings will not be listed on an exchange or quoted through a quotation system for the foreseeable future, if ever. Therefore, when purchasing any class of shares, investors have limited liquidity and may not receive a full return of their invested capital if they sell their shares.

**Risks Related to Tax**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Members may realize taxable income without cash distributions, and may have to use funds from other sources to fund tax liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** The U.S. IRS could adjust or reallocate items of income, gain, deduction, loss and credit with respect to the shares if the IRS does not accept the assumptions or conventions we utilize.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** If we were to become taxable as a corporation for U.S. federal income tax purposes, we would be required to pay income tax at corporate rates on our net income, and distributions by us to members would constitute dividend income taxable to such members, to the extent of our earnings and profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Indemnification claims by a tax equity investor, project lender, or other counterparty may reduce our right to cash flows generated by a project and could result in a cross-default under project-level debt financing.

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**Risks Related to Our Business and Structure**

***Government policies including federal tax policy providing incentives that we may rely upon could change at any time, which could impact the competitiveness of our service offerings to customers and the market.***

The Company's strategy depends in part on government policies that support renewable power generation and energy storage and enhance the economic viability of owning renewable power generation assets. Renewable power and sustainable solutions assets and businesses and the overall growth of the industries in which we operate have generally benefited from the support of state or provincial, national, supranational and international policies and incentives that promote and support investment, such as ITCs, PTCs, RPS programs and accelerated depreciation for tax purposes. The attractiveness of renewable energy to purchasers of a renewable power project, as well as the economic return available to project sponsors, is often enhanced by such incentives. Similarly, projects are economically viable in certain jurisdictions because of the existence of a government regulated price on carbon and, in other jurisdictions, because of tax or other government incentives. Particularly in light of political changes in certain jurisdictions, there is a risk that regulations that provide incentives for renewable energy and sustainable solutions assets and businesses could change or expire in a manner that adversely impacts projects, including projects in our business.

At the federal level, tax policy and associated regulations have a direct impact on our business. For instance, the OBBBA, signed into law in 2025, adjusted federal tax policies that we rely upon, including the Section 48E Clean Electricity Investment Tax Credit and the Clean Electricity Production Tax Credit under Section 45Y. While the law maintains the Section 48E credit for energy storage through 2033, it shortens the availability of the Section 48E credit for solar facilities to the end of 2027. The law also applies new PFE restrictions to the Section 48E credit, which could potentially deny tax credits to entities owned, controlled, or influenced by certain specified foreign entities, and for projects that use certain components or receive "material assistance" from certain entities, thereby potentially increasing costs, reducing demand or restricting access to tax credits. These legislative and regulatory developments may reduce our ability to qualify for certain tax credits, impact the economic attractiveness of our offerings, cause the market for future renewable energy PPAs to be smaller and the prices for future renewable energy PPAs to be lower and may result in increased financing costs and difficulty in obtaining financing on acceptable terms. As a result, it could have a material adverse effect on our business, financial condition and results of operations and cash flows.

***Our ability to achieve our business objectives depends on our executive management team's ability to manage and support our asset strategy. If we were to lose certain key members of our executive management team, our ability to achieve our business objectives could be significantly harmed.***

We are dependent on the diligence, skill and network of industry relationships and other business contacts of our executive management team to execute our asset acquisition strategy and achieve our objectives. Our executive management team evaluates, negotiates, structures, closes and monitors our assets. Our success depends to a significant extent on the continued service of our executive management team. We have experienced turnover in our management team in the past and may experience similar turnover in the future. We would be adversely affected if we fail to adequately plan for the succession of our senior management and other key employees. Furthermore, the departure of any of our executive management team could have a material adverse effect on our ability to achieve our business objectives.

There is intense competition for experienced senior management and personnel with technical and industry expertise in the renewable energy industry, and we may not be able to retain these officers or key team members. We have entered into employment letters with certain members of our executive management team including non-competition agreements. The non-competition agreements do not ensure the continued service of these executive officers. In addition, we currently do not maintain "key person" insurance covering any member of our management team. Additionally, the employment letters with certain members of our executive management team provide that if their employment with us terminates under certain circumstances we may be required to pay them significant amounts of severance compensation, thereby making it costly to terminate their employment. The loss of any of our key team members, particularly to competitors, could have a material adverse effect on our business, financial condition and results of operations and cash flows.

***Because our business model depends to a significant extent upon relationships with a diverse group of third-parties, the inability to maintain relationships, or the failure of these relationships to generate business opportunities, as well as compliance risks by such third-parties could adversely affect our business.***

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We rely to a significant extent on our relationships with renewable energy developers, energy consultants, retail energy providers, utilities, energy companies, investment banks, commercial banks, individual and institutional investors, consultants, EPC companies, contractors, and renewable energy technology manufacturers (such as panel manufacturers), among others, as a source of potential investment opportunities. If we fail to maintain our relationships with other sponsors or sources of business opportunities, we will not be able to grow our portfolio or will grow it at a slower rate. In addition, individuals with whom we have relationships are not obligated to provide us with business opportunities, and, therefore, there is no assurance that such relationships will generate business opportunities for us. Further, although we are dependent on such relationships to generate business opportunities, we have no control over the actions or business practices of such entities. Accordingly, we cannot guarantee that they will follow ethical business practices, such as fair wage practices and compliance with environmental, safety, and other local laws. A lack of demonstrated compliance could lead us to seek alternative relationships, which could increase our costs and result in delayed projects, delivery of components and materials, or other disruptions of our operations. Violation of labor or other laws or divergence of labor or other practices from those generally accepted as ethical in the U.S. or other markets in which we do business could also attract negative publicity for us and harm our business.

***Our success is subject to general market and economic conditions we cannot control or predict, including but not limited to acts of terrorism or related acts of war, natural disaster, pandemics, inflation, supply chain disruptions or other catastrophic events.***

Our business is affected by conditions in the financial markets and economic and political conditions throughout the world, such as interest rates, the availability and cost of credit, inflation rates, economic uncertainty, changes in laws (including laws relating to our taxation, taxation of our investors and the possibility of changes to regulations applicable to alternative asset managers such as GCM), trade policies, commodity prices, tariffs, currency exchange rates and controls and national and international political circumstances (including wars and other forms of conflict, civil unrest, terrorist acts, and security operations) and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and pandemics. These factors could materially affect our business to the extent they materially affect global economies or global financial markets. These factors are outside of our control and may affect our performance and the liquidity and value of our assets, and we may not be able to or may choose not to manage our exposure to these conditions, which may result in adverse consequences for us and result in substantial losses.

A depression, recession or slowdown in the U.S. would have a pronounced impact on us, the value of our assets and our profitability, impede the ability of our assets to perform under or refinance their existing obligations, and impair our ability to effectively deploy our capital or realize upon investments on favorable terms. The Federal Reserve reduced interest rates during 2024 and 2025; however, we cannot predict with certainty any future action that the Federal Reserve and/or any other global central bank may take with respect to interest rates. To the extent that additional interest rate cuts do not occur at all or result in a lower-than-expected reduction in interest rates, the effects of inflationary pressure could continue to affect our financial success. Concerns over continuing inflation, as well as interest rate volatility and fluctuations in oil and gas prices resulting from global production and demand levels as well as geopolitical tension, have precipitated market volatility. Inflation or the absence of cost decreases could adversely affect us by increasing the actual or expected costs of land, raw materials, labor, and other goods and services needed to operate our business. This may in turn increase our cost of capital and the costs of developing, constructing, and operating a project, thereby making it more difficult to develop and operate our projects. Should cost increases occur, prospective counterparties may also choose to forego or delay signing PPAs or other agreements with us. Significant increases in actual or expected costs could negatively impact the Company's business in a manner that could adversely affect the Company's financial condition and results of operations.

Moreover, disruptions in a single country could cause a worsening of conditions on a regional and even global level, and economic problems in a single country are increasingly affecting other markets and economies. For example, conflicts stemming from the Russian invasion of Ukraine and the current unrest in the Middle East have had a negative impact on those countries and others in the region. In addition, facilities of third parties on which the Company relies on to obtain supplies from may be at greater risk of future terrorist activities. The occurrence of similar crises in the future could cause increased volatility in the economies and financial markets of countries throughout a region, or even globally.

The length, severity and effect of any economic slowdown or downturn, or any terrorist attacks, geopolitical events or other catastrophic events cannot be predicted with confidence at this time. Any of the foregoing could have a significant impact on our business and result in substantial losses.

***We are evaluating strategic alternatives and there can be no assurance that we will be successful in identifying or completing any strategic alternative transactions, that any such strategic alternative transactions will result in additional value for our shareholders or that the process will not have an adverse impact on our business.***

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The Board of Directors is evaluating a range of potential strategic alternatives, which may include, among other things, continuing to execute on our business plan, operational changes, partnerships or joint ventures, equity or equity-linked offerings, debt financings or new credit facilities, strategic investments, asset sales or other monetizations, a business combination or other acquisition of the Company, divestitures, or other transactions. Despite significant efforts to identify and evaluate potential alternatives, there can be no assurance that this strategic review process will result in the pursuit of any particular transaction or course of action, or that any transaction, if pursued, will be completed within any specific time period, on attractive terms, or at all. We have not set a timetable for completion of the review, and the Board of Directors has not approved a definitive course of action.

Additionally, there can be no assurance that any particular course of action, business arrangement, transaction, or series of transactions will be pursued, successfully consummated, or lead to increased shareholder value. The process of reviewing strategic alternatives may be time-consuming, costly, and disruptive to our business operations. It may divert the attention of the Board of Directors, management, and employees from day-to-day operations; require substantial management time and attention; and result in significant legal, financial advisory, accounting, severance, retention, and other expenses.

***Inflationary pressures could adversely impact our business.***

While inflation rates moderated in 2025, contributing to easing of monetary policies by major central banks, we may be impacted by heightened inflationary pressures driven by uncertainty in financial markets. Central banks in various countries may raise interest rates in response to concerns about inflation, which, coupled with reduced government spending and volatility in financial markets, may have the effect of further increasing economic uncertainty and heightening these risks. Interest rate increases or other government actions taken to reduce inflation could also result in recessionary pressures in many parts of the world. Interest rate risk poses market risk to us as a result of interest rate-sensitive assets and liabilities held by us. Higher interest rates or elevated interest rates for a sustained period could also result in an economic slowdown.

***Changes in U.S. foreign trade policies, including the imposition of additional tariffs and other trade barriers, and efforts to withdraw from or materially modify international trade agreements, may materially and adversely affect the Company's business, operations and financial condition.***

A portion of the materials used by us to develop the projects in our portfolio are obtained, directly or indirectly, from companies located outside of the U.S. Changes in U.S. foreign trade policies could lead to the imposition of additional trade barriers and tariffs on the foreign import of certain materials and products. For example, in 2025, the U.S. government implemented additional tariffs on goods being imported from China, Mexico and Canada. The Company cannot predict what additional changes to trade policy will be made by the presidential administration or Congress, including whether existing tariff policies will be maintained or modified, what products may be subject to such policies or whether the entry into new bilateral or multilateral trade agreements will occur, nor can the Company predict the effects that any such changes would have on its business. However, such changes in U.S. trade policies, if implemented, could increase the Company's costs and adversely impact its business and operations. In addition, changes in U.S. trade policy have resulted, and could again result, in reactions from U.S. trading partners, including adopting responsive trade policies. For example, in response to the U.S. government's additional tariff on imports from China, the Chinese government announced that it would implement a tariff on certain goods being imported into China from the U.S. Similarly, Mexico and Canada have implemented tariffs on certain imported goods. There can be no assurance that such changes in U.S. or foreign trade policy or in laws and policies governing foreign trade, and any resulting negative sentiments towards the U.S. as a result of such changes, would not materially and adversely affect the Company's business, financial condition, results of operations and liquidity.

In addition, the U.S. currently imposes antidumping and countervailing duties on certain solar products from China and Taiwan. Such antidumping and countervailing duties can change over time pursuant to annual reviews conducted by the U.S. Department of Commerce ("USDOC"), and an increase in duty rates could have an adverse impact on our operating results.

***We are not currently paying distributions to our shareholders and may not reinstate payment of distributions.***

Based on our results of operations, financial performance and investment results, we suspended the payment of shareholder distributions effective immediately, following the distribution payment on May 1, 2024. We may not be able to reinstate the payment of distributions. Our ability to reinstate the payment of distributions will require an improvement in our results of operations, which may be adversely affected by, among other things, the impact of the risks described herein. We cannot assure that we will achieve financial results that will allow us to make a targeted level of distributions. Any future distributions will be paid at the discretion of our Board of Directors, based on management's recommendations, and will depend on our earnings, our financial condition, compliance with applicable regulations and such other factors as our Board of Directors may deem relevant from time to time. In the future, we may pay all or a substantial portion of our distributions from borrowings and other sources, without limitation. If we fund distributions from financings, then such financings will need to be repaid, therefore reducing overall return. Accordingly, members should not assume that any such dividend or other distribution is the result of a net profit earned by us.

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***Investment return may be reduced if we are required to register as an investment company under the Investment Company Act.***

We conduct our operations directly and through wholly or majority-owned subsidiaries, so that the Company and each of its subsidiaries do not fall within, or are excluded from, the definition of an "investment company" under the Investment Company Act of 1940, as amended (the "Investment Company Act"). Under Section 3(a)(1)(A) of the Investment Company Act, a company is deemed to be an "investment company" if it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities. Under Section 3(a)(1)(C) of the Investment Company Act, a company is deemed to be an "investment company" if it is engaged, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities, and owns or proposes to acquire "investment securities" having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis, which we refer to as the "40% test." Excluded from the term "investment securities," among other instruments, are U.S. government securities and securities issued by majority-owned subsidiaries that are not themselves investment companies and are not relying on the exception from the definition of "investment company" set forth in Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act.

We conduct our operations so that the Company, and most, if not all, of its wholly owned and majority-owned subsidiaries comply with the 40% test. We will monitor our holdings on an ongoing basis and determine compliance with this test in connection with new acquisitions. We expect most, if not all, of our wholly owned and majority-owned subsidiaries to rely on an exception from the definition of "investment company" other than the exceptions under Section 3(c)(1) and Section 3(c)(7) of the Investment Company Act. Consequently, interests in these subsidiaries (which constitute most, if not all, of our assets) generally will not constitute "investment securities." Accordingly, we believe the Company, and most, if not all, of its wholly owned and majority-owned subsidiaries will not be considered investment companies under Section 3(a)(1)(C) of the Investment Company Act.

We are organized as a holding company and will conduct our business through our wholly owned and majority-owned subsidiaries. Accordingly, we believe that our Company will not be considered an investment company under Section 3(a)(1)(A) of the Investment Company Act because we will not engage primarily or hold ourselves out as being engaged primarily in the business of investing, reinvesting or trading in securities. Rather, through the Company's wholly owned or majority-owned subsidiaries, the Company is primarily engaged in the non-investment company businesses of these subsidiaries; namely, the business of acquiring and financing renewable energy and energy efficiency projects.

We make the determination of whether an entity is a majority-owned subsidiary of the Company for purposes of the analysis of our status as an investment company pursuant to Section 3(a)(1)(C) of the Investment Company Act. The Investment Company Act defines a "majority-owned subsidiary" of a person as a company that represents 50% or more of the outstanding voting securities owned by such person, or by another company which is a majority-owned subsidiary of such person. The Investment Company Act further defines "voting securities" as any security presently entitling the owner or holder thereof to vote for the election of directors of a company. We treat companies in which we own at least a majority of the outstanding voting securities as majority-owned subsidiaries for purposes of the 40% test. We have not requested the SEC or its staff to approve our treatment of any company as a majority-owned subsidiary and neither the SEC nor its staff has done so. If the SEC or its staff were to disagree with our treatment of one of more companies as majority-owned subsidiaries, we would need to adjust our strategy and our assets in order to continue to pass the 40% test. Any such adjustment in our strategy could have a material adverse effect on us.

Some of our majority-owned subsidiaries may also rely on the exceptions from the definition of investment company under Section 3(c)(5)(A) or (B) of the Investment Company Act, which except from the definition of investment company, respectively, (i) any person who is primarily engaged in the business of purchasing or otherwise acquiring notes, drafts, acceptances, open accounts receivable and other obligations representing part or all of the sales price of merchandise, insurance and services; or (ii) any person who is primarily engaged in the business of making loans to manufacturers, wholesalers and retailers of, and to prospective purchasers of, specified merchandise, insurance and services. The SEC staff has issued no-action letters interpreting Section 3(c)(5)(A) and (B) and has taken the position that these exceptions are available to a company with at least 55% of its assets consisting of eligible loans and receivables of the type specified in Section 3(c)(5)(A) and (B). We believe that most of the loans that we provide to finance renewable energy and energy efficiency projects relate to the purchase price of specific equipment or the cost to engage contractors to install equipment for such projects. Accordingly, we believe that most of these loans are eligible loans that qualify for this 55% test. However, no assurance can be given that the SEC or its staff will concur with this position. In addition, the SEC or its staff may, in the future, issue further guidance that may require us to reclassify our assets for purposes of qualifying with these exceptions. A change in the value of our assets could cause us or one or more of our wholly or majority-owned subsidiaries, including those relying on Section 3(c)(5)(A) or (B), to fall within the definition of "investment company," and negatively affect our ability to maintain our exemption from regulation under the Investment Company Act. To avoid being required to register the company or any of its subsidiaries as an investment company under the Investment Company Act, we may be unable to sell assets we would otherwise want to sell and may need to sell assets we would otherwise wish to retain. In addition, we may have to acquire additional income-or loss-generating assets that we might not otherwise have acquired, or may have to forgo opportunities to acquire interests in companies that we would otherwise want to acquire and that would be important to our investment strategy. There can be no assurance that the laws and regulations governing the Investment Company Act, including the Division of Investment Management of the SEC providing more specific or different guidance regarding these exceptions, will not change in a manner that adversely affects our operations.

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If we become obligated to register the Company or any of its subsidiaries as an investment company, the registered entity would have to comply with a variety of substantive requirements under the Investment Company Act, imposing, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on capital structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on specified investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prohibitions on transactions with affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with reporting, record keeping, voting, proxy disclosure and other rules and regulations that would significantly change our operations.

If we were required to register the Company as an investment company but failed to do so, we would be prohibited from engaging in our business, and criminal and civil actions could be brought against us. In addition, our contracts would be unenforceable unless a court required enforcement, and a court could appoint a receiver to take control of us and liquidate our business.

***Legal proceedings and regulatory actions, or negative developments in pending proceedings or other contingencies, could have a material adverse effect on our financial condition.***

We are and may in the future become, involved in various legal proceedings and subject to other contingencies that have arisen or may arise including, for example, reviews, inquiries, investigations and proceedings initiated by or involving government agencies as well as actions initiated by current or former employees, some of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. We cannot predict the outcome of these matters, and adverse developments or outcomes can result in significant monetary damages, penalties or other sanctions that increase our operating costs, some of which may not be covered by insurance. Regardless of the merit of particular claims, responding to investigations and investigating and defending against legal proceedings can be expensive, time-consuming, disruptive to our operations and distracting to management. In recognition of these considerations, we may enter into agreements or other arrangements to settle legal proceedings and resolve such challenges.

***Cybersecurity risks could result in the loss of data, interruptions in our business and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations.***

Our operations are highly dependent on our information systems and technology, and we rely heavily on them for our financial, accounting, treasury, communications, asset management and other data-processing needs. Such systems may fail to operate properly, become disabled or unavailable. In addition, such systems are from time to time subject to cyberattacks. Cybersecurity incidents and cyberattacks have been occurring globally at a higher frequency and severity. Threats are expected to continue to increase in frequency in the future according to the Cybersecurity & Infrastructure Security Agency (CISA). Our information technology systems, as well as those of other related parties, such as service providers, may be vulnerable to damage or interruption from cybersecurity breaches, computer viruses or other malicious code, "phishing" attempts and other forms of social engineering, network failures, computer and telecommunication failures, infiltration by unauthorized persons or other security breaches, usage errors by their respective professionals or service providers, power outages, communications or other service outages, or catastrophic events such as fires, tornadoes, floods, hurricanes or earthquakes. Cyberattacks and other security threats could originate from a wide variety of external sources, including cyber criminals, nation-state actors, hacktivists or other outside parties. Damages or interruptions may also result from cyberattacks or security threats originating from malicious or accidental acts of insiders, such as employees, or third-party agents and consultants. There can be no absolute assurance that the measures we take will ensure the integrity of our systems and will provide protection from cyberattacks or other threats. Cyberattack techniques change frequently and are not often recognizable until after successful execution.

From time to time, we acquire other businesses, and while we conduct due diligence on the technology systems and practices of these companies, there can be no assurance that acquired companies have not suffered data breaches or system intrusions prior to or continuing after our acquisition for which we may be liable. We may face potential identified or unknown security vulnerabilities in acquired products that expose us to additional security risks and penalties, or delay our ability to integrate the product into our service offerings; difficulties in increasing or maintaining at an acceptable cost the security standards for acquired technology consistent with our other services; difficulty in transitioning the acquired technology onto our existing platforms and customer acceptance of multiple platforms on a temporary or permanent basis; and challenges augmenting the acquired technologies and platforms to the levels that are consistent with our brand and reputation. In addition, acquired businesses may not have invested as heavily in security measures or data privacy controls, and they may introduce additional cybersecurity and data privacy risks as their systems are integrated with ours.

The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. In addition, we could also suffer losses related to the failure to timely update or incorrectly change our information systems and technology. Furthermore, we have become increasingly reliant on third-party service providers for most aspects of our business. These third-party service providers could also face ongoing cybersecurity threats and compromises of their systems, and as a result, unauthorized individuals could gain access to confidential data.

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Cybersecurity and privacy have become a top priority for regulators around the world. Many jurisdictions in which we operate have laws and regulations relating to data privacy, cybersecurity and protection of personal information, including, for example, the California Consumer Privacy Act. These laws and regulations are continuously evolving, and the scope of applicable laws may be uncertain and require practices that may be inconsistent with laws of other jurisdictions. Our compliance with these changing and increasingly burdensome regulations and requirements may cause us to incur substantial costs or require us to change certain business practices, which may impact our financial results. Some jurisdictions have also enacted laws requiring companies to notify individuals and government agencies of data security breaches involving certain types of personal data. Breaches in security, whether malicious in nature or through inadvertent transmittal or other loss of data, could potentially jeopardize our, our employees' or our investors' or counterparties' confidential, proprietary and other information processed and stored in, and transmitted through, our computer systems and networks, or otherwise cause interruptions or malfunctions in our, our employees', our investors', our counterparties' or third parties' business and operations, which could result in significant financial losses, increased costs, liability to our investors and other counterparties, regulatory intervention, reputational damage, as well as exposure to litigation expenses and possible significant liability. Furthermore, if we fail to comply with the relevant laws and regulations or fail to provide the appropriate regulatory or other notifications of breach in a timely manner, it could result in regulatory investigations and penalties.

***Our business is subject to evolving corporate governance and public disclosure regulations and expectations, including with respect to Environmental, Social and Governance ("ESG") matters, that could expose us to numerous risks.***

Companies across many industries are facing increasing scrutiny related to their ESG practices. Investor advocacy groups, certain institutional investors and investment funds are also increasingly focused on ESG practices, and expectations in this area continue to rapidly evolve, including in diverging directions. If our ESG practices do not meet investor or other industry stakeholder expectations, which continue to evolve, we may incur additional costs and our brand, business, and ability to attract and retain qualified employees may be harmed.

In addition, certain stakeholders and regulators have expressed or pursued negative views, legislation and investment expectations with respect to sustainability initiatives, including the enactment or proposal of "Anti-ESG" legislation or policies. Accordingly, we could face criticism from certain "Anti-ESG" parties for making ESG commitments or supporting certain sustainability initiatives or sustainable assets that are alleged to be political or polarizing in nature and could subject us to pressure in the media or through other means, which could adversely affect our reputation, business and financial performance. Additionally, we may be subject to emerging and evolving regulatory requirements and frameworks regarding ESG matters, including potential new or revised disclosure rules. The ultimate scope of these regulations may change as they are finalized, and they may not be uniform across jurisdictions. Meeting these obligations may require significant investments of time, capital, and personnel.

***Our Board of Directors may change our business and acquisition policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to investors.***

Our Board of Directors determines our operational policies and may amend or revise our policies, including our policies with respect to our business, acquisitions, growth, operations, compensation, indebtedness, capitalization and distributions, or approve transactions that deviate from these policies, without a vote of, or notice to, our shareholders at any time. We may change our investment guidelines and our strategy at any time with the approval of our Board Directors, but without the consent of our shareholders, which could result in originating assets that are different in type from, and possibly riskier than, the assets initially contemplated. These changes could adversely affect our business, financial condition, results of operations and our ability to make distributions to our shareholders.

***Conflicts of interest may arise in the allocation of acquisition opportunities.***

GCM currently manages, and may in the future manage, other investment funds that pursue investment strategies involving our target assets. Accordingly, GCM has obligations to the other entities it manages, and may have additional obligations to entities it manages in the future, the fulfillment of which might not be in the best interests of the Company or its shareholders. In addition, the Company may compete with any such investment vehicle for the same investors and acquisition opportunities.

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GCM has adopted policies regarding the allocation of acquisition opportunities, but the application of such policies may result in the Company not participating, or not participating to the same extent, in acquisition opportunities in which it would have otherwise participated had the related allocations been determined without regard to such guidelines. Among the factors GCM considers in making investment allocations among the Company and our managed funds are the following: (i) each investment entity's investment objectives and investment focus, (ii) sourcing of an investment opportunity (and with respect to an investment opportunity originated by a third party, the relationship of a particular investment entity to or with such third party), (iii) each investment entity's liquidity and reserves (including whether an investment entity is able to commit to invest all capital required to consummate a particular investment opportunity), (iv) the anticipated future pipeline of suitable investments, (v) each investment entity's diversification (including the actual, relative or potential exposure of an investment entity to the type of investment opportunity in terms of its existing portfolio), (vi) the amount of capital available for investment by each investment entity as well as each investment entity's projected future capacity for investment (including whether an investment entity is able to invest all capital required to consummate a particular investment opportunity), (vii) the size, liquidity and duration of the investment, (viii) the availability of other suitable investments for each investment entity, (ix) legal, tax, accounting, regulatory and other considerations, (x) any other relevant limitations imposed by or conditions set forth in the applicable offering and organizational documents of each investment entity and (xi) any other consideration deemed relevant by GCM.

**Risks Related to Our Acquisitions and Industry Focus**

***Our strategic focus is on the renewable energy, energy efficiency and related sectors, which subjects us to more risks than if we were broadly diversified.***

Because we are specifically focused on the renewable energy, energy efficiency and related sectors, investments in our shares may present more risks than if we were broadly diversified over more sectors of the economy. Therefore, a downturn in the renewable energy or energy efficiency sectors has impacted us more than other companies that are not concentrated in limited segments of the economy. Companies that produce renewable energy can be negatively affected by lower energy output resulting from variable inputs, mechanical breakdowns, faulty technology, competitive electricity markets or changing laws that mandate or discourage the use of renewable energy sources by electric utilities.

In addition, companies that engage in energy efficiency projects may be unable to protect their intellectual property, or face declines in the demand for their services due to changing governmental policies or budgets. At times, the returns from investments in the renewable energy and energy efficiency sectors may lag the returns of other sectors or the broader market.

Furthermore, with respect to the construction and operation of individual renewable energy and energy efficiency projects, there are several additional risks, including (i) substantial construction risk, including the risk of delay, that may arise due to inclement weather or labor disruptions; (ii) the risk of entering into markets where we have limited experience; (iii) the need for substantially more capital to complete than initially budgeted and exposure to liabilities as a result of unforeseen environmental, construction, technological or other complications; (iv) a decrease in the availability, pricing and timeliness of delivery of raw materials and components necessary for the projects to function; (v) the continued good standing of permits, authorizations and consents from local city, county, state and U.S. federal governmental authorities as well as local and U.S. federal governmental organizations; and (vi) the consent and authorization of local utilities or other energy development offtakers to ensure successful interconnection to energy grids in order to enable power sales.

***Existing regulations and policies and changes to these regulations and policies may present technical, regulatory and economic barriers to the purchase and use of energy generation and consumption projects, including solar and wind energy projects, which may significantly reduce our ability to meet our investment objectives.***

The market for electricity generation and consumption projects is influenced by U.S. federal, state and local government regulations and policies concerning the electric utility industry, as well as policies promulgated by electric utilities. Similar governmental influences apply in the other jurisdictions in which we may invest. These regulations and policies often relate to electricity pricing and technical interconnection of customer-owned electricity generation. In the U.S. and in several other countries, these regulations and policies are being modified and may continue to be modified. Customer purchases of, or further investment in the research and development of, alternative energy sources, including solar energy technology, could be deterred by these regulations and policies, which could result in a significant reduction in the potential demand for renewable energy project development and investments. For example, without certain major incentive programs and/or the regulatory mandated exception for renewable energy or energy efficiency systems, utility customers are often charged interconnection or standby fees for putting distributed power generation on the electric utility network. These fees could increase the cost to our customers of using our renewable energy and energy efficiency projects and make them less desirable, thereby harming our business, prospects, results of operations and financial condition. Additionally, legislative and regulatory developments, including the OBBBA, may reduce our ability to qualify for certain tax credits, impact the economic attractiveness of our offerings, and dampen overall demand for our products. As a result, our revenue, gross margins, operations and competitive position could be adversely impacted

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We anticipate that our renewable energy and energy efficiency projects will be subject to oversight and regulation in accordance with national and local ordinances relating to building codes, safety, environmental protection, utility interconnection and metering and related matters. It is difficult to track the requirements of individual states and design equipment to comply with the varying standards. Any new government regulations or utility policies pertaining to our renewable energy or energy efficiency projects may result in significant additional expenses or related development costs and, as a result, could cause a significant reduction in demand for our investments.

***The profitability of our projects may be adversely affected if they are subject to regulation under the Federal Power Act, or state or local public utility laws and regulations that regulate the sale of electricity.***

Companies owning or operating electric generation projects may be subject to regulatory requirements under the Federal Power Act ("FPA") or state or local public utility laws. The FPA grants the U.S. Federal Energy Regulatory Commission ("FERC") jurisdiction over the sale of electric power for resale (i.e., sales at wholesale) in interstate commerce. Jurisdiction over retail sales (i.e., the sale of power to end users) is left to the states. Rates and charges for wholesale sales of electric power are subject to FERC's supervision. Upon an appropriate showing, FERC will authorize an entity to engage in wholesale sales of electricity at negotiated rates based on market conditions (i.e., market-based rates) rather than at cost-based rates pre-approved by FERC. FERC continues to have jurisdiction over entities granted market-based rate authority and retains the authority to remove the authorization to sell at market-based rates and otherwise impose additional conditions.

On the state level, public utility regulatory commissions have jurisdiction over retail electric sales and regulate the rates and other terms and conditions of "public utilities" as defined by relevant state law.

Certain of our future projects will be Qualifying Facilities ("QFs") and/or Exempt Wholesale Generators ("EWGs"). Depending on their production capacity, certain QFs are exempt from regulation (i) under most of the FPA (including the need to obtain market-based rate authority); (ii) under the Public Utility Holding Company Act of 2005 ("PUHCA"); and (iii) under state law as to rates and financial and organizational regulation of electric utilities. EWGs are generally exempt from FERC regulation under PUHCA, but remain subject to general FERC regulation under the FPA (including the requirement to obtain market-based authority).

If any of our portfolio companies are deemed to have violated the FPA, we may be subject to potential disgorgement of profits associated with the violation and/or suspension or revocation of our market-based rate authority, as well as potential penalties.

Certain projects, depending on their production capacity and configuration, may be subject to the reliability standards of the North American Electric Reliability Corporation. If we fail to comply with the mandatory reliability standards, we could be subject to sanctions, including monetary penalties and additional compliance obligations.

Although the sale of electric energy has been to some extent deregulated, the industry remains subject to extensive regulation. We cannot predict the future design of wholesale power markets, or the ultimate effect ongoing regulatory changes will have on our business, or certain market changes that could impact our financial condition and adversely affect our operations.

***Our projects may rely on electric transmission lines and other transmission facilities that are owned and operated by third parties. In these situations, our projects will be exposed to transmission facility curtailment risk, including but not limited to curtailment caused by breakdown of the power grid system, which may delay and increase the costs of our projects or reduce the return to us on those investments.***

Our projects may rely on electric transmission lines and other transmission facilities owned and operated by third parties to deliver the electricity our projects generate. We expect some of our projects will have limited access to interconnection and transmission capacity because there are many parties seeking access to the limited capacity that is available. We may not be able to secure access to this limited interconnection or transmission capacity at reasonable prices or at all. Moreover, a failure in the operation by third parties of these transmission facilities could result in our losing revenues, because such a failure could limit the amount of electricity we deliver. In addition, our production of electricity may be curtailed due to third-party transmission limitations or limitations on the grid's ability to accommodate intermittent energy sources, reducing our revenues and impairing our ability to capitalize fully on a project's potential. Such a failure or curtailment at levels significantly above which we expect could have a material adverse effect on our business, financial condition and results of operations.

***Liability relating to environmental matters may impact the value of properties that we may acquire or the properties underlying our projects.***

Under various U.S. federal, state and local laws, an owner or operator of a project may become liable for the costs of removal of certain hazardous substances released from the project of any underlying real property. These laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release of such hazardous substances.

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The presence of hazardous substances may adversely affect an owner's ability to sell a contaminated project or borrow using the project as collateral. To the extent that a project owner becomes liable for removal costs, the ability of the owner to make payments to us may be reduced.

We typically have title to projects or their underlying real estate assets underlying our equity investments, or, in the course of our business, we may take title to a project or its underlying real estate assets relating to one of our debt investments, and, in either case, we could be subject to environmental liabilities with respect to these assets. To the extent that we become liable for the removal costs, our results of operation and financial condition may be adversely affected. The presence of hazardous substances, if any, may adversely affect our ability to sell the affected project, and we may incur substantial remediation costs, thus harming our financial condition.

***We may invest in tax equity partnerships, which creates additional risk because, among other things, we cannot exercise sole decision-making power, and our partners may have different economic interests than we have.***

We currently invest in tax equity partnerships with third parties. There are additional risks involved in such transactions. As a co-investor in a tax equity partnership, we may not always be in a position to exercise sole decision-making authority relating to the project or asset. As a result, the operations of a project may be subject to the risk that the tax equity partners may make business, financial or management decisions with which we do not agree, or the management of the project may take risks or otherwise act in a manner that does not serve our interests. Because we may not have the ability to exercise sole control over such operations, we may not be able to realize some or all the benefits that we believe will be created from our involvement. In addition, there is the potential of our tax equity partner becoming bankrupt and the possibility of diverging or inconsistent economic or business interests between us and our partner. These diverging interests could, among other things, expose us to liabilities of the partnership in excess of our proportionate share of these liabilities. If any of the foregoing were to occur, our business, financial condition and results of operations could suffer as a result.

***If the market for various types of climate solutions projects or the investment techniques related to such projects do not develop as we anticipate, new business generation in this target area may be adversely impacted.***

The market for various types of climate solutions projects is emerging and rapidly evolving, leaving their future success uncertain. Similarly, various investing techniques, such as leasing land for renewable energy projects, purchasing interests in existing renewable energy projects, the use of Commercial Property Assessed Clean Energy financing and the use of taxable debt for state and local energy efficiency or sustainable infrastructure financings are emerging and the future success of these investing techniques is also uncertain. If some or all market segments or investing techniques prove unsuitable for widespread commercial deployment or if demand for such projects or techniques fail to grow sufficiently, the demand for our capital may decline or develop more slowly than we anticipate. Many factors will influence the widespread adoption and demand for such projects and investing techniques, including general and local economic conditions, commodity prices of fossil fuel energy sources, the cost and availability of energy storage, the cost-effectiveness of various projects and techniques, performance and reliability of such technologies compared to conventional power sources and technologies, and the extent of government subsidies and regulatory developments. Any changes in the markets, products, technologies, financing techniques, or the regulatory environment could adversely impact the demand or financial performance for such projects.

***Our assets may be exposed to an increase in climate change or other change in meteorological conditions which could have an impact on electric generation, revenue or insurance costs, all of which could adversely affect our business, financial condition and results of operations and cash flows.***

The electricity produced and revenues generated by a renewable electric generation facility are highly dependent on suitable weather conditions, which are beyond our control. Components of renewable energy systems, such as turbines, solar panels and inverters, could be damaged by natural disasters or severe weather, including extreme temperatures, wildfires, hurricanes, hailstorms or tornadoes. Furthermore, the potential physical impacts of climate change may impact our investments, including the result of changes in weather patterns (including floods, tsunamis, drought, and rainfall levels), wind speeds, water availability, storm patterns and intensities, and temperature levels. The projects in which we invest will be obligated to bear the expense of repairing the damaged renewable energy systems and replacing spare parts for key components and insurance may not cover the costs or the lost revenue. Natural disasters or unfavorable weather and atmospheric conditions could impair the effectiveness of the renewable energy assets, reduce their output beneath their rated capacity, require shutdown of key equipment or impede operation of the renewable energy assets, which could adversely affect our business, financial condition and results of operations and cash flows. Sustained unfavorable weather could also unexpectedly delay the installation of renewable energy systems, which could result in a delay in our investing in new projects or increase the cost of such projects. The resulting effects of climate change can also have an impact on the cost of, and the ability of a project to obtain, adequate insurance coverage to protect against related losses.

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We typically base our acquisition decisions with respect to each renewable energy facility on the findings of studies conducted on-site prior to construction or based on historical conditions at existing facilities. However, actual climatic conditions at a facility site may not conform to the findings of these studies. Even if an operating project's historical renewable energy resources are consistent with the long-term estimates, the unpredictable nature of weather conditions often results in daily, monthly and yearly material deviations from the average renewable resources anticipated during a particular period. Therefore, renewable energy facilities in which we invest may not meet anticipated production levels or the rated capacity of the generation assets, which could adversely affect our business, financial condition and results of operations and cash flows.

The amount of electricity renewable energy generation assets produce is also dependent in part on the time of year. For example, because shorter daylight hours in winter months results in less solar irradiation, the generation of particular assets will vary depending on the season. Further, time-of-day pricing factors vary seasonally which contributes to variability of revenues. As a result, we anticipate the revenue and cash flow from certain of our assets to vary based on the time of year.

In addition, many of a project's end-customers could be large entities with wide ranging activities. A climate-related event in a non-related part of the business could have a material adverse impact on the financial strength of such end-customer and its ability to honor its contractual obligations which could negatively impact revenue and the cash flow of the project and our business.

***Changes in the treatment or qualification of RECs may adversely impact our business.***

We currently generate a portion of our revenue from the sale of RECs. RECs represent the "renewable" nature of the electricity. Creation of RECs depends on the type of renewable energy and can include other criteria such as location, size, date of operation of the project and energy delivery needs. RECs are sometimes sold bundled with electricity in PPAs that we are party to, and other times may be sold separately to entities seeking to neutralize the emissions associated with their purchase and use of electricity from non-renewable sources. The demand for RECs, and their associated price, may change depending on the availability of renewable electricity in a particular jurisdiction, evolving state and federal policies on the qualification of RECs to satisfy RPS requirements, the need for entities to purchase such RECs to meet regulatory or other requirements or expectations, and the outcome of ongoing investigations initiated in September 2025 by certain state attorneys general regarding certain companies' use of RECs to support their corporate sustainability claims. To the extent that renewable energy becomes more prevalent or the types of energy generation that qualify for RECs change, REC revenue generated by our assets may fall. Policy and legislative developments related to the creation, qualification status, and value of RECs are subject to change, and we cannot guarantee that the RECs we generate will have or retain value. Moreover, regulatory changes that reduce the quality or classification of RECs generated by certain of our assets have the potential to materially and adversely impact our financial condition and results of operation.

***We may be exposed to uninsured losses and may experience increased insurance costs.***

The insurance coverages and limits we carry, and the coverages and limits we require our contractual counterparties to carry, may not cover all losses that may arise in the course of our operations. Property insurance business income coverage is limited to a certain duration following a covered loss, which may not be adequate time to restore production in all cases. Some of our properties contain obsolete technology, for which insurance coverage is restricted. Some of the original equipment manufacturers who supplied equipment for our properties, and contractors who installed our equipment, are no longer in business, making their insurance and warranties unavailable for recovery. It is possible that incidents may occur resulting in losses greater than the insurance limits we have purchased. Some coverages are only available with aggregate limits, meaning that insurance coverage is eroded over the course of the policy period by payment of covered claims, reducing the amount available for subsequent claims in the same term. Some of our properties are located in areas exposed to natural disasters including earthquakes, floods, and windstorms. Our property insurance contains sublimits for such perils, reducing the limits available for resulting claims. In the event that the insurance we carry is insufficient to cover the full extent of losses that we experience, our financial position may be materially and adversely affected. The rates charged for the coverages we currently carry may increase substantially in the future, depending on: (i) our loss history; (ii) the losses experienced by the global insurance industry related to the energy sector; (iii) prevailing conditions in the insurance marketplace as insurers come and go and change their business appetites; and (iv) overall economic conditions. Due to the same reasons, the limits available to purchase may be reduced, or we may only be able to procure coverage with deductibles higher than we currently carry.

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***We do not own all of the land on which the projects in our portfolio are located.***

Many of our projects are located on land occupied under long-term leases. The ownership interests in the land that we lease may be subject to mortgages securing loans or other liens and other easements, lease rights and rights-of-way of third parties, rights to develop minerals, including oil and gas, and other rights that were created prior to our rights in the land. As a result, our rights under such easements, leases or rights-of-way may be subject, and subordinate, to the rights of these third parties. Additionally, our operations located on properties owned by others are subject to termination for violation of the terms and conditions of the various easements, leases or rights-of-way under which such operations are conducted. Any loss or curtailment of our rights to use the land on which our projects are or will be located could have a material adverse effect on our business, financial condition, and results of operation.

***We will be required to make substantial capital expenditures to develop the projects in our growth pipeline, repower existing assets and pursue new growth opportunities.***

A variety of factors will affect our ability to execute on our growth strategy, including, but not limited to, market conditions, the failure of the assumptions we have made about our market opportunities to materialize, costs relating to site control and transmission interconnections, costs of materials, construction costs and delays and other risks and factors discussed herein. To the extent that our liquidity, together with cash flows generated by our operating assets, is not sufficient to fund our development projects, we may be obligated to seek equity or debt financing.

If we are unable to secure funding, or if it is only available on terms that we determine are not acceptable to us, we may be unable to fully execute our business plan and our business, financial condition or results of operations may be adversely affected. Additionally, we may need to adjust the timing of our planned capital expenditures, project development and repower projects depending on the availability of such additional funding. Our ability to raise capital will depend on financial, economic and market conditions and other factors, many of which are beyond our control. We cannot assure you that such funding will be available on acceptable terms, or at all. Debt financing, if available, may subject us to restrictive covenants that could limit our flexibility in conducting future business activities and could result in us expending significant resources to service our obligations.

***Our investments are subject to changes in market value and other risks, which have in the past, and may in the future, materially adversely affect our liquidity, financial condition and results of operations.***

The Company holds investments in which changes in the fair value affect our financial results. In some cases, there are no observable market values for these investments, requiring fair value estimates to be based on other valuation techniques. This type of analysis requires significant judgment and the actual values realized in a sale of these investments have in the past and may in the future, differ materially from those estimated. Sales of investments that are below their previously estimated values, or other declines in the fair value of an investment, has in the past, and may in the future, result in, losses or the impairment, write-off of or re-underwriting of such investments, which in the past and may in the future, have a material adverse effect on our liquidity, financial condition and results of operations.

***If the solar power industry experiences a shortage of key inputs, such as polysilicon, the profitability of solar power-producing projects may decrease, which may result in slower growth in the solar power market than we anticipate.***

Solar power companies depend on certain technologies and key inputs, such as polysilicon. If the solar power industry experiences shortages of these technologies and key inputs, the profitability of the solar businesses in which we invest may be negatively impacted due to the resulting increase in prices of these technologies and key inputs. In addition, increases in polysilicon prices have in the past increased manufacturing costs for solar power producers and may impact manufacturing costs and net income or cause a shortage of polysilicon in the future. Polysilicon is also used in the semiconductor industry generally, and any increase in demand from that sector may cause a shortage. To the extent a shortage results in these types of technologies and key inputs due to price increases, the solar power market may experience slower growth than we anticipate.

***The operating results of the projects in which we invest that produce solar power may be negatively affected by a number of factors.***

In addition to shortages in technologies and key inputs and changes in governmental policies, the results of the projects in which we invest that produce solar power can be affected by a variety of factors, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average selling price of solar cells, solar panels and solar power systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decrease in the availability, pricing and timeliness of delivery of raw materials and components, particularly solar panels and components, including steel, necessary for solar power systems to function;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rate and cost at which solar power producers are able to expand their manufacturing and product assembly capacity to meet customer demand, including costs and timing of adding personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• construction cost overruns, including those associated with the introduction of new products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of seasonal variations in demand and/or revenue recognition linked to construction cycles and weather conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unplanned additional expenses such as manufacturing failures, defects or downtime;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of seasonal variations in sunlight on energy production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of weather variations on energy production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisition and investment-related costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the loss of one or more key customers or the significant reduction or postponement of orders from these customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in manufacturing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability, pricing and timeliness of delivery of products necessary for solar power products to operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in electric rates due to changes in fossil fuel prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the lack of a viable secondary market for positions in solar energy projects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of a solar energy project to generate cash and pay yield substantially depends on power generation, which depends on the continuing productive capability of the solar energy hardware, including proper operations and maintenance of the solar energy hardware and fair sunlight for the life of the investment.

***If wind conditions are unfavorable or below our estimates on any of our wind projects, the electricity production on such project and therefore, our income, may be substantially below our estimates.***

The financial performance of our projects that produce wind energy will be dependent upon the availability of wind resources. The strength and consistency of wind resources at wind projects will vary. Weather patterns could change, or the historical data could prove to be an inaccurate reflection of the strength and consistency of the wind in the future. If wind resources are insufficient, the assumptions underlying the economic feasibility about the amount of electricity to be generated by wind projects will not be met, and the project's income and cash flows will be adversely impacted. Wind-producing projects and our evaluations of wind projects will be based on assumptions about certain conditions that may exist and events that may occur in the future. A number of additional factors may cause the wind resource and energy capture at wind projects to differ, possibly materially, from those initially assumed by the project's management, including: (1) the limited time period over which the site-specific wind data were collected; (2) the potential lack of close correlation between site-specific wind data and the longer-term regional wind data; (3) inaccurate assumptions related to wake losses and wind shear; (4) the limitations in the accuracy with which anemometers measure wind speed; (5) the inherent variability of wind speeds; (6) the lack of independent verification of the turbine power curve provided by the manufacturer; (7) the potential impact of global warming and other climatic factors, including icing and soiling of wind turbines; (8) the potential impact of topographical variations, turbine placement and local conditions, including vegetation; (9) the power delivery schedule being subject to uncertainty; (10) the inherent uncertainty associated with the use of models, in particular future-oriented models; and (11) the potential for electricity losses to occur before delivery.

Furthermore, a project's wind resources may be insufficient for it to become and remain profitable. Wind is naturally variable. The level of electricity production at any of our wind projects, therefore, will also be variable. If there are insufficient wind resources at a project site due to variability, the assumptions underlying our belief about the amount of electricity to be generated by the wind project will not be met. Accordingly, there is no assurance that a project's wind resources will be sufficient for it to become or remain profitable.

If our wind energy production assessments turn out to be wrong, our wind energy projects could suffer several material adverse consequences, including (i) our wind energy production and sales for the project may be significantly lower than we predict; (ii) our hedging arrangements may be ineffective or more costly; (iii) we may not produce sufficient energy to meet our commitments to sell electricity or RECs and, as a result, we may have to buy electricity or RECs on the open market to cover our obligations or pay damages; and (iv) our projects may not generate sufficient cash flow to make payments of principal and interest as they become due on the debt we provided on the project, and we may have difficulty refinancing such debt.

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***Our investments in energy storage facilities may be negatively affected by a number of factors, including increases in storage costs, risk of fire and decreases in retail peak electricity pricing.***

Energy storage is a segment of the energy markets that has experienced significant growth in recent years as storage costs have fallen. The continued growth of the energy storage industry depends on a number of uncertain factors, including continued decreases in storage costs. Our investments in energy storage facilities may be negatively affected by increases in storage costs and/or decreases in procurement of energy storage. Energy storage technologies are immature and, thus, the performance of such technologies is uncertain. To the extent we invest in lithium-ion battery storage systems, such systems may be subject to risk of fire due to the fire risk associated with lithium-ion batteries.

In addition, our investments in energy storage systems may require us to guarantee an electricity customer's utility bill cost savings by providing offsetting load during peak electricity consumption hours. If we are required to guarantee such cost savings and a customer's cost savings decrease below the guaranteed amount, due to a decrease in retail peak electricity pricing or otherwise, we would be required to pay an amount equal to the difference between the customer's actual cost savings and the guaranteed amount.

***In our due diligence review of potential investments, we may rely on third-party consultants and advisors and representations made by sellers of potential portfolio projects, and we may not identify all relevant facts that may be necessary or helpful in evaluating potential investments.***

Before making investments, due diligence will typically be conducted in a manner that we deem reasonable and appropriate based on the facts and circumstances applicable to each investment. Due diligence may entail evaluation of important and complex business, financial, tax, accounting, environmental and legal issues. Outside consultants, legal advisors, appraisers, accountants, independent engineers, investment banks and other third parties may be involved in the due diligence process to varying degrees depending on the type of investment, the costs of which will be borne by us. Such involvement of third-party advisors or consultants may present a number of risks primarily relating to our reduced control of the functions that are outsourced. In addition, if we are unable to timely engage third-party providers, the ability to evaluate and acquire more complex targets could be adversely affected. In the due diligence process and in making an assessment regarding a potential investment, the Company will rely on the resources available to it, including information provided by the target of the investment and, in some circumstances, third-party investigations. The due diligence investigation carried out with respect to any investment opportunity may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity, particularly for large portfolio investments. Moreover, such an investigation will not necessarily result in the investment being successful. There can be no assurance that attempts to provide downside protection with respect to investments, including pursuant to the risk management procedures described in this annual report, will achieve their desired effect, and potential investors should regard an investment in us as being speculative and having a high degree of risk.

***There can be no guarantee that newly developed technologies that we invest in will perform as anticipated.***

We may invest in and use newly developed, less proven, technologies in our development projects or in maintaining or enhancing our existing assets. There is no guarantee that such new technologies will perform as anticipated. The failure of a new technology to perform as anticipated may materially and adversely affect the profitability of a particular development project or existing asset. All new technology integrated on our sites goes through a rigorous review and approval process, adheres to all prudent industry codes and standards relating to renewable energy production, and is integrated in small batches as a proof of concept before being rolled out to larger parts of our fleet.

***Our investment management business is highly regulated and failure to comply with the various rules and regulations of the jurisdictions in which we operate could have adverse effects.***

We have a growing investment management business which is subject to risks. This business is extensively regulated by governmental agencies and other self-regulatory organizations in the U.S. and the foreign jurisdictions in which we operate. Any failure to comply with the various rules and regulations of these jurisdictions could result in liability or other risks, including the inability to carry on activities related to this line of our business, incurring additional expenses as a result of increased regulatory oversight, examinations relating to, among other things, antitrust law, anti-money laundering laws, anti-bribery laws, laws relating to foreign officials, tax laws and privacy laws and fines if we or GCM are deemed to have violated any regulations, and a decrease in profitability as a result of costs of complying with these regulatory matters and/or responding to any regulatory inquiries. Termination of advisory agreements with respect to GCM's existing or future managed funds could also result in lost revenue for the Company and significant reputational damage impacting GCM's ability to provide advisory services to other alternative investment funds. Any of these risks could have a material adverse effect on our business, financial condition and results of operations.

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**Risks Related to Debt Financing and Lending**

***We may need to incur financial leverage to be able to achieve our investment objectives. We cannot guarantee the availability of such financings.***

To achieve our investment objectives, we may be required to utilize financial leverage. We may borrow money to make investments, for working capital, and to make distributions to our members. We are subject to the risk that we are unable to obtain financing at all or on commercial terms that are acceptable to us. Moreover, if we are able to obtain financing, we will be subject to the risk that our cash flow will not be sufficient to cover the required debt service payments and other risks associated with complying with required financial covenants. Our failure to comply with our obligations under these debt financings from time to time may result in an event of default. A default, if not cured or waived, may permit acceleration of our indebtedness. If our indebtedness is accelerated, we may not have sufficient funds available to pay the accelerated indebtedness or the ability to refinance the accelerated indebtedness on terms favorable to us or at all. To the extent that we cannot meet our financing obligations, we risk the loss of some or all of our assets to liquidation or sale, at significantly depressed prices in some cases due to market conditions or otherwise, to satisfy the obligations. Furthermore, any amounts that we use to service our indebtedness will not be available for distribution to our members.

***If we borrow money, the potential for gain or loss on the amounts invested in us will be magnified and may increase the risk of investing in us. Borrowed money may also adversely affect the return on our assets, reduce cash available for distribution to our members, and result in losses.***

We currently use leverage to finance certain of our investments. The amount of leverage that we employ will depend on our assessment of market and other factors at the time of any proposed borrowing. The Operating Agreement does not impose limits on the amount of leverage we may employ. There can be no assurance that leveraged financing will be available to us on attractive terms or at all. The use of leverage increases the volatility of investments by magnifying the potential for gain or loss on invested equity capital. If we use leverage to partially finance our investments, through borrowing from banks and other lenders, there will be an increased risk of investing in our shares. If the value of our assets decreases, leveraging would cause such value to decline more sharply than it otherwise would have had we not leveraged. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make distributions to our members.

***We will be exposed to risks associated with changes in interest rates.***

To the extent we borrow to finance our investments, we will be subject to financial market risks, including changes in interest rates. In response to inflationary pressure, the Federal Reserve and other global central banks raised interest rates in 2022 and 2023. An increase in interest rates, or the continuation of high interest rates, would make it more expensive to use debt for our financing needs. When we borrow, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we employ those funds. As a result, we can offer no assurance that a meaningful change in market interest rates will not have a material adverse effect on our net income. In periods of rising interest rates when we have debt outstanding, our cost of funds may increase, which could reduce our net income. We expect that our long-term fixed-rate investments will be financed primarily with equity and long-term debt. We may use interest rate risk management techniques to limit our exposure to interest rate fluctuations. These techniques may include borrowing at fixed rates or various interest rate hedging activities. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations.

***Cross-collateral arrangements among projects within our portfolio could expand the negative impact of a problem with one project to negatively affect other projects in our portfolio.***

Certain of our projects are subject to cross-collateral arrangements pursuant to which their assets are pledged to secure obligations related to projects that our respective operating subsidiary does not own. Under the terms of these arrangements, the failure of one or more of our subsidiaries to perform its obligations under contracts related to one of our projects could allow the counterparty to foreclose on one or more projects that might otherwise not have been negatively affected. The result of a foreclosure event under a cross-collateral arrangement could amplify the negative impact of an issue that might have otherwise affected only the specific project for which the performance obligations were not satisfied and have a material adverse effect on our business, financial condition, and results of operations.

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***We are subject to credit and performance risk from customers, hedging counterparties and vendors.***

We are exposed to risks associated with the creditworthiness and performance of our customers, hedging counterparties and vendors under contracts for the supply of equipment, materials and other goods and services required for our business operations and for the construction and operation of, and for capital improvements to, our facilities. Adverse conditions in the energy industry or the general economy, as well as circumstances of individual customers, hedging counterparties and vendors, may adversely affect the ability of some customers, hedging counterparties and vendors to perform as required under their contracts with us.

If any hedging, vending or other counterparty fails to fulfill its contractual obligations, we may need to make arrangements with other counterparties or vendors, which could result in material financial losses, higher costs, untimely completion of power generation facilities and other projects, and/or a disruption of our operations. If a defaulting counterparty is in poor financial condition, we may not be able to recover damages for any contract breach.

**Risks Related to Our Shares**

***The shares that were sold in our security offerings will not be listed on an exchange or quoted through a quotation system for the foreseeable future, if ever. Therefore, when purchasing any class of shares, investors have limited liquidity and may not receive a full return of their invested capital if they sell their shares.***

The shares offered by us are illiquid assets for which there is not expected to be any secondary market, nor is it expected that any will develop in the future. Investors' ability to transfer shares is limited. Pursuant to the Fifth Operating Agreement, we have the discretion under certain circumstances to prohibit transfers of shares, or to refuse to consent to the admission of a transferee as a member. Moreover, our Board of Directors approved the suspension of our SRP effective September 23, 2023, except for repurchase requests made in connection with the death, disability or determination of incompetence of a shareholder. As a result of the suspension of the SRP, the Company will not accept or otherwise process any additional repurchase requests (except as noted above) until such time, if any, as the Board of Directors affirmatively authorizes the recommencement of the SRP. However, the Company can make no assurances as to whether this will happen, or the timing or terms of any recommencement. Even if recommenced, the SRP should not be relied on as a method to sell shares promptly, because the SRP includes numerous restrictions that limit investors' ability to sell their shares to us, and we may further amend, suspend or terminate the SRP at any time without advance notice. In particular, the SRP provides that we may make repurchase offers only to members that have held their shares for a minimum of one year, which one-year holding period will be waived in the event of the departure of certain of our key personnel. The SRP limits repurchases (i) during any 12-month period, to 20.00% of our weighted average number of outstanding shares; and (ii) during any fiscal quarter, to 5.00% of the weighted average number of shares outstanding in the prior four fiscal quarters.

Our ability to repurchase shares is subject to and may be limited by the Company's available funds. Therefore, it will be difficult for investors to sell their shares promptly or at all. In addition, we have no present intention to consummate a liquidity event, and the price received for any shares sold prior to any such liquidity event is likely to be less than the proportionate value of our assets. The shares should be purchased as a long-term investment only.

**Risks Related to Tax**

***Members may realize taxable income without cash distributions, and may have to use funds from other sources to fund tax liabilities.***

Because we are taxed as a partnership for U.S. federal income tax purposes, members may realize taxable income in excess of cash distributions by us. There can be no assurance we will begin paying distributions again. As a result, members may have to use funds from other sources to pay their tax liability.

In addition, the payment of any distribution fees over time with respect to certain classes of shares will be deemed to be paid from cash distributions that would otherwise be distributable to the holders of such classes of shares. Accordingly, the holders of such classes of shares will receive a lower cash distribution to the extent of such holders' obligation to pay such fees. Because the payment of such fees is not a deductible expense for tax purposes, the taxable income of the Company allocable to the holders of such classes of shares may, therefore, exceed the amount of cash distributions made to such holders.

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***The U.S. IRS could adjust or reallocate items of income, gain, deduction, loss and credit with respect to the shares if the IRS does not accept the assumptions or conventions we utilize.***

U.S. federal income tax rules applicable to partnerships are complex, and their application is not always clear. Moreover, the rules generally were not written for, and in some respects are difficult to apply to, publicly traded interests in partnerships. We apply certain assumptions and conventions intended to comply with the intent of the rules and to report income, gain, deduction, loss and credit to members in a manner that reflects members' economic gains and losses, but these assumptions and conventions require judgment in application with the applicable Treasury regulations. It is possible therefore that the IRS will successfully assert that these assumptions or conventions do not satisfy the technical requirements of the Internal Revenue Code of 1986 (the "Internal Revenue Code"), and will require that items of income, gain, deduction, loss and credit be adjusted or reallocated in a manner that could be adverse to investors.

***If we were to become taxable as a corporation for U.S. federal income tax purposes, we would be required to pay income tax at corporate rates on our net income, and distributions by us to members would constitute dividend income taxable to such members, to the extent of our earnings and profits.***

While we plan to continue to operate so that we will qualify to be treated as a partnership for U.S. federal income tax purposes, and not as an association or a publicly traded partnership taxable as a corporation, given the highly complex nature of the rules governing partnerships, the ongoing importance of factual determinations, the lack of direct guidance with respect to the application of tax laws to the activities we are undertaking and the possibility of future changes in its circumstances, it is possible that we will not so qualify for any particular year. Our taxation as a partnership will depend on our ability to meet, on a continuing basis, through actual operating results, the "qualifying income exception." We expect to satisfy this exception by ensuring that most of our investments that do not generate "qualifying income" are held through taxable corporate subsidiaries. However, we may not properly identify income as "qualifying." Accordingly, no assurance can be given that the actual results of our operations for any taxable year will satisfy the qualifying income exception.

If, for any reason, we become taxable as a corporation for U.S. federal income tax purposes, our items of income and deduction would not pass through to our members, and our members would be treated for U.S. federal income tax purposes as shareholders in a corporation. We would be required to pay income tax at corporate rates on our net income. Distributions by us to members would constitute dividend income taxable to such members, to the extent of our earnings and profits, and the payment of these distributions would not be deductible by us. These consequences would have a material adverse effect on us, our members and the value of the shares.

While it is expected that we will operate so that we will qualify to be treated as a partnership for U.S. federal income tax purposes, we expect that a significant portion of our investments will not generate "qualifying income," and that we will conduct a significant portion of our operations through GREC, our wholly owned subsidiary treated as a C-corporation for U.S. federal income tax purposes and subject to U.S. federal income tax on its net income. Conducting our operations through GREC will allow us to effectively utilize tax incentives generated from projects in which we hold controlling equity stakes to reduce the taxable income generated by our other investments through tax incentives that are better utilized by C-corporations than other forms of entities. Because a significant portion of our investments will be held through GREC, the tax benefit of our being a partnership for U.S. federal income tax purposes will be limited to the income generated by the investments that we directly hold.

***Indemnification claims by a tax equity investor, project lender, or other counterparty may reduce our right to cash flows generated by a project and could result in a cross-default under project-level debt financing.***

Certain of our project subsidiaries have made representations, warranties, and covenants to Tax Equity Investors, project lenders, or other counterparties with respect to, among other things, a project's initial and continued eligibility for tax credits, the tax basis of those assets and accelerated tax depreciation, and fulfillment of obligations under construction contracts, purchase and sale agreements, tax equity financing documents, and certain other project and finance agreements. The potential exposure of our project subsidiaries under such representations, warranties, or covenants is significant, and in certain cases, we or our subsidiaries provide guarantees or undertakings with respect to such obligations that could result in substantial liabilities that are recourse to us or our subsidiaries and not limited to the specific project. If any representation, warranty, or covenant is untrue or breached, we or our subsidiary may be required to indemnify the Tax Equity Investors and the project subsidiary may be required to pay all of the project's operating cash flow to the Tax Equity Investors until such indemnity obligation is satisfied. Any such indemnity obligation or cash sweep by us or our project subsidiary could result in a cross-default under the terms of the project's debt or impose material liabilities on us or our other subsidiaries, and correspondingly have a material adverse effect on our business, financial condition, and results of operations.

**ITEM 1B. UNRESOLVED STAFF COMMENTS**

None.

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**ITEM 1C. CYBERSECURITY**

**Cybersecurity Program**

As an energy transition, renewable energy and investment management company that acquires, constructs and operates renewable energy and energy efficient projects, as well as finances the construction and/or operation of these and other sustainable development projects and businesses and provides through GCM investment management services to funds within the sustainable infrastructure and renewable energy industry, cybersecurity risk management is an integral part of our overall enterprise risk management program.

A robust cybersecurity program to protect our assets from cyber and information security threats is critical to managing risk effectively. Our cybersecurity program is designed with consideration of internationally recognized information security standards and best practices. Our multi-layered data protection and information security programs and practices are designed for the safety, security and responsible use of the information and data our stakeholders entrust to us. The approach blends defense-in-depth and zero-trust principles. Our cybersecurity program is informed and assessed by third-party assessments and advice regarding best practices from consultants, business partners and advisors, and it incorporates benchmarking and other data from peer companies. We have processes for evaluating (among other things) the data protection and information security infrastructure of our third-party providers (including examining any relevant records such as service organization controls reports), and we seek to manage third-party risk with procedures to onboard our third-party providers, monitor their activity during our engagement (where possible) and off-board such third-party service providers at the end of our engagement.

We have implemented and maintain various measures to mitigate information security challenges, including maintaining an information security program, an enterprise resilience program, a business continuity program and cyber insurance coverage, as well as regularly testing our systems to discover and address any potential vulnerabilities. The Company also conducts periodic cybersecurity awareness training for employees and provides cybersecurity updates, where appropriate, to its employees during regularly scheduled meetings. These updates are designed to educate employees and to raise awareness of cybersecurity threats to reduce vulnerability as well as to encourage consideration of cybersecurity risks.

We monitor and respond to a range of cyber threats, including threats associated with the use of services provided by third-party providers. We utilize automation and artificial intelligence enabled tools to address threats. Our cybersecurity framework for handling cybersecurity threats and incidents includes steps for identifying the nature of a cybersecurity threat, assessing the severity of the threat (including advancing to key members of management where appropriate for determination of potential materiality) and implementing cybersecurity processes and procedures to address the threat.

Despite our efforts to identify and respond to cybersecurity threats, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced an undetected cybersecurity incident. We are not aware of any risks from cybersecurity threats, including as a result of any cybersecurity incidents, which have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations, or financial condition. Refer to Part I —Item 1A. Risk Factors in this Annual Report, including "*Cybersecurity risks could result in the loss of data, interruptions in our business and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations*," for additional discussion about cybersecurity-related risks.

**Governance**

Our Board of Directors and certain members of our senior management team have specific oversight responsibilities with respect to cybersecurity risk.

*Board of Directors and Committee Oversight*

Our Board of Directors is responsible for understanding the issues and risks that are central to our business, including cybersecurity matters. In general, our Board of Directors and senior management team coordinate to oversee our guidelines and policies with respect to risk assessment and risk management, and the Audit Committee of our Board of Directors (the "Audit Committee") discusses our financial and operational risk exposures and the steps management has taken to monitor and control such exposures. In this context, the Audit Committee would be informed of a material cybersecurity incident that could impact our financial statements.

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*Senior Management's Role in Managing Risk*

We have a leadership group consisting of certain members of our senior management team that is responsible for assessing and managing risk and implementing policies, procedures and strategies pertaining to security governance and data privacy, that is led by our SVP of Technology who develops and oversees the programs, policies and controls we have implemented across the organization designed to reduce and prevent logical and physical risks, including information security and cyber risks to our people, intellectual property, data and tangible property. Our SVP of Technology has over two decades of relevant experience in roles such as systems controls, audit, governance, software development/design/engineering, systems implementation, information/operations technology infrastructure operations, cybersecurity, and overall management of the technology function. Most of that experience has been in the energy and financial services sectors. The Company has also engaged a third-party information technology expert to assist the Company's in-house information technology function in managing cybersecurity risks and evaluating, monitoring, and testing the Company's cybersecurity program. Furthermore, members within the team possess cybersecurity relevant credentials such as CISM and CISSP.

*How Senior Management is Informed of and Monitors Incidents*

Certain members of our senior management team are responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risks are monitored, implementing appropriate mitigation measures and maintaining our cybersecurity program. Our cybersecurity program is under the direction of our SVP of Technology (in coordination with certain members of our senior management team), who receives reports from our information technology team and monitors the prevention, detection, mitigation and remediation of cybersecurity incidents. Certain members of our senior management team are notified as appropriate when the information technology team identifies an emerging risk or material issue.

*Reporting to our Board of Directors*

Given the importance of information security and privacy to our stakeholders, our Board of Directors receives an annual presentation from our senior management team discussing our program for managing information security risks, including cyber and data security risks. Our senior management team receives regular reports on our cybersecurity readiness, our risk profile status, our cybersecurity program, material cybersecurity risks and mitigation strategies, third-party assessments of our cybersecurity program and other cybersecurity developments. Our senior management team reports to the Board of Directors and the Audit Committee on such topics, as needed, and at regularly scheduled meetings of the Board of Directors and Audit Committee as part of the business, legal and regulatory update portions of such meetings.

**ITEM 2. PROPERTIES**

The Company maintains properties consisting of its executive offices located at 230 Park Avenue, Suite 1560, New York, NY 10169 and renewable energy projects which are adequate for its operations and are described in Item 1. Business, which description is incorporated herein by reference.

**ITEM 3. LEGAL PROCEEDINGS**

The Company is not currently subject to any material legal proceedings, nor, to its knowledge, is any material legal proceeding threatened against the Company other than the items contained herein.

On September 9, 2025, CO Buffalo Flats LLC and GB Solar TE 2020 Holdings LLC, subsidiaries of the Company, filed a Demand for Arbitration with the American Arbitration Association against the Project's EPC contractor and its surety relating to module performance issues at a utility-scale solar photovoltaic project (the "Project"). Following identification of certain operational concerns, the Company initiated an engineering review and engaged independent consultants to evaluate, among other matters, module selection, module quality and compatibility with the Project's mounting structure. The Company provided formal notice of claims to the EPC contractor, the module manufacturer and other potentially responsible parties pursuant to applicable project agreements. The Company is also evaluating potential recovery under contractual warranties, indemnities and applicable insurance policies. The arbitration is pending, and a procedural schedule is in the process of being established, with hearings currently proposed for September 2027. The Company cannot predict the timing or the resolution of this matter.

On July 25, 2025, Robin MCK LLC ("Robin MCK"), a subsidiary of the Company, filed a complaint against McKesson Corporation ("McKesson") in the Superior Court of New Jersey, Mercer County. The Company alleges that McKesson breached its contractual obligations under a PPA and associated site lease by refusing to permit repairs and reenergization of the rooftop solar energy facility following a July 2023 fire, and seeks declaratory relief, specific performance, injunctive relief, and monetary damages of not less than $18 million including damages related to claimed lost revenue, as well as additional amounts for lost renewable energy credits, environmental incentives, and interest. On January 30, 2026, McKesson filed an answer denying the allegations and asserting

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multiple affirmative defenses. McKesson did not assert any counterclaims in its filing. The litigation remains pending. The Company cannot predict the timing or the resolution of this matter.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

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**PART II**

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED MEMBER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

**Market Information**

There is no established public trading market for our common shares, and therefore, there is a risk that a shareholder may not be able to sell our shares at a time or at a price acceptable to the shareholder, or at all. Unless and until our shares are listed on a national securities exchange, it is not expected that a public market for the shares will develop.

**Holders**

As of December 31, 2025, the Company had approximately 10,218 holders of its common shares. Such information was obtained from the Company's transfer agent.

**Distributions**

The Company suspended the payment of shareholder distributions effective immediately following the distribution payment on May 1, 2024. In connection with suspending shareholder distributions, the Company also suspended the DRP which was offered to shareholders who could elect to have the full amount of cash distributions reinvested in additional shares. Any distributions that the Company will reinstate in the future, if ever, will be at the discretion of the Board of Directors and will depend upon, among other things, on the Company's earnings, financial condition, compliance with applicable regulations and such other factors as the Board of Directors may deem relevant from time to time. See Part I — Item 1A. Risk Factors, and Part II — Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, of this Annual Report, for information regarding the sources of funds used for distributions and for a discussion of factors, which adversely affect the Company's ability to pay distributions.

The following tables reflect the distributions declared and paid during the year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* |  |  |  |
| **Pay Date** | **Paid in Cash** | **Value of Shares Issued under DRP** | **Total** |
| February 1, 2024 | $7610 | $1787 | $9397 |
| March 1, 2024 | 7145 | 1691 | 8836 |
| April 1, 2024 | 7607 | 1821 | 9428 |
| May 1, 2024 | 7373 | 1757 | 9130 |
| Total | $29735 | $7056 | $36791 |

---

The following tables reflect the distributions that were declared during the year ended December 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* |  |  |  |
| **Pay Date** | **Paid in Cash** | **Value of Shares Issued under DRP** | **Total** |
| February 1, 2023 | $7386 | $1975 | $9361 |
| March 1, 2023 | 6679 | 1777 | 8456 |
| March 31, 2023 | 7420 | 1942 | 9362 |
| May 1, 2023 | 7114 | 1888 | 9002 |
| June 1, 2023 | 7373 | 1934 | 9307 |
| July 3, 2023 | 7145 | 1871 | 9016 |
| August 1, 2023 | 7232 | 1926 | 9158 |
| September 1, 2023 | 7226 | 1935 | 9161 |
| October 2, 2023 | 7003 | 1872 | 8875 |
| November 2, 2023 | 7352 | 1841 | 9193 |
| December 1, 2023 | 7964 | 1746 | 9710 |
| January 2, 2024 | 7606 | 1786 | 9392 |
| Total | $87500 | $22493 | $109993 |

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All distributions paid for the years ended December 31, 2024 and 2023 were reported as a return of capital to members for tax reporting purposes.

**Performance Graph**

Not applicable.

**Sales of Unregistered Securities**

The Company suspended shareholder distributions effective immediately after the May 1, 2024 distribution payment and, in connection therewith, suspended the distribution reinvestment plan ("DRP"). Therefore, during 2025 the Company did not issue any shares related to the DRP. As of December 31, 2024, the Company issued 13.0 thousand Class P-A shares for net proceeds of $0.1 million, 0.4 million Class P-I shares for net proceeds of $3.2 million, 1.0 thousand Class P-D shares for net proceeds of $4.0 thousand, 0.2 million Class P-S shares for net proceeds of $1.7 million, and 3.0 thousand Class P-T shares for net proceeds of $17.0 thousand under the DRP. These issuances were made in reliance upon the applicable exemption from registration under Section 4(a)(2) of the Securities Act. No dealer manager fees, selling commissions or other sales charges were paid with respect to shares issued pursuant to the DRP except for distribution fees on Class P-S and Class P-T Shares.

**Issuer Purchases of Equity Securities**

The Company suspended the SRP on September 23, 2023, except for repurchase requests made in connection with the death, qualifying disability or determination of incompetence of a shareholder. Prior to the suspension, pursuant to the SRP, the Company conducted quarterly share repurchases to allow members to sell all or a portion of their shares of any class back to the Company at a price equal to the current MSV calculated by the Company for that class of shares. MSV is calculated using methodologies consistent with standard industry practices with procedures approved by the Company's Board of Directors but should not be considered equivalent to stockholders' equity or any other U.S. GAAP measure. As a result of the suspension of the SRP, the Company will not accept or otherwise process any additional repurchase requests except as noted above. The Board of Directors in the future may reauthorize the recommencement of the SRP; however, the Company can make no assurances as to whether this will happen, or the timing or terms of any recommencement.

For the three months ended December 31, 2025, and in connection with the death, disability or determination of incompetence of a shareholder, the Company repurchased 68.9 thousand Class A shares, 2.5 thousand Class C shares, 4.1 thousand Class I shares, nil Class P-A shares, 67.5 thousand Class P-I shares, nil Class P-D shares and nil Class P-S shares at a total purchase price of $267.0 thousand, $9.6 thousand, $16.0 thousand, nil, $291.9 thousand, nil and nil, respectively, pursuant to the SRP. For the three months ended December 31, 2024, the Company repurchased 4.0 thousand Class A shares, nil Class C shares, 17.0 thousand Class I shares, nil Class P-A shares, 82.0 thousand Class P-I shares, nil Class P-D shares and nil Class P-S shares at a total purchase price of $31.6 thousand, nil, $121.1 thousand, nil, $0.6 million, nil and $7.0 thousand, respectively, pursuant to the SRP.

The table below provides information related to the Company's repurchase of shares during the three months ended December 31, 2025, 2024, and 2023, pursuant to the SRP:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands, except per share data)* |  |  |  |  |
| **Period** | **Total<br>Number of<br>Shares<br>Repurchased** | **Average<br>Price Paid<br>per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Maximum Number of Repurchase<br>Shares Offered** |
| October 1 to December 31, 2025 | 143 | $4.09 | 143 | 9769 |
| October 1 to December 31, 2024 | 101 | $7.86 | 101 | 9767 |
| October 1 to December 31, 2023 | 54 | $7.67 | 54 | 9821 |

---

The SRP limits repurchases (i) during any 12-month period, to 20.00% of our weighted average number of outstanding shares, and (ii) during any fiscal quarter, to 5.00% of the weighted average number of shares outstanding in the prior four fiscal quarters.

**ITEM 6. RESERVED**

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**ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The following discussion and analysis of our consolidated financial condition and results of operations should be read in conjunction with the Company's audited Consolidated Financial Statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed below. The use of "we", "us", "our" and the "Company" refer, collectively to the Greenbacker Renewable Energy Company LLC and its subsidiaries, unless otherwise expressly stated or context otherwise requires. This Annual Report does not constitute an offer of any of the Company's managed funds described herein.

**Overview**

Greenbacker Renewable Energy Company LLC (the "Company") is a Delaware limited liability company formed in December 2012. The Company is an energy transition, renewable energy and investment management ("IM") company that acquires, constructs and operates renewable energy and energy efficiency projects, as well as finances the construction and/or operation of these and other sustainable development projects and businesses and provides investment management services to funds within the sustainable infrastructure and renewable energy industry through Greenbacker Capital Management LLC ("GCM"). As of December 31, 2025, the Company's fleet comprised 220 renewable energy projects with an aggregate power production capacity of approximately 2.8 gigawatts ("GW"), which includes operating capacity of approximately 1.4 GW and pre-operational capacity of approximately 1.4 GW. The Company divested certain projects in the IPP segment during the year ended December 31, 2025. Refer to Note 3. Acquisitions and Divestitures for further details. As of December 31, 2025, GCM serves as the registered investment adviser of four funds in the sustainable and renewable energy industry.

The Company conducts substantially all its operations through its wholly owned subsidiary, GREC. The Company's fiscal year-end is December 31. The Company's business objective is to generate attractive risk-adjusted returns for its shareholders by actively acquiring and financing the construction and/or operation of income-generating renewable energy, energy efficiency and sustainable development projects, primarily within North America, as well as by providing investment management services as an active third-party investment manager to funds within the sustainable infrastructure and renewable energy industry where the Company expects to receive investment management and incentive fees.

The Company currently categorizes its business in two reportable segments: IPP and IM. As of December 31, 2025, the Company provides, through GCM, investment management services to four investment entities – GROZ, GDEV I, GDEV II and GREC II. See Part I — Item 1. Business for a further discussion of our business.

**Presentation of Key Factors Impacting Our Operating Results and Financial Condition**

The results of our operations are affected by a number of factors and will primarily depend on, among other things: the supply of renewable energy assets in the marketplace; the revenues we receive from renewable energy, energy efficiency projects and businesses; the market price of electricity; the availability of government incentives; local, regional and national economies; general market conditions; and the amount of our assets that are operating versus those that are pre-operating because they are currently under construction and the cost to construct such assets. Additionally, our operations are impacted by interest rates, the cost of financing provided by other financial market participants and the ability to raise capital through its managed funds. Many of the factors that affect our operating results are beyond our control. The results of our operations are further affected by the growth of GCM's investment management platform and the related generation of management fees and incentive fees revenue.

**Current Market Environment**

*One Big Beautiful Bill Act of 2025 (the "OBBBA")*

On July 4, 2025, the OBBBA was enacted, introducing material changes to clean energy tax credit programs that are significant to our business and may impact our financial condition, results of operations and future prospects. Among other changes, the OBBBA accelerates the phase-out of the Clean Electricity Investment Tax Credit ("Section 48E") and the Clean Energy Production Tax Credit ("Section 45Y") for clean electricity projects. Previously under the Inflation Reduction Act of 2022 (the "IRA"), Section 48E and 45Y credits were available through 2032 or such later period when the U.S. power sector emitted 75% less carbon emissions than 2022 levels. Under the new provisions, these credits will no longer be available for facilities placed in service after December 31, 2027, unless construction begins on or before July 4, 2026, pursuant to a grandfathering rule. Projects that qualify under this rule must still meet continuity requirements to remain eligible.

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Under the IRA, certain eligible solar projects could qualify for a bonus credit amount if the solar energy project satisfied certain "domestic content" requirements. The OBBBA increased the domestic content threshold for the bonus credit under Section 48E such that projects commencing construction after June 16, 2025 must meet a 45% domestic cost threshold, up from 40%. In addition, the OBBBA adopted new foreign entity of concern ("FEOC") rules designed to deny clean energy tax incentives to clean energy projects that use equipment beyond statutory guidelines from "prohibited foreign entities." The FEOC rules also deny these incentives to taxpayers that rely beyond certain thresholds on equity or debt from prohibited foreign entities or that make payments to prohibited foreign entity counterparties under contracts or licensing agreements that give such counterparties "effective control" over an eligible project. Compliance with FEOC restrictions will be required beginning in 2026 as the U.S. Department of the Treasury (the "Treasury") is expected to issue additional interpretive guidance through future rulemaking.

On July 7, 2025, the President issued Executive Order 14315, directing the Treasury to revise guidance governing when construction is considered to begin for purposes of qualifying for the Section 45Y and Section 48E clean energy tax credits. In response, Treasury issued Notice 2025-42 on August 15, 2025, which modified the "beginning of construction" framework. For projects that begin construction on or after September 2, 2025, the notice eliminated the 5% safe harbor for solar projects larger than 1.5 MW (AC) and for all wind projects. Projects that began construction prior to that date remain subject to prior IRS guidance. The 5% safe harbor continues to apply to solar facilities with a capacity of 1.5 MW or less.

Under the revised rules, the physical work test is the sole method for establishing that construction has begun for affected projects. This test requires the commencement of physical work of a significant nature, without regard to cost, and may include certain on-site and off-site activities, but excludes preliminary activities such as planning, permitting, and financing. The guidance retains a four-year continuity safe harbor under which a project is deemed to satisfy continuous construction requirements if it is placed in service within four calendar years following the calendar year in which construction began, subject to exceptions for certain excusable delays, including permitting, interconnection, supply-chain disruptions, and force majeure events.

Executive Order 14315 also directed Treasury to implement the FEOC provisions of the OBBBA, and additional guidance is expected. The Company is currently evaluating the potential impact of Notice 2025-42 and anticipated FEOC guidance on its development pipeline, construction timelines, financing arrangements, and ability to qualify for federal clean energy tax credits. Any failure to satisfy applicable domestic content, FEOC, or beginning-of-construction requirements could materially and adversely affect the value of such tax credits and the Company's results of operations and financial condition.

*General Market Risks*

The Company's business and the success of its strategies are generally affected by global and domestic economic, political and market conditions, including the local economic conditions of where its assets are located. Certain external events such as public health crises, natural disasters and geopolitical events may lead to increased financial and credit market volatility and disruptions, including inflationary pressures, changes in interest rates, supply chain issues, tariffs, labor shortages and recessionary concerns. While inflation rates moderated in 2025, we have been impacted by heightened inflationary pressures, Central banks in various countries may raise interest rates in response to concerns about inflation, which, coupled with reduced government spending, increased tariffs and volatility in financial markets, may have the effect of further increasing economic uncertainty and heightening these risks. The full impact of such external events on the financial and credit markets and consequently on the Company's future financial conditions and results of operations is uncertain and cannot be fully predicted. The Company continues to monitor these events and will adjust its operations as necessary.

*Regulatory Changes*

The Company's strategy depends in part on government policies that support renewable power generation and energy storage and enhance the economic viability of owning renewable power generation assets. Renewable power and sustainable solutions assets and businesses and the overall growth of the industries in which we operate have historically benefited from the support of state or provincial, national, supranational and international policies and incentives that promote and support investment, such as ITCs, PTCs, RPS programs and accelerated depreciation for tax purposes. However, recent legislative and regulatory developments, including the enactment of the OBBBA and related executive actions, have introduced new limitations and uncertainties regarding the availability and structure of certain clean energy tax credits. We will continue to assess any further developments for potential impacts in future periods.

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*Impact of Government Incentives*

The renewable energy and energy efficiency sector has historically benefited from significant incentives and support from U.S. federal, state and local governments to promote the development and use of renewable energy and energy-saving technologies. These incentives have historically functioned to increase the revenue generated by renewable energy projects and the equity returns available to investors in such projects. Energy efficiency projects may be eligible for incentives at the U.S. federal, state and local levels that can be applied to offset certain project development and implementation costs. In addition, governments in other jurisdictions provide various incentives to support renewable energy and energy efficiency initiatives. Corporate entities may be eligible to receive benefits through tax credits, such as PTCs, ITCs, tax deductions, accelerated depreciation, and incentives.

*U.S. Federal Incentives*

Corporate Depreciation: Modified Accelerated Cost Recovery System ("MACRS")

Under MACRS, certain renewable energy and energy efficiency projects are eligible to recover capital investments through accelerated depreciation. Bonus depreciation under Section 168(k) of the Internal Revenue Code was subject to a phase-down under prior law, with percentages scheduled to decline for property placed in service in successive years. However, the OBBBA restored 100% bonus depreciation and made it permanent for most qualifying property acquired and placed in service on or after January 20, 2025, allowing immediate expensing of the full cost of such property in the year it is placed in service. Property acquired (or under a binding contract) before January 20, 2025 generally remains subject to the earlier phase-down schedule. Certain renewable energy assets and energy storage technologies may also qualify as five-year property under MACRS for cost-recovery purposes. These accelerated cost recovery provisions affect the timing of tax deductions for capital investments, enhancing cash flow and the economics of qualifying projects. Projects placed in service after this date may benefit from immediate expensing of capital costs, which could improve near-term cash flows and reduce taxable income. The Company is still evaluating the impact of this provision on its financial position and future project economics.

Inflation Reduction Act of 2022 ("IRA")

The IRA contained a number of revisions to the Internal Revenue Code, including business tax credits and incentives for the development of clean energy projects and the production of clean energy which historically provided strong tailwinds to the renewable energy industry. However, recent legislative developments, including the enactment of the OBBBA in July 2025, have introduced material changes to these programs, including accelerated phase-outs and more stringent eligibility requirements. As a result, the long-term benefits of the IRA may be diminished. Refer to Part I, Item 1.Business for further details.

*Size of Fleet*

The size of our fleet of operating renewable energy projects is one of the key revenue drivers. Generally, as the size of our operating fleet grows, the amount of revenue we receive will increase. In addition, our fleet of renewable energy projects may grow at an uneven pace as opportunities to make investments in our target assets may be irregularly timed, and the timing and extent of our success in acquiring such assets cannot be predicted.

*Credit Risk*

We expect to encounter credit risk relating to: (1) counterparties to the electricity sales agreements (including PPAs) for our projects, (2) counterparties responsible for project construction and equipment supply, (3) companies in which we may invest, and (4) any potential debt financing we or our projects may obtain. When we are able to do so, we seek to mitigate credit risk by entering into contracts with high-quality counterparties. However, it is still possible that these counterparties may be unable to fulfill their contractual obligations to us.

If counterparties to the electricity sales agreements for our projects or the companies in which we invest are unable to make payments to us when due, or at all, our financial condition and results of operations could be materially adversely affected. While we seek to mitigate construction related credit risk by entering into contracts with high-quality EPC companies with appropriate bonding and insurance capacity, if EPC companies to the construction agreements for our projects are unable to fulfill their contractual obligations to us, our financial condition and results of operation could be materially adversely affected.

*Pre-Operational Assets*

We must complete construction and reach commercial operations before revenue can be generated for the pre-operational renewable energy projects in our IPP business that the Company has previously acquired. We believe these assets, once operational, will generate significant operating revenues for our business.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

*Electricity Prices*

Investments in renewable energy and energy efficiency projects and businesses expose us to volatility in the market prices of electricity. We generally seek projects that have long-term contracts, ranging from 10 to 25 years, which mitigate the effects of volatility in energy prices on our business. To the extent that we have projects that have shorter term contracts with the potential of producing higher risk-adjusted returns, this may subject us to risk should energy prices change. Generally, our projects benefit from take-or-pay agreements with terms structured to take 100% of the power output. We believe the take-or-pay nature of our contracts is a significant factor in managing our exposure to the daily volatility of the electricity market prices. On average, the contracts in our existing operating portfolio have an approximate remaining life of 17 years.

*Changes in Market Interest Rates*

We use debt financing with both hedged and unhedged floating interest rates, or in the case of any refinancing, general increases in interest rates over time may cause the interest expense associated with our borrowings to increase and the value of our debt investments to decline. Conversely, general decreases in interest rates over time may cause the interest expense associated with our borrowings to decrease and the value of our debt investments to increase.

**Key Components of Our Results of Operations**

***Revenue***

*Energy revenue*

Energy revenue within the IPP segment primarily represents revenues associated with the sale of electricity under our long-term PPAs as well as from REC sales. The Company also generates energy revenue from capacity markets, whereby revenue is generated for our ability to meet peak demand if and when needed. The Company also generates revenues through performing energy optimization services for customers, which includes providing a battery storage system and services.

*Investment Management revenue*

The IM segment and the related revenue are driven by GCM's investment management platform. These include management fee and incentives, performance-based fee revenue from current and future third-party funds managed by GCM as well as administrative revenue from certain of its managed funds through services performed by Greenbacker Administration.

The primary sources of IM revenues are management fees and performance participation fees earned. Management fee revenue earned by our IM business is generally based upon the underlying net asset value, cost of investments or committed capital of the managed funds for which GCM provides investment management services, primarily relating to capital raise and deployment as well as other investor relation functions for third-party funds.

The additional revenue source for the IM segment includes, for certain managed funds, administrative services performed by Greenbacker Administration. These services include technical asset management, finance and accounting, legal and other costs incurred by the Company in performing its administrative services.

*Contract amortization, net*

Contract amortization, net within the IPP segment represents amortization of intangible assets and out-of-market contracts recognized from PPA and REC contracts assumed through acquisitions related to the sale of energy in future periods for which the fair value has been determined to be less or more than market. The intangible assets and out-of-market contracts are amortized to revenue over the term of each underlying contract on a straight-line basis.

**Operating Expenses**

*Direct operating costs*

Direct operating costs within the IPP segment represent the costs to operate our fleet of renewable energy projects, including operations and maintenance, site lease expense, project-level insurance, property taxes and other costs incurred at the project level. Additionally, the Company employs a dedicated team of technical asset managers to monitor the operational performance of the projects within IPP The salaries, benefits and professional service costs directly related to the operations of IPP are included within Direct operating costs on the Consolidated Statements of Operations. Direct operating costs exclude any depreciation, amortization and accretion expense.

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Direct operating costs within the IM segment represent the costs for the investment management services for the managed funds. This includes the costs to raise and deploy capital for such funds.

*General and administrative*

*IPP and IM*

General and administrative costs for the IPP and IM segments primarily consist of salaries and other compensation, professional services and consulting fees, occupancy costs and hardware and software costs.

*Corporate*

General and administrative costs also include the unallocated corporate expenses that represent the portion of expenses relating to general corporate functions, including certain finance, legal, information technology, human resources, administrative and executive expenses, and other expenses not directly attributable to a reportable segment. Unallocated corporate expenses include non-recurring professional services and legal fees.

*Depreciation, amortization and accretion*

Depreciation, amortization and accretion reflects the recognition of the cost of our investments in various assets over their useful lives as well as the accretion of our asset retirement obligations over time. Depreciation expense primarily relates to plant and equipment costs for our various renewable energy projects. Amortization primarily relates to our favorable PPA and REC contracts.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Results of Operations**

***Years ended December 31, 2025 and 2024***

The following table presents the Company's consolidated results of operations for the years ended December 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| *(dollars in thousands)* | **2025** | **2024** | **$ Change** | **% Change** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;Energy revenue | $182534 | $185225 | $(2691) | (1.5)% |
| &nbsp;&nbsp;Investment Management revenue | 11482 | 18757 | (7275) | (38.8)% |
| &nbsp;&nbsp;Other revenue | 4624 | 6085 | (1461) | (24.0)% |
| &nbsp;&nbsp;Contract amortization, net | (7419) | (14301) | 6882 | (48.1)% |
| Total net revenue | $191221 | $195766 | $(4545) | (2.3)% |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;Direct operating costs | 94580 | 111749 | (17169) | (15.4)% |
| &nbsp;&nbsp;General and administrative | 57459 | 52552 | 4907 | 9.3% |
| &nbsp;&nbsp;Change in fair value of contingent consideration | (300) | (39348) | 39048 | (99.2)% |
| &nbsp;&nbsp;Depreciation, amortization and accretion | 80782 | 81953 | (1171) | (1.4)% |
| &nbsp;&nbsp;(Gain) loss on asset disposition | 95339 | 12932 | 82407 | NM |
| &nbsp;&nbsp;(Gain) loss on deconsolidation, net |  | (5622) | 5622 | (100.0)% |
| &nbsp;&nbsp;Impairment of goodwill |  | 221314 | (221314) | (100.0)% |
| &nbsp;&nbsp;Impairment of long-lived assets, net and termination costs | 46846 | 88410 | (41564) | (47.0)% |
| Total operating expenses | 374706 | 523940 | (149234) | (28.5)% |
| Operating income (loss) | (183485) | (328174) | 144689 | 44.1% |
| Interest income (expense), net | (79892) | (7612) | (72280) | (949.6)% |
| Change in fair value of investments, net | (5380) | (14701) | 9321 | 63.4% |
| Income from sale-leaseback transfer of tax benefits | 32951 | 22764 | 10187 | 44.8% |
| Gain on liability extinguishment | 15417 |  | 15417 | N/A |
| Other income (expense), net | (2624) | 2436 | (5060) | NM |
| Income (loss) before income taxes | (223013) | (325287) | 102274 | 31.4% |
| Benefit from income taxes | 8124 | 19378 | (11254) | 58.1% |
| Net income (loss) | $(214889) | $(305909) | $91020 | 29.8% |
| Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | (20244) | (63609) | 43365 | 68.2% |
| Net income (loss) attributable to Greenbacker Renewable Energy Company LLC | $(194645) | $(242300) | $47655 | 19.7% |

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

The following table presents a discussion of the Company's results of operations for each segment for the years ended December 31, 2025 and 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(dollars in thousands)* | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  | **Independent Power Producer** | **Investment Management** | **Corporate** | **Total** | **Independent Power Producer** | **Investment Management** | **Corporate** | **Total** |
| **Revenue** |  |  |  |  |  |  |  |  |
| Energy revenue | $182534 | $— | $— | $182534 | $185225 | $— | $— | $185225 |
| Investment Management revenue |  | 11482 |  | 11482 |  | 18757 |  | 18757 |
| Other revenue | 4624 |  |  | 4624 | 6085 |  |  | 6085 |
| Operating revenue | $187158 | $11482 | $— | $198640 | $191310 | $18757 | $— | $210067 |
| Contract amortization, net | (7419) |  |  | (7419) | (14301) |  |  | (14301) |
| **Total net revenue** | $179739 | $11482 | $— | $191221 | $177009 | $18757 | $— | $195766 |
| **Operating expenses** |  |  |  |  |  |  |  |  |
| Direct operating costs | $81868 | $12712 | $— | $94580 | $95049 | $16700 | $— | $111749 |
| General and administrative | 12120 | 4292 | 41047 | 57459 | 15231 | 8020 | 29301 | 52552 |
| Change in fair value of contingent consideration |  |  | (300) | (300) |  |  | (39348) | (39348) |
| Depreciation, amortization and accretion | 76483 | 4299 |  | 80782 | 73790 | 8163 |  | 81953 |
| (Gain) loss on asset disposition | 95339 |  |  | 95339 | 12932 |  |  | 12932 |
| (Gain) loss on deconsolidation, net |  |  |  |  | (5622) |  |  | (5622) |
| Impairment of goodwill |  |  |  |  | 200338 | 20976 |  | 221314 |
| Impairment of long-lived assets, net and termination costs | 46846 |  |  | 46846 | 37982 | 50428 |  | 88410 |
| **Total operating expenses** | $312656 | $21303 | $40747 | $374706 | $429700 | $104287 | $(10047) | $523940 |
| **Operating income (loss)** | $(132917) | $(9821) | $(40747) | $(183485) | $(252691) | $(85530) | $10047 | $(328174) |
| Operating income (loss) margin<sup>(1)</sup> | (74)% | (86)% | N/A | (96)% | (143)% | (456)% | N/A | (168)% |
| Segment adjusted EBITDA<sup>(2)</sup> | $96670 | $(2605) | $(22024) | $72041 | $81197 | $2051 | $(23498) | $59750 |
| Segment adjusted EBITDA margin<sup>(3)</sup> | 52% | (23)% | N/A | 36% | 42% | 11% | N/A | 28% |

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(1)Operating income (loss) margin is calculated by dividing Operating income (loss) by Total net revenue.

(2)See below for a reconciliation of total Segment Adjusted EBITDA to Net income (loss). See also Part II — Item 8 – Note 21. Segment Reporting in the Notes to the Consolidated Financial Statements for more information regarding our segment determination.

(3)Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Operating revenue.

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***Reconciliation of Segment Adjusted EBITDA***

The following table reconciles total Segment Adjusted EBITDA to Net loss attributable to Greenbacker Renewable Energy Company LLC:

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| | | |
|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** |
| *(in thousands)* | **2025** | **2024** |
| Segment Adjusted EBITDA: |  |  |
| &nbsp;&nbsp;IPP Adjusted EBITDA | $96670 | $81197 |
| &nbsp;&nbsp;IM Adjusted EBITDA | (2605) | 2051 |
| Total Segment Adjusted EBITDA | $94065 | $83248 |
| Reconciliation: |  |  |
| Total Segment Adjusted EBITDA | $94065 | $83248 |
| &nbsp;&nbsp;Unallocated corporate expenses | (22024) | (23498) |
| Total Adjusted EBITDA | $72041 | $59750 |
| Add (less): |  |  |
| &nbsp;&nbsp;Share-based compensation expense | 10805 | 378 |
| &nbsp;&nbsp;Change in fair value of contingent consideration | (300) | (39348) |
| &nbsp;&nbsp;(Gain) loss on deconsolidation, net |  | (5622) |
| (Gain) loss on asset disposition<sup>(1)</sup> | 94741 | 12932 |
| &nbsp;&nbsp;Impairment of goodwill |  | 221314 |
| &nbsp;&nbsp;Impairment of long-lived assets, net and termination costs | 46846 | 88410 |
| &nbsp;&nbsp;Depreciation, amortization and accretion<sup>(2)</sup> | 88689 | 97056 |
| &nbsp;&nbsp;Non-recurring professional services and legal fees | 7636 | 8654 |
| &nbsp;&nbsp;Non-recurring salaries and personnel related expenses<sup>(3)</sup> | 7109 | 4150 |
| Operating income (loss) | $(183485) | $(328174) |
| Interest income (expense), net | (79892) | (7612) |
| Change in fair value of investments, net | (5380) | (14701) |
| Income from sale-leaseback transfer of tax benefits | 32951 | 22764 |
| Gain on liability extinguishment | 15417 |  |
| Other income (expense), net | (2624) | 2436 |
| Income (loss) before income taxes | $(223013) | $(325287) |
| Benefit from income taxes | 8124 | 19378 |
| Net income (loss) | $(214889) | $(305909) |
| Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | (20244) | (63609) |
| Net income (loss) attributable to Greenbacker Renewable Energy Company LLC | $(194645) | $(242300) |

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1. Includes (gains) losses on certain lease terminations included in Direct operating costs on the Consolidated Statements of Operations.

2. Includes contract amortization, net in the amount of $7.4 million and $14.3 million for the years ended December 31, 2025 and 2024, respectively, which are included in Contract amortization, net on the Consolidated Statements of Operations; also includes certain other amortization costs included in Direct operating costs and General and administrative on the Consolidated Statements of Operations.

3. Non-recurring salaries and personnel related expenses include start-up costs which primarily include salaries and personnel related expenses of incremental employees hired in advance to launch new investment strategy initiatives. Given the nature and scale of the related costs and activities, management does not view these as normal, recurring operating expenses, but rather as non-recurring investments to initially develop our new funds. Therefore, we believe it is useful and necessary for investors to understand our core operating performance in current and future periods by excluding the impact of these start-up costs as incurred. Non-recurring salaries and personnel related expenses also include placement fees, including internal sales commission.

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Refer to Part II — Item 8 – Note 21. Segment Reporting in the Notes to the Consolidated Financial Statements for further discussion on how the Company's CODM evaluates the financial performance of each segment and above for a discussion and analysis of the Company's results of operations for each segment.

***Independent Power Producer***

*Energy revenue*

Energy revenue generated from the IPP segment was $182.5 million for the year ended December 31, 2025, a decrease of $2.7 million, or 1.5%, compared to the same period in 2024. The decrease was primarily driven by a decrease in REC revenue generated by our operating renewable energy projects primarily due to the sale of certain projects, partially offset by an overall increase in PPA revenue and battery storage revenue. PPA revenue is impacted by the underlying availability of the natural resource (i.e., wind or solar) and the underlying mix of operating assets by technology type. The Company's operating solar fleet generated $87.3 million of Energy revenue from PPAs, a decrease of $0.5 million, or 0.6%, and the Company's operating wind fleet generated $68.9 million of Energy revenue from PPAs, an increase of $3.2 million, or 4.8%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The overall increase in combined solar and Wind PPA revenue was primarily driven by additional assets being placed into operation (see statistics included herein) and better overall availability of solar and wind resources. This increase in PPA revenue was more than offset by the impact of the sale of Celadon Manager LLC, Dogwood Manager LLC and the projects previously owned by GREC Entity Holdco, a decrease in REC and other incentive revenue of $5.4 million primarily due to the sale of certain projects compared to the year ended December 31, 2024, and a decrease in biomass revenue of $1.5 million due to the absence of biomass production contributed by the Company's subsidiary, EVCE, in the year ended December 31, 2025, which filed for bankruptcy in April 2024.

The Company's operating solar fleet includes 166 operating assets comprising 950 MW of capacity as of December 31, 2025, a decrease of 170 operating assets and 257 MW of capacity compared to December 31, 2024. Total production was 1.5 million MWh for the year ended December 31, 2025, a decrease of 48.9 thousand MWh or 3.3% compared to the same period for 2024. The decrease in production was primarily due to the sale of the assets of GREC Entity Holdco, Celadon Manager LLC and Dogwood Manager LLC during the year ended December 31, 2025, partially offset by additional assets being placed into operation during and subsequent to the year ended December 31, 2024.

The Company's operating wind fleet includes 14 operating assets comprising 376 MW of capacity as of December 31, 2025, a decrease of 2 operating assets and 17 MW of capacity compared to December 31, 2024. Total production was 1.2 million MWh for the year ended December 31, 2025, an increase of 9.8 thousand MWh or 0.8% compared to the same period for 2024. The increase in production was due to overall better availability of wind resources, partially offset by the sale of two smaller-scale wind sites during the year ended December 31, 2025.

The following table presents summary statistics on the IPP fleet as of December 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Metrics** | **December 31, 2025** | **December 31, 2024** | **Total Change** | **Total Change as %** |
| Power production capacity of operating fleet (MW) | 1336 | 1650 | (314) | (19)% |
| Power-generating capacity of pre-operational fleet (MW) | 1364 | 1474 | (110) | (7)% |
| Total power-generating capacity of fleet (MW) | 2700 | 3124 | (424) | (14)% |
| Total number of fleet assets | 220 | 420 | (200) | (48)% |

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The following table presents a detailed breakdown of the changes in total IPP fleet capacity for the year ended December 31, 2025 compared with the year ended December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Metrics (MW)** | **Assets Sold or Disposed** | **Assets Placed into Service** | **Change in Capacity** | **Total Change** |
| Change in power production capacity of operating fleet during period | (344) | 30 |  | (314) |
| Change in power-generating capacity of pre-operational fleet during period  | (90) | (30) | 10 | (110) |
| Total changes in power-generating capacity of fleet during period | (434) |  | 10 | (424) |

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The Company produced approximately 2.7 million MWh of total power during the year ended December 31, 2025, a year-over-year decrease of 2% primarily due to the sale of the assets of GREC Entity Holdco, Celadon Manager LLC and Dogwood Manager LLC and the absence of the biomass production contributed by EVCE which filed for bankruptcy in April 2024. This decrease was partially offset by additional solar assets being placed into operation as well as due to overall better availability of solar and wind resources for the year ended December 31, 2025.

The following table presents the Company's operating fleet production by asset type for the years ended December 31, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** | |
|<br>**MWh by Technology** | **2025** | **2024** |<br>**% Change** |
| Solar | 1455632 | 1504580 | (3)% |
| Wind | 1246220 | 1236431 | 1% |
| Biomass |  | 12938 | (100)% |
| &nbsp;&nbsp;Total | 2701852 | 2753949 | (2)% |

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*Other revenue - IPP*

Other revenue from the IPP segment was $4.6 million for the year ended December 31, 2025, representing a decrease of $1.5 million, or 24.0%, compared to the same period in 2024. This decrease was primarily driven by lower interest income recognized from notes receivable, as the related loans were paid off in 2024.

*Contract amortization, net - IPP*

The Company recognized $7.4 million of Contract amortization, net from the IPP segment during the year ended December 31, 2025, representing a decrease of $6.9 million, or 48.1%, compared to the same period in 2024. This decrease was primarily attributable to the derecognition of two out-of-market contracts following the termination of these related PPAs in 2024, partially offset by amortization associated with additional assets being placed in service during 2025.

*Direct operating costs - IPP*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** | | |
| *(dollars in thousands)* | **2025** | **2024** | **$ Change** | **% Change** |
| Operations and maintenance | $31529 | $49411 | $(17882) | (36.2)% |
| Property taxes, insurance and site lease | 34569 | 33006 | 1563 | 4.7% |
| Salaries and benefits, professional fees and other | 15770 | 12632 | 3138 | 24.8% |
| &nbsp;&nbsp;**Direct operating costs - IPP** | $81868 | $95049 | $(13181) | (13.9)% |

---

Direct operating costs from the IPP segment were $81.9 million for the year ended December 31, 2025, representing a decrease of $13.2 million, or 13.9%, compared to the same period in 2024. The decrease was primarily driven by $18.4 million of fees related to the termination of certain solar module supply contracts in 2024 with no comparable costs incurred in 2025 as well as reductions in corrective maintenance and transportation expenses following EVCE's bankruptcy filing in April 2024. These decreases were partially offset by higher lease expense associated with the acquisition of the Cider project in the third quarter of 2024 and higher professional fees in 2025.

*General and administrative - IPP*

General and administrative expense for the IPP segment was $12.1 million for the year ended December 31, 2025, a decrease of $3.1 million, or 20.4%, compared to the same period in 2024. The decrease in General and administrative expense is primarily related to an overall decrease in salary and compensation expense due to the lower headcount of various functions providing support to the IPP segment.

*Depreciation, amortization and accretion*

Depreciation, amortization and accretion expense for the IPP segment was $76.5 million for the year ended December 31, 2025, an increase of $2.7 million, or 3.6%, compared to the same period in 2024. The increase was primarily related to additional assets being placed in operation subsequent to 2024, partially offset by the impacts of the sales of the assets of GREC Entity HoldCo, Celadon Manager LLC, and Dogwood Manager LLC during the year ended December 31, 2025.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

*(Gain) loss on asset disposition*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposition from the IPP segment was a loss of $95.3 million for the year ended December 31, 2025, an increase of $82.4 million compared to the same period in 2024. The increase was primarily driven by losses recognized in 2025 related to the sale of assets of GREC Entity Holdco, Celadon Manager LLC and Dogwood Manager LLC.

*(Gain) loss on deconsolidation, net*

The Company did not record a (Gain) loss on deconsolidation, net for the year ended December 31, 2025 compared to a (Gain) loss on deconsolidation, net of $5.6 million recognized within the IPP segment during the same period in 2024. During 2024, EVCE filed for a voluntary petition under Chapter 7 of the United States Bankruptcy Code. As a result of this filing, EVCE was deconsolidated from the Company's Consolidated Financial Statements effective April 17, 2024.

*Impairment of long-lived assets, net and termination costs*

Impairment of long-lived assets, net and termination costs in the IPP segment was $46.8 million for the year ended December 31, 2025, an increase of $8.9 million or 23% compared to the same period in 2024. During 2025, the Company recognized impairment losses of $40.1 million related to two operational wind projects, nine development-stage solar projects, and certain other assets as the Company determined the carrying value of these long-lived assets was no longer recoverable. The Company also incurred $6.8 million in termination fees associated with the termination of certain PPAs for the year ended December 31, 2025. During the year ended December 31, 2024, the Company recognized impairment losses of $19.1 million on various development-stage solar projects. In addition, the Company recorded $13.6 million in 2024 for charges related to the termination of certain PPAs which were ultimately not required to be paid and extinguished in 2025.

***Investment Management***

*Revenue*

Revenue from the IM segment was $11.5 million for the year ended December 31, 2025, a decrease of $7.3 million or 38.8%, compared to the same period in 2024. The decrease in revenue within the period is primarily related to a reduction in revenue earned from GREC II due to the reduction in the base management fee rate and a new cap on the administrative fee for services GCM provides to GREC II. Refer to Part II — Item 8 — Note 16. Related Parties for more information.

*Direct operating costs – IM*

Direct operating costs of the IM segment were $12.7 million for the year ended December 31, 2025, a decrease of $4.0 million, or 23.9%, compared to the same period in 2024. The decrease in Direct operating costs within the period primarily related to lower salary and compensation related expenses due to lower headcount for the IM segment. Direct operating costs for the IM segment primarily consist of expenses related to marketing, investor relations, and legal costs associated with the IM segment.

*General and administrative – IM*

General and administrative expense for the IM segment was $4.3 million for the year ended December 31, 2025, a decrease of $3.7 million or 46.5%, compared to the same period in 2024. The decrease in General and administrative expense was primarily driven by lower administrative, salary, and compensation-related costs within the IM segment primarily due to lower headcount and lower share-based compensation expense related to GDEV II incentive units.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

***Corporate***

*General and administrative*

General and administrative expense for Corporate was $41.0 million for the year ended December 31, 2025, an increase of $11.7 million, or 40.1%, compared to the same period in 2024. The increase was primarily driven by a reversal of stock-based compensation expense of $10.6 million recorded in 2024 related to EO Awards. This reversal was recorded as the Company no longer expected the outstanding EO Awards to vest. The increase also reflects stock-based compensation expense related to an independent contractor's interest in GDEV Management.

*Change in fair value of contingent consideration*

The Change in fair value of contingent consideration for Corporate resulted in a gain of $0.3 million for the year ended December 31, 2025, compared to a gain of $39.3 million recorded in the same period in 2024. The gain recognized in 2024 was primarily driven by a reduction in the probability that the applicable Earnout Shares would vest, which substantially reduced the contingent consideration liability. The contingent consideration was further reduced to zero during the year ended December 31, 2025 due to a further reduction in the probability of the Earnout Shares becoming participating.

***Non-operating income and expense***

*Interest income (expense), net*

Interest income (expense), net was $79.9 million of expense for the year ended December 31, 2025, compared to $7.6 million of expense for the same period in 2024. The increase in expense is primarily driven by unfavorable changes in the fair value of the interest rate swaps recorded directly through earnings that were previously recorded through Other comprehensive income, due to the dedesignation of our interest rate swaps in the fourth quarter of 2024. This was partially offset by an increase in swap amortization, which reduces interest expense, related to the dedesignated interest rate swaps, as well as an increase in capitalized interest related to significant project expenditures during the year ended December 31, 2025.

*Change in fair value of investments, net*

Change in fair value of investments, net was a loss of $5.4 million for the year ended December 31, 2025, compared to a loss of $14.7 million in the same period in 2024. The loss in the current year period was primarily related to a decrease in the fair value of the Company's investments in GDEV I and GDEV II due to unrealized losses on the funds' investments as well as a decrease in the fair value of the Company's investment in GDEV OYA Lender due to the termination of certain development projects owned by the investee.

*Income from sale-leaseback transfer of tax benefits*

The Company recorded Income from sale-leaseback transfer of tax benefits of $33.0 million for the year ended December 31, 2025, an increase of $10.2 million or 45% compared to the same period in 2024. The income is driven by the recognition of deferred income from the transfer of tax credits related to the Company's three sale leaseback financings. The Company recognizes deferred income over the first five anniversary dates of each sale leaseback transaction, corresponding to the five-year recapture period. The first anniversary of two of the three financings occurred in 2024, compared to all three reaching an anniversary date during 2025. Refer to Part II — Item 8 – Note 11. Debt for more information.

*Gain on liability extinguishment*

The Company recorded a gain of $15.4 million for the year ended December 31, 2025 in Gain on liability extinguishment, with no corresponding amount recognized in the year ended December 31, 2024. Certain of the Company's subsidiaries previously executed a general assignment for the benefit of creditors ("ABC"), pursuant to which the subsidiaries assigned all of their assets to a third-party assignee to liquidate the assets and distribute the proceeds to creditors. As a result, the Company had impaired substantially all the assets of these subsidiaries in 2024 and simultaneously recorded a liability for damages due to the offtaker. As of December 31, 2025, the deadline for claims through the ABC passed and no claims were made against the Company. As a result, the Company derecognized the liabilities and recorded a gain of $15.4 million in Gain on liability extinguishment within the Consolidated Statements of Operations.

*Benefit from income taxes*

Benefit from income taxes was a benefit of $8.1 million for the year ended December 31, 2025, compared to $19.4 million for the same period in 2024, primarily driven by a decrease in losses allocated to NCI and an increase in the valuation allowance.

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*Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests*

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

***Year ended December 31, 2024 and 2023***

The following table presents the Company's consolidated results of operations for the year ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| *(dollars in thousands)* | **2024** | **2023** | **$ Change** | **% Change** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;Energy revenue | $185225 | $159301 | $25924 | 16.3% |
| &nbsp;&nbsp;Investment Management revenue | 18757 | 13490 | 5267 | 39.0% |
| &nbsp;&nbsp;Other revenue | 6085 | 8434 | (2349) | (27.9)% |
| &nbsp;&nbsp;Contract amortization, net | (14301) | (8060) | (6241) | (77.4)% |
| Total net revenue | $195766 | $173165 | $22601 | 13.1% |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;Direct operating costs | 111749 | 105586 | 6163 | 5.8% |
| &nbsp;&nbsp;General and administrative | 52552 | 60617 | (8065) | (13.3)% |
| &nbsp;&nbsp;Change in fair value of contingent consideration | (39348) | (603) | (38745) | 6425.4% |
| &nbsp;&nbsp;Depreciation, amortization and accretion | 81953 | 125743 | (43790) | (34.8)% |
| (Gain) loss on asset disposition | 12932 |  | 12932 | N/A |
| &nbsp;&nbsp;(Gain) loss on deconsolidation, net | (5622) |  | (5622) | N/A |
| &nbsp;&nbsp;Impairment of goodwill | 221314 |  | 221314 | N/A |
| &nbsp;&nbsp;Impairment of long-lived assets, net and termination costs | 88410 | 59294 | 29116 | 49.1% |
| Total operating expenses | 523940 | 350637 | 173303 | 49.4% |
| Operating income (loss) | (328174) | (177472) | (150702) | (84.9)% |
| Interest income (expense), net | (7612) | (20328) | 12716 | (62.6)% |
| Change in fair value of investments, net | (14701) | 932 | (15633) | 1677.4% |
| Income from sale-leaseback transfer of tax benefits | 22764 |  | 22764 | N/A |
| Other expense, net | 2436 | (267) | 2703 | (1012.4)% |
| Income (loss) before income taxes | (325287) | (197135) | (128152) | (65.0)% |
| Benefit from income taxes | 19378 | 21548 | (2170) | (10.1)% |
| Net income (loss) | $(305909) | $(175587) | $(130322) | (74.2)% |
| Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | (63609) | (96116) | 32507 | 33.8% |
| Net income (loss) attributable to Greenbacker Renewable Energy Company LLC | $(242300) | $(79471) | $(162829) | (204.9)% |

---

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

A discussion of the results of operations for the year ended December 31, 2024 and 2023:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(dollars in thousands)* | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2023** | **2023** |
|  | **Independent Power Producer** | **Investment Management** | **Corporate** | **Total** | **Independent Power Producer** | **Investment Management** | **Investment Management** | **Corporate** | **Total** |
| **Revenue** |  |  |  |  |  |  |  |  |  |
| Energy revenue | $185225 | $— | $— | $185225 | $159301 | $|  | $— | $159301 |
| Investment Management revenue |  | 18757 |  | 18757 |  | 13490 | 13490 |  | 13490 |
| Other revenue | 6085 |  |  | 6085 | 8434 |  |  |  | 8434 |
| Operating revenue | $191310 | $18757 | $— | $210067 | $167735 | $| 13490 | $— | $181225 |
| Contract amortization, net | (14301) |  |  | (14301) | (8060) |  |  |  | (8060) |
| **Total net revenue** | $177009 | $18757 | $— | $195766 | $159675 | $| 13490 | $— | $173165 |
| **Operating expenses** |  |  |  |  |  |  |  |  |  |
| Direct operating costs | $95049 | $16700 | $— | $111749 | $91911 | $| 13675 | $— | $105586 |
| General and administrative | 15231 | 8020 | 29301 | 52552 | 13992 | 3680 | 3680 | 42945 | 60617 |
| Change in fair value of contingent consideration |  |  | (39348) | (39348) |  |  |  | (603) | (603) |
| Depreciation, amortization and accretion | 73790 | 8163 |  | 81953 | 116506 | 9237 | 9237 |  | 125743 |
| (Gain) loss on asset disposition | 12932 |  |  | 12932 |  |  |  |  |  |
| (Gain) loss on deconsolidation, net | (5622) |  |  | (5622) |  |  |  |  |  |
| Impairment of goodwill | 200338 | 20976 |  | 221314 |  |  |  |  |  |
| Impairment of long-lived assets, net and termination costs | 37982 | 50428 |  | 88410 | 59294 |  |  |  | 59294 |
| **Total operating expenses** | $429700 | $104287 | $(10047) | $523940 | $281703 | $| 26592 | $42342 | $350637 |
| **Operating loss** | $(252691) | $(85530) | $10047 | $(328174) | $(122028) | $| (13102) | $(42342) | $(177472) |
| Operating loss margin<sup>(1)</sup> | (143)% | (456)% | N/A | (168)% | (76)% | NM | NM | N/A | (102)% |
| **Segment adjusted EBITDA**<sup>(2)</sup> | $81197 | $2051 | $(23498) | $59750 | $62180 | $| (2674) | $(27754) | $31752 |
| Segment adjusted EBITDA margin<sup>(3)</sup> | 42% | 11% | N/A | 28% | 37% | (20)% | (20)% | N/A | 18% |

---

(1)Operating loss margin is calculated by dividing operating income (loss) by total net revenue.

(2)See below for a reconciliation of total Segment Adjusted EBITDA to Net income (loss). See also Part II — Item 8 – Note 21. Segment Reporting in the Notes to the Consolidated Financial Statements for more information regarding our segment determination.

(3)Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Operating revenue.

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***Reconciliation of Segment Adjusted EBITDA***

The following table reconciles total Segment Adjusted EBITDA to Net loss attributable to Greenbacker Renewable Energy Company LLC:

---

| | | |
|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** |
| *(in thousands)* | **2024** | **2023** |
| Segment Adjusted EBITDA: |  |  |
| &nbsp;&nbsp;IPP Adjusted EBITDA | $81197 | $62180 |
| &nbsp;&nbsp;IM Adjusted EBITDA | 2051 | (2674) |
| Total Segment Adjusted EBITDA | $83248 | $59506 |
| Reconciliation: |  |  |
| Total Segment Adjusted EBITDA | $83248 | $59506 |
| &nbsp;&nbsp;Unallocated corporate expenses | (23498) | (27754) |
| Total Adjusted EBITDA | $59750 | $31752 |
| Add (less): |  |  |
| &nbsp;&nbsp;Share-based compensation expense | 378 | 11248 |
| &nbsp;&nbsp;Change in fair value of contingent consideration | (39348) | (603) |
| &nbsp;&nbsp;Non-recurring professional services and legal fees | 8654 | 3388 |
| &nbsp;&nbsp;Non-recurring salaries and personnel related expenses | 4150 | 1250 |
| &nbsp;&nbsp;(Gain) loss on deconsolidation, net | (5622) |  |
| &nbsp;&nbsp;(Gain) loss on asset disposition | 12932 |  |
| &nbsp;&nbsp;Depreciation, amortization and accretion<sup>(1)</sup> | 97056 | 134647 |
| &nbsp;&nbsp;Impairment of goodwill | 221314 |  |
| &nbsp;&nbsp;Impairment of long-lived assets, net and termination costs | 88410 | 59294 |
| Operating income (loss) | $(328174) | $(177472) |
| Interest income (expense), net | (7612) | (20328) |
| Income from sale-leaseback transfer of tax benefits | 22764 |  |
| Change in fair value of investments, net | (14701) | 932 |
| Other income (expense), net | 2436 | (267) |
| Income (loss) before income taxes | $(325287) | $(197135) |
| Benefit from income taxes | 19378 | 21548 |
| Net income (loss) | $(305909) | $(175587) |
| Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | (63609) | (96116) |
| Net income (loss) attributable to Greenbacker Renewable Energy Company LLC | $(242300) | $(79471) |

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(1)Includes contract amortization, net in the amount of $14.3 million and $8.1 million for the year ended December 31, 2024 and 2023, respectively, which is included in Contract amortization, net on the Consolidated Statements of Operations; also includes certain other amortization costs included in Direct operating costs and General and administrative on the Consolidated Statements of Operations.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

***Independent Power Producer***

*Energy Revenue*

Energy revenue generated from the IPP segment was $185.2 million for the year ended December 31, 2024, an increase of $25.9 million, or 16.3%, compared to the same period for 2023, driven by the increased underlying electricity production from our operating renewable energy projects. PPA revenue is impacted by the underlying availability of the natural resource (i.e., wind or solar) and the underlying mix of operating assets by technology type. The Company's operating solar fleet generated $87.8 million of Energy revenue, an increase of $13.6 million, or 18.4%, and the Company's operating wind fleet generated $65.8 million of Energy revenue, an increase of $11.9 million, or 22.0%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. The remaining PPA revenue generated during the period ended December 31, 2024 was primarily from biomass and battery storage assets. The increase in PPA revenue was primarily driven by additional assets being placed in operation (see statistics included herein) during and subsequent to the year ended December 31, 2023 and most notably due to increased production driven by the Company's three completed and fully reenergized wind repower projects. The then existing three wind assets were strategically taken offline in 2023 in order to repower them with new equipment that resulted in more efficient wind turbines in 2024 driving the increased energy production. The increase was also driven by a large wind asset that was under repair in 2023 and higher than expected wind resources for generation. The Company also recorded $28.3 million in REC and other incentive revenue for the year ended December 31, 2024, primarily from our operating solar fleet, which is included in Energy revenue on the Consolidated Statements of Operations.

The Company's operating solar fleet includes 346 operating assets comprising 1,249 MW of capacity as of December 31, 2024, an increase of 22 operating assets and 125 MW of capacity compared to the prior year period. Total production was 1.5 million MWh for the year ended December 31, 2024, an increase of 248.4 thousand MWh or 20% compared to the prior year period. The increase in production is primarily due to additional assets being placed in operation during and subsequent to the year ended December 31, 2023.

The Company's operating wind fleet includes 16 operating assets comprising 393 MW of capacity as of December 31, 2024, an increase of four MW of capacity compared to the prior year period. Total production was 1.2 million MWh for the year ended December 31, 2024, an increase of 258.2 thousand MWh or 26% compared to the prior year period. The increase in production is primarily due to the Company's three completed wind repower projects from 2023, where the then existing wind assets were retrofitted, resulting in more efficient wind turbines thus increasing production.

The table below provides summary statistics on the IPP fleet for the years ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Metrics** | **December 31, 2024** | **December 31, 2023** | **Change** | **Change as %** |
| Power production capacity of operating fleet at end of period | 1.6 GW | 1.5 GW | 0.1 GW | 8% |
| Power-generating capacity of pre-operational fleet at end of period | 1.5 GW | 1.8 GW | (0.3) GW | (16)% |
| YTD total energy produced at end of period (MWh) | 2753949 | 2292299 | 461650 | 20% |

---

The following table presents the Company's production by asset type for the years ended December 31, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended** <br>**December 31,** | **For the years ended** <br>**December 31,** | |
|<br>**MWh by Technology** | **2024** | **2023** |<br>**% Change** |
| Solar | 1504580 | 1256183 | 20% |
| Wind | 1236431 | 978236 | 26% |
| Biomass | 12938 | 57880 | (78)% |
| Total | 2753949 | 2292299 | 20% |

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*Other Revenue - IPP*

Other revenue from the IPP segment was $6.1 million for the year ended December 31, 2024, a decrease of $2.3 million, or 27.9%, compared to the same period for 2023. The decrease in Other revenue within the period is primarily related to a reduction in interest income from notes receivable held by the Company primarily due to the payoff of certain notes receivable in 2024.

*Direct Operating Costs - IPP*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** | | |
| *(in thousands)* | **2024** | **2023** | **$ Change** | **% Change** |
| Operations and maintenance | $62343 | $44360 | $17983 | 40.5% |
| Property taxes, insurance and site lease | 33006 | 27282 | 5724 | 21.0% |
| Salaries and benefits, professional fees and other | 12632 | 20269 | (7637) | (37.7)% |
| **Direct operating costs - IPP** | $107981 | $91911 | $16070 | 17.5% |

---

Direct operating costs from the IPP segment were $108.0 million for the year ended December 31, 2024, an increase of $16.1 million, or 17.5%, compared to the same period for 2023. The increase in Direct operating costs within the period is primarily related to increased operating costs from additional assets being placed into operation during and subsequent to December 31, 2023, a settlement agreement with a third-party vendor resulting in forfeiture of advance deposits of $16.0 million due to the termination of the existing purchase contract in order to acquire the solar panels needed for our development and construction pipeline from a different vendor with significantly better economic proposition due to reduced expected cash outlays, and an increase of $3.1 million in lease expense due to the acquisition of the Cider assets in 2024. This was partially offset by lower direct operating costs for salaries and benefits, professional fees and other, which was primarily driven by lower professional fees, lower miscellaneous expense such as bad debt expense and lower operating costs related to EVCE due to bankruptcy filed in early 2024, as well as a gain from insurance proceeds from a damaged power transformer in the year ended December 31, 2024. Refer to Part II — Item 8 — Note 3. Acquisitions and Divestitures and Note 8. Property, Plant and Equipment in the Notes to the Consolidated Financial Statements for more information on the acquisition of the Cider assets, deconsolidation of EVCE and the gain from insurance proceeds, respectively.

*General and administrative*

General and administrative expense for the IPP segment was $15.2 million for the year ended December 31, 2024, an increase of $1.2 million, or 8.9%, compared to the same period for 2023. The increase in General and administrative expense is primarily related to an overall increase in salary and compensation related expenses for various functions providing support to the IPP segment.

*Depreciation, amortization and accretion*

Depreciation, amortization and accretion expense for the IPP segment was $73.8 million for the year ended December 31, 2024, a decrease of $42.7 million, or 36.7%, compared to the same period for 2023. The decrease was primarily related to additional accelerated depreciation of $51.9 million recorded in 2023 as the Company engaged in three wind repower projects in 2023 where the existing wind assets were taken offline while being retrofitted to be repowered. This decrease was partially offset by additional assets being depreciated as they were being placed into service during and subsequent to the year ended December 31, 2023.

*Impairment of goodwill*

Impairment of goodwill recorded for the IPP segment was $200.3 million for the year ended December 31, 2024. The Company completed the quantitative test to evaluate impairment of goodwill as of October 1, 2024. A discounted cash flow analysis (income approach) was utilized to determine the fair value of each reporting unit. Using the quantitative approach, the Company made various estimates and assumptions in determining the estimated fair value of each reporting unit. After the completion of the quantitative test, the Company fully impaired the goodwill and recognized an impairment of $221.3 million of which $200.3 million related to the IPP reporting unit. Refer to Part II — Item 8 — Note 9. Goodwill, Other Intangible Assets and Out-of-market Contracts in the Notes to the Consolidated Financial Statements for more information.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

*Impairment of long-lived assets*

Impairment of long-lived assets, net and project termination costs from the IPP segment was $38.0 million for the year ended December 31, 2024 a decrease of $21.3 million or 35.8%, compared to the same period for 2023. The Company recognized an impairment of long-lived assets due to a change in state regulations that affected six projects for the year ended December 31, 2024. The Company recorded an impairment of $12.9 million during the year ended December 31, 2024 related to two development-stage projects due to the notice of termination of the PPAs by the offtaker in 2024. This was as a result of events of default for failure to meet existing contractual milestones under the applicable PPA contracts. Additionally, the Company recorded $13.6 million in project termination fees for termination charges for the same two development-stage projects. During the fourth quarter of 2024, the Company recognized impairment of long-lived assets of 5.4 million related to solar modules that were determined to be not recoverable.

In 2023, the Company impaired the long-lived assets of a certain renewable energy asset and, as such, recorded a charge of $59.3 million, of which $7.3 million was associated with the plant and equipment asset for the year ended December 31, 2023, and the remainder was associated with the favorable PPA contract. Refer to Part II — Item 8 — Note 8. Property, Plant and Equipment and Note 9. Goodwill, Other Intangible Assets and Out-of-market Contracts in the Notes to the Consolidated Financial Statements for more information.

***Investment Management***

*Revenue*

Revenue from the IM segment was $18.8 million for the year ended December 31, 2024, an increase of $5.3 million or 39.0%, compared to the same period for 2023. The increase in revenue within the period is primarily related to revenue earned from GREC II related to management and administrative fees as a result of the growth of assets under management at GREC II. Refer to Part II — Item 8 — Note 16. Related Parties in the Notes to the Consolidated Financial Statements for more information.

*Direct Operating Costs – IM*

Direct operating costs from the IM segment were $16.7 million for the year ended December 31, 2024, an increase of $3.0 million or 22.1%, compared to the same period for 2023. The increase in Direct operating costs within the period is primarily related to an overall increase in salary and compensation related expenses in the IM segment. Direct operating costs primarily consisted of the salary and compensation related expenses for the employees who raise capital and then invest it in renewable energy projects for the managed funds. Such expenses include marketing, other investor relations and legal costs associated with the IM segment.

*General and administrative*

General and administrative expense for the IM segment was $8.0 million for the year ended December 31, 2024, an increase of $4.3 million or 117.9%, compared to the same period for 2023. These expenses represent the indirect costs allocable to the IM segment and include primarily salary and compensation related expenses, professional service fees and other costs associated with the Company's overhead functions supporting such third-party funds. The increase in General and administrative expense is primarily related to an increase in salary and compensation related expenses for employees providing support to the IM segment as well as additional share-based compensation expense related to GDEV II incentive units. Refer to Part II — Item 8 — Note 19. Share-based Compensation in the Notes to the Consolidated Financial Statements for more information on GDEV II incentive fees.

*Impairment of goodwill*

Impairment of goodwill from the IM segment was $21.0 million for the year ended December 31, 2024. The Company completed the quantitative test to evaluate impairment of goodwill as of October 1, 2024. A discounted cash flow analysis (income approach) was utilized to determine the fair value of each reporting unit. Using the quantitative approach, the Company made various estimates and assumptions in determining the estimated fair value of each reporting unit. Management judgment was involved in estimating these variables, and they included uncertainties associated with forecasting future events. After the completion of the quantitative test, the Company fully impaired the goodwill and recognized an impairment of $221.3 million of which $21.0 million related to goodwill in the IM reporting unit. Refer to Part II — Item 8 — Note 9. Goodwill, Other Intangible Assets and Out-of-market Contracts in the Notes to the Consolidated Financial Statements for more information.

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*Impairment of long-lived assets, net and project termination costs*

Impairment of long-lived assets, net and project termination costs from the IM segment was $50.4 million for the year ended December 31, 2024. During the fourth quarter of 2024, in conjunction with the quantitative test to evaluate impairment of goodwill described above, the Company also performed a quantitative test of the channel partner relationships and trademarks intangible assets and recognized an impairment in the IM reporting segment. After the completion of the quantitative test, the Company partially impaired the intangible assets and recognized an impairment of $50.4 million related to intangible assets in the IM reporting segment. The IM reporting segment recorded no impairment of long-lived assets in 2023. Refer to Part II — Item 8 — Note 9. Goodwill, Other Intangible Assets and Out-of-market Contracts in the Notes to the Consolidated Financial Statements for more information.

***Corporate***

*General and administrative*

General and administrative expense for Corporate was $29.3 million for the year ended December 31, 2024, a decrease of $13.6 million, or 31.8%, compared to the same period for 2023. The decrease in General and administrative expense primarily related to reversed stock compensation expense of $10.6 million associated with the related EO Awards. This reversal was in conjunction with the decrease in fair value of the Company's contingent consideration liability related to the Earnout Shares since the Company does not expect the remaining Earnout Shares to become participating. Refer to Part II — Item 8 — Note 19. Share-based Compensation in the Notes to the Consolidated Financial Statements for more information.

*Change in fair value of contingent consideration*

Change in fair value of contingent consideration for corporate was a favorable change of $39.3 million for the year ended December 31, 2024, compared to $0.6 million for the same period for 2023. This increase is driven by a reduction in the Company's contingent consideration liability related to the Earnout Shares as the Company does not expect the remaining Earnout Shares to become participating. Refer to Part II — Item 8 — Note 18. Equity in the Notes to the Consolidated Financial Statements for more information.

***Non-operating income and expense***

*Interest expense, net*

Interest expense, net was $7.6 million for the year ended December 31, 2024, compared to $20.3 million for the same period for 2023. The decrease is primarily driven by an increase in the favorable changes in fair value of our interest rate swaps, offset by an increase in interest expense related to our sale-leaseback financings entered into during and subsequent to December 31, 2023. Refer to Part II — Item 8 – Note 11. Debt and Note 12. Derivative Instruments in the Notes to the Consolidated Financial Statements for more information.

*Change in fair value of investments, net*

Change in fair value of investments, net was a loss of $14.7 million for the year ended December 31, 2024, compared to a gain of $0.9 million in the same period for 2023. The change is primarily driven by the decrease in fair value of the Company's investments, primarily due to a decrease in fair value of the Company's investment in Aurora Solar of $12.6 million as a result of decreased forecasted capacity revenue as well as decreases in the fair value of its investments in OYA and GDEV I, partially offset by an increase in fair value of the Company's GDEV II investment. Refer to Part II — Item 8 – Note 6. Fair Value Measurements and Investments in the Notes to the Consolidated Financial Statements for more information.

*Income from sale-leaseback transfer of tax benefits*

The Company recorded Income from sale-leaseback transfer of tax benefits of $22.8 million for the year ended December 31, 2024. The income is primarily driven by the recognition of deferred income from the transfer of tax credits related to two of the Company's sale leaseback financings. The Company will recognize deferred income over the first five anniversary dates of each sale leaseback transaction, corresponding to the five-year recapture period. Since the Company first entered into these transactions in 2023, there was no such income recorded in the prior year period. Refer to Part II — Item 8 – Note 2. Significant Accounting Policies and Note 11. Debt in the Notes to the Consolidated Financial Statements for more information.

*Benefit (expense) from income taxes*

Benefit (expense) from income taxes was a benefit of $19.4 million for the year ended December 31, 2024, compared to $21.5 million for the same period for 2023, driven by a decrease in taxable loss.

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*Net loss attributable to noncontrolling interests and redeemable noncontrolling interests*

**Non-GAAP Financial Measures**

This annual report includes certain non-GAAP financial measures that are not prepared in accordance with U.S. GAAP and that may be different from non-GAAP financial measures used by other companies. The Company believes EBITDA, Adjusted EBITDA and Funds from Operations ("FFO") are useful to investors in evaluating the Company's financial performance. Each of these measures should not be considered in isolation from or as superior to or as a substitute for other financial measures determined in accordance with U.S. GAAP, such as net income (loss) or operating income (loss). The Company uses these measures internally to establish forecasts, budgets and operational goals to manage and monitor its business, as well as evaluate its underlying historical performance and to measure incentive compensation, as we believe that these non-GAAP financial measures depict the true performance of the business by encompassing only relevant and controllable events, enabling the Company to evaluate and plan more effectively for the future. In addition, the Company's debt agreements contain covenants that use a variation of these measures for purposes of determining debt covenant compliance. The Company believes that investors should have access to the same set of tools that its management uses in analyzing operating results. EBITDA, Adjusted EBITDA and FFO should not be considered as measures of financial performance under U.S. GAAP, and the items excluded from EBITDA, Adjusted EBITDA and FFO are significant components in understanding and assessing the Company's financial performance. Accordingly, these key business metrics have limitations as an analytical tool. They should not be considered as an alternative to net income (loss) or any other performance measures derived in accordance with U.S. GAAP or as an alternative to cash flows from operating activities as a measure of the Company's liquidity and may be different from similarly titled non-GAAP measures used by other companies. The presentations of EBITDA, Adjusted EBITDA and FFO should not be construed as an inference that the future results of the Company will be unaffected by unusual or nonrecurring items.

***Adjusted EBITDA and FFO***

*Adjusted EBITDA*

Adjusted EBITDA is a non-GAAP financial measure that the Company uses as a performance measure as well as for internal planning purposes. We believe that Adjusted EBITDA is useful to management and investors in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis as it includes adjustments relating to items that are not indicative of the ongoing operating performance of the business.

The Company defines Adjusted EBITDA as net income (loss) before: (i) interest expense; (ii) income taxes; (iii) depreciation expense; (iv) amortization expense (including contract amortization); (v) accretion expense; (vi) impairment of long-lived assets; (vii) amounts attributable to our redeemable and nonredeemable noncontrolling interests; (viii) unrealized gains and losses on financial instruments; (ix) gains and losses for asset dispositions; (x) other income (loss); and (xi) foreign currency gain (loss). Additionally, the Company further adjusts for the following items described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based compensation is excluded from Adjusted EBITDA as it is different from other forms of compensation as it is a non-cash expense and is highly variable. For example, a cash salary generally has a fixed and unvarying cash cost. In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a share-based compensation valuation methodology and underlying assumptions that may vary over time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The change in fair value of contingent consideration, which is related to the Acquisition, is excluded from Adjusted EBITDA, if any such change occurs during the period. The non-cash, mark-to-market adjustments are based on the expected achievement of revenue targets that are difficult to forecast and can be variable, making comparisons across historical and future quarters difficult to evaluate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Start-up costs associated with new investment strategies are excluded from Adjusted EBITDA. The Company evaluates new investment strategies on a regular basis and excludes start-up cost from Adjusted EBITDA until such time as a new strategy is determined to form part of the Company's core investment management business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Placement fees, including internal sales commissions, related to fundraising efforts based on the capital raised, are excluded from Adjusted EBITDA. By excluding these fundraising-related fees from Adjusted EBITDA, we focus on core operational performance, separate from capital raising efforts, which might vary significantly from period to period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other costs that are not consistently occurring, not reflective of expected future operating expense and provide no insight into the fundamentals of current or past operations of our business are excluded from Adjusted EBITDA. This includes costs such as professional services and legal fees, and other non-recurring costs unrelated to the ongoing operations of the Company.

Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with U.S. GAAP. Adjusted EBITDA should not be considered in isolation from or as superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP. Additionally, our calculations of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

*FFO*

FFO is a non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain items that are not indicative of the ongoing operating performance of the business. FFO is calculated using Adjusted EBITDA less the impact of interest expense (excluding the non-cash component) and distributions to Tax Equity Investors under the financing facilities associated with our IPP segment. The Company excludes these distributions as these are not recorded within Adjusted EBITDA and therefore not a component of the Company's earnings from operations. Distributions excluded to calculate the FFO does not include distributions made to Tax Equity Investors from the proceeds received from the transfer of investment tax credits to third parties. The Company believes that the analysis and presentation of FFO will enhance our investors' understanding of the ongoing performance of our operating business.

Adjusted EBITDA and FFO should not be considered in isolation from or as a superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP.

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The following table reconciles Net income (loss) attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA and FFO:

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| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| **Net income (loss) attributable to Greenbacker Renewable Energy Company LLC** | $(194645) | $(242300) | $(79471) |
| *Add back or (deduct) the following:* |  |  |  |
| Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | (20244) | (63609) | (96116) |
| (Benefit) expense from income taxes | (8124) | (19378) | (21548) |
| Interest (income) expense, net | 79892 | 7612 | 20328 |
| Depreciation, amortization and accretion<sup>(1)</sup> | 88689 | 97056 | 134647 |
| **EBITDA** | $(54432) | $(220619) | $(42160) |
| *Add back or (deduct) the following:* |  |  |  |
| Share-based compensation expense | 10805 | 378 | 11248 |
| Change in fair value of contingent consideration | (300) | (39348) | (603) |
| Change in fair value of investments, net | 5380 | 14701 | (932) |
| Income from sale-leaseback transfer of tax benefits | (32951) | (22764) |  |
| (Gain) loss on liability extinguishment | (15417) |  |  |
| Other expense (income), net | 2624 | (2436) | 267 |
| (Gain) loss on deconsolidation, net |  | (5622) |  |
| Loss (gain) on asset disposition<sup>(2)</sup> | 94741 | 12932 |  |
| Impairment of goodwill |  | 221314 |  |
| Impairment of long-lived assets, net and termination costs | 46846 | 88410 | 59294 |
| Non-recurring professional services and legal fees | 7636 | 8654 | 3388 |
| Non-recurring salaries and personnel related expenses<sup>(3)</sup> | 7109 | 4150 | 1250 |
| **Adjusted EBITDA** | $72041 | $59750 | $31752 |
| Cash portion of interest expense | (36454) | (30217) | (27473) |
| Distributions to tax equity investors <sup>(4)</sup> | (17445) | (18848) | (15748) |
| **FFO** | $18142 | $10685 | $(11469) |

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(1)Includes contract amortization, net in the amount of $7.4 million, $14.3 million and $8.1 million for the years ended December 31, 2025, 2024 and 2023, respectively, which are included in Contract amortization, net on the Consolidated Statements of Operations; also includes certain other amortization costs included in Direct operating costs and General and administrative on the Consolidated Statements of Operations.

(2)Includes (gains) losses on certain lease terminations included in Direct operating costs on the Consolidated Statements of Operations.

(3)Non-recurring salaries and personnel related expenses include start-up costs which primarily include salaries and personnel related expenses of incremental employees hired in advance to launch new investment strategy initiatives. Given the nature and scale of the related costs and activities, management does not view these as normal, recurring operating expenses, but rather as non-recurring investments to initially develop our new funds. Therefore, we believe it is useful and necessary for investors to understand our core operating performance in current and future periods by excluding the impact of these start-up costs as incurred. Non-recurring salaries and personnel related expenses also include placement fees, including internal sales commission.

(4)Does not include ITC sales proceeds distributed to noncontrolling interests.

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**Liquidity and Capital Resources**

***Overview***

The Company's primary sources of liquidity are its existing cash and cash equivalents balances, cash flows from operations and borrowings under its existing financing sources and future debt and equity financing. The Company's primary cash requirements include operating expenses, debt service payments (principal and interest), and capital expenditures (including property and equipment).

The Company's short-term cash requirements consist primarily of funds necessary to pay for our operating expenses, including our general and administrative expenses as well as interest payments on our outstanding debt and to repurchase our common shares pursuant to our SRP in connection with the death, disability or determination of incompetence of a shareholder. We also have a pipeline of currently contracted and potential future development, construction and acquisition projects, all of which may require short-term funding. The Company's long-term liquidity needs consist primarily of funds necessary to repay debt and other financing obligations, and to acquire, construct and develop renewable energy and energy efficiency projects.

The Company's primary sources of financing include corporate-level credit facilities or other secured and unsecured borrowings and the issuance of additional equity and debt securities as appropriate given market conditions. In addition, we expect to use other financing methods at the project level as necessary, including joint venture structures, construction loans, tax equity bridge loans, tax credit transfer bridge loans, property mortgages, letters of credit, lease and sale and leaseback transactions, and other arrangements, any of which may be unsecured or may be secured by mortgages or other interests in our assets. In addition, other sources of capital may include tax equity financings, sale of tax credits, governmental grant proceeds, and proceeds from sales of assets and capital returns from investments. There can be no guarantee, however, that financing will be available on acceptable terms or at all.

Tax Equity Investors are passive investors which could be financial institutions, insurance companies or corporations, contribute capital based on construction milestones in exchange for a share of the tax credits (and other tax benefits such as accelerated depreciation) and cash flows generated by a qualifying physical investment. Initially, the tax equity investor receives substantially all of the non-cash value attributable to the renewable energy systems and energy storage systems, which includes accelerated depreciation and Section 45Y ITCs or Section 48E PTC; and generally between 10%-20% of the cash generated by the asset. These allocations then flip once certain time- or yield-based milestones are met. Time-based flips occur on a set date after a five-year recapture period while yield-based flips occur after the tax equity investor achieves a specified return typically on an after-tax basis, which may last longer than expected if the portfolio company's energy projects perform below our expectations. After the flip occurs, we receive substantially all of the remaining cash and tax allocations.

As of December 31, 2025 and December 31, 2024, the Company had $66.6 million and $120.1 million, respectively, in Cash and cash equivalents and $18.6 million and $38.4 million, respectively, in Restricted cash, current. In the short-term, we anticipate continuing to: (1) increase our draw on current financing facilities, and/or (2) enter into new financing arrangements.

We remain focused on maintaining liquidity and financial flexibility and continue to monitor the capital and credit markets and the Company's ability to finance the needs of its operating, financing and investment activity within the dictates of prudent balance sheet management. The Company suspended the payment of shareholder distributions in 2024 effective immediately after the distribution payment on May 1, 2024. In connection with suspending shareholder distributions, the Company also suspended the DRP. Earlier, the Company suspended SRP effective September 23, 2023 (except with respect to repurchase requests made in connection with the death, qualifying disability or determination of incompetence of a shareholder), to maintain the liquidity and capital resources to execute the Company's broader business strategy.

If we are unable to expand our sources of financing, fully utilize our available cash or otherwise meet the required terms and financial covenants associated with our financing arrangements, it may have an adverse effect on our ability to fund and continue our operations. Our liquidity plans are also subject to a number of risks and uncertainties, including those described under the section titled Part I — Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

***Debt Outstanding***

We supplement our equity capital through the use of prudent levels of borrowings both at the corporate level and the project level. The Fifth Operating Agreement does not impose limitations on the amount of borrowings we may employ either at the corporate level or the project level. As of December 31, 2025 and December 31, 2024, the Company had $1.3 billion and $1.1 billion, respectively, in outstanding debt. The Company has $225.9 million of revolver capacity available to draw on its existing debt facilities as of December 31, 2025. The weighted average interest rate, including associated swap agreements and deferred financing costs on total debt outstanding, reduced by the amount of interest capitalized, was 3.37% as of December 31, 2025.

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As of December 31, 2025, the Company's net leverage ratio met the requirement for the borrowings as defined in the terms of the credit facilities. Refer to Part II — Item 8 — Note 11. Debt in the Notes to the Consolidated Financial Statements for more information.

**Changes in Cash Flows**

The following table shows cash flows from operating, investing and financing activities for the Company for the years ended December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** |
| *(in thousands)* | **2025** | **2024** |
| Net cash provided by operating activities | $43640 | $67475 |
| Net cash used in investing activities | (279439) | (210601) |
| Net cash provided by financing activities | 161554 | 117039 |
| Net decrease in Cash, cash equivalents and Restricted cash | $(74245) | $(26087) |

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***Operating Activities***

Net cash provided by operating activities was $43.6 million for the year ended December 31, 2025, a decrease of $23.8 million, compared to $67.5 million for the year ended December 31, 2024. The decrease in cash provided by operating was primarily attributable to the absence of $52.6 million of cash proceeds received in the prior-year period in connection with the termination of certain interest rate swaps. The decrease was further driven by unfavorable changes in working capital, including decreases in accounts payable and accrued expenses, increases in accounts receivable, and increases in other current and noncurrent assets. These decreases were partially offset by a reduction in other current and noncurrent liabilities, primarily related to the transfer of tax credits during the year ended December 31, 2025.

***Investing Activities***

Net cash used in investing activities was $279.4 million for the year ended December 31, 2025, an increase in cash used of $68.8 million, compared to $210.6 million for the year ended December 31, 2024. The increase in net cash used in investing activities is primarily due to an increase in payments made for ongoing construction projects of $520.7 million during the year ended December 31, 2025, primarily related to Cider as well as certain other pre-operating solar and battery fleet projects. This was partially offset by cash proceeds of $237.4 million primarily from the sale of Dogwood Manager LLC and Celadon Manager LLC and assets of GREC EH Holdco, insurance proceeds for damaged equipment due to fire, and return of capital from GDEV OYA Lender.

***Financing Activities***

Net cash provided by financing activities was $161.6 million for the year ended December 31, 2025, an increase of $44.5 million, compared to $117.0 million for the year ended December 31, 2024. The increase in net cash provided by financing activities was primarily due to an increase in cash proceeds on borrowings of $267.9 million, decrease in payments on borrowings of $164.5 million, and a decrease in shareholder distributions of $37.2 million due to the suspension of the Company's DRP in 2024. This was offset by a decrease in net proceeds from sale-leaseback transactions of $25.8 million for the Company's sale-leaseback arrangements entered into in 2024, lower contributions from noncontrolling interests of $54.5 million and higher distributions to non-controlling interests of $46.3 million.

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The following table shows cash flows from operating, investing and financing activities for the Company for the years ended December 31, 2024 and 2023:

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| | | |
|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** |
| *(in thousands)* | **2024** | **2023** |
| Net cash provided by operating activities | $67475 | $62401 |
| Net cash used in investing activities | (210601) | (323179) |
| Net cash provided by financing activities | 117039 | 257755 |
| Net decrease in cash, cash equivalents and restricted cash | $(26087) | $(3023) |

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***Operating Activities***

Net cash provided by operating activities was $67.5 million for the year ended December 31, 2024, an increase of $5.1 million, compared to the same period for 2023. Excluding the impact of non-cash items, the net cash provided by operating activities was primarily due to a decrease in working capital of $70.2 million, primarily driven by the receipt of $55.2 million related to the partial and full termination of certain interest rate swaps, an increase in accounts payable and accrued expenses, and a decrease in other current and noncurrent assets, partially offset by an increase in accounts receivable.

***Investing Activities***

Net cash used in investing activities was $210.6 million for the year ended December 31, 2024, a decrease in cash used of $112.6 million, compared to the same period for 2023. The decrease in net cash used in investing activities was primarily due to a reduction in payments made for ongoing construction projects of $72.8 million related to our solar and wind fleet as pre-operating projects reached COD, an increase of $36.6 million related to receipt of cash proceeds from the sale of Illinois Winds LLC, and an increase in receipts from notes receivable of $15.5 million. This was partially offset by additional loans made to Cider and OYA of $19.7 million.

***Financing Activities***

Net cash provided by financing activities was $117.0 million for the year ended December 31, 2024, a decrease of $140.7 million, compared to the same period for 2023. The decrease in net cash provided by financing activities is primarily due to a decrease in cash proceeds from sale-leaseback transactions of $129.5 million as the Company received $241.0 million of cash proceeds in fiscal 2024 compared to $111.5 million in fiscal 2023 related to the sale-leaseback financing arrangement. The Company also made payments of $87.1 million in fiscal 2024 related to the sale-leaseback financing arrangement and nil in fiscal 2023. Additionally, the decrease in net cash provided by financing activities is due to lesser contributions from noncontrolling interests of $34.7 million, additional payments of $23.3 million for loan origination costs and lesser proceeds on borrowings of $21.0 million. This was partially offset by a decrease in cash paid for repurchases of common shares and shareholder distributions and repurchases of $76.3 million and $50.4 million, respectively, due to the suspension of the Company's SRP and DRP. Additionally, the Company had a decrease in cash repaid of $31.6 million on borrowings for the year ended December 31, 2024, compared to the prior year period.

**Contractual Obligations**

The Company has a variety of contractual obligations and commitments, both short-term and long-term in nature. The following table summarizes the Company's contractual obligations related to debt and leases. Refer to Part II — Item 8 — Note 11. Debt and Note 15. Commitments and Contingencies in the Notes to the Consolidated Financial Statements for more information.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **By Remaining Maturity at December 31,** | **By Remaining Maturity at December 31,** | **By Remaining Maturity at December 31,** | **By Remaining Maturity at December 31,** | **By Remaining Maturity at December 31,** |
| | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **Under** | | | **Over** | |
| *(in thousands)* | **1 Year** | **1-3 Years** | **3-5 Years** | **5 Years** | **Total** |
| Long-term debt | $28610 | $738234 | $200305 | $331463 | $1298612 |
| Operating leases | 10822 | 24713 | 22839 | 410823 | 469197 |
| &nbsp;&nbsp;Total | $39432 | $762947 | $223144 | $742286 | $1767809 |

---

The Company has additional commitments and guarantees, including letters of credit, pledges of collateral and unsecured guarantees of loans to subsidiaries, investments-to-be-constructed assets and membership interest purchase commitments, PPAs, REC commitments and pledges of parent company guarantees. Refer to Part II — Item 8 — Note 5. Variable Interest Entities, Note 14. Income Taxes and Note 15. Commitments and Contingencies in the Notes to the Consolidated Financial Statements for more information.

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**Distributions**

The Company suspended the payment of shareholder distributions in 2024 effective immediately after the distribution payment on May 1, 2024. In connection with suspending shareholder distributions, the Company also suspended the DRP, which was offered to shareholders who could elect to have the full amount of cash distributions reinvested in additional shares. Cash distributions prior to the suspension of the distribution payment were funded from cash on hand and other external financings.

Subject to the Board of Directors' review and approval and applicable legal restrictions, if authorized and declared, distributions will be made on all classes of our shares at the same time. The cash distributions with respect to the Class C, P-S and P-T shares are lower than the cash distributions with respect to Class A, I, P-A, P-I and P-D shares because of the distribution fee relating to Class C, P-S and P-T shares, which will be allocated as a class-specific charge. Amounts distributed to each class will be allocated among the holders of our shares in such class in proportion to their shares. When and if authorized and declared, each shareholder's specific distribution amount is calculated using record and declaration dates, and each member's distributions begin to accrue on the date each member's subscription for shares is accepted. However, the Company can make no assurances as to whether it will recommence the distribution payment or the timing or terms of such commencement.

 **Share Repurchase Program**

On September 23, 2023, the Board of Directors approved the suspension of the SRP effective immediately, except for repurchase requests made in connection with the death, qualifying disability, or determination of incompetence of a shareholder. The Board of Directors may modify, suspend, or terminate the SRP if it deems such action to be in the best interest of the Company and its shareholders or in response to regulatory changes or changes in law. As a result of the suspension of the SRP, the Company will not accept or otherwise process any additional repurchase requests (except as noted below) until such time, if any, as the Board of Directors affirmatively authorizes the recommencement of the SRP. However, the Company can make no assurances as to whether this will happen or the timing or terms of any recommencement.

Pursuant to the SRP, the Company conducted quarterly share repurchases to allow members to sell all or a portion of their shares of any class back to the Company at a price equal to the current MSV calculated by the Company for that class of shares. The SRP includes numerous restrictions that limited a shareholder's ability to sell shares. At the sole discretion of the Board of Directors, the Company may use cash on hand (including the proceeds from the issuance of new shares), cash available from borrowings or other external financing sources and cash from liquidation of investments to repurchase shares. A shareholder must hold his or her shares for a minimum of one year before he or she can participate in the SRP, subject to any of the following special circumstances: (i) the written request of the estate, heir or beneficiary or a deceased shareholder; (ii) a qualifying disability of the shareholder for a non-temporary period of time, provided that the condition causing the qualifying disability was not pre-existing on the date that the shareholder became a shareholder; (iii) a determination of incompetence of the shareholder by a state or federal court located in the U.S.; or (iv) as determined by the Board of Directors, in their discretion, to be in the interests of the Company. If a member has made more than one purchase of shares, the one-year holding period will be calculated separately with respect to each purchase.

The quarterly share repurchases limits for the SRP are set forth below:

---

| | |
|:---|:---|
| **Quarter Ending** | **Share Repurchase Limit(s)** |
| September 30, 2021, and each quarter thereafter | During any 12-month period, 20.00% of the weighted average number of outstanding shares |
|  | During any fiscal quarter, 5.00% of the weighted average number of shares outstanding in the prior four fiscal quarters |

---

The Company received an order for the SRP from the SEC under Rule 102(a) of Regulation M under the Exchange Act. In addition, the SRP 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.

**Off-Balance Sheet Arrangements**

In the ordinary course of business, the Company engages in financial transactions that are not presented on our Consolidated Balance Sheets or may be recorded on our Consolidated Balance Sheets in amounts that are different from the full contract or notional amount of the transaction. The Company's off-balance sheet arrangements consist primarily of unfunded loan commitments and guarantees to the Tax Equity Investors, which may affect our liquidity and funding requirements based on the likelihood that borrowers will advance funds under the loan commitments, or we will be required to perform under the guarantee obligations. Refer to Part II — Item 8 — Note 5. Variable Interest Entities, Note 15. Commitments and Contingencies and Note 17. Noncontrolling Interests and Redeemable Noncontrolling Interests in the Notes to the Consolidated Financial Statements in this Annual Report for further details.

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**Critical Accounting Policies and Estimates**

The Company's discussion and analysis of its financial condition and results of operations is based upon its Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements involves the use of estimates and assumptions by management, which affects the amounts reported in the Consolidated Financial Statements and accompanying notes. Certain accounting policies require the application of significant judgment by management in selecting the appropriate assumptions for calculating financial estimates. By their nature, these judgments are subject to an inherent degree of uncertainty. The Company bases its estimates on historical experience, current business factors, future expectations and various other assumptions believed to be reasonable under the circumstances, all of which are necessary in order to form a basis for determining the carrying values of assets and liabilities. On an ongoing basis, the Company evaluates these estimates, utilizing historic experience, consultation with experts and other methods the Company considers reasonable. Actual results may differ substantially from the Company's estimates. Any effects on the Company's business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the information that gives rise to the revision becomes known. The Company identifies its most critical accounting policies as those that are the most pervasive and important to the portrayal of the Company's financial position and results of operations, and that require the most difficult, subjective and/or complex judgments by management regarding estimates about matters that are inherently uncertain. The Company's critical accounting policies include income taxes and valuation allowance for deferred tax assets, accounting utilizing HLBV, acquisition accounting and the impairment assessment of long-lived assets and intangibles.

For a complete description of the Company's significant accounting policies, see Part II — Item 8 — Note 2. Significant Accounting Policies in the Notes to the Consolidated Financial Statements. The following policies and account descriptions include all those identified by the Company as critical to its business operations and the understanding of its results of operations:

*Noncontrolling Interests, Redeemable Noncontrolling Interests and Hypothetical Liquidation at Book Value*

NCI represents the portion of the Company's net income (loss), net assets and comprehensive income (loss) that is not allocable to the Company as they represent third-party interests in the net assets of the respective entity and are based on the contractual allocations within the respective operating agreement or allocated to NCI attributable to the limited partner investors.

For certain NCI when the preferences on profit sharing on liquidation rights and priorities differ from the ownership percentages, the Company considers ASC Topic 970, Real Estate - General ("ASC 970"), and applies the HLBV method of reporting. Under the HLBV method, the amounts of income and loss attributed to the NCI reflect the changes in the amounts the third parties would hypothetically receive at each balance sheet date based on the liquidation provisions of the respective partnership agreements. HLBV assumes that the proceeds available for distribution are equivalent to the unadjusted, stand-alone net assets of each respective partnership, as determined under U.S. GAAP. The third-party noncontrolling interests in the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss), if applicable, are determined based on the difference in the carrying amounts of NCI on the Consolidated Balance Sheets between reporting dates, adjusted for any capital transactions between the Company and third-party investors that occurred during the respective period.

The Company accounts for the portion of net assets in the consolidated entities attributable to the noncontrolling investors as RNCI or NCI in its Consolidated Financial Statements. NCI is measured using the HLBV method and RNCI is measured using the greater of the estimated redemption value or HLBV method. NCI in subsidiaries that are redeemable at the option of the NCI holder are classified as RNCI on the Consolidated Balance Sheets.

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*Acquisitions*

For acquisitions meeting the definition of a business combination, the acquisition method of accounting is used in accordance with ASC Topic 805, Business Combinations ("ASC 805"). The consideration transferred for the acquired business is allocated to the assets acquired and liabilities assumed based on the fair values at the date of acquisition, including identifiable intangible assets. Any excess of the amount paid over the estimated fair value of the identifiable net assets acquired is allocated to goodwill. These fair value determinations require judgment and involve the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, implied rate of return and weighted average cost of capital, asset lives and market multiples, among other items. Acquisition-related costs, such as professional fees, are excluded from the consideration transferred and are expensed as incurred. Asset acquisitions are measured based on the cost to the Company, including transaction costs. Asset acquisition costs, or the consideration transferred by the Company, are assumed to be equal to the fair value of the net assets acquired. If the consideration transferred is cash, measurement is based on the amount of cash paid to the seller, as well as transaction costs incurred. The cost of an asset acquisition is allocated to the assets acquired based on their relative estimated fair values. Goodwill is not recognized in an asset acquisition.

The Company records contingent consideration related to its asset acquisitions when it is both probable that the Company will be required to pay such amounts and the amount is estimable. These contingencies generally relate to payments due upon the acquired projects reaching milestones as specified in the acquisition agreements. As of December 31, 2025 and 2024, the Company has recorded a liability of $1.3 million and $15.3 million, respectively, within Contingent consideration, current on the Consolidated Balance Sheets related to these agreements.

*Income Taxes and Valuation Allowance for Deferred Tax Assets*

The Company intends to operate such that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code ("IRC"). As such, it will not be subject to any U.S. federal and state income taxes. In any year, it is possible that the Company will not meet the qualifying income exception and will not qualify to be treated as a partnership. If the Company 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 IRC and would be required to pay income tax at corporate rates on its net taxable income. To the extent of the Company's earnings and profits, the payment of the distributions would not be deductible by the Company, and distributions to members from the Company would constitute dividend income taxable to such members.

The Company conducts substantially all its operations through its wholly owned subsidiary, GREC, which is a corporation that is subject to federal, state, provincial, local and foreign income taxes based on income. Accordingly, most of its operations are subject to federal, state, provincial, local and foreign income taxes in the jurisdictions in which it operates.

PTCs are recognized as wind energy from qualified projects is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes. The tax benefits of nonrefundable PTCs are recognized as reductions to current income tax expense, unless limited by tax law, in which instance they are recognized as deferred tax assets with a carry forward period of 22 years. The Company recognizes ITCs as a reduction to income tax expense when the related energy property is placed into service.

In determining whether a valuation allowance is required for deferred tax assets, the Company must assess whether it believes it is more likely than not that the results of future operations will generate sufficient taxable income which includes the future reversal of existing taxable temporary differences to realize deferred tax assets. The Company considers the timing and future realization of net deferred tax assets, the profit before tax generated in recent years as well as projections of future earnings and estimates of taxable income in arriving at this conclusion. The realization of deferred tax assets is primarily dependent upon earnings in federal and various state and local jurisdictions. Judgment is also required to continually assess changing tax regulations, interpretations and new legislation to determine the impact on the Company's tax position.

*Impairment of Long-Lived Assets and Intangible Assets*

In accordance with ASC Topic 360, Property, Plant, and Equipment ("ASC 360"), long-lived assets and intangible assets with determinable useful lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets and is charged to earnings. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the costs to sell.

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**Recently Issued Accounting Pronouncements**

Refer to Part II — Item 8 — Note 2. Significant Accounting Policies in the Notes to the Consolidated Financial Statements in this Annual Report for a discussion of recent accounting pronouncements and recently issued accounting pronouncements adopted and not yet adopted.

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**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

The Company is exposed to several market risks in its normal business activities. Market risk is the potential loss that may result from market changes associated with the Company's power generation or with an existing or forecasted financial or commodity transaction. The types of market risks the Company is exposed to are commodity price risk, interest rate risk, the credit quality of our counterparties and project companies, and changes in government incentives. We seek to manage these risks; however, there can be no assurance that our current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short or long term. Investors must be prepared to lose all or substantially all their investment in the shares.

**Commodity Price Risk**

Acquisitions of renewable energy and energy efficiency projects and businesses expose us to volatility in the market prices of electricity. To stabilize our revenue, we generally enter into projects that have PPAs with local utilities and offtakers that ensure all or most of the electricity generated by each project will be purchased at the contracted price. In the event any electricity is not purchased by the offtaker or the energy produced exceeds the offtaker's capacity, we generally sell that excess energy to the local utility or another suitable counterparty, which ensures revenue is generated for all electricity produced. We may be exposed to the risk that the offtaker will fail to perform under the PPA, with the result that we will sell our excess electricity at the market price, which could be either advantageous or disadvantageous, depending on the market price of electricity at that point in time.

The contractual status of our projects limits our exposure to: (i) volatility in the market prices of electricity caused by volatility in the market price of natural gas to our projects' post-PPA periods, (ii) situations where an offtaker is unable to fulfill their contractual obligation to buy the power the projects generate, or: (iii) situations where the projects generate energy in excess of that agreed upon in their PPAs and the excess power is sold to the market. In regard to the market price of other commodities, increases in the costs of raw materials used in the construction of our renewable energy assets could materially adversely affect the cost required to bring our projects to commercial operation. To mitigate this risk, we (i) when possible, share this risk with developers from whom we purchase in construction and pre-construction assets, and (ii) pursue large forward procurement strategies to secure equipment for our in-construction portfolio from large and creditworthy suppliers of equipment with fixed price contracts.

**Credit Risk**

Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company seeks to mitigate counterparty risk by having a diversified portfolio of counterparties. In addition, we seek contracts with high-credit-quality counterparties. Nevertheless, unanticipated credit losses could occur, which could adversely impact our operating results and the amount and timing of expected cash flows.

**Changes in Market Interest Rates**

In addition to other sources of financings, the Company uses variable rate debt to finance its operations, which expose the Company to fluctuations in interest rates. The Company manages its exposures to interest rate fluctuations by entering into derivative instruments such as interest rate swaps. These contracts reduce exposure to interest rate volatility and result in primarily fixed rate debt obligations when taking into account the combination of the variable rate debt and the interest rate derivative instrument. Refer to Part II — Item 8 — Note 12. Derivative Instruments in the Notes to the Consolidated Financial Statements for further information with respect to the Company's derivative instruments. If all of the Company's swaps had been discontinued on December 31, 2025, the counterparties would have owed the Company $74.6 million. Based on the credit ratings of the counterparties, the Company believes its exposure to credit risk due to nonperformance by counterparties to its hedge contracts to be insignificant. The Company has long-term debt instruments that subject it to the risk of loss associated with movements in market interest rates. The Company performed a sensitivity analysis based on the principal amount of debt outstanding as of December 31, 2025, as well as the effect of its interest rate swap agreements. As of December 31, 2025, a 1.0% change in interest rates would result in an approximately $153.8 million change in interest expense for the fiscal year 2025. As of December 31, 2025, the fair value of the Company's debt approximates the carrying value of $1.3 billion.

**Changes in Government Incentives**

Retrospective changes in the levels of government incentives may have a negative impact on our current renewable energy projects. Prospective changes in the levels of government incentives, including RECs, ITCs and PTCs, due to the OBBBA and other legislative and regulatory actions, may impact the relative attractiveness of future acquisitions in various renewable energy projects, which could make it difficult for the Company to find suitable acquisitions in the sector.

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**ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| | **PAGE** |
| **Consolidated Financial Statements** | |
| <u>[Report of Independent Registered Public Accounting Firm](#id5d8d9e19bd743a78743a5e2ae7f375f_31)</u> | <u>[67](#id5d8d9e19bd743a78743a5e2ae7f375f_31)</u> |
| <u>[Consolidated Balance Sheets](#id5d8d9e19bd743a78743a5e2ae7f375f_34)</u> | <u>[69](#id5d8d9e19bd743a78743a5e2ae7f375f_34)</u> |
| <u>[Consolidated Statements of Operations](#id5d8d9e19bd743a78743a5e2ae7f375f_37)</u> | <u>[70](#id5d8d9e19bd743a78743a5e2ae7f375f_37)</u> |
| <u>[Consolidated Statements of Comprehensive Income (Loss)](#id5d8d9e19bd743a78743a5e2ae7f375f_40)</u> | <u>[71](#id5d8d9e19bd743a78743a5e2ae7f375f_40)</u> |
| <u>Consolidated Statements of Equity</u> | <u>[72](#id5d8d9e19bd743a78743a5e2ae7f375f_46)</u> |
| <u>[Consolidated Statements of Cash Flows](#id5d8d9e19bd743a78743a5e2ae7f375f_55)</u> | <u>[75](#id5d8d9e19bd743a78743a5e2ae7f375f_55)</u> |
| <u>[Notes to Consolidated Financial Statements](#id5d8d9e19bd743a78743a5e2ae7f375f_58)</u> | <u>[76](#id5d8d9e19bd743a78743a5e2ae7f375f_58)</u> |
| **Schedule I - Condensed Financial Information of Registrant Parent Company** |  |
| <u>[Condensed Balance Sheets (Parent Company only)](#id5d8d9e19bd743a78743a5e2ae7f375f_745)</u> | <u>[146](#id5d8d9e19bd743a78743a5e2ae7f375f_745)</u> |
| <u>[Condensed Statements of Operations (Parent Company only)](#id5d8d9e19bd743a78743a5e2ae7f375f_748)</u> | <u>[147](#id5d8d9e19bd743a78743a5e2ae7f375f_748)</u> |
| <u>[Condensed Statements of Cash Flows (Parent Company only)](#id5d8d9e19bd743a78743a5e2ae7f375f_751)</u> | <u>[148](#id5d8d9e19bd743a78743a5e2ae7f375f_751)</u> |
| <u>[Notes to Consolidated Financial Statements](#id5d8d9e19bd743a78743a5e2ae7f375f_754)</u> | <u>[149](#id5d8d9e19bd743a78743a5e2ae7f375f_754)</u> |

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**Report of Independent Registered Public Accounting Firm**

To the Members and Board of Directors

Greenbacker Renewable Energy Company LLC:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated balance sheets of Greenbacker Renewable Energy Company LLC and subsidiaries (the Company) as of December 31, 2025 and December 31, 2024, the related consolidated statements of operations, comprehensive income (loss), equity and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule I (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and December 31, 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025 in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

*Critical Audit Matter*

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Evaluation of tax equity partnerships*

As discussed in Notes 2, 5 and 17 of the consolidated financial statements, the Company participates in certain tax equity partnerships that qualify as variable interest entities (VIEs). For certain noncontrolling interests (NCI) when the preferences on profit sharing on liquidation rights and priorities differ from the ownership percentages, the Company applies the Hypothetical Liquidation at Book Value (HLBV) method of reporting. Under the HLBV method, the amounts of income and loss attributed to the NCI reflect the changes in the amounts the third parties would hypothetically receive at each balance sheet date based on the liquidation provisions of the respective partnership agreements. HLBV assumes that the proceeds available for distribution are equivalent to the unadjusted, stand-alone net assets of each respective partnership. Nonredeemable noncontrolling interests as of December 31, 2025, and net loss attributable to noncontrolling interests for the period ended December 31, 2025 were $107.1 million and $20.4 million, respectively.

We identified the evaluation of tax equity partnerships as a critical audit matter. This was due to the nature and extent of audit effort required to evaluate the HLBV methodology, which included specialized skills and knowledge to evaluate that the HLBV methodology used was consistent with the liquidation provisions of the underlying operating and partnership arrangements, which can be based on complex income tax rules and regulations.

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The following are the primary procedures we performed to address this critical audit matter. We read the operating and partnership agreements, inclusive of amendments, and compared them against the Company's HLBV models for the corresponding tax equity partnerships. We involved tax professionals with specialized skills and knowledge, who assisted in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.analyzing the tax status and the requirements of the operating and partnership arrangement provisions, as well as the partnership tax regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.evaluating the Company's methodology for calculating the hypothetical liquidation amounts for the partnerships in accordance with the operating and partnership arrangement provisions, as well as the partnership tax regulations.

![KPMG Signature.png.jpg](cik0001563922-20251231_g2.jpg)

We have served as the Company's auditor since 2012.

New York, New York

March 9, 2026

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**Consolidated Financial Statements**

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

*(in thousands, except per share data)*

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $66637 | $120057 |
| &nbsp;&nbsp;Restricted cash, current | 18592 | 38403 |
| &nbsp;&nbsp;Accounts receivable, net | 32743 | 27103 |
| &nbsp;&nbsp;Other receivables | 11941 | 9513 |
| &nbsp;&nbsp;Prepaid expenses | 16196 | 9905 |
| &nbsp;&nbsp;Derivative assets, current | 12875 | 17632 |
| &nbsp;&nbsp;Other current assets | 6395 | 9168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 165379 | 231781 |
| Noncurrent assets: |  |  |
| &nbsp;&nbsp;Restricted cash | 2114 | 3128 |
| &nbsp;&nbsp;Property, plant and equipment, net | 2329035 | 2232486 |
| &nbsp;&nbsp;Intangible assets, net | 255940 | 362352 |
| &nbsp;&nbsp;Operating right-of-use asset, net | 164332 | 195024 |
| &nbsp;&nbsp;Investments, at fair value | 73353 | 74136 |
| &nbsp;&nbsp;Derivative assets | 61752 | 98495 |
| &nbsp;&nbsp;Other noncurrent assets | 26615 | 47643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent assets | 2913141 | 3013264 |
| Total assets | $3078520 | $3245045 |
| **Liabilities, Redeemable Noncontrolling Interests and Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable and accrued expenses | $55025 | $69464 |
| &nbsp;&nbsp;Contingent consideration, current | 1315 | 15293 |
| &nbsp;&nbsp;Current portion of long-term debt | 24056 | 88901 |
| &nbsp;&nbsp;Current portion of failed sale-leaseback financing and deferred ITC gain | 46131 | 45868 |
| &nbsp;&nbsp;Other current liabilities | 4732 | 8767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 131259 | 228293 |
| Noncurrent liabilities: |  |  |
| &nbsp;&nbsp;Long-term debt, net of current portion | 1247771 | 1001654 |
| &nbsp;&nbsp;Failed sale-leaseback financing and deferred ITC gain, net of current portion | 173487 | 201601 |
| &nbsp;&nbsp;Deferred tax liabilities, net | 24606 | 35316 |
| &nbsp;&nbsp;Operating lease liabilities | 173103 | 196911 |
| &nbsp;&nbsp;Out-of-market contracts, net | 139808 | 180640 |
| &nbsp;&nbsp;Other noncurrent liabilities | 52586 | 59561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent liabilities | 1811361 | 1675683 |
| Total liabilities | $1942620 | $1903976 |
| Commitments and contingencies (Note 15. Commitments and Contingencies) |  |  |
| Redeemable noncontrolling interests | $— | $1851 |
| Equity: |  |  |
| &nbsp;&nbsp;Preferred shares, par value, $0.001 per share, 50,000 authorized; none issued and outstanding |  |  |
| &nbsp;&nbsp;Common shares, par value, $0.001 per share, 350,000 authorized, 199,379 and 199,326 outstanding as of 2025 and 2024, respectively | 199 | 199 |
| &nbsp;&nbsp;Additional paid-in capital | 1779303 | 1773758 |
| &nbsp;&nbsp;Accumulated deficit | (777258) | (584733) |
| &nbsp;&nbsp;Accumulated other comprehensive income | 26547 | 34937 |
| &nbsp;&nbsp;Noncontrolling interests | 107109 | 115057 |
| Total equity | 1135900 | 1339218 |
| Total liabilities, redeemable noncontrolling interests and equity | $3078520 | $3245045 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

*(in thousands, except per share data)*

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Revenue** |  |  |  |
| &nbsp;&nbsp;Energy revenue | $182534 | $185225 | $159301 |
| &nbsp;&nbsp;Investment Management revenue | 11482 | 18757 | 13490 |
| &nbsp;&nbsp;Other revenue | 4624 | 6085 | 8434 |
| &nbsp;&nbsp;Contract amortization, net | (7419) | (14301) | (8060) |
| Total net revenue | $191221 | $195766 | $173165 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;Direct operating costs | 94580 | 111749 | 105586 |
| &nbsp;&nbsp;General and administrative | 57459 | 52552 | 60617 |
| &nbsp;&nbsp;Change in fair value of contingent consideration | (300) | (39348) | (603) |
| &nbsp;&nbsp;Depreciation, amortization and accretion | 80782 | 81953 | 125743 |
| &nbsp;&nbsp;(Gain) loss on asset disposition | 95339 | 12932 |  |
| &nbsp;&nbsp;(Gain) loss on deconsolidation, net |  | (5622) |  |
| &nbsp;&nbsp;Impairment of goodwill |  | 221314 |  |
| &nbsp;&nbsp;Impairment of long-lived assets, net and termination costs | 46846 | 88410 | 59294 |
| Total operating expenses | 374706 | 523940 | 350637 |
| Operating income (loss) | (183485) | (328174) | (177472) |
| Interest income (expense), net | (79892) | (7612) | (20328) |
| Change in fair value of investments, net | (5380) | (14701) | 932 |
| Income from sale-leaseback transfer of tax benefits | 32951 | 22764 |  |
| Gain on liability extinguishment | 15417 |  |  |
| Other income (expense), net | (2624) | 2436 | (267) |
| Income (loss) before income taxes | (223013) | (325287) | (197135) |
| Benefit from income taxes | 8124 | 19378 | 21548 |
| Net income (loss) | $(214889) | $(305909) | $(175587) |
| Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | (20244) | (63609) | (96116) |
| Net income (loss) attributable to Greenbacker Renewable Energy Company LLC | $(194645) | $(242300) | $(79471) |
| Earnings per share |  |  |  |
| Basic | $(0.98) | $(1.22) | $(0.40) |
| Diluted | $(0.98) | $(1.22) | $(0.40) |
| Weighted average shares outstanding |  |  |  |
| Basic | 199383 | 199313 | 199293 |
| Diluted | 199383 | 199313 | 199293 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

*(in thousands)*

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** | **2023** |
| Net income (loss) | $(214889) | $(305909) | $(175587) |
| Other comprehensive income (loss), net of tax |  |  |  |
| Unrealized gain (loss) on derivatives designated as cash flow hedges and changes in Accumulated other comprehensive income (loss), net of tax | (8390) | (10995) | (10162) |
| &nbsp;&nbsp;Total other comprehensive income (loss), net of tax | $(8390) | $(10995) | $(10162) |
| Comprehensive income (loss) | (223279) | (316904) | (185749) |
| Less: Comprehensive income (loss) attributable to Noncontrolling interests and Redeemable noncontrolling interests | (20244) | (63609) | (96116) |
| Comprehensive income (loss) attributable to Greenbacker Renewable Energy Company LLC | $(203035) | $(253295) | $(89633) |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF EQUITY**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

*(in thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares** | **Par<br>Value** | **Additional paid-in capital** | **Accumulated deficit** | **Accumulated other comprehensive income** | **Noncontrolling interests** | **Total<br>equity** | **Redeemable noncontrolling interests** |
| **Balances as of December 31, 2024** | 199326 | $199 | $1773758 | $(584733) | $34937 | $115057 | $1339218 | $1851 |
| Repurchases of common shares | (421) |  | (2463) |  |  |  | (2463) |  |
| Proceeds from shares transferred | (6) |  |  |  |  |  |  |  |
| Deferred shareholder servicing fees |  |  |  | 2120 |  |  | 2120 |  |
| Amortization on derivatives previously designated as hedges and changes in Accumulated other comprehensive income (loss), net of tax |  |  |  |  | (8390) |  | (8390) |  |
| Buyout of noncontrolling interests |  |  | 1484 |  |  | (3232) | (1748) | (1825) |
| Contributions from noncontrolling interests, net |  |  |  |  |  | 56049 | 56049 |  |
| Distributions to noncontrolling interests |  |  |  |  |  | (19318) | (19318) | (149) |
| Noncontrolling interests transferred due to sale of projects |  |  |  |  |  | (25530) | (25530) |  |
| ITC sales proceeds attributable to noncontrolling interests |  |  |  |  |  | 45378 | 45378 |  |
| ITC sales proceeds distributed to noncontrolling interests |  |  |  |  |  | (42989) | (42989) |  |
| Share-based compensation expense | 480 |  | 9351 |  |  | 2061 | 11412 |  |
| Shares withheld related to net share settlement of equity awards |  |  | (2827) |  |  |  | (2827) |  |
| Net income (loss) |  |  |  | (194645) |  | (20367) | (215012) | 123 |
| **Balances as of December 31, 2025** | 199379 | $199 | $1779303 | $(777258) | $26547 | $107109 | $1135900 | $— |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF EQUITY**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares** | **Par<br>Value** | **Additional paid-in capital** | **Accumulated deficit** | **Accumulated other comprehensive income** | **Noncontrolling interests** | **Total<br>equity** | **Redeemable common shares** | **Par value - redeemable common shares** | **Additional paid-in capital - redeemable common shares** | **Redeemable noncontrolling interests** |
| **Balances as of December 31, 2023** | 197749 | 198 | 1770060 | (306525) | 45932 | 113875 | $1623540 | 873 | $1 | $7245 | $2179 |
| Issuance of common shares under distribution reinvestment plan | 868 | 1 | 7055 |  |  |  | 7056 |  |  |  |  |
| Repurchases of common shares | (416) |  | (3339) |  |  |  | (3339) | (428) | (1) | (3516) |  |
| Deferred shareholder servicing fees |  |  |  | 825 |  |  | 825 |  |  |  |  |
| Shareholder distributions |  |  |  | (36573) |  |  | (36573) |  |  | (75) |  |
| Unrealized gain on derivatives designated as cash flow hedges and changes in Accumulated other comprehensive income (loss), net of tax |  |  |  |  | (10995) |  | (10995) |  |  |  |  |
| Noncontrolling interests of Illinois Winds LLC |  |  |  |  |  | 116191 | 116191 |  |  |  |  |
| Deconsolidation of Illinois Winds LLC |  |  |  |  |  | (116017) | (116017) |  |  |  |  |
| Contributions from noncontrolling interests, net |  |  |  |  |  | 83932 | 83932 |  |  |  |  |
| Distributions to noncontrolling interests |  |  |  |  |  | (19189) | (19189) |  |  |  | (321) |
| Buyout of noncontrolling interests |  |  | (449) |  |  | (114) | (563) |  |  |  | (179) |
| Earnout Share participation | 323 |  | 2660 |  |  |  | 2660 |  |  |  |  |
| Earnout Share participation reclassification to temporary equity | (11) |  | (92) |  |  |  | (92) | 11 |  | 92 |  |
| Earnout Share reclassification to permanent equity | 85 |  | 656 |  |  |  | 656 | (85) |  | (656) |  |
| Class P-I Share reclassification to permanent equity | 371 |  | 3090 |  |  |  | 3090 | (371) |  | (3090) |  |
| Share-based compensation expense | 25 |  | (4003) |  |  |  | (4003) |  |  |  |  |
| Issuance of shares related to share-based compensation | 332 |  |  |  |  |  |  |  |  |  |  |
| Shares withheld related to net share settlement of equity awards |  |  | (1880) |  |  |  | (1880) |  |  |  |  |
| Net income (loss) |  |  |  | (242300) |  | (63640) | (305940) |  |  |  | 31 |
| Redemption value adjustment for redeemable noncontrolling interest |  |  |  | (160) |  | 19 | (141) |  |  |  | 141 |
| **Balances as of December 31, 2024** | 199326 | $199 | $1773758 | $(584733) | $34937 | $115057 | $1339218 |  | $— | $— | $1851 |

---

=The accompanying notes are an integral part of these Consolidated Financial Statements.

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF EQUITY**

**FOR THE YEAR ENDED DECEMBER 31, 2023**

*(in thousands)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares** | **Par<br>Value** | **Additional paid-in capital** | **Accumulated deficit** | **Accumulated other comprehensive income** | **Noncontrolling interests** | **Total<br>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** | 198044 | 198 | 1763061 | (114680) | 56094 | 84008 | $1788681 |  | $— | $— | $2034 |
| Issuance of common shares under distribution reinvestment plan | 2636 | 3 | 22490 |  |  |  | 22493 |  |  |  |  |
| Repurchases of common shares | (5811) | (6) | (50877) |  |  |  | (50883) |  |  |  |  |
| Proceeds from shares transferred | 1 |  |  |  |  |  |  |  |  |  |  |
| Deferred shareholder servicing fees |  |  |  | (2784) |  |  | (2784) |  |  |  |  |
| Shareholder distributions |  |  |  | (109993) |  |  | (109993) |  |  | 4 |  |
| Amortization on derivatives previously designated as hedges and changes in Accumulated other comprehensive income (loss), net of tax |  |  |  |  | (10162) |  | (10162) |  |  |  |  |
| Contributions from noncontrolling interests, net |  |  |  |  |  | 144860 | 144860 |  |  |  |  |
| Distributions to noncontrolling interests |  |  |  |  |  | (15748) | (15748) |  |  |  | (674) |
| Buyout of noncontrolling interests, net |  |  | 757 |  |  | (1621) | (864) |  |  |  |  |
| Earnout Share participation | 3730 | 4 | 32786 |  |  |  | 32790 |  |  |  |  |
| Share-based compensation expense | 22 |  | 9486 |  |  |  | 9486 |  |  |  |  |
| Reclassification of participating Earnout Shares to temporary equity | (131) |  | (1139) | 54 |  |  | (1085) | 131 |  | 1085 |  |
| Reclassification of Class P-I shares to temporary equity | (742) | (1) | (6504) | 349 |  |  | (6156) | 742 | 1 | 6156 |  |
| Other noncontrolling interest activity |  |  |  |  |  | (689) | (689) |  |  |  |  |
| Net income (loss) |  |  |  | (79471) |  | (96935) | (176406) |  |  |  | 819 |
| **Balances as of December 31, 2023** | 197749 | $198 | $1770060 | $(306525) | $45932 | $113875 | $1623540 | 873 | $1 | $7245 | $2179 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

*(in thousands)*

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Cash Flows from Operating Activities** |  |  |  |
| Net income (loss) | $(214889) | $(305909) | $(175587) |
| &nbsp;&nbsp;Adjustments to reconcile Net income (loss) to Net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | 88201 | 96254 | 133803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on deconsolidation, net |  | (5622) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill |  | 221314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets, net | 40056 | 74782 | 59294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposition | 95339 | 12656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of liabilities | (15417) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 10805 | 378 | 11248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | (300) | (39348) | (603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of financing costs and debt discounts | 7967 | 6261 | 6711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of interest rate swap contracts | (5905) | (1055) | 6750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of interest rate swaps, net | 26223 | (44748) | (17763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on interest rate swaps, net | (5485) | (1356) | (2428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of investments, net | 5380 | 14701 | (932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (8124) | (19378) | (21548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest (income) expense on failed sale-leaseback financing and deferred ITC gain | 6282 | 7549 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) loss from sale-leaseback transfer of tax benefits | (32951) | (22764) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 7335 | 3565 | 5743 |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (11095) | (4864) | (2959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current and noncurrent derivative assets | 17934 | 52602 | 56696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and noncurrent assets | (7346) | 9416 | (10661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (6340) | 14164 | 14891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (1029) | (1543) | (1290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and noncurrent liabilities | 46999 | 420 | 1036 |
| Net cash provided by operating activities | 43640 | 67475 | 62401 |
| **Cash Flows from Investing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment | (520711) | (287822) | (360650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net deposits (paid) returned for property, plant and equipment | (1221) | 8155 | 8138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of assets | 237362 | 36563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance proceeds for damaged equipment | 2278 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital on investments | 3000 | 6775 | 3906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans made to other parties |  | (19742) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receipts from notes receivable | 71 | 46204 | 30725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | (218) | (734) | (5298) |
| Net cash used in investing activities | (279439) | (210601) | (323179) |
| **Cash Flows from Financing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder distributions |  | (37196) | (87597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of collateral paid for swap contract |  |  | 1735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common shares | (2667) | (6428) | (82719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares withheld related to net share settlement of equity awards | (2827) | (1880) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred shareholder servicing fees | (2229) | (3150) | (3486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests, net | 55765 | 110216 | 144895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests | (64123) | (17850) | (17498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyout of noncontrolling interests | (3573) | (745) | (865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings | 672477 | 404580 | 425532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on borrowings | (484721) | (320174) | (351764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from failed sale-leaseback |  | 111453 | 240969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on failed sale-leaseback | (1399) | (87089) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for loan origination costs | (5149) | (34698) | (11447) |
| Net cash provided by financing activities | 161554 | 117039 | 257755 |
| **Net decrease in Cash, cash equivalents and Restricted cash** | (74245) | (26087) | (3023) |
| **Cash, cash equivalents and Restricted cash at beginning of period** | 161588 | 187675 | 190698 |
| **Cash, cash equivalents and Restricted cash at end of period** | $87343 | $161588 | $187675 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

These Notes to the Consolidated Financial Statements were prepared as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023. All references to the "Company" in these Notes refer to Greenbacker Renewable Energy Company LLC and its consolidated subsidiaries unless otherwise expressly stated or context requires otherwise. This report does not constitute an offer of any of the Company's managed funds as described herein.

**Note 1. Organization and Operations of the Company**

***Organization***

Greenbacker Renewable Energy Company LLC (the "Company") is a Delaware limited liability company formed in December 2012. The Company is an energy transition, renewable energy and investment management ("IM") company that acquires, constructs and operates renewable energy and energy efficiency projects, as well as finances the construction and/or operation of these and other sustainable development projects and businesses and provides investment management services to funds within the sustainable infrastructure and renewable energy industry through Greenbacker Capital Management LLC ("GCM"). As of December 31, 2025, the Company's fleet comprised 220 renewable energy projects with an aggregate power production capacity of approximately 2.8 gigawatts ("GW"), which includes operating capacity of approximately 1.4 GW and pre-operational capacity of approximately 1.4 GW. The Company divested certain projects in the IPP segment during the year ended December 31, 2025. Refer to Note 3. Acquisitions and Divestitures for further details. As of December 31, 2025, GCM serves as the registered investment adviser of four funds in the sustainable and renewable energy industry.

In May 2022, the Company completed a management internalization transaction ("the Acquisition") pursuant to which it acquired substantially all of the business and assets including intellectual property and personnel of its external advisor and related affiliates. Following the Acquisition, the Company began operating as a fully integrated, internally managed owner-operator of sustainable infrastructure and renewable energy assets and as a third-party investment manager. The Company conducts substantially all its operations through its wholly owned subsidiary, Greenbacker Renewable Energy Corporation ("GREC"). The Company operates as a fully integrated and internally managed company after acquiring GCM and several other related entities, which are now wholly owned subsidiaries of GREC. The Company's fiscal year-end is December 31.

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Note 2. Significant Accounting Policies**

***Basis of Presentation***

The Company's Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the regulations of the Securities and Exchange Commission (the "SEC") and include Greenbacker Renewable Energy Company LLC and its consolidated subsidiaries.

The Company presents amounts in the Consolidated Financial Statements in thousands within tables and millions within text (unless otherwise specified) and calculates all percentages and per share data from underlying whole dollar amounts. Thus, certain amounts may not foot, crossfoot, or recalculate based on reported numbers due to rounding.

***Reclassifications***

Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on prior periods' results.

***Basis of Consolidation***

The Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries, and the subsidiaries in which it has a controlling financial and/or voting interest. All intercompany balances and transactions have been eliminated in consolidation. The Company determines whether it has a controlling interest in an entity by first evaluating whether the entity is a variable interest entity ("VIE") under U.S. GAAP. Refer to Note 5. Variable Interest Entities for further details.

***Variable Interest Entities***

The Company assesses entities for consolidation in accordance with ASC Topic 810, Consolidation ("ASC 810"). The Company first determines whether an entity is considered a VIE and therefore whether to apply the VIE model. Entities that do not qualify as VIEs are evaluated for consolidation as voting interest entities ("VOE") under the voting interest model. The Company consolidates all VIEs in which it holds a controlling financial interest, and all VOEs that it controls through a majority voting interest or through other means. The Company evaluates whether an entity is a VIE upon acquisition of ownership interest or when reconsideration events occur as outlined in ASC 810.

The consolidation guidance requires an analysis to determine (a) whether an entity in which the Company holds a variable interest is a VIE and (b) whether the Company has a controlling financial interest. An entity is a VIE if any one of the following conditions exists: (i) the legal entity does not have sufficient equity investment at risk, (ii) the equity investors at risk, as a group, lack the characteristics of a controlling financial interest, or (iii) the legal entity is structured with disproportionate voting rights.

A controlling financial interest is defined as (i) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Refer to Note 5. Variable Interest Entities for further details.

***Equity Method Investments***

When the Company does not have a controlling financial interest in an entity but exerts significant influence over the entity's operating and financial decisions, the Company applies the equity method of accounting. The Company has elected the fair value option for its equity method investments. The Company reflects changes in the fair value of these equity method investments in Change in fair value of investments, net on the Consolidated Statements of Operations. Dividend income is recorded in Other revenue on the Consolidated Statements of Operations as of the date that dividends are declared by the investee. The value of the Company's equity method investments is recorded to Investments, at fair value on the Consolidated Balance Sheets. On the Consolidated Statements of Cash Flows, the Company classifies distributions received from its investees using the "nature-of-the-distribution" approach. Quarterly operating distributions are classified as cash provided from operating activities, while distributions representing proceeds from the sale of property, plant, or equipment or membership interests in subsidiaries of the investees are classified as cash provided from investing activities. Refer to Note 5. Variable Interest Entities and Note 6. Fair Value Measurements and Investments for further details.

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***Noncontrolling Interests ("NCI"), RNCI and Hypothetical Liquidation at Book Value ("HLBV")***

NCI represents the portion of the Company's net income (loss), net assets and comprehensive income (loss) that is not allocable to the Company as they represent third-party interests in the net assets of the respective entity and are based on the contractual allocations within the respective operating agreement or allocated to NCI attributable to the limited partner investors.

For certain NCI when the preferences on profit sharing on liquidation rights and priorities differ from the ownership percentages, the Company considers ASC Topic 970, Real Estate - General ("ASC 970"), and applies the HLBV method of reporting. Under the HLBV method, the amounts of income and loss attributed to the NCI reflect the changes in the amounts the third parties would hypothetically receive at each balance sheet date based on the liquidation provisions of the respective partnership agreements. HLBV assumes that the proceeds available for distribution are equivalent to the unadjusted, stand-alone net assets of each respective partnership, as determined under U.S. GAAP. The third-party noncontrolling interests in the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss), if applicable, are determined based on the difference in the carrying amounts of NCI on the Consolidated Balance Sheets between reporting dates, adjusted for any capital transactions between the Company and third-party investors that occurred during the respective period.

The Company accounts for the portion of net assets in the consolidated entities attributable to the noncontrolling investors as RNCI or NCI in its Consolidated Financial Statements. NCI is measured using the HLBV method and RNCI is measured using the greater of the estimated redemption value or HLBV method. NCI in subsidiaries that are redeemable at the option of the NCI holder are classified as RNCI on the Consolidated Balance Sheets. Refer to Note 17. Noncontrolling Interests and Redeemable Noncontrolling Interests for further details.

***Use of Estimates***

The preparation of the Company's Consolidated Financial Statements in conformity with U.S. GAAP requires management to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. The Company bases its estimates on historical experience, current business factors and various other assumptions believed to be reasonable under the circumstances, all of which are necessary in order to form a basis for determining the carrying values of assets and liabilities. Actual results may differ from those estimates and assumptions.

The Company evaluates the adequacy of its reserves and the estimates used in calculations on an ongoing basis. Significant areas requiring management to make estimates include, but are not limited to: (i) the fair values of the reporting units used in assessing the recoverability of goodwill; (ii) estimates of future undiscounted net cash flows used in assessing the recoverability of long-lived assets; (iii) the change in fair value of equity method investments for which the fair value option has been elected; (iv) the change in fair value of contingent consideration; (v) the useful lives of intangible assets; (vi) the grant date fair value of share-based compensation awards; (vii) derivative assets and liabilities for the interest rate swaps; and (viii) valuation allowances on deferred tax assets which are based on an assessment of recoverability of the deferred tax assets against future taxable income. Although some variability is inherent in these estimates, the Company believes that the current estimates are reasonable in all material respects. Adjustments related to changes in estimates are reflected in the Company's Consolidated Financial Statements in the period for which those estimates changed. Refer to the subsequent footnotes to these Consolidated Financial Statements for additional information on the Company's estimates.

***Cash and Cash Equivalents and Restricted Cash***

Cash and cash equivalents include investments in highly liquid money market instruments with an original maturity of three months or less. Restricted cash consists of cash accounts used as collateral for letters of credit and requirements for financial institutional loans and purchase and sale agreements that are restricted for use on certain of the Company's renewable energy projects.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets that aggregate to the beginning and ending balances shown in the Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
| *(in thousands)* | **December 31, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $66637 | $120057 |
| Restricted cash, current | 18592 | 38403 |
| Restricted cash | 2114 | 3128 |
| &nbsp;&nbsp;Total cash and cash equivalents and restricted cash | $87343 | $161588 |

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***Supplemental Cash Flow Information***

The following table presents the Company's non-cash investing and financing activities as well as the cash paid for interest:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| **Non-cash investing activities** |  |  |  |
| Capital expenditures incurred but not paid | $11456 | $16707 | $38009 |
| Non-cash involuntary conversion | 9129 |  |  |
| **Non-cash financing activities** |  |  |  |
| Redemptions payable | 585 | 788 | 361 |
| Distribution payable to shareholders |  |  | 7606 |
| ITC sales proceeds attributable to noncontrolling interest | 45378 |  |  |
| Change in distributions payable to noncontrolling interest | $(1666) | $997 | $2293 |
| **Cash paid for** |  |  |  |
| Interest paid, net of amounts capitalized | $47900 | $45223 | $23608 |

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***Amortizable and Other Intangible Assets and Out-of-market Contracts***

Contract-based intangibles, including intangible assets and intangible liabilities (out-of-market contracts) associated with PPAs and REC agreements, represent the value of rights that arise from contractual arrangements. When the Company acquires a project with an existing PPA or REC agreement in an asset acquisition or business combination, and the terms of the contract are favorable or unfavorable relative to market terms, the Company recognizes intangible assets or liabilities in its accounting for the acquisition. The Company amortizes identifiable intangible assets consisting of channel partner relationships, out-of-market PPAs, out-of-market REC contracts and trademarks because these assets have finite lives. The Company's amortizable intangible assets with finite lives are amortized on a straight-line basis over the estimated useful lives. The basis of amortization approximates the pattern in which the assets are utilized over their estimated useful lives.

The contract-based intangible assets and intangible liabilities (out-of-market contracts) associated with PPA and REC agreements for which the fair value has been determined to be less or more than market are amortized to revenue over the term of each underlying contract on a straight-line basis.

The Company capitalizes implementation costs related to cloud computing (i.e., hosting) arrangements that are accounted for as a service contract that meet the accounting requirement for capitalization if implementation costs were incurred to develop or utilize internal-use software hosted by a third-party vendor. The capitalized implementation costs are recorded in Other noncurrent assets on the Consolidated Balance Sheets and are amortized over the length of the service contract within Direct operating costs on the Consolidated Statements of Operations. Refer to Note 9. Goodwill, Other Intangible Assets and Out-of-market Contracts for further details.

***Restructuring and Related Charges***

The Company records costs associated with exit activities related to restructuring plans in accordance with ASC Topic 420, Exit or Disposal Cost Obligations ("ASC 420). Liabilities for costs associated with an exit or disposal activity are recognized in the period in which the liabilities are incurred. The Company records restructuring cost liabilities in Accounts payable and accrued expenses and Other noncurrent liabilities on the Consolidated Balance Sheets. One-time termination benefits are recognized as a liability when the approved plan of termination has been communicated to employees, unless employees must provide future service, in which case the benefits are recognized ratably over the future service period.

During the year ended December 31, 2025, the Company announced and implemented two restructuring plans, effective March 31, 2025 and October 7, 2025, respectively, aimed at reducing costs and improving operational efficiency in response to changing market conditions. The restructuring plan primarily included workforce reductions and other cost-saving initiatives. The Company recognized $1.4 million of charges within General and administrative on the Consolidated Statements of Operations for the year ended December 31, 2025 related to the restructuring. These charges consist of $1.3 million in severance-related costs and $0.1 million in other related costs.

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***Sale Leasebacks***

The Company is party to sale-leaseback arrangements that provide for the sale of certain assets to a third-party and simultaneous leaseback to the Company. In accordance with ASC Topic 842, Leases ("ASC 842"), the Company evaluates whether control of the underlying asset transfers to the buyer-lessor by applying the guidance in ASC Topic 606, Revenue from Contracts with Customers ("ASC 606") on satisfying performance obligations. If the Company has not transferred control, such as when the arrangement provides the Company with an option to repurchase the assets or grants the buyer-lessor the option to require the Company to repurchase them, the transaction does not qualify as a sale and is accounted for as a financing arrangement. Because these provisions exist in the Company's sale-leaseback agreements, the Company accounts for these arrangements as financings.

Under the financing method, the Company does not recognize the sale proceeds received from the buyer-lessor as income that contractually constitute payment to acquire the assets subject to these arrangements. Instead, the sale proceeds received are accounted for as financing obligations, and leaseback payments made by the Company are allocated between interest expense and a reduction to the financing obligation. Interest on the financing obligation is calculated using the Company's incremental borrowing rate ("IBR") or an imputed rate at the inception of the arrangement on the outstanding financing obligation. Judgment is required to determine the appropriate borrowing rate for the arrangement and in determining any gain or loss on the transaction that would be recorded either at the end of or over the lease term.

As part of the arrangement, the Company operates and earns revenues from the facility throughout the lease term while the buyer-lessor is entitled to all available tax benefits. The Company is contractually obligated to continue operating the facility over the five-year recapture period. The Company has the option to renew the lease or repurchase the assets sold at the end of the lease term or earlier since an early buy option is present in the contract. The ITCs" and other tax benefits associated with these projects transfer to the buyer-lessor; however, the payments are structured so that the Company is compensated for the transfer of the related tax attributes.

The Company applies the guidance within ASC 842 and ASC 606 analogically on separating components of a contract to determine whether the ITCs received by the buyer-lessor and the Company's corresponding obligations to continue operating the projects should be separated from the financing liability. The Company determined these transactions to consist of two components: the aforementioned financing obligation as well as income from the transfer of the associated tax benefits which are initially deferred and subsequently recognized over the five-year recapture period on the anniversary date of each transaction.

The Company applies the guidance within ASC 606 to assess the deferred gain related to the transfer of the tax benefits and determined these transactions to have a significant financing component present in the contract. The effect of the significant financing component is recorded as an adjustment or an increase to Current portion of failed sale-leaseback financing and deferred ITC gain and Failed sale-leaseback financing and deferred ITC gain, net of current portion on the Consolidated Balance Sheets using an appropriate interest rate determined by the Company. The Company recognizes the deferred gain attributable to the transfer of the tax attributes over the contractual or five-year ITC recapture period in Income from sale-leaseback transfer of tax benefits and the associated interest recorded in Interest income (expense), net on the Consolidated Statements of Operations.

Origination costs are capitalized and amortized as interest expense on a straight-line basis over the related lease term and presented as a direct deduction from the carrying amount of the related financing obligation on the Consolidated Balance Sheets. Refer to Note 11. Debt for further details regarding sale leaseback transactions recorded as financing arrangements.

***Accounts Receivable and Allowance for Credit Losses***

Accounts receivable are recorded at the invoiced amount or in certain cases for the amounts not yet invoiced, net of allowance for credit losses, and primarily relate to power generated under PPA contracts and RECs sold. The Company estimates its allowance for credit losses in accordance with ASC Topic 326, Financial Instruments—Credit Losses. The allowance reflects the Company's estimate of expected credit losses over the contractual life of the receivables and is based on an assessment of specific customer accounts, historical loss experience, current conditions, and reasonable and supportable forecasts. The Company also considers the aging of accounts receivable and other currently available evidence of collectability. Accounts receivable are written off when they are no longer deemed collectible. Changes in such assessment could significantly affect the recorded allowance for losses and could result in actual credit losses differing from current estimates recorded in the Consolidated Balance Sheets. Based on the Company's assessment performed as of December 31, 2025 and 2024, the allowance for credit losses recorded was de minimis and not material to the financial statements.

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***Fair Value Measurements***

ASC Topic 820, Fair Value Measurements ("ASC 820"), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between marketplace participants. This 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: Unadjusted quoted prices for identical assets or liabilities in active markets.

Level 2: Other significant observable inputs that are sourced either directly or indirectly from publications or pricing services, including dealer or broker markets, for identical or comparable assets or liabilities. Generally, these inputs should be widely accepted and public, non-proprietary, and sourced from an independent third party.

Level 3: Inputs derived from a significant amount of unobservable market data and derived primarily through the use of internal valuation methodologies.

The Company's financial assets and liabilities measured at fair value consist of cash and cash equivalents, accounts receivable, accounts payable, equity method investments, contingent consideration, and interest rate swaps. Cash and cash equivalents consist of bank deposits and short-term investments, such as money market funds, the fair value of which is based on quoted market prices, a Level 1 fair value measure. As of December 31, 2025 and 2024, the carrying values of cash, accounts receivable and accounts payable approximate fair value because of the short-term maturity of these instruments. Refer to Note 6. Fair Value Measurements and Investments for further details.

***Property, Plant and Equipment, net***

Property, plant and equipment is stated at historical cost net of accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated remaining useful lives of individual assets or classes of assets noted in the table below or, when the asset is on property subject to a lease or other site control contract, the remaining lease or other contractual periods and renewals that are deemed to be reasonably certain at the date the assets are purchased, if less than the estimated remaining useful life. Expenditures for major additions and improvements are capitalized, while repairs and maintenance, including planned major maintenance, are charged to expense as incurred.

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| | |
|:---|:---|
| **Asset Class** | **Useful Lives (Years)** |
| Solar energy systems | 35 |
| Wind energy systems | 30 |
| Battery storage systems | 10-20 |

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All costs directly related to the acquisition, development, and construction of long-lived assets are capitalized, including taxes and insurance incurred during the construction phase. A portion of interest costs, including amortization of debt issuance and financing costs associated with the generation facilities' financing arrangements, are capitalized during construction. Development costs include the project development costs, which are expensed until it is probable that commercial success will be achieved. Once the assets are placed into service, all of the capitalized costs are depreciated over the estimated useful lives of the assets. Refer to Note 8. Property, Plant and Equipment for further details.

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***Goodwill***

The Company tested goodwill for impairment in accordance with ASC Topic 350, Intangibles - Goodwill and Other ("ASC 350"), before the full impairment of goodwill in 2024. Goodwill was tested for impairment at least on an annual basis, on October 1 of each year, or more frequently if facts or circumstances indicated that the it might have been impaired. Factors considered that would have indicated an impairment could exist were: the macroeconomic conditions, industry and market considerations such as a significant adverse change in the business climate, cost factors, overall financial performance such as current-period operating results or cash flow declines combined with a history of operating results or a projection/forecast that demonstrated declines in the cash flow or the inability to improve the operations to forecasted levels, and any entity-specific events. In assessing goodwill for impairment, the Company could elect to use a qualitative assessment to determine whether the existence of events or circumstances led to a determination that it was more likely than not that the fair value of goodwill was less than its carrying amount. If the Company determined it was not more likely than not that the fair value of goodwill was less than its carrying amount, the Company was not required to perform any additional tests in assessing goodwill for impairment. If the Company concluded otherwise, or elected not to perform the qualitative assessment, then the Company was required to perform the quantitative impairment test. If the estimated fair value of the reporting unit was less than its carrying value, the Company performed additional quantitative analysis to determine if the reporting unit's goodwill was impaired, and an impairment charge was recognized as an impairment of goodwill in the consolidated statements of operations. During the year ended December 31, 2024, the Company recognized a full impairment of its goodwill. Refer to Note 9. Goodwill, Other Intangible Assets and Out-of-market Contracts for further details.

***Impairment of Long-Lived Assets***

In accordance with ASC Topic 360, Property, Plant, and Equipment ("ASC 360"), long-lived assets and intangible assets with determinable useful lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets and is charged to earnings. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the costs to sell.

For the years ended December 31, 2025, 2024 and 2023, the Company recognized impairments of long-lived assets of $40.1 million, $74.8 million and $59.3 million, respectively. These impairments were recorded in Impairment of long-lived assets, net and termination costs on the Consolidated Statements of Operations. Refer to Note 8. Property, Plant and Equipment and Note 9. Goodwill, Other Intangible Assets and Out-of-market Contracts for further details.

***Notes Receivable***

The Company's notes receivable consist of loans made by the Company to third parties to finance the development and construction of renewable energy projects or to provide working capital to borrowers within the renewable energy industry.

Notes receivable held for investment are reported in accordance with ASC Topic 310, Receivables ("ASC 310"), on the balance sheet at their amortized cost basis, i.e., adjusted for applicable accrued interest, accretion, or amortization of premium, discount, net deferred costs, and/or any other adjustments. The Company's notes receivable were all issued at their respective principal amounts. Interest income is recognized based on the contractual rate in the loan agreement, and any premium or discount is amortized to interest income using the effective interest rate method. Interest income from the notes receivable is presented as Other revenue on the Consolidated Statements of Operations. Refer to Note 4. Revenue and Note 7. Notes Receivable for further details.

***Allowance for Credit Losses***

The Company establishes a notes receivable loss reserve when available information indicates that it is probable a loss has occurred based on the carrying value of each note receivable and the amount of the loss can be reasonably estimated. Significant judgment is required in determining the notes receivable loss reserve, including estimates of the likelihood of default and the estimated fair value of the collateral, if any. The Company recorded notes receivable loss reserves in Consolidated Statements of Operations of $2.0 million, nil and $2.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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***Debt Issuance, Deferred Financing Costs and Debt Discount***

Deferred financing costs and debt discount are amortized as a component of interest expense over the term of the Company's financing arrangements using the straight-line method through the debt facilities' term conversion date, if applicable, and the effective interest method from the term conversion date through the maturity date. Unamortized deferred financing costs and debt discount are reflected as an offset to the debt facilities' scheduled principal payments and are presented as a reduction of Current portion of long-term debt and Long-term debt, net of current portion, on the Consolidated Balance Sheets. Unamortized deferred financing costs related to unfunded commitments are recorded within Other noncurrent assets on the Consolidated Balance Sheets. Refer to Note 11. Debt for further details.

***Acquisitions***

For acquisitions meeting the definition of a business combination, the acquisition method of accounting is used in accordance with ASC Topic 805, Business Combinations ("ASC 805"). The consideration transferred for the acquired business is allocated to the assets acquired and liabilities assumed based on the fair values at the date of acquisition, including identifiable intangible assets. Any excess of the amount paid over the estimated fair value of the identifiable net assets acquired is allocated to goodwill. These fair value determinations require judgment and involve the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, implied rate of return and weighted average cost of capital, asset lives and market multiples, among other items. Acquisition-related costs, such as professional fees, are excluded from the consideration transferred and are expensed as incurred. Asset acquisitions are measured based on the cost to the Company, including transaction costs. Asset acquisition costs, or the consideration transferred by the Company, are assumed to be equal to the fair value of the net assets acquired. If the consideration transferred is cash, measurement is based on the amount of cash paid to the seller, as well as transaction costs incurred. The cost of an asset acquisition is allocated to the assets acquired based on their relative estimated fair values. Goodwill is not recognized in an asset acquisition.

The Company records contingent consideration related to its asset acquisitions when it is both probable that the Company will be required to pay such amounts and the amount is estimable. These contingencies generally relate to payments due upon the acquired projects reaching milestones as specified in the acquisition agreements. Refer to Note 3. Acquisitions and Divestitures for further details.

***Divestitures***

From time to time, the Company evaluates and executes divestitures of project companies, holding companies, or other nonfinancial assets. These transactions generally involve the sale of equity interests in subsidiaries whose value is primarily attributable to renewable energy facilities and related nonfinancial assets. As a result, such transactions are typically accounted for under ASC Subtopic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets ("ASC 610-20").

A gain or loss is recognized when control transfers to the buyer, based on the indicators in ASC 606 (including transfer of legal title, right to payment, and transfer of risks and rewards). Consideration includes the contractual purchase price, assumed or relieved liabilities, and working capital adjustments. Variable consideration, such as earnouts, contingent payments, and holdbacks, is included only when it is not subject to significant reversal. Gains and losses on divestitures that do not qualify as discontinued operations are reported within (Gain) loss on asset disposition.

The Company evaluates each divestiture under ASC Subtopic 205-20, Presentation of Financial Statements - Discontinued Operations ("ASC 205-20"), to determine whether the sale meets the criteria for presentation as a discontinued operation. This assessment focuses on whether the disposal represents a strategic shift that has, or will have, a major effect on the Company's operations and financial results. The Company's divestitures do not typically constitute a strategic shift and as such are generally not presented as discontinued operations and remain classified within income from continuing operations.

***Segment Information***

ASC Topic 280, Segment Reporting ("ASC 280"), establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise where discrete financial information is available and evaluated regularly by the Chief Operating Decision Maker ("CODM"), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company's CODM is its Chief Executive Officer. The Company manages its business as two operating segments and two reportable segments. Segment information is consistent with how the CODM reviews the business, makes resource allocation decisions, and assesses performance. Refer to Note 21. Segment Reporting for further details.

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***Distribution Policy***

The Company suspended the payment of shareholder distributions effective immediately after the distribution payment on May 1, 2024. Prior to the suspension, distributions to members were authorized and declared quarterly by the Company's Board of Directors (the "Board") in advance and paid monthly in the form of cash or shares. Distributions were made on all classes of shares at the same time. The cash or share distributions paid to the shareholder with respect to the Class C, P-S and P-T shares were lower than the cash or share distributions with respect to the Company's other share classes because of the distribution fee associated with the Class C, P-S and P-T shares, which is allocated specifically to such classes. Amounts distributed to each class were allocated amongst the holders of the shares in such classes in proportion to their shares. Refer to Note 18. Equity for further details.

***Earnings per Share***

In accordance with the provisions of ASC Topic 260, Earnings per Share ("ASC 260"), basic earnings per share is computed by dividing earnings available to common members by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding during the year, adjusted for the effect of potentially dilutive securities, unless the effect is antidilutive. The Company's potentially dilutive securities consist of unvested share-based compensation awards calculated using the treasury stock method. Refer to Note 20. Earnings Per Share for further details.

***Revenue Recognition***

The Company recognizes revenue from contracts with customers in accordance with ASC 606, which provides a five-step model for recognizing revenue as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Identify the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Identify performance obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Determine the transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Allocate the transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Recognize revenue

The Company has elected as a practical expedient the accounting policy under which it excludes from the transaction price sales taxes it collects from its customers assessed by governmental authorities. The Company, therefore, reports revenue net of any sales taxes.

*Energy Sales*

The Company's revenue is primarily derived from the sale of power under long-term PPAs. The Company's PPAs generally have terms of between 10-30 years. Customers primarily consist of commercial property owners, residential property owners, corporate entities, municipal entities, and utility companies located within the U.S. and Canada. The Company primarily operates solar, wind, and battery systems.

Certain of these PPAs are accounted for as leases with variable lease payments. ASC 842 requires variable lease payments to be recorded in the period when the changes in facts and circumstances on which the variable lease payments are based occur. See further detail regarding the Company's PPAs accounted for as leases in Note 10. Leases.

The Company identifies the sale of renewable energy and capacity, and when bundled into the PPA, RECs, as the performance obligations within its PPAs. The Company transfers control of the electricity and capacity over time, and the customer simultaneously receives and consumes the benefits provided by the Company's performance as it performs. The RECs bundled into PPAs are generated upon generation of renewable power from our renewable energy-generating assets. Accordingly, the Company concluded that the sale of electricity, capacity, and when included in the contract, RECs, represent series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer. Each distinct transfer of electricity in kilowatt hours ("kWh") that the Company promises to transfer to the customer meets the criteria to be a performance obligation satisfied over time. The Company recognizes revenue based on the amount metered and invoiced on the basis of the contract prices multiplied by kWh delivered. The Company applies the invoicing practical expedient in circumstances where the amount of revenue recognized is determined based on the output produced.

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*Renewable Energy Credits Sales and Other Incentives*

The Company has concluded that the sale of RECs performance obligation that are not required to be generated by a specific renewable energy-generating asset is satisfied at the point in time in which control is transferred to the customer, which may be upon delivery of the attributes or delivery of the related renewable energy, depending on whether the contract number of RECs is a fixed amount or based upon the amount of power generated. This represents the point in time when the Company has a present right to payment and the customer has significant risks and rewards related to ownership of the RECs. In a bundled contract to sell energy and RECs, all performance obligations are deemed to be delivered at the same time. In such cases, the Company does not allocate the transaction price to multiple performance obligations.

*Contract Amortization*

Intangible assets and out-of-market contracts recognized from PPAs and RECs assumed through acquisitions related to the sale of energy and RECs in future periods for which the fair value has been determined to be less or more than market are amortized to revenue over the term of each underlying contract on a straight-line basis. Refer to Note 4. Revenue and Note 9. Goodwill, Other Intangible Assets and Out-of-market Contracts for further details.

*Investment Management Revenue*

The Company also performs investment management and other administrative services for funds in the sustainable infrastructure and renewable energy industry. Such services comprise many activities which constitute a series of distinct services satisfied over time. These activities include capital raising and deployment, marketing and other investor relations functions as well as technical asset management, finance and accounting, legal and other administrative services. The performance obligation is satisfied over time as the customer simultaneously receives and consumes the benefits that are being provided by the Company. The Company utilizes an output method based on time elapsed to measure progress towards satisfaction of the performance obligation.

*Interest Revenue*

Interest revenue relates to the Company's secured loans to developers within the renewable energy industry and is recognized only if the Company expects to collect such amounts. If there is reason to doubt an ability to collect such interest, interest receivable on loans is not recognized. Original issuance discounts and premiums are accreted using the effective interest method as interest revenue. Prepayment premiums on loans are recorded as interest revenue when received. Any application, origination or other fees earned by the Company in arranging or issuing debt are recognized over the expected term of the loan. Interest payments received on loans determined to be uncollectible may be recognized as revenue or applied to principal depending upon management's judgment regarding collectability. Refer to Note 4. Revenue for further details.

***Asset Retirement Obligations***

Asset retirement obligations ("AROs") are accounted for in accordance with ASC Subtopic 410-20, Asset Retirement Obligations ("ASC 410-20"). AROs associated with long-lived assets are those for which a legal obligation exists under enacted laws, statutes, and written or oral contracts, including obligations arising under the doctrine of promissory estoppel, and for which the timing and/or method of settlement may be conditional on a future event. ASC 410-20 requires an entity to recognize the fair value of a liability for an ARO in the period in which it is incurred and a reasonable estimate of fair value can be made. Upon initial recognition of a liability for an ARO, the asset retirement cost is capitalized by increasing the carrying amount of the related long-lived asset by the same amount. Over time, the liability is accreted to its future value, while the capitalized cost is depreciated over the useful life of the related asset. The Company's AROs are primarily related to the future dismantlement of solar or wind equipment placed on leased property at the end of the contractual term. Refer to Note 13. Asset Retirement Obligations for further details.

***Deferred Shareholder Servicing Fees***

The Company defers certain sales commissions and related fees paid to the dealer manager in connection with the sale of shares sold with a reduced front-end load sales charge and a trail fee. For these shares, the Company records a liability at the time of sale equal to the total estimated commissions and related compensation expected to be incurred over the applicable period, which ends on the earliest of: (1) the date the maximum amount of sales commission and related compensation is reached under applicable regulations; (2) the date which approximates an expected liquidity event for the Company; or (3) the expected holding period of the investment. For Class P-T and Class P-S shares, the liability period ends on the earlier of the expected liquidity event or the end of the expected holding period. The liability is calculated using annualized rates of 80 basis points for Class C shares and 85 basis points for Class P-T and Class P-S shares multiplied by the expected holding period. Deferred shareholder servicing fees are paid monthly to the dealer manager through reductions to shareholder distributions at a rate equal to 1/12th of the applicable annual fee. As of December 31, 2025 and 2024, the Company recorded a liability for deferred shareholder servicing fees in the amount of $1.9 million and $6.3 million, respectively, of which $1.8 million and $3.0 million, respectively, is included in Other current liabilities and the remaining $0.1 million and $3.3 million, respectively, is included in Other noncurrent liabilities on the Consolidated Balance Sheets.

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***Share-based Compensation***

The Company grants share-based compensation awards under the Greenbacker Renewable Energy Company LLC 2023 Equity Incentive Plan (the "2023 Equity Incentive Plan"). The Company accounts for these awards in accordance with ASC Topic 718, Compensation - Stock Compensation ("ASC 718"). The grant date fair value of restricted share units granted under the 2023 Equity Incentive Plan is determined based on the MSV of the Company's Class P-I shares on the business day prior to the grant, reduced by the present value of the expected dividends during the vesting period if applicable. The Company utilizes a Black-Scholes-Merton model to determine the grant date fair value of its performance restricted share units with market-based vesting conditions. Additionally, in connection with the Acquisition, certain of the Earnout Shares that were issued to Greenbacker Group LLC ("Group LLC") as part of the consideration were subsequently granted by Group LLC to certain employees of the Company in exchange for their employment services post-Acquisition. Share-based compensation costs are generally recognized over the requisite service period of the awards, generally using the straight-line method. Forfeitures are recorded as incurred. Refer to Note 3. Acquisitions and Divestitures and Note 19. Share-based Compensation for further details.

***Derivative Instruments***

The Company uses interest rate swaps to manage its variable interest rate risk and accounts for these derivative instruments under ASC Topic 815, Derivatives and Hedging ("ASC 815"), which requires all derivatives to be recognized on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated under hedge accounting and qualifies as part of a hedging relationship and on the type of hedging relationship.

On October 1, 2024, the Company voluntarily dedesignated all hedges within its portfolio. Prior to the dedesignation, for derivative instruments that were designated as hedging instruments, the Company formally documented the hedging relationship, the risk being hedged, and its risk-management objectives at the inception of the contract. This documentation included linking cash flow hedges to specific forecasted transactions. The effectiveness of designated hedges was assessed on an ongoing basis to determine whether the derivative instruments that were used were highly effective in offsetting changes in cash flows of the hedged items. The Company discontinued hedge accounting for a specific hedging instrument if it was determined that the derivative was no longer effective in offsetting changes in the fair values or cash flows of the hedged item. Under a cash flow hedge, the change in fair value of the derivative was reported in other comprehensive income and reclassified into earnings in the same periods during which the hedged transaction affected earnings and was recorded to the same income statement line item as the hedged item. Subsequent to the dedesignation on October 1, 2024, changes in fair value of the dedesignated derivatives are reported in earnings to Interest income (expense), net.

For the Company's dedesignated interest rate swaps, the Company evaluates whether the forecasted transactions previously hedged by the interest rate swap are not probable of occurring and, if so, immediately reclassifies the amount recorded in Accumulated other comprehensive income to Interest income (expense), net in the Consolidated Statements of Operations. When the Company determines that the forecasted transactions previously hedged by the interest rate swap are not probable of not occurring, the Company recognizes the amounts within Accumulated other comprehensive income related to the dedesignated interest rate swap into interest expense as the originally forecasted transactions affect earnings.

The Company uses derivative financial instruments solely to hedge identified business risks and does not hold or issue derivatives for trading purposes or speculative purposes. When interest rate swaps are executed with the same financial institution under a master netting arrangement, any gain or loss on such derivatives are netted for financial statement presentation. Refer to Note 12. Derivative Instruments for further details.

***Income Taxes***

The Company intends to operate such that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code ("IRC"). As such, it will not be subject to any U.S. federal and state income taxes. In any year, it is possible that the Company will not meet the qualifying income exception and will not qualify to be treated as a partnership. If the Company 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 IRC and would be required to pay income tax at corporate rates on its net taxable income. To the extent of the Company's earnings and profits, the payment of the distributions would not be deductible by the Company, and distributions to members from the Company would constitute dividend income taxable to such members.

The Company conducts substantially all its operations through its wholly owned subsidiary, GREC, which is a corporation that is subject to federal, state, provincial, local and foreign income taxes based on income. Accordingly, most of its operations are subject to federal, state, provincial, local and foreign income taxes in the jurisdictions in which it operates. As of December 31, 2025, 2024 and 2023, including territories, districts, and provinces, the Company operates in 27, 36, and 36 jurisdictions, respectively.

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The Company applies the accounting and reporting requirements of ASC Topic 740, Income Taxes ("ASC 740"), which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company evaluates the realizability of the deferred tax assets and liabilities on a quarterly basis, and adjusts such amounts in light of changing facts and circumstances, including but not limited to future projections of taxable income, tax legislation, rulings by relevant tax authorities and the progress of ongoing tax audits, if any. The Company considers all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized in future periods. 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. The Company has concluded it has no material uncertain tax positions to be recognized as of December 31, 2025. Interest and penalties associated with income taxes, if any, are recognized in general and administrative expense.

PTCs are recognized as wind energy from qualified projects is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes. The tax benefits of nonrefundable PTCs are recognized as reductions to current income tax expense, unless limited by tax law, in which instance they are recognized as deferred tax assets with a carry forward period of 22 years. The Company recognizes ITCs as a reduction to income tax expense when the related energy property is placed into service.

***Tax Credit Transfers***

From time to time, the Company sells federal tax credits such as ITCs to third parties. The Company accounts for the generation and sale of ITCs in accordance with ASC 740, in which the Company recognizes a deferred tax asset when the projects are placed into service. Upon transfer of control of the tax credits to the buyer, the difference between the deferred tax asset and the transfer proceeds is recognized in (1) Benefit from income taxes in the Consolidated Statements of Operations for credits allocated to the Company, and (2) Noncontrolling interests in the Consolidated Balance Sheets for tax credits allocated to a tax equity investor. If cash is received prior to the transfer of control, it is recorded as a tax credit transfer liability. The resulting cash received is classified as cash provided by operating activities in the Consolidated Statements of Cash Flows. Refer to Note 14. Income Taxes and Note 15. Commitments and Contingencies for further details.

***Leases***

Leases are accounted for in accordance with ASC 842, under which a lease is a contract, or part of a contract, which conveys the right to control the use of identified property, plant or equipment (i.e., an identified asset) for a period of time in exchange for consideration. The Company evaluates each arrangement at inception to determine if it contains a lease under ASC 842. The Company's contracts determined to be or to contain a lease include explicitly or implicitly identified assets where the lessee has the right to control the use of the assets during the lease term.

The Company made an accounting policy election under ASC 842 not to recognize ROU assets and lease liabilities for short term leases. In determining this election, the Company excludes leases that contain an option to extend or renew the lease or to purchase the leased asset when the Company is reasonably certain of exercising that option. For all other leases, the Company recognizes ROU assets and lease liabilities based on the present value of lease payments over the lease term at the commencement date of the lease.

Future lease payments may include fixed rent escalation clauses or payments that depend on an index (such as the consumer price index). Certain leases require variable lease payments based on the amount of energy generation of the related assets, which are recorded in variable lease expense or revenue depending upon whether the Company is the lessee or lessor in the arrangement. Subsequent changes based on an index and other periodic market-rate adjustments to base rent are recorded in Direct operating costs on the Consolidated Statements of Operations in the period incurred.

The Company's leases may include non-lease components representing additional services transferred to the Company, such as common area maintenance for real estate. The Company made an accounting policy election for each class of underlying asset not to separate non-lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component. Non-lease components that are variable in nature are recorded in Direct operating costs in the period incurred.

The Company uses its IBR to determine the present value of lease payments as the Company's leases do not have a readily determinable implicit discount rate. The IBR is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and amount in a similar economic environment. The Company's IBR reflects market-based credit-spread adjustments and collateralization considerations, applied to a risk-free rate benchmark. Refer to Note 10. Leases for further details.

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***Concentration of Risk***

The Company's derivative financial instruments and PPAs potentially subject the Company to concentrations of credit risk. The maximum exposure to loss due to credit risk of counterparties of the Company's derivative financial instruments generally equals the fair value of derivative financial instruments presented in the Company's Consolidated Balance Sheets. The maximum exposure to loss due to credit risk of counterparties of the Company's PPAs generally equals the revenue otherwise expected to be earned under the terms of the PPAs. The Company manages these credit risks by maintaining a diversified portfolio of creditworthy counterparties.

The Company determines which customers, if any, comprise over ten percent of either revenue or accounts receivable. For the years ended December 31, 2025, 2024 and 2023, the Company had one, one and nil customers, respectively, from which revenue was 12.2%, 10.1% and nil, respectively, of total revenue. As of December 31, 2025 and 2024, the Company had two and one customers, respectively, from which the receivable balance was 44.7% and 28.3%, respectively, of total accounts receivable.

Refer to Note 4. Revenue and Note 12. Derivative Instruments for further details.

***Recent Accounting Pronouncements - Adopted***

In December 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The Company adopted ASU 2023-09 on a prospective basis for the year ended December 31, 2025. ASU 2023-09 has immaterial impacts to our income tax disclosures with no implications to our financial position or results of operations. Refer to Note 14. Income Taxes for further details.

***Recent Accounting Pronouncements - Not Yet Adopted***

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement (Subtopic 220-40): Reporting Comprehensive Income, Expense Disaggregation Disclosures," which requires disclosures for a more detailed disaggregation of income statement expenses. ASU 2024-03 requires a public entity to report relevant expenses presented on the face of the income statement for continued operations such as: (i) purchases of inventory; (ii) depreciation; and (iii) intangible asset amortization. For public business entities, the amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026 and effective for interim periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 may be adopted prospectively or retrospectively. The Company is in the process of assessing the impacts and method of adoption.

In May 2025, the FASB issued ASU No. 2025-03, "Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (VIE)," which clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a VIE that meets the definition of a business. The standard is effective for all entities for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. The Company is evaluating the impact of ASU 2025-03 on its Consolidated Financial Statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), Targeted Improvements to the Accounting for Internal-Use Software," which simplifies the capitalization guidance by removing all references to prescriptive and sequential software development stages (referred to as "project stages") throughout ASC 350-40. The standard is effective for all entities for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. The Company is evaluating the impact of ASU 2025-06 on its Consolidated Financial Statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-10, "Government Grants (Topic 832)—Accounting for Government Grants Received by Business Entities," which amends ASC Topic 832, Government Assistance, to include guidance on the recognition, measurement, and presentation of government grants, leveraging the principles in International Accounting Standards ("IAS") 20, which the Company currently follows. Given the similarities between the guidance in ASU 2025-10 and IAS 20, adoption of ASU 2025-10 by companies currently applying IAS 20 by analogy will likely not have a significant impact. ASU 2025-10 defines a government grant as a "transfer of a monetary asset or a tangible nonmonetary asset, other than in an exchange transaction (including an exchange transaction that may be at a significant discount to fair value), from a government to an entity." For public business entities, the amendments in ASU 2025-10 are effective for annual periods in fiscal years beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. If a business entity adopts the amendments in ASU 2025-10 in an interim reporting period, it must adopt them as of the beginning of the annual reporting period that includes that interim reporting period. The Company is evaluating the impact of ASU 2025-10 on its Consolidated Financial Statements and related disclosures.

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Also in December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270) - Narrow-Scope Improvements," which improves the navigability of the guidance in ASC No. Topic 270, Interim Reporting ("ASC 270"), and clarifies when it applies. It also addresses the form and content of financial statements, adds lists to ASC 270 of the interim disclosures required by all other ASC topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. Per FASB, ASU 2025-11 is not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. For public business entities, the amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is evaluating the impact of this ASU 2025-11 on its Consolidated Financial Statements and related disclosures.

Changes to U.S. GAAP are established by the FASB in the form of ASUs to the FASB ASC. ASUs issued which are not specifically listed above were assessed and have already been adopted in a prior period or determined to be either not applicable or are not expected to have a material impact on the Company's Consolidated Financial Statements and related disclosures.

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**Note 3. Acquisitions and Divestitures**

***Acquisitions***

The Company did not complete any acquisitions during the year ended December 31, 2025. Information regarding acquisitions completed during the years ended December 31, 2024 and 2023 is presented below.

*2024 Acquisition*

On July 30, 2024 (the "Closing Date"), the Company acquired 100% of the membership interests in Hecate Energy Cider Solar LLC ("Cider"), a nearly 680.0 MW development-stage solar asset with a planned completion date in the second half of 2026, for total consideration of $55.1 million. The acquisition of Cider was accounted for as an asset acquisition in accordance with ASC 805. The seller was the borrower under a preexisting bridge loan agreement with the Company. As part of the acquisition purchase price, the Company was deemed to have received an amount of $44.2 million of the principal and interest outstanding under the bridge loan agreement as of the closing date, and the seller was deemed to have repaid to the Company in satisfaction of the principal and interest outstanding. Additionally, the Company paid cash consideration of $5.8 million on the closing date and assumed an additional liability due to the seller of $5.1 million as of the closing date, which was paid off during 2024. The total consideration of $55.1 million was allocated on a relative fair value basis, all of which was allocated to Property, plant and equipment, net, which includes $1.7 million of land, on the Consolidated Balance Sheets as of December 31, 2025 and 2024. Concurrently, in conjunction with this acquisition, the Company, through its wholly owned subsidiary Cider Solar Construction Owner LLC, entered into an $81.0 million loan agreement with a syndicate of lenders. Refer to Note 11. Debt for additional discussion.

*2023 Acquisitions*

During the year ended December 31, 2023, the Company acquired membership interests in 18 renewable energy projects, all of which were either in development or under construction, for total consideration of $41.4 million. The Company allocated $37.1 million on a relative fair value basis to Property, plant and equipment, net, with the remainder allocated to Intangible assets, net on the Consolidated Balance Sheets. Intangible assets acquired were favorable PPA assets with a weighted-average amortization period of 21.6 years.

***Contingent Consideration Liability***

The Company records contingent consideration related to its asset acquisitions when it is both probable that the Company will be required to pay such amounts and the amount is estimable. These contingencies generally relate to payments due upon the acquired projects' reaching milestones as specified in the acquisition agreements. As of December 31, 2025 and 2024, the Company reported a liability of $1.3 million and $15.3 million, respectively, within Contingent consideration, current on the Consolidated Balance Sheets related to these agreements.

***Divestitures***

*Dogwood and Celadon*

On December 17, 2025, the Company sold a 233 MW solar plus 3 MW storage operating portfolio to an unrelated renewable energy company, pursuant to four separate membership interest purchase agreements of the same transaction date. The Company sold Celadon Manager LLC and its consolidated subsidiaries, Dogwood Manager LLC and its consolidated subsidiaries, Six States Solar LLC and its consolidated subsidiaries, and certain consolidated subsidiaries of GREC Entity HoldCo. The aggregate sale price was $206.9 million, which consisted of $53.6 million in net cash proceeds and $153.3 million that was used to pay off the outstanding principal and interest for the sold entities. Refer to Note 11. Debt for further details. The membership interest purchase agreements include a standard working capital adjustment provision which is subject to change after the date of the transaction. The sale price included $11.8 million in cash and cash equivalents that were transferred to the buyer in the transaction as well as the estimated working capital adjustment as of December 31, 2025. The Company incurred transaction costs of $1.7 million, which were included in the total loss of $79.1 million recorded within (Gain) loss on asset disposition on the Consolidated Statements of Operations for the year ended December 31, 2025. The membership interest purchase agreements also include variable consideration of up to $3.1 million, which will be payable to the Company based on the resolution of certain events related to the sold projects and certain other factors. Due to the uncertainty related to the ultimate resolution of these contingencies, none of the variable consideration has been included in the determination of the sale price and the loss recorded on the Company's consolidated financial statements as of December 31, 2025.

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The following table presents the major classes of assets and liabilities of the consolidated subsidiaries as of December 17, 2025 that were sold and deconsolidated from the Company's consolidated financial statements:

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| | |
|:---|:---|
| *in thousands* | **December 17, 2025** |
| Assets |  |
| Current assets: |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $11754 |
| &nbsp;&nbsp;&nbsp;Restricted cash, current | 1945 |
| &nbsp;&nbsp;&nbsp;Other current assets | 4645 |
| &nbsp;&nbsp;Total current assets | 18344 |
| Noncurrent assets: |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 266081 |
| &nbsp;&nbsp;&nbsp;Operating ROU assets, net | 23412 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 53918 |
| &nbsp;&nbsp;&nbsp;Other noncurrent assets | 899 |
| Total noncurrent assets | 344310 |
| Total assets | $362654 |
| Liabilities |  |
| Current liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | $2781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 570 |
| Total current liabilities | 3351 |
| Noncurrent liabilities: |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 22870 |
| &nbsp;&nbsp;&nbsp;Out-of-market contracts, net | 19633 |
| &nbsp;&nbsp;&nbsp;Other noncurrent liabilities | 6915 |
| Total noncurrent liabilities | 49418 |
| Total liabilities | $52769 |
| Total net assets | $309885 |
| Less: NCI transferred | $(25529) |
| Total net assets and NCI | $284356 |
| Sale transaction price | $206950 |
| Less: transaction costs | (1669) |
| Loss on sale | $79075 |

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*Other Divestitures*

On September 12, 2025, the Company entered into a membership interest purchase agreement to sell two operating wind projects to an unrelated renewable energy company. The sale transaction was completed on September 12, 2025 for a purchase price of $1.7 million, which was received in cash proceeds. The Company derecognized $5.7 million of assets and $4.0 million of liabilities as part of this sale and recorded an immaterial gain on asset disposition from the transaction recorded within (Gain) loss on asset disposition on the Consolidated Statements of Operations.

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*GREC Entity HoldCo LLC*

On May 16, 2025, the Company entered into a membership interest purchase agreement to sell certain consolidated subsidiaries of GREC Entity HoldCo, as well as another subsidiary of the Company that was not a subsidiary of GREC Entity HoldCo, to an unrelated renewable energy company. The sale transaction was completed on June 5, 2025, for a purchase price of $46.1 million primarily in cash proceeds. The purchase price of $46.1 million includes the cash and cash equivalents of $1.1 million which were transferred to the buyer as part of the transaction. The cash proceeds were utilized to pay down $32.5 million of existing debt and pay $0.8 million in transaction costs. The Company recorded a loss on asset disposition of $14.0 million from the transaction, which included post-sale adjustments of $0.2 million, including the working capital adjustment. The loss was recorded within (Gain) loss on asset disposition on the Consolidated Statements of Operations. The membership interest purchase agreement includes an additional $3.6 million of holdback amount that is contingent upon certain legislative developments as well as certain earnouts contingent on the buyer's extension of PPAs or repowering of projects. The Company has not included or recorded this contingent consideration in the transaction price as of December 31, 2025 because the contingencies are outside of the control of the Company and the Company is not able to determine the probability of receiving these contingent payments. The membership interest purchase agreement also contained a standard working capital adjustment provision which was taken into account for the purpose of determining the purchase price. In connection with the closing of the transaction, the Company entered into two ancillary agreements with the buyer to support the transition and ongoing management of the sold projects through January 2026 in exchange for an immaterial fee received from the buyer.

The following table presents the major classes of assets and liabilities related to the consolidated subsidiaries as of June 5, 2025, that were sold and deconsolidated from the Company's consolidated financials:

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| | |
|:---|:---|
| *in thousands* | **June 5, 2025** |
| Assets |  |
| Current assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 1398 |
| &nbsp;&nbsp;Total current assets | 2451 |
| Noncurrent assets: |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 39498 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 20213 |
| &nbsp;&nbsp;&nbsp;Other noncurrent assets | 3998 |
| &nbsp;&nbsp;Total noncurrent assets | 63709 |
| Total assets | $66160 |
| Liabilities |  |
| Current liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | $938 |
| &nbsp;&nbsp;Total current liabilities | 938 |
| Noncurrent liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent liabilities | 5909 |
| &nbsp;&nbsp;Total noncurrent liabilities | 5909 |
| Total liabilities | $6847 |
| Total net assets | $59313 |
| Sale transaction price | 46131 |
| Less: transaction costs | (769) |
| Loss on sale | $13951 |

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

*Eagle Valley Clean Energy LLC*

On April 17, 2024, Eagle Valley Clean Energy LLC ("EVCE") filed for a voluntary petition under Chapter 7 of the United States Bankruptcy Code with the U.S. Bankruptcy Court of Colorado (the "Bankruptcy Filing"). Following the Bankruptcy Filing, the Company no longer held a controlling financial interest in EVCE under ASC 810, and EVCE was deconsolidated from the Company's Consolidated Financial Statements. This resulted in the removal of the assets and liabilities of EVCE totaling $8.1 million and $16.3 million, respectively, from the Company's Consolidated Balance Sheets and a gain of $8.2 million in 2024, which was reported as (Gain) loss on deconsolidation, net within the Consolidated Statements of Operations.

*Illinois Winds LLC*

During 2024, the Company entered into a Membership Interest Purchase and Sale Agreement ("MIPSA") to sell its membership interest in Illinois Winds LLC to Greenbacker Renewable Energy Company II, LLC ("GREC II"). Refer to Note 5. Variable Interest Entities for further details.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Note 4. Revenue**

***Disaggregation of Revenue***

The following table provides information on the disaggregation of revenue as reported in the Consolidated Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Energy sales | $159638 | $156908 | $138530 |
| RECs and other incentives | 22896 | 28317 | 20771 |
| Investment Management revenue | 11482 | 18757 | 13490 |
| Other revenue | 4624 | 6085 | 8434 |
| Contract amortization, net | (7419) | (14301) | (8060) |
| &nbsp;&nbsp;Total net revenue | $191221 | $195766 | 173165 |
| Add: Contract amortization, net | 7419 | 14301 | 8060 |
| Less: Lease revenue | (8540) | (10096) | (10147) |
| Less: Investment, dividend, interest and other income | (3740) | (5694) | (7760) |
| &nbsp;&nbsp;Total net revenue from contracts with customers | $186360 | $194277 | $163318 |

---

***Contract Amortization, net***

Intangible assets and out-of-market contracts recognized from PPA and REC contracts assumed through acquisitions related to the sale of energy or RECs in future periods for which the fair value has been determined to be less or more than market value are amortized to revenue over the term of each underlying contract on a straight-line basis.

***Contract Balances***

The Company's billing practices are dictated by the contract terms and are typically done in arrears based upon the amount of power delivered in the prior period. The Company did not record any contract assets as of December 31, 2025 and 2024. Included within the Accounts receivable, net on the Consolidated Balance Sheets, the Company had a receivable balance of $32.0 million and $25.9 million related to contracts with customers as of December 31, 2025 and 2024, respectively.

The Company has contract liabilities related to amounts received in advance from certain PPA customers upon the related solar projects reaching COD. As of December 31, 2025 and 2024, the Company recorded $3.0 million and $5.2 million, respectively, of contract liabilities in Other noncurrent liabilities in the Consolidated Balance Sheets. For the years ended December 31, 2025, 2024, and 2023, the Company's amortization related to contract liabilities was $0.1 million, $0.5 million, and nil, respectively.

***Costs to Obtain a Contract***

The Company's incremental costs of obtaining a contract (i.e., commissions) are recognized as an asset if the Company expects to recover them. These costs are amortized over the expected period of benefit of the related contracts. The Company has capitalized $3.6 million and $4.4 million in costs to obtain a contract as of December 31, 2025 and 2024, respectively, within Other noncurrent assets in the Consolidated Balance Sheets. During the year ended December 31, 2025, the Company recorded impairment of $0.8 million related to the termination of the development of three projects. Refer to Note 8. Property, Plant and Equipment for further discussion. The Company's amortization related to costs to obtain a contract was $0.1 million, $0.1 million and nil for the years ended December 31, 2025, 2024 and 2023.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

***Remaining Performance Obligations***

Remaining performance obligations represent fixed contracted revenue related to the Company's commitment to deliver a certain number of RECs in the future that has not been recognized, which includes amounts that will be billed and recognized as revenue in future periods. As of December 31, 2025, the Company had $1.3 million of remaining performance obligations. The following table includes the approximate amounts expected to be recognized related to remaining performance obligations for each of the next five years and thereafter:

---

| | |
|:---|:---|
| *(in thousands)* |  |
| **Year ended December 31,** | **Amount** |
| 2026 | $160 |
| 2027 | 159 |
| 2028 | 158 |
| 2029 | 148 |
| 2030 | 97 |
| Thereafter | 565 |
| &nbsp;&nbsp;Total | $1287 |

---

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Note 5. Variable Interest Entities**

***Consolidated Variable Interest Entities***

The Company consolidates entities that are determined to be VIEs in accordance with ASC 810. The Company does not recognize any gain or loss on the initial consolidation of any of its VIEs.

*Tax Equity Investors*

The Company, through various wholly owned subsidiaries, is the managing member of nine tax equity partnerships where the other members are Tax Equity Investors under tax equity financing facilities. Tax Equity Investors are passive investors, usually large tax-paying financial entities such as banks, insurance companies and utility affiliates, that use these investments to reduce future tax liabilities. Refer to Note 17. Noncontrolling Interests and Redeemable Noncontrolling Interests for further details. These tax equity partnerships generate income through renewable energy and sustainable development projects within North America. The projects represent a diversified portfolio of income-producing renewable energy power facilities that sell power under long-term electricity contracts to offtakers with high credit quality, such as utilities, municipalities, and corporations. The Company has determined that these tax equity partnerships are VIEs because the equity holders, as a group, lack the characteristics of a controlling financial interest. The Company is the primary beneficiary of these tax equity partnerships because: (1) through its role as managing member of these tax equity partnerships, the Company has the power to direct the activities that most significantly impact the economic performance of these VIEs, and (2) the Company has the obligation to absorb losses and the right to receive benefits that could potentially be more than insignificant to these VIEs. Therefore, the Company consolidates these VIEs. As of December 31, 2025, the assets and liabilities of the consolidated tax equity partnerships and other consolidated VIEs totaled approximately $1.3 billion and $213.8 million, respectively. As of December 31, 2024, the assets and liabilities of the consolidated tax equity partnerships and other consolidated VIEs totaled approximately $1.8 billion and $288.0 million, respectively. The assets largely consist of property, plant and equipment, and the liabilities primarily consist of out-of-market contracts.

During the year ended December 31, 2025, the Company purchased the interests held by Tax Equity Investors in three tax equity financing structures. During the year ended December 31, 2024, the Company completed similar buyouts for two tax equity financing structures. Because the Company retained its controlling financial interest in each partnership, these transactions were accounted for as equity transactions in accordance with ASC 810. As a result, the carrying amount of the NCI was adjusted to reflect the change in ownership, and any resulting difference between the consideration paid and the amount recognized was recorded directly within equity and presented as Buyout of noncontrolling interests in the Consolidated Statements of Equity.

*Cider Solar Holdings LLC*

On December 24, 2025, the Company, through its wholly owned subsidiary Cider Solar Holdings LLC, entered into an Equity Capital Contribution Agreement ("ECCA") with two counterparties. Under the ECCA, the counterparties committed to invest up to an aggregate of $440 million in one of the Company's under-construction solar projects through June 30, 2027. This commitment period may be extended to October 24, 2027 subject to the Company's payment of the required fees in accordance with the agreement. In connection with the ECCA, the Company also agreed to pay structuring fees at future dates. Refer to Note 15. Commitments and Contingencies for further details.

*GDEV Management Holdings LLC*

On January 1, 2025, GCM contributed its advisory agreements with GDEV I and GDEV II to GDEV Management Holdings LLC in exchange for 75% of the membership interests in GDEV Management Holdings LLC. GDEV Management Holdings LLC is the non-economic managing member of Greenbacker Development Opportunities GP I, LLC ("GDEV GP") and Greenbacker Development Opportunities GP II, LP ("GDEV GP II"). The owner of the remaining 25% of the membership interests in GDEV Management Holdings LLC is a related party of GCM and an independent contractor of GDEV Management Holdings LLC and serves as the managing member of GDEV Management Holdings LLC. The Company determined that GDEV Management Holdings LLC is a VIE because GDEV Management Holdings LLC has insufficient equity at risk. The Company further determined that GCM and the managing member of GDEV Management Holdings LLC have shared control over GDEV Management Holdings LLC. GCM was determined to be more closely associated with GDEV Management Holdings LLC and therefore determined to be the primary beneficiary and consolidates GDEV Management Holdings LLC. As of December 31, 2025, the consolidated assets and liabilities of GDEV Management Holdings LLC totaled approximately $0.8 million and $2.1 million, respectively. The assets consisted of cash and cash equivalents, and the liabilities primarily consisted of accounts payable and accrued expenses.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

In connection with the contributions to GDEV Management Holdings LLC on January 1, 2025, GCM and GDEV Management Holdings LLC entered into a credit agreement, pursuant to which GCM agreed to make cash advances in an aggregate principal amount not to exceed $4.0 million, through the maturity date of December 31, 2029. Until the maturity date, GDEV Management Holdings LLC may from time to time borrow, repay, and re-borrow the loan. Interest accrues at the fixed rate of 6% per annum and may be paid in kind. As of December 31, 2025, there was no balance outstanding under the credit agreement.

*Illinois Winds LLC*

In the second quarter of 2024, the Company entered into a MIPSA to sell its membership interest in Illinois Winds LLC to Greenbacker Renewable Energy Company II, LLC ("GREC II"). The purchase price included a reimbursement of construction costs paid by the Company plus a development fee, payable in two installments upon the achievement of certain construction milestones. Under the MIPSA, the development fee was subject to repricing based on certain project variables, including as construction costs, forecasted production, and financing assumptions and could result in a negative amount. On November 21, 2024, GREC II paid the Company $35.9 million of the construction reimbursement component of the purchase price. Total reimbursement of construction costs was expected to be $40.1 million, of which $39.0 million had been received as of December 31, 2025. The remaining $1.1 million receivable is recorded within Other current assets on the Consolidated Balance Sheets.

As a result of the repricing provision, the Company paid a development fee of $9.0 million to GREC II, which was recorded within Contingent consideration, current on the Consolidated Balance Sheets as of December 31, 2024 and was fully paid during the year ended December 31, 2025. At closing, the Company concluded that it retained a controlling variable financial interest in Illinois Winds LLC due to its repurchase option and the level of control by GCM of GREC II. Accordingly, the Company continued to consolidate Illinois Winds LLC as a VIE. On November 21, 2024, the Company deconsolidated Illinois Winds LLC upon its decision not to exercise its repurchase option.

During the year ended December 31, 2024, the Company recognized a loss of $12.7 million on the sale of Illinois Winds LLC, consisting of the $9.0 million development fee and other noncash development costs that were not reimbursed as part of the transaction recorded within (Gain) loss on asset disposition on the Consolidated Statements of Operations.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

***Unconsolidated Variable Interest Entities***

*GDEV I*

As of December 31, 2025, GDEV GP held a combined 2.00% of the interests in GDEV I, which makes private equity and development capital investments in the sustainable infrastructure industry. The Company has determined that GDEV I is a VIE but that the Company is not the primary beneficiary. The Company can exert significant influence over operating and financial policies of GDEV I because of its ownership of GDEV GP, which is GDEV I's general partner. Accordingly, GDEV GP, which is a consolidated subsidiary of the Company, accounts for its investment in GDEV I as an equity method investment and has elected the fair value option as management deems fair value to be more relevant than historical cost. The Company's maximum exposure to loss as a result of its involvement with GDEV I is equal to $2.1 million, which is the sum of the Company's existing investment in GDEV I and the remaining commitments to GDEV I, less the portion attributable to the NCI in GDEV GP.

*GDEV II*

As of December 31, 2025, GDEV GP II held a combined 1.96% of the interests in GDEV II, which makes private equity and development capital investments in the sustainable infrastructure industry. The Company determined that GDEV II is a VIE but that it is not the primary beneficiary. However, the Company can exert significant influence over operating and financial policies of GDEV II because of its ownership of GDEV GP II, which is GDEV II's general partner. Accordingly, GDEV GP II, which is a consolidated subsidiary of the Company, accounts for its investment in GDEV II as an equity method investment and has elected the fair value option as management deems fair value to be more relevant than historical cost. The Company's maximum exposure to loss as a result of its involvement with GDEV II is $3.2 million, which is GDEV GP II's total capital commitment to GDEV II, less the portion of the capital commitment attributable to the NCI in GDEV GP II.

*Aurora Solar*

As of December 31, 2025, the Company held a 49.00% equity interest in Aurora Solar Holdings, LLC ("Aurora Solar")'s issued and outstanding common shares. Aurora Solar was formed in 2016 to develop, construct, own, finance, and operate a portfolio of 16 solar projects. The Company determined that Aurora Solar is a VIE but that it is not the primary beneficiary. Accordingly, the Company accounts for its investment in the common shares of Aurora Solar as an equity method investment and has elected the fair value option as management deems fair value to be more relevant than historical cost. The Company's maximum exposure to loss is equal to the fair value of its investment in Aurora Solar. Refer to Note 6. Fair Value Measurements and Investments.

*OYA*

The Company previously held a 50.00% interest in OYA-Rosewood Holdings LLC ("OYA") which was accounted for under the equity method and measured at fair value. On November 6, 2024, OYA and certain affiliates filed for Chapter 11 of the U.S. Bankruptcy Code, following which the investment no longer qualified for equity method accounting but continued to be measured at fair value. During the first quarter of 2025, substantially all OYA assets were sold pursuant to the Bankruptcy Court orders. A portion of these assets was acquired by GDEV OYA Lender LLC ("GDEV OYA Lender"), a subsidiary of GDEV I, the managing member. On April 22, 2025, the Bankruptcy Court confirmed a plan of reorganization that canceled the Company's equity interest with no recovery. The Company's $7.4 million loan to an OYA affiliate was extinguished and replaced with an allowed bankruptcy claim. In July 2025, the Company contributed the bankruptcy claim to GDEV OYA Lender, in exchange for a 30% membership interest and received a $3.0 million initial cash distribution. Future distributions are subject to a defined waterfall, including a preferred return of $4.7 million to the Company, with remaining amounts distributed on a pro rata basis. The investment in GDEV OYA Lender is accounted for under the equity method and measured at fair value.

The Company had previously provided guarantees to certain OYA subsidiaries' tax equity investors. On March 11, 2025, the sole remaining guarantee was terminated and replaced with a new guarantee covering potential tax credit recapture of up to $1.5 million, This guarantee decreases by $0.5 million annually and will expire on March 11, 2028.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Note 6. Fair Value Measurements and Investments**

In accordance with ASC 820, the Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them for each reporting period. This determination requires significant judgments to be made by the Company.

The Company's financial assets and liabilities measured at fair value on a recurring basis consisted of the following types of instruments as of the following dates:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value as of December 31, 2025** | **Fair Value as of December 31, 2025** | **Fair Value as of December 31, 2025** | **Fair Value as of December 31, 2025** |
| *(in thousands)* | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivative assets | $— | $74627 | $— | $74627 |
| Derivative liabilities |  | (2817) |  | (2817) |
| Investments at fair value |  |  | 73353 | 73353 |
| &nbsp;&nbsp;Total | $— | $71810 | $73353 | $145163 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value as of December 31, 2024** | **Fair Value as of December 31, 2024** | **Fair Value as of December 31, 2024** | **Fair Value as of December 31, 2024** |
| *(in thousands)* | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivative assets | $— | $116127 | $— | $116127 |
| Derivative liabilities |  | (160) |  | (160) |
| Investments at fair value |  |  | 74136 | 74136 |
| Contingent consideration |  |  | (300) | (300) |
| &nbsp;&nbsp;Total | $— | $115967 | $73836 | $189803 |

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The following table reconciles the beginning and ending balances for instruments that are recognized at fair value using Level 3 inputs in the Consolidated Financial Statements as of December 31, 2025, 2024 and 2023 using significant unobservable inputs:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* | **Investments at fair value** | **Contingent consideration** | **OYA bankruptcy claim receivable** | **Total** |
| **Balance as of December 31, 2022** | $92554 | $(75700) | $— | $16854 |
| Contributions to investees | 5298 |  |  | 5298 |
| Return of capital | (3906) |  |  | (3906) |
| Change in fair value of investments, net | 932 |  |  | 932 |
| Change in contingent consideration |  | 603 |  | 603 |
| Reclassification of participating Earnout Shares |  | 32790 |  | 32790 |
| **Balance as of December 31, 2023** | $94878 | $(42307) | $— | $52571 |
| Contributions to investees | 734 |  |  | 734 |
| Return of capital | (6775) |  |  | (6775) |
| Change in fair value of investments, net | (14701) |  |  | (14701) |
| Change in contingent consideration |  | 39348 |  | 39348 |
| Reclassification of participating Earnout Shares |  | 2659 |  | 2659 |
| **Balance as of December 31, 2024** | $74136 | $(300) | $— | $73836 |
| Contributions to investees | 219 |  |  | 219 |
| Divestiture and bankruptcy claim approval of OYA | (5314) |  | 12692 | 7378 |
| Contribution to GDEV OYA Lender | 12692 |  | (12692) |  |
| Return of capital from GDEV OYA Lender | (3000) |  |  | (3000) |
| Change in fair value of investments, net | (5380) |  |  | (5380) |
| Change in contingent consideration |  | 300 |  | 300 |
| **Balance as of December 31, 2025** | $73353 | $— | $— | $73353 |

---

The Company does not have any non-financial assets or liabilities measured at fair value as of December 31, 2025. There were no transfers between Levels 1, 2, or 3 for the year ended December 31, 2025.

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***Derivative assets and liabilities***

The Company estimates the fair value of its interest rate derivatives using a discounted cash flow valuation technique based on the net amount of estimated future cash flows related to the agreements. The primary inputs used in the fair value measurement include the contractual terms of the derivative agreements, current interest rates, and credit spreads. The significant inputs for the resulting fair value measurement are market-observable inputs, and thus the swaps are classified as Level 2 in the fair value hierarchy.

During 2024, the Company entered into an option contract with a counterparty for the right, but not the obligation, to enter into an interest rate swap with the counterparty in exchange for a premium price of $2.6 million. The option expired on March 27, 2025. The option was classified as Level 2 in the fair value hierarchy. Refer to Note 12. Derivative Instruments for further detail.

***Investments at fair value***

In the table above, certain equity method and other investments included within investments at fair value may be valued at the purchase price for a period of time after an acquisition as the best indicator of fair value. In addition, certain valuations of investments may be entirely or partially derived by reference to observable valuation measures for a pending or consummated transaction. In the absence of quoted prices in active markets, the Company uses a variety of techniques to measure the fair value of its investments. The methodologies incorporate the Company's assumptions about the factors that a market participant would use to value the investment. The various unobservable inputs used to determine the Level 3 valuations may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurements. Refer to Unconsolidated Variable Interest Entities in Note 5. Variable Interest Entities for additional information on the Company's investments at fair value.

The following table quantifies the significant unobservable inputs used in determining the fair value of equity method investments as of December 31, 2025:

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| | |
|:---|:---|
| **Unobservable Input** | **Input/Range** |
| Aurora Solar - Discount rate | 10.0% |
| Aurora Solar - kWh production | 0.5% |
| Aurora Solar - Estimated remaining useful life | 27 years |
| GDEV OYA Lender - Discount rate | 25% |
| GDEV OYA Lender - Attrition | 25%-75% |
| GDEV OYA Lender - Price per watt | $0.30-$0.50 |

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The Company, through its majority-owned subsidiary GDEV GP, holds an investment in GDEV as of December 31, 2025 and 2024 and accounts for this investment as an equity method investment. In addition, the Company accounts for GDEV II as an equity method investment which investment was made through its majority-owned subsidiary GDEV GP II as discussed in Note 5. Variable Interest Entities.

As of December 31, 2025, the Company has unfunded commitments to GDEV I and GDEV II of $0.2 million and $0.2 million, respectively. The GDEV I and GDEV II LLCAs do not permit the partners to make withdrawals of any of their capital contributions. GDEV GP and GDEV GP II are required to cause the respective partnerships to distribute amounts available for distribution to the partners within 90 days of the receipt of such amounts.

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The following table presents the Company's investments at fair value reported in Investments, at fair value on the Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| *(in thousands)* | **December 31, 2025** | **December 31, 2024** |
| Aurora | $60722 | $60348 |
| OYA<sup>(1)</sup> |  | 5913 |
| GDEV OYA Lender | 6614 |  |
| GDEV I | 2688 | 3771 |
| GDEV II | 3329 | 4104 |
| &nbsp;&nbsp;Total investments at fair value | $73353 | $74136 |

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(1)The Company derecognized the investment in OYA and recognized a bankruptcy claim receivable for the amount, which was subsequently contributed to GDEV OYA Lender. See details above and in Note 5. Variable Interest Entities.

The following table presents Total Change in fair value of investments, net of each of the Company's investments for the periods indicated below:

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| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Aurora | $373 | $(12614) | 1623 |
| OYA | (598) | (3732) | (1782) |
| GDEV OYA Lender | (3078) |  |  |
| GDEV | (1153) | (292) | 1124 |
| GDEV II | (924) | 1937 | (33) |
| &nbsp;&nbsp;Total Change in fair value of investments, net | $(5380) | $(14701) | 932 |

---

The change in fair value of the Company's investments is recorded in Change in fair value of investments, net on the Consolidated Statements of Operations.

***Contingent Consideration***

The Company estimates the fair value of its contingent consideration related to Earnout Shares based on the probability of the contingency being met and the expected timing of when the Earnout Shares are expected to become participating. The fair value of the contingent consideration is measured based on significant unobservable inputs, including the contractual payment amount due upon reaching the designated thresholds, the discount rate, and the date when payment is expected, and is classified as Level 3 in the fair value hierarchy. The contingent consideration is reflected in Other noncurrent liabilities included in Noncurrent liabilities on the Consolidated Balance Sheets. The change in the fair value of contingent consideration was recorded within Change in fair value of contingent consideration on the Consolidated Statements of Operations.

The following table presents the change in fair value of contingent consideration for the periods indicated below:

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| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Change in fair value of contingent consideration | $(300) | $(39348) | (603) |

---

For the years ended December 31, 2025, 2024 and 2023, there was nil, $2.7 million and $32.8 million contingent consideration settled with the participation of Earnout Shares issued in connection with the Acquisition. The amount was reclassified from Other noncurrent liabilities to Common shares, par value, and Additional paid-in capital on the Consolidated Balance Sheets. Refer to Note 18. Equity for further detail.

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**Note 7. Notes Receivable**

The Company's notes receivable consist of the following:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **December 31, 2025** | **December 31, 2024** | **Year of origination** | **Interest rate** | **Maturity date** |
| **Notes receivable, current** |  |  |  |  |  |
| &nbsp;&nbsp;Kane Warehouse | $— | $121 | 2015 | 10.25% | 2/24/2025 |
| &nbsp;&nbsp;OYA<sup>(1)</sup> |  | 7084 | 2024 | 12.00% | 12/23/2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notes receivable, current | $— | $7205 |  |  |  |
| **Notes receivable, noncurrent** |  |  |  |  |  |
| &nbsp;&nbsp;New Market<sup>(2)</sup> | $5008 | $5008 | 2019 | 9.00% | 9/30/2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notes receivable, noncurrent | $5008 | $5008 |  |  |  |
| &nbsp;&nbsp;Loan reserve<sup>(2)</sup> | (3000) | (1000) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notes receivable | $2008 | $11213 |  |  |  |

---

(1)During 2024, the Company had loaned $7.1 million to an affiliate of OYA by becoming a party to a then existing loan agreement between a subsidiary of GDEV I, an affiliate of the Company, and the OYA affiliate. Following OYA's Chapter 11 of the United States Bankruptcy Code filing on November 6, 2024, the loan was extinguished and replaced with an allowed bankruptcy claim pursuant to a plan approved on April 22, 2025, which was subsequently contributed to GDEV OYA Lender LLC and reclassified to Investments, at fair value reported on the Consolidated Balance Sheets. Refer to Note 5. Variable Interest Entities for further details.

(2)As of December 31, 2025, New Market loan has not been repaid. During the year ended December 31, 2023, the Company had recorded a reserve representing an allowance for credit losses for this note in the amount of $1.0 million. The Company recorded an additional reserve representing an allowance for credit losses for the estimated uncollectible portion in the amount of $2.0 million for the year ended December 31, 2025.

The notes receivable are reported within Other current assets and Other noncurrent assets on the Consolidated Balance Sheets. Notes receivable are recorded at amortized cost and exclude interest receivable. As of December 31, 2025, interest receivable of nil and $1.9 million was recorded within Other current assets and Other noncurrent assets, respectively, on the Consolidated Balance Sheets. As of December 31, 2024, interest receivable of $0.3 million and $1.9 million was recorded within Other current assets and Other noncurrent assets, respectively, on the Consolidated Balance Sheets.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Note 8. Property, Plant and Equipment**

Property, plant and equipment, net consists of the following:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **December 31, 2025** | **December 31, 2024** |
| Land | $22778 | $23283 |
| Plant and equipment | 1621970 | 1873801 |
| Construction in progress | 802310 | 437335 |
| Asset retirement cost | 27595 | 32640 |
| Finance right-of-use asset | 65 | 65 |
| Other | 2010 | 561 |
| &nbsp;&nbsp;Total property, plant and equipment | $2476728 | $2367685 |
| Accumulated depreciation | (147693) | (135199) |
| &nbsp;&nbsp;Property, plant and equipment, net | $2329035 | $2232486 |

---

The Accumulated depreciation balance as of December 31, 2025 reflects the sale of certain projects during the period ended December 31, 2025, which partially offset the impact of current period depreciation expense. See Note 3. Acquisitions and Divestitures for further details. Construction in progress includes $61.7 million and $91.8 million of development costs as of December 31, 2025 and December 31, 2024, respectively.

The following table presents Depreciation expense recorded within Depreciation, amortization and accretion on the Consolidated Statements of Operations for the periods indicated below:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Depreciation expense | $73891 | $71125 | $113899 |

---

*Involuntary Conversion* 

During 2025, two operating solar projects, located in Montana and California, experienced fires that caused significant damage to the projects. As a result of the fires and damage to certain components of these projects, the Company will remove and replace the damaged components, primarily consisting of solar modules. The Company estimated the net book value of the damaged components to be replaced and derecognized this estimated net book value, resulting in a decrease of $9.1 million to Property, plant and equipment, net in the Consolidated Balance Sheets. The Company expects to be fully reimbursed under its property insurance policies for the costs to repair the facilities, net of an applicable deductible, as well as for up to twelve months of business interruption losses, net of a thirty-day waiting period. Based on the current status of negotiations with the insurers, the Company has concluded that it is probable that it will recover approximately $9.1 million of proceeds associated with the assets damaged and derecognized during the year ended December 31, 2025. Accordingly, the Company recorded an insurance receivable for this amount within Other current assets in the Consolidated Balance Sheets. The Company did not record any gain or loss related to the derecognition of the assets in the Company's Consolidated Statements of Operations in the year ended December 31, 2025. The Company received insurance proceeds of $1.2 million related to these fires in 2025.

*Impairment of Long-Lived Assets*

During the year ended December 31, 2025, the Company recognized impairment losses of $40.1 million. The impairment loss included $35.1 million related to (i) two operational wind projects for which the Company determined that the carrying value of the related long-lived assets were no longer recoverable through the projected future operating cash flows of the projects and (ii) nine development-stage solar projects for which the Company terminated the development of the projects. The fair value of the assets impaired was determined using a market approach. The impairment loss for the year ended December 31, 2025 also included $5.0 million that primarily related to forfeited upfront deposits related to certain development-stage projects. In addition, during the year ended December 31, 2025, the Company incurred $6.8 million in termination charges associated with the termination of certain offtake contracts. The impairment losses and the termination charges are presented within Impairment of long-lived assets, net and termination costs in the Consolidated Statements of Operations. The charges were recorded to the Company's IPP segment.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

*Accelerated Depreciation and Other Items*

During 2025, the Company replaced old inverters at one of its solar projects. As a result of this replacement, the Company recorded accelerated depreciation expense of $1.3 million for the year ended December 31, 2025.

During 2024, the Company reached a settlement with an insurance company of $2.7 million and recorded a gain of $1.7 million within Direct operating costs on the Consolidated Statements of Operations. The Company recognized the gain in 2024 since the Company had not previously recorded an asset or gain related to the expected insurance proceeds, as such proceeds were not considered realized or realizable at the time the related assets were damaged in 2023.

During the year ended December 31, 2024, the Company recognized impairment of long-lived assets of $74.8 million. In the first quarter of 2024, the Company recorded an impairment of $6.1 million due to changes in state regulations that reduced expected cash flows for six projects, for which projected undiscounted cash flows were not sufficient to recover the carrying amounts. The fair value was determined using a current replacement cost approach, and the charge was recorded in the IPP segment. In the third quarter of 2024, the Company recorded an impairment of $12.9 million primarily related to two development-stage projects following the termination of the related PPAs by the offtaker due to events of default for failure to meet existing contractual milestones under the applicable PPA, which resulted in the assets no longer being recoverable. The fair value of the assets was determined using an income approach, and the impairment charge consisted of a $6.3 million impairment for the plant and equipment presented within Property, plant and equipment, net, a $3.1 million impairment on ROU assets and assets associated with upfront payments due from the offtaker presented within Other current assets, and a $3.5 million impairment related to favorable PPA contracts presented within Intangible assets, net reported on the Consolidated Balance Sheets. In the fourth quarter of 2024, the Company recorded an impairment of $5.4 million related to solar modules that were determined not to be recoverable through use in construction or sale and were expected to be disposed of significantly before the end of their previously estimated useful lives. The modules did not meet the criteria to be classified as held for sale as of December 31, 2024, and the fair value was determined using a market approach. These charges were recorded in Impairment of long-lived assets, net and termination costs on the Consolidated Statements of Operations. In addition, during the fourth quarter of 2024, the Company recognized an impairment of $50.4 million related to intangible assets in the IM reporting segment. Refer to Note 9. Goodwill, Other Intangible Assets and Out-of-market Contracts for further details.

In conjunction with the impairment charges during the year ended December 31, 2024 related to two development-stage projects due to the termination of the PPAs by the offtaker, the Company accrued $13.6 million in termination charges that were due to the offtaker as a result of the termination under the terms of PPA contract. The termination charges were accrued in Accounts payable and accrued expenses on the Consolidated Balance Sheets and Impairment of long-lived assets, net and termination costs on the Consolidated Statements of Operations and were recorded in the IPP segment.

During the year ended December 31, 2023, the Company recognized impairment of long-lived assets of $59.3 million related to a renewable energy asset, of which $7.3 million was associated with the plant and equipment, and the remainder of which was associated with the related favorable PPA contracts. This impairment was recorded to the Company's IPP segment. The impairment analysis indicated that the projected future undiscounted cash flows for the project were no longer sufficient to recover the carrying value of the related long-lived assets. The fair value of the asset was determined using an income approach by applying a discounted cash flow methodology to the updated long-term budget for the asset. The income approach included key inputs such as forecasted merchant power prices, operations and maintenance expense, and discount rates. The resulting fair value measurement is classified as Level 3 within the fair value hierarchy.

During 2023, a main power transformer for one of the Company's solar assets incurred damage. As a result, the Company accelerated depreciation of $1.0 million on the asset, which was offset by a receivable for future insurance recoveries, but the Company did not record a related asset or gain for the excess proceeds expected to be received, as those proceeds were not yet considered to be realized or realizable.

During 2023, the Company entered into a module supply and purchase agreement with a third-party vendor in which the Company agreed to purchase 107 MW of solar panels for a total purchase price of $39.2 million. Subsequently in 2023, the Company sought to terminate purchase orders for solar panels that had not yet been delivered with a total purchase price of $33.1 million in order to acquire the panels needed for its development and construction pipeline from a different vendor. The vendor disputed the Company's right to terminate these purchase orders. Effective September 30, 2024, the Company and the vendor entered into a settlement agreement, pursuant to which the Company will not receive any future deliveries but forfeited upfront payments of $16.6 million that had been made to the vendor as 50% deposits associated with those purchase orders. Under the settlement agreement, the Company received a credit of approximately $0.6 million for amounts due to the vendor for solar panels that had been delivered. As a result of the settlement, the Company wrote off the advanced deposit recorded in Property, plant and equipment, net and recorded a charge of $16.0 million in Direct operating costs on the Consolidated Statements of Operations.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

In 2023, the Company engaged in three wind repower projects where the existing assets were retrofitted with new and/or refurbished technology, including erecting taller, more efficient wind turbines to increase productivity. Depreciation of fixed assets replaced was accelerated between the mobilization milestone date in the related EPC contract and the date of de-electrification of the project site. The Company began accelerating depreciation on these three projects, resulting in $51.9 million of additional depreciation during the year ended December 31, 2023.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Note 9. Goodwill, Other Intangible Assets and Out-of-market Contracts**

***Goodwill***

The Company had no goodwill reported on the Consolidated Balance Sheet as of December 31, 2025 or December 31, 2024. Prior to the full impairment of the goodwill in 2024, the Company tested goodwill for impairment annually, or more frequently, if certain changes in circumstances indicated a possibility that an impairment may have existed. During the fourth quarter of 2024, the Company elected to bypass the qualitative assessment as outlined in ASC 350 and performed its annual quantitative impairment test as of October 1, 2024 using the income approach to estimate each reporting unit's fair value. A discounted cash flow analysis (income approach) was utilized to determine the fair value of each reporting unit. Using the quantitative approach, the Company made various estimates and assumptions in determining the estimated fair value of each reporting unit. Assumptions inherent in the valuation methodologies included estimates of future projected business results, long-term growth rates, and the weighted-average cost of capital. Significant assumptions utilized in the impairment analysis included the weighted-average cost of capital and terminal growth rates for each reporting unit. As a result of the quantitative test, the Company fully impaired goodwill and recognized an impairment charge of $200.3 million and $21.0 million in the goodwill allocated to the IPP reporting unit and IM reporting unit, respectively, on the Consolidated Statements of Operations for the year ended December 31, 2024. The impairment charges were due to a deterioration in macroeconomic conditions, including a tightening of capital markets, increased volatility impacting the Company's ability to raise capital, increased interest rates, inflationary pressures, and broader overall economic uncertainty. The cumulative effect of these matters contributed to a challenging operating environment, which resulted in downward revisions of management's prior forecasts of future projected earnings and cash flows. The Company did not recognize any impairment charges on goodwill for the year ended December 31, 2023.

***Intangible Assets and Out-of-market Contracts***

***Intangible Assets***

Intangible assets as of December 31, 2025 consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Gross carrying amount**<sup>(1)</sup> | **Accumulated amortization** | **Net intangible assets as of December 31, 2025** |
| PPA contracts | $255627 | $(47610) | $208017 |
| REC contracts | 28194 | (1650) | 26544 |
| Trademarks | 1364 | (631) | 733 |
| Channel partner relationships | 47071 | (28644) | 18427 |
| Other intangible assets | 2219 |  | 2219 |
| &nbsp;&nbsp;Total intangible assets, net | $334475 | $(78535) | $255940 |

---

(1)Gross carrying amount is adjusted for any write offs or impairment charges due to the termination of the PPA contracts.

Intangible assets as of December 31, 2024 consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Gross carrying amount**<sup>(1)</sup> | **Accumulated amortization** | **Net intangible assets as of December 31, 2024** |
| PPA contracts | $361512 | $(64820) | $296692 |
| REC contracts | 46235 | (5820) | 40415 |
| Trademarks | 1364 | (585) | 779 |
| Channel partner relationships | 45708 | (23433) | 22275 |
| Other intangible assets | 2191 |  | 2191 |
| &nbsp;&nbsp;Total intangible assets, net | $457010 | $(94658) | $362352 |

---

(1)Gross carrying amount is adjusted for any write offs or impairment charges due to the termination of the PPA contracts.

The decrease in gross contract intangible assets and related accumulated amortization during the year ended December 31, 2025 includes a decrease of $120.9 million and $45.3 million, respectively, related to the sale of certain subsidiaries of GREC Entity HoldCo as well as Celadon Manager LLC, Dogwood Manager LLC, and certain other subsidiaries, as discussed in Note 3. Acquisitions and Divestitures. The decrease in accumulated amortization is offset by $30.0 million of Total Favorable Amortization expense for the year ended December 31, 2025 noted in the table below.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

In conjunction with the annual impairment test of goodwill in 2024 as described above, the Company also performed a quantitative test of the channel partner relationships and trademarks intangible assets and recognized an impairment in the IM reporting segment during the fourth quarter of 2024. The multi-period excess earnings method (income approach) was utilized to determine the fair value of the channel partner relationships intangible assets, and the relief from royalty rate method (income approach) was utilized to determine the fair value of the trademarks intangible assets. Using these methods, the Company made various estimates and assumptions in determining the fair value of the IM segment. As a result of the quantitative test, the Company partially impaired the intangible assets and recognized an impairment of $50.4 million related to intangible assets in the IM reporting segment in the year ended December 31, 2024. Additionally, the Company recorded an impairment of $3.5 million in year ended December 31, 2024 related to favorable PPA contracts presented within Intangible assets, net due to the termination of two PPAs by the offtaker in the fourth quarter of 2024 as a result of events of default for failure to meet existing contractual milestones under the applicable PPA. These charges are reported in Impairment of long-lived assets, net and termination costs on the Consolidated Statements of Operations for the year ended December 31, 2024.

The following table presents amortization expense for the intangible assets related to the favorable PPA and REC contracts recorded on the Consolidated Statements of Operations, including the Contract amortization, net that was recorded as a reduction to revenue in the Consolidated Statements of Operations for the periods indicated below:

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Total Favorable Amortization expense | $29991 | $36577 | 40792 |
| Favorable Contract amortization as a reduction to revenue  | 26099 | 28445 | 31571 |

---

***Out-of-market Contracts***

The Company has PPA and REC contracts that were acquired in an unfavorable position (out-of-market contracts) recorded as liabilities. Out-of-market contract liabilities as of December 31, 2025 consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Gross carrying amount** | **Accumulated amortization** | **Net out-of-market contracts as of December 31, 2025** |
| PPA contracts | $(164190) | $26985 | $(137205) |
| REC contracts | (17949) | 15346 | (2603) |
| &nbsp;&nbsp;Total out-of-market contracts, net | $(182139) | $42331 | $(139808) |

---

Out-of-market contract liabilities as of December 31, 2024 consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Gross carrying amount** | **Accumulated amortization** | **Net out-of-market contracts as of December 31, 2024** |
| PPA contracts | $(198629) | $23127 | $(175502) |
| REC contracts | (19763) | 14625 | (5138) |
| &nbsp;&nbsp;Total out-of-market contracts, net | $(218392) | $37752 | $(180640) |

---

The following table presents the contract amortization recorded as an increase to revenue related to out-of-market contract liabilities for the periods indicated below:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Out-of-market contract amortization<sup>(1)</sup> | $18680 | $14145 | 23511 |

---

(1)For the years ended December 31, 2025, 2024, and 2023, the out-of-market contract amortization includes out-of-market contract terminations of $6.9 million, nil, and $9.0 million, respectively.

The amounts recorded to out-of-market contracts are amortized to Contract amortization, net on the Consolidated Statements of Operations similar to favorable PPA and REC contracts.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

The following table presents the total amortization expense related to the Company's finite-lived intangible asset and liabilities, net, which includes contract amortization on PPA and REC contract intangible assets and out-of-market contracts, net and amortization expense on channel partner relationships and trademark intangible assets for the periods indicated:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|<br>*(in thousands)* | **2025** | **2024** | **2023** |
| Amortization expense on channel partner relationships and trademark intangible assets, net | $3893 | $8131 | $9221 |
| Contract amortization on PPA and REC contracts, intangible assets and out-of-market contracts, net | 7419 | 14301 | 8060 |
| Total amortization expense related to intangible assets and liabilities, net | $11312 | $22432 | $17281 |

---

Contract amortization on PPA and REC contract intangible assets and out-of-market contracts is recorded within Contract amortization, net on the Consolidated Statements of Operations. Amortization expense on channel partner relationships and trademark intangible assets is recorded within Depreciation, amortization and accretion on the Consolidated Statements of Operations. During the year ended December 31, 2025, the Company derecognized two out-of-market contracts due to the termination of the related PPAs and recognized $6.9 million within Contract amortization, net on the Consolidated Statements of Operations.

Estimated future amortization expense, net for the above amortizable intangible assets and out-of-market contracts for each of the next five years and thereafter are as follows:

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| | |
|:---|:---|
| *(in thousands)* |  |
| **Year ended December 31,** | **Amortization Expense** |
| 2026 | $11810 |
| 2027 | 11554 |
| 2028 | 11506 |
| 2029 | 11413 |
| 2030 | 11317 |
| Thereafter | 58532 |
| &nbsp;&nbsp;Total | $116132 |

---

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**Note 10. Leases**

***Lessee Arrangements***

The Company has various lease agreements with various entities for the properties where renewable energy facilities have been constructed which provide the right to own and operate the projects on land and rooftops. The Company's most significant lease liabilities relate to real estate leases that have initial contract lease terms ranging from one to 50 years. Certain leases include renewal and termination options. The Company considers a number of factors when evaluating whether the options in its lease contracts are reasonably certain of exercise, such as importance of the lease to overall operations, costs to negotiate a new lease, and costs of equipment constructed on the land. Management includes the impact of any renewal options that the Company deems to be reasonably certain of being exercised in its measurement and classification of its leases. Leases are classified as either operating or financing. For operating leases, the Company recognizes a lease liability equal to the present value of the remaining lease payments, and an ROU asset equal to the lease liability, subject to certain adjustments, such as for prepaid rents. The Company uses its IBR to determine the present value of the lease payments. Operating leases result in a straight-line lease expense, while finance leases result in a front-loaded expense pattern.

During the years ended December 31, 2025 and 2024, the Company recorded impairments of $2.8 million and $1.3 million on ROU assets presented within Other current assets on the Consolidated Balance Sheets due to the termination of development of the related projects. There were no impairment indicators identified during the year ended December 31, 2023 that required an impairment test for the Company's ROU assets in accordance with ASC 360.

The components of lease expense and supplemental cash flow information related to leases for the periods indicated are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| **<u>Lease cost</u>** |  |  |  |
| Finance lease cost |  |  |  |
| &nbsp;&nbsp;Amortization of right-of-use assets | $16 | $16 | $39 |
| &nbsp;&nbsp;Interest on lease liabilities | 2 | 2 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total finance lease cost | 18 | 18 | 50 |
| Operating lease cost | 17105 | 13145 | 9916 |
| Short-term lease cost |  | 237 | 339 |
| Variable lease cost | 2157 | 1407 | 1525 |
| &nbsp;&nbsp;Total lease cost | $19280 | $14807 | $11830 |

---

The following table presents supplemental cash flow and other information related to our leases:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(dollars in thousands)* | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** |
| **<u>Other information</u>** |  |  |  |  |  |  |
| Cash paid for amounts included in the measurement of lease liabilities | $| 12909 | $| 10172 | $| 7975 |
| Operating cash flows from finance leases | $| (2) | $| (2) | $| (11) |
| Operating cash flows from operating leases | $| (12891) | $| (10154) | $| (7908) |
| Financing cash flows from finance leases | $| (16) | $| (16) | $| (56) |
| ROU assets obtained in exchange for new and modified finance lease liabilities | $|  | $|  | $| 88 |
| ROU assets obtained in exchange for new and modified operating lease liabilities | $| 5501 | $| 91313 | $| 10091 |
| Weighted average remaining lease term – finance leases | 1.2 years | 1.2 years | 2.2 years | 2.2 years | 3.2 years | 3.2 years |
| Weighted average remaining lease term – operating leases | 33.3 years | 33.3 years | 32.4 years | 32.4 years | 28.3 years | 28.3 years |
| Weighted average discount rate – finance leases | 5.69% | 5.69% | 5.69% | 5.69% | 5.69% | 5.69% |
| Weighted average discount rate – operating leases | 6.40% | 6.40% | 6.41% | 6.41% | 6.61% | 6.61% |

---

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For the years ended December 31, 2025, 2024 and 2023, operating lease cost included $0.6 million, $0.7 million and $0.7 million respectively, associated with leases embedded in PPAs for which no or de minimis payments are made. The Company estimates the fair value of the lease payments and grosses up both revenue and expense by this amount. For the years ended December 31, 2025, 2024 and 2023, operating lease cost also included nil, $0.2 million and $0.8 million, respectively, of lease cost capitalized to the cost of projects during development and construction.

The supplemental balance sheet information related to leases for the periods indicated are as follows:

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| | | |
|:---|:---|:---|
| *<u>(in thousands)</u>* | **December 31, 2025** | **December 31, 2024** |
| <u>Operating leases</u> |  |  |
| Operating lease assets | $164332 | $195024 |
| Operating lease liabilities, current | (1416) | (2074) |
| Operating lease liabilities, noncurrent | (173103) | (196911) |
| &nbsp;&nbsp;Total operating lease liabilities | $(174519) | $(198985) |
| <u>Finance leases</u> |  |  |
| Property, plant and equipment, at cost | $65 | $65 |
| Accumulated depreciation | (46) | (30) |
| Property, plant and equipment, net | 19 | 35 |
| Other current liabilities | (17) | (16) |
| Other long-term liabilities | (3) | (20) |
| &nbsp;&nbsp;Total finance lease liabilities | $(20) | $(36) |

---

Operating lease assets and operating lease liabilities, current, are recorded in Operating right-of-use asset, net and Other current liabilities, respectively, on the Consolidated Balance Sheets. Operating lease liabilities, noncurrent, are recorded to Operating lease liabilities on the Consolidated Balance Sheets. Finance lease assets and liabilities current and noncurrent are recorded in Property, plant and equipment, net, Other current liabilities and Other noncurrent liabilities, respectively, on the Consolidated Balance Sheets.

Maturities of the Company's lease liabilities for each of the next five years and thereafter are as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands)* |  |  |
| **Year ended December 31,** | **Operating Leases** | **Finance Leases** |
| 2026 | $10822 | $18 |
| 2027 | 13733 | 3 |
| 2028 | 10980 |  |
| 2029 | 11363 |  |
| 2030 | 11476 |  |
| Thereafter | 410823 |  |
| &nbsp;&nbsp;Total lease payments | 469197 | 21 |
| Less: Imputed interest | (294678) | (1) |
| &nbsp;&nbsp;Present value of lease liabilities | $174519 | $20 |

---

***Lessor Arrangements***

A portion of the Company's operating revenues are generated from delivering electricity and related products from owned solar and wind renewable energy facilities under PPAs in which the Company is the lessor. In addition, the Company has certain energy optimization service agreements that involve the use of a battery in which the Company is the lessor.

For these PPAs, revenue is recognized when electricity is delivered and is accounted for as rental income under ASC 842. The Company elected the practical expedient to not separate lease and non-lease components for lessors. This election allows energy (lease component) and RECs (non-lease components) under bundled PPAs to be accounted for as a singular lease unit of account under ASC 842. The Company's PPAs do not contain any residual value guarantees or material restrictive covenants.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

Certain of the Company's PPAs related to its solar or wind generating plants, as well as certain of the Company's battery storage arrangements, qualify as operating leases with remaining terms through 2047. Certain agreements include renewal, termination or purchase options. Property subject to operating leases where the Company or one of its subsidiaries is the lessor is included in Property, plant and equipment, net on the Consolidated Balance Sheets, and rental income from these leases is included in Energy revenue on the Consolidated Statements of Operations. Lease income is based on energy generation or battery usage, and therefore all rental income is variable under these leases. The variable lease income related to these agreements for the years ended December 31, 2025, 2024 and 2023 was $8.5 million, $10.1 million and $10.1 million, respectively. As of December 31, 2025 and 2024, the Company's solar and wind generating plants and battery storage facilities subject to these leases had a total carrying value of $48.7 million and $62.3 million, respectively.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Note 11. Debt**

The Company, through its subsidiaries, has entered into various credit facilities and loan agreements. The principal balances payable under all credit facilities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(dollars in thousands)* | **December 31, 2025** | **December 31, 2024** | **Interest rate** | **Maturity date** |
| GREC Entity HoldCo LLC | $— | $56049 | Daily SOFR + 1.85% | June 30, 2026 |
| Midway III Manager LLC |  | 13260 | 3 mo. SOFR + 1.73% | October 31, 2025 |
| Trillium Manager LLC | 62975 | 65758 | Daily SOFR + 2.10% | June 9, 2027 |
| Greenbacker Wind Holdings II LLC | 64414 | 68838 | 3 mo. SOFR + 2.15% | December 31, 2027 |
| Conic Manager LLC | 21076 | 22308 | 3 mo. SOFR + 1.75% | October 31, 2027 |
| Turquoise Manager LLC |  | 30252 | 3 mo. SOFR + 1.35% | December 23, 2027 |
| Greenbacker Renewable Energy Corporation (Premium financing agreement) | 1699 | 2012 | 7.15% | April 30, 2026 |
| ECA Finco I, LLC |  | 17398 | 3 mo. SOFR + 2.60% | February 25, 2028 |
| Gemstone 2025 Manager LLC | 52502 |  | 3 mo. SOFR + 2.25% | February 25, 2028 |
| GB Solar TE 2020 Manager LLC | 13688 | 17330 | Daily SOFR + 2.10% | December 31, 2027 |
| Sego Lily Solar Manager LLC | 121488 | 127829 | 3 mo. SOFR + 1.53% | June 30, 2028 |
| Celadon Manager LLC |  | 72853 | Daily SOFR + 1.60% | February 18, 2029 |
| GRP II Borealis Solar LLC | 38752 | 39429 | Daily Compounded SOFR + 2.26% | June 30, 2027 |
| Ponderosa Manager LLC | 85363 | 87803 | 3 mo. SOFR + 1.40% | October 4, 2029 |
| PRC Nemasket LLC | 37486 | 39630 | Daily SOFR + 1.25% | November 1, 2029 |
| GREC Holdings 1 LLC | 67600 | 129594 | 1 mo. SOFR + <br>1.85% - 2.10% | November 29, 2027 |
| Dogwood GB Manager LLC |  | 58725 | 1 mo. SOFR + 1.73% | March 29, 2030 |
| GREC Warehouse Holdings I LLC | 89179 | 102334 | 3 mo. SOFR + 2.28% | March 30, 2027 |
| Cider Solar Construction Owner LLC | 81000 | 81000 | 12.25% - 14.00% | July 30, 2028 |
| Cider Solar AcquisitionCo LLC<sup>(1)</sup> | 485645 | 1539 | Various | Various |
| Pemaquid Manager LLC | 75745 | 76915 | Daily SOFR + 1.85% | November 13, 2029 |
| &nbsp;&nbsp;Total debt | $1298612 | $1110856 |  |  |
| Less: Total unamortized discount and deferred financing costs | (26785) | (20301) |  |  |
| Less: Current portion of long-term debt<sup>(2)</sup> | (24056) | (88901) |  |  |
| &nbsp;&nbsp;Total long-term debt, net | $1247771 | $1001654 |  |  |

---

(1)Cider Solar AcquisitionCo LLC has construction and ITC bridge loan facilities, with the option to convert the construction loans into Tranche A or Tranche B term loans, which bear interest at daily SOFR plus an applicable margin subject to the interest rates disclosed in the loan agreement. See below for further details.

(2)Adjusted for $4.5 million and $6.3 million of unamortized debt discount and deferred financing costs pertaining to current portion of long-term debt of $28.6 million and $95.2 million as of December 31, 2025 and December 31, 2024, respectively.

*GREC Entity HoldCo*

On November 25, 2021, GREC Entity HoldCo converted its loan to a term loan maturing June 20, 2025. The loan bore interest at daily SOFR plus 1.85%. During the first quarter of 2025, the Company entered into a membership interest purchase agreement to sell certain consolidated subsidiaries of GREC Entity HoldCo to an unrelated clean energy company. The transaction closed on June 5, 2025 for $46.1 million, and the Company utilized the proceeds to repay $32.5 million of existing debt. On June 18, 2025, the Company amended the loan to extend the maturity date to June 30, 2026 for the remaining principal balance outstanding. The Company accounted for the amendment as a debt modification under ASC 470-50.

On December 17, 2025, the Company entered into and executed a separate membership interest purchase agreement to sell the remaining consolidated subsidiaries of GREC Entity HoldCo. In conjunction with the membership interest purchase agreement, the Company repaid the $20.4 million remaining debt. Refer to Note 3. Acquisitions and Divestitures for additional details.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

*Midway III Manager LLC*

The Midway III Manager LLC term loan bore interest at three-month SOFR plus 1.73%. Quarterly principal and interest payments were required through the original September 28, 2025 maturity date. On September 23, 2025, the Company entered into an amendment extending the maturity date to October 31, 2025. The amendment was accounted for as a modification under ASC 470-50. Subsequently, on October 31, 2025, in connection with a broader refinancing strategy, the Company repaid all outstanding principal and interest in full for this facility. The facility was fully extinguished and the balance was consolidated, together with the Turquoise Manager LLC and ECA Finco I, LLC facilities, into a new financing arrangement at Gemstone 2025 Manager LLC.

*Greenbacker Wind Holdings II LLC*

On November 20, 2020, Greenbacker Wind Holdings II LLC entered into a long-term financing agreement, followed by an amended and restated financing agreement on February 19, 2021. The loan bears interest at three-month SOFR plus a margin of 2.03% through December 30, 2025 and 2.15% thereafter. Quarterly principal and interest payments are required through the maturity date, which was originally December 31, 2026. On December 29, 2025, the maturity date was extended to December 31, 2027. All other material terms remained unchanged. The amendment was accounted for as a modification.

*Conic Manager LLC*

The Conic Manager LLC term loan bears interest at three-month SOFR plus 1.75%. Quarterly principal and interest payments are required through the maturity date, which was originally August 8, 2026. On October 29, 2025, the Company amended the loan to extend the maturity date to October 31, 2027. The amendment required an amendment fee of $0.1 million. No other significant terms changed. This amendment was accounted for as a modification.

*Turquoise Manager LLC*

On February 12, 2020, Turquoise Manager LLC entered into a financing agreement for a construction loan facility, an ITC bridge loan facility, and a term loan facility. On December 23, 2020, the term loan conversion occurred, at which time ITC bridge loan was repaid and the construction loan was converted into a term loan. The term loan bore interest at three-month SOFR plus 1.35% through the fifth anniversary of the term conversion and 1.48% per annum thereafter through the maturity date, December 23, 2027. Principal and interest payments were made on the last day of each three-month period.

On October 31, 2025, the Company repaid all outstanding principal, interest, and letter-of-credit fees in full as part of a refinancing transaction. The facility was extinguished and consolidated, together with the Midway III Manager LLC and ECA Finco I LLC facilities, into the Gemstone 2025 Manager LLC structure.

*Greenbacker Renewable Energy Corporation (Premium financing agreement)*

On August 1, 2025, the Company entered into a premium financing arrangement with a lender to finance a prepaid insurance policy for certain projects. Under the agreement, the Company financed $4.2 million of premiums at a 7.15% annual interest rate. Total monthly payments of $0.4 million, including interest and principal, are due in nine monthly installments, from August 1, 2025 through April 30, 2026.

On August 8, 2024, the Company entered into a premium financing arrangement with a lender to finance multiple insurance policies. Under the agreement, the Company financed $4.7 million of certain premiums at a 6.78% annual interest rate. Total monthly payments of $0.5 million, including interest and principal, were due in nine monthly installments, from August 30, 2024 through April 30, 2025, as of which date the premium financing was fully repaid.

*ECA Finco I, LLC*

On February 25, 2021, ECA Finco I, LLC's bridge loan converted to a term loan. The loan bore interest at three-month SOFR plus 2.35% per annum until February 25, 2025 and 2.60% per annum thereafter through the maturity date of February 25, 2028. Principal and interest payments were made on the last day of each three-month period.

On October 31, 2025, the Company repaid all outstanding principal, interest, and letter-of-credit fees in full in connection with a broader refinancing strategy. The facility was extinguished and consolidated, together with the Midway III Manager LLC and Turquoise Manager LLC facilities, into the Gemstone 2025 Manager LLC facility.

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

*GB Solar TE 2020 Manager LLC*

On October 30, 2020, GB Solar TE 2020 Manager LLC entered into a loan agreement with commitments up to $19.6 million. The loan bears interest at daily SOFR plus 1.98%, increasing to 2.10% on October 30, 2024 and subsequently increasing by 0.13% on every fourth anniversary thereafter. Quarterly principal and interest payments are required through the maturity date, which was originally October 30, 2026. On November 12, 2025, the Company amended the agreement to extend the maturity date to December 31, 2027. The Company was required to make a principal payment of $2.9 million as per the terms of the amendment. The amendment was accounted for as a modification.

*Celadon Manager LLC*

On February 18, 2022, Celadon Manager LLC entered into a syndicated loan agreement with a maximum commitment of $71.0 million. The loan bore interest at daily SOFR plus 1.60% through the fifth anniversary of the closing date, 1.63% after the fifth anniversary of the closing date, and increasing by 0.13% for each successive fifth anniversary thereafter. The loan required quarterly interest-only payments through the fifth anniversary of the closing date and quarterly principal amortization thereafter through the original maturity of February 18, 2029.

On December 17, 2025, in connection with the sale of the membership interests in Celadon Manager LLC, the buyer repaid all outstanding principal and interest in full on behalf of the Company, extinguishing the facility. Refer to Note 3. Acquisitions and Divestitures for further details.

*PRC Nemasket LLC*

On November 1, 2022, PRC Nemasket LLC entered into a financing agreement providing a term loan up to $45.0 million and letters of credit up to $2.5 million. The term loan requires quarterly principal installments through the maturity date of November 1, 2029 and bears interest at daily SOFR plus 1.25%, increasing to 1.38% after the fourth anniversary of the closing date and by 0.13% on each subsequent fourth anniversary.

*Dogwood GB Manager LLC*

On March 29, 2023, Dogwood GB Manager LLC entered into a syndicated loan agreement providing up to $47.1 million, later amended on May 30, 2023 to $90.6 million and subsequently reduced on January 23, 2024 to $58.7 million. The loan bore interest at one-month SOFR plus a 0.10% adjustment and a margin of 1.63% through the fourth anniversary of the closing date, increasing to 1.75% thereafter and by 0.13% on each subsequent fourth anniversary. Quarterly interest payments were required through the fifth anniversary, followed by principal amortization through the original maturity date of March 29, 2030.

On December 17, 2025, in connection with the sale of the membership interest in Dogwood GB Manager LLC, the buyer repaid all outstanding principal and interest in full on behalf of the Company, extinguishing the facility. Refer to Note 3. Acquisitions and Divestitures for further details.

*GREC Warehouse Holdings I LLC*

GREC Warehouse Holdings I LLC maintains a revolving credit facility bearing interest at three-month SOFR plus 2.03% through the second anniversary of the closing date, August 11, 2025, and 2.28% thereafter through the maturity date, which was originally August 11, 2026. On November 7, 2025, the Company executed an amendment extending the maturity date to March 30, 2027. The amendment was accounted for as a modification.

*Cider Solar Construction Owner LLC*

On July 30, 2024, the Company entered into an $81.0 million syndicated loan agreement bearing interest at 9.75% through January 30, 2025 and 12.25% thereafter. Quarterly interest payments are required through the maturity date of July 30, 2028. The Company may prepay the loan, subject to the payment of a prepayment premium calculated using a 22.50% factor applied to aggregate borrowings, reduced by certain cumulative interest and fee payments.

On December 24, 2025, the Company amended the loan. Under the amendment, the interest rate will increase to 14.00% as of April 1, 2026 if outstanding principal exceeds $30.0 million at that date. The Company is also required to pay a $1.7 million fee on February 28, 2026. This fee will offset future prepayment premiums or reduce outstanding obligations if no premium is due. The amendment was accounted for as a modification.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

*Cider Solar AcquisitionCo LLC*

On October 24, 2024, the Company entered into a syndicated loan agreement with commitments totaling $870.0 million, consisting of a $417.8 million ITC bridge loan commitment, a $372.6 million construction loan commitment, and a $79.5 million letter of credit commitment. The construction and ITC bridge loan commitments have an availability period through October 24, 2027, upon which date, the Company has the obligation to repay all amounts borrowed under the ITC bridge loan. The ITC bridge loan bore interest at daily SOFR plus 2.25% until the tax equity execution date, which was December 24, 2025, and subsequently decreased to 1.63%. The construction loan bears interest at daily SOFR plus 1.50% through the term conversion date, at which time, the construction loan can be repaid or converted into either or both Tranche A and/or Tranche B term loans. The Tranche A term loan will bear interest at daily SOFR plus a margin of 1.88% until but excluding the third anniversary of the term conversion date. Thereafter, the Tranche A term loan will bear interest at daily SOFR plus a margin of 2.00% until the Tranche A term loan maturity date, which is the fifth anniversary of the term conversion date. The Tranche B Term Loan will bear interest at daily SOFR plus a margin of 2.13% until but excluding the third anniversary of the term conversion date. Thereafter, the Tranche B term loan will bear interest at daily SOFR plus a margin of 2.25% until the Tranche B term loan maturity date, which is the tenth anniversary of the term conversion date.

On December 24, 2025, the Company amended the agreement to reduce aggregate commitments to $852.0 million, consisting of a $399.6 million ITC bridge loan commitment, a $372.4 million construction loan commitment, and an $80.0 million letter of credit commitment. The amendment was accounted for as a modification.

*Gemstone 2025 Manager LLC*

On October 31, 2025, Gemstone 2025 Manager LLC entered into a new financing agreement consolidating the Midway III Manager LLC, Turquoise Manager LLC, and ECA Finco I, LLC term loan facilities into a single borrowing structure. The new facility provides $52.5 million of principal, all drawn October 31, 2025, bearing interest at three-month SOFR plus 2.25%, and maturing on February 25, 2028. The Company paid an upfront fee of $0.3 million and legal fees of $0.4 million on behalf of the lender, which were recorded as a debt discount. Third-party transaction costs were expensed as incurred. The refinancing was accounted for as a modification with a partial extinguishment under ASC 470-50.

The following table shows the components of Interest income (expense), net on the Consolidated Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Loan interest<sup>(1)</sup> | $56144 | $48815 | $54615 |
| Commitment / letter of credit fees | 7841 | 3998 | 2986 |
| Amortization of deferred financing fees and discount | 11943 | 6261 | 6690 |
| Interest on sale-leasebacks<sup>(2)</sup> | 18221 | 21636 |  |
| Loss (gain) on interest rate swaps, net<sup>(3)</sup> | (5485) | (1356) | (2428) |
| Change in fair value of interest rate swaps, net<sup>(3)</sup> | 26223 | (44748) | (17763) |
| Interest capitalized | (33349) | (23651) | (23378) |
| &nbsp;&nbsp;Total<sup>(4)</sup> | $81538 | $10955 | $20722 |

---

(1)Includes interest rate swap settlements of $18.3 million, $27.9 million, and $26.7 million as a reduction of loan interest for the years ended December 31, 2025, 2024 and 2023, respectively. Refer to Note 12. Derivative Instruments for additional information.

(2)Refer to *Other Financing Arrangements* for further discussion on the financing obligations and the deferred ITC gain related to the sale-leaseback arrangements.

(3)Refer to Note 12. Derivative Instruments for additional information on the Company's interest rate swaps.

(4)Total interest expense excludes $1.6 million, $2.1 million and $0.4 million of interest income on cash accounts for the years ended December 31, 2025, 2024 and 2023, respectively, and an immaterial amount, $1.2 million, and nil of interest income on non-bank deposits for the years ended December 31, 2025, 2024 and 2023, respectively.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

The principal payments due on the Company's borrowings for each of the next five years and thereafter are as follows:

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| | |
|:---|:---|
| *(in thousands)* |  |
| **Year ended December 31,** | **Principal Payments** |
| 2026 | $28610 |
| 2027 | 482890 |
| 2028 | 255344 |
| 2029 | 189119 |
| 2030 | 11186 |
| Thereafter | 331463 |
| &nbsp;&nbsp;Total | $1298612 |

---

*Other Financing Arrangements*

In November 2023, December 2023 and February 2024, the Company, through its various wholly owned subsidiaries, entered into three sale-leaseback arrangements related to certain wind assets with initial lease terms of 9.3 years, 20.0 years and 20.0 years, respectively. The 2023 arrangements resulted in total cash proceeds of $241.0 million, which were utilized to pay down $132.6 million of existing debt and $1.0 million in transaction costs. The 2024 arrangement resulted in total cash proceeds of $111.5 million, which were utilized to pay down $32.9 million of existing debt and $0.4 million in transaction costs. Under the lease agreements, the Company is required to make total lease payments of $158.6 million and $87.4 million over the respective lease terms for the 2023 and 2024 arrangements, respectively. The transactions did not qualify for sale accounting and were treated as financing arrangements. As a result, the Company recorded sale-leaseback financing and deferred ITC gain liabilities. In connection with the transactions, the Company also incurred origination costs of $1.7 million and $0.9 million, for the 2023 and 2024 arrangements, respectively, which were recorded as offsets to the related failed sale-leaseback financing liabilities. In accordance with these lease agreements, the Company has early buyout options in December 2029 and December 2033. The buyout price is defined as the fair market value of the applicable project at the buyout date, or an amount set forth in the lease agreement, whichever is greater. As part of each arrangement, the Company operates and earns revenues from the facility throughout the lease term, while the lessor is entitled to all available tax credits. As part of the sale-leaseback transaction, the Company entered into a tax indemnity agreement, and as part of the agreement, with respect to the leased assets, the lessor holds indemnification rights related to a disallowance or reduction of assumed tax deductions and tax credits. Refer to Note 2. Significant Accounting Policies for further details on the Company's accounting policies related to sale-leaseback transactions.

The following table shows the components of Current portion of failed sale-leaseback financing and deferred ITC gain and Failed sale-leaseback financing and deferred ITC gain, net of current portion recorded related to these transactions on the Consolidated Balance Sheets for the periods indicated:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **December 31, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;Failed sale-leaseback financing, current | $13390 | $13127 |
| &nbsp;&nbsp;ITC gains, current | 32952 | 32951 |
| &nbsp;&nbsp;&nbsp;Less: origination costs, current | 211 | 210 |
| Current portion of failed sale-leaseback financing and deferred ITC gain | $46131 | $45868 |
| &nbsp;&nbsp;Failed sale-leaseback financing, net of current portion | $109576 | $111238 |
| &nbsp;&nbsp;ITC gains, net of current portion | 66132 | 92802 |
| &nbsp;&nbsp;&nbsp;Less: origination costs, net of current portion | 2221 | 2439 |
| Failed sale-leaseback financing and deferred ITC gain, net of current portion | $173487 | $201601 |

---

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

The following table shows the components of interest on sale-leasebacks included within Interest income (expense), net on the Consolidated Statements of Operations for the periods indicated:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Financing interest | $11728 | $13888 | $— |
| ITC interest | 6282 | 7549 |  |
| Amortization of loan origination cost | 211 | 197 |  |
| &nbsp;&nbsp;Total | $18221 | $21634 | $— |

---

The calculation of interest expense is based on imputed interest rates within each arrangement for the financing obligations ranging between 7.2% and 11.5% and the IBR within each arrangement for the deferred ITC gain ranging between 4.5% and 5.6%.

For the years ended December 31, 2025 and 2024, the Company recognized $33.0 million and $22.8 million, respectively, of income related to the deferred income from the transfer of tax credits related to the Company's sale leaseback financings, which is recorded to Income from sale-leaseback transfer of tax benefits on the Consolidated Statements of Operations. There was no such income recorded in the year ended December 31, 2023.

The future payments on failed sale-leaseback financing arrangements, inclusive of the repurchase price, for each of the next five years and thereafter are as follows:

---

| | |
|:---|:---|
| *(in thousands)* |  |
| **Year ended December 31,** | **Future Payments** |
| 2026 | $13390 |
| 2027 | 13572 |
| 2028 | 13580 |
| 2029 | 13648 |
| 2030 | 13773 |
| Thereafter | 167965 |
| &nbsp;&nbsp;Total lease payments | 235928 |
| Less: Imputed interest | (112963) |
| Less: Origination costs | (2431) |
| &nbsp;&nbsp;Present value of lease payments | $120534 |

---

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Note 12. Derivative Instruments**

The Company, through its wholly owned subsidiaries, has entered into interest rate swaps as part of its interest rate risk management strategy. The interest rate swaps involve the receipt of variable rate amounts from a counterparty in exchange for the Company making payments at fixed rates. These fixed rates range between 0.41% and 4.10%. The interest rate swaps have maturities between 2026 and 2051.

On October 1, 2024, the Company voluntarily dedesignated all its previously designated cash flow hedges within its portfolio. For derivatives previously designated as cash flow hedges, the changes in the fair value of the derivative were initially reported in other comprehensive income and subsequently reclassified to earnings when the hedged transaction affected earnings. Subsequent to the dedesignation, the Company evaluates whether the forecasted transactions previously hedged by the interest rate swap are probable of not occurring and, if so, reclassifies the amount recorded in Accumulated other comprehensive income related to the dedesignated interest rate swap to Interest income (expense), net in the Consolidated Statements of Operations. When the Company determines that the forecasted transactions previously hedged by the interest rate swap are not probable of not occurring, the Company recognizes the amounts within Accumulated other comprehensive income related to the dedesignated interest rate swap into interest expense as the originally forecasted transactions affect earnings. The changes in the fair value of the dedesignated and all other derivatives are recorded directly to Interest income (expense), net in the Consolidated Statements of Operations. As of December 31, 2025, the total balance in Accumulated other comprehensive income to be amortized over the remaining term of the derivative contracts is $36.0 million.

During 2024, the Company entered into an option contract with a counterparty for the right, but not the obligation, to enter into an interest rate swap with the counterparty with a notional amount of $242.2 million in exchange for a premium price of $2.6 million. The option expired on March 27, 2025.

The following tables reflect the location and estimated fair value positions of derivative contracts at:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Balance sheet location** | **Outstanding notional amount** | **Fair Value - Assets** | **Fair Value - (Liabilities)** |
| **Derivatives Not Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** |
| Interest rate swap contracts | Derivative assets, current / Derivative assets / (Other current liabilities) / (Other noncurrent liabilities) | $999302 | $74627 | $(2817) |
| &nbsp;&nbsp;**Total** |  | $999302 | $74627 | $(2817) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Balance sheet location** | **Outstanding notional amount** | **Fair Value - Assets** | **Fair Value - (Liabilities)** |
| **Derivatives Not Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** |  |  |  |
| Interest rate swap contracts | Derivative assets, current / Derivative assets / (Other noncurrent liabilities) | $944629 | $112339 | $(160) |
| Option to enter into interest rate swap contract | Derivative assets | 242203 | 3788 |  |
| &nbsp;&nbsp;**Total** |  | $1186832 | $116127 | $(160) |

---

As of December 31, 2025, the notional amount of derivatives includes $649.0 million associated with currently effective swaps and $350.3 million associated with forward starting swaps. As of December 31, 2024, the notional amount of derivatives includes $851.5 million associated with currently effective swaps and $93.2 million associated with forward starting swaps.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

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

---

| | | |
|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| *(in thousands)* | **Derivatives Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** |
| **Consolidated Other Comprehensive Income (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;Gain (loss) in other comprehensive income (loss) reclassified to earnings from termination of interest rate swaps, net | $(5056) | $— |
| &nbsp;&nbsp;&nbsp;Amortization of derivatives | (6333) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Taxes on total net gain (loss) recognized in other comprehensive income (loss) | 2999 |  |
| **Consolidated Statements of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Interest income (expense), net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of interest rate swaps, net |  | (26223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on interest rate swaps, net<sup>(1)</sup> |  | 5485 |

---

---

| | | |
|:---|:---|:---|
| | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| *(in thousands)* | **Derivatives Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** |
| **Consolidated Other Comprehensive Income (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;Gain (loss) recognized in other comprehensive income (loss) | $(13870) | $— |
| &nbsp;&nbsp;&nbsp;Amortization of derivatives | (1055) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Taxes on total net gain (loss) recognized in other comprehensive income (loss) | 3930 |  |
| **Consolidated Statements of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Interest income (expense), net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of interest rate swaps, net |  | 44748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on interest rate swaps, net<sup>(1)</sup> | 1410 | (54) |

---

---

| | | |
|:---|:---|:---|
| | **Year ended December 31, 2023** | **Year ended December 31, 2023** |
| *(in thousands)* | **Derivatives Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** |
| **Consolidated Other Comprehensive (Loss) Income** |  |  |
| &nbsp;&nbsp;&nbsp;Gain recognized in other comprehensive income | $(20545) | $— |
| &nbsp;&nbsp;&nbsp;Amortization of off-market derivatives | 6750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Taxes on total net gain recognized in other comprehensive income | 3633 |  |
| **Consolidated Statements of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of interest rate swaps, net | 6546 | 11217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on interest rate swaps, net<sup>(1)</sup> | 2428 |  |

---

(1)The Gain (loss) on interest rate swaps, net, represents gains and losses reclassified into earnings as a result of the discontinuance of cash flow hedges when the Company determines that it is probable that the original forecasted transactions will not occur by the end of the originally specified time period.

Prior to the dedesignation on October 1, 2024, the Company designated certain interest rate swaps when they had a non-zero fair value. The non-zero fair value of these cash flow hedges on the designation date was recognized into income under a systematic and rational method over the life of the hedging instrument and was presented in the same line item on the Consolidated Statements of Operations as the earnings effect of the hedged item, with the offset recorded to Other comprehensive income (loss), net of tax.

------

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During the year ended December 31, 2025, the Company received $18.2 million in cash as a result of the full or partial termination of certain interest rate swaps. Of the total cash received, $17.6 million related to loan payoffs as discussed in Note 11. Debt. The cash proceeds received from these terminations were included in Net cash provided by operating activities in the Consolidated Statements of Cash Flows. In addition, during the year ended December 31, 2025, the Company terminated certain other interest rate swaps and instead of receiving cash proceeds upon termination, the Company entered into new interest rate swaps with the same counterparty with below market rates. The Company evaluated the new swaps and concluded that they represent derivatives in their entirety and do not have other than insignificant financing components. Accordingly, the transactions were accounted for as derivative instruments under applicable accounting guidance.

During the year ended December 31, 2024, the Company received $55.2 million in cash as a result of the full or partial termination of certain interest rate swaps of which $2.5 million related to the termination executed in 2023. These cash proceeds received were included in Net cash provided by operating activities in the Consolidated Statements of Cash Flows.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Note 13. Asset Retirement Obligations**

The following table presents the balance of AROs as of December 31, 2025, as well as the additions, settlements and accretion related to the Company's AROs for the years ended December 31, 2025 and 2024 included in Other noncurrent liabilities on the Consolidated Balance Sheets:

---

| | |
|:---|:---|
| *(in thousands)* |  |
| **Balance as of December 31, 2023** | $34906 |
| Adjustments in estimates for current obligations | 2 |
| Asset retirement obligation incurred during current period | 7467 |
| Accretion expense | 2694 |
| **Balance as of December 31, 2024** | $45069 |
| Asset retirement obligation sold during current period | (5836) |
| Asset retirement obligation decommissioned during current period | (689) |
| Accretion expense | 2999 |
| **Balance as of December 31, 2025** | $41543 |

---

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Note 14. Income Taxes**

The components of the Company's Income (loss) before income taxes are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| United States | $(223032) | $(325280) | $(197191) |
| Foreign | 19 | (7) | 56 |
| Income (loss) before income taxes | $(223013) | $(325287) | $(197135) |

---

The Company conducts most of its operations through GREC, its taxable wholly owned subsidiary. The Company's consolidated Benefit from income taxes consists of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Current (benefit) income tax provision: |  |  |  |
| Federal | $— | $— | $— |
| State |  |  |  |
| Foreign | 3 |  |  |
| &nbsp;&nbsp;&nbsp;Current (benefit) provision for income taxes | $3 | $— | $— |
| Deferred (benefit) income tax provision: |  |  |  |
| Federal | $(643) | $(20189) | $(19269) |
| State | (7486) | 813 | (2290) |
| Foreign | 2 | (2) | 11 |
| &nbsp;&nbsp;&nbsp;Deferred (benefit) provision for income taxes | $(8127) | $(19378) | $(21548) |
| Total (benefit) provision for income taxes | $(8124) | $(19378) | $(21548) |

---

The Company adopted ASU 2023-09 on a prospective basis, as such, for the year ended December 31, 2025, below is the reconciliation of the Benefit from income taxes to the amount calculated by applying the 21% statutory U.S. federal income tax rate to Income (loss) before income taxes after the adoption of ASU 2023-09:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| *(in thousands)* | **Amount** | **Percentage** |
| Tax (benefit) at statutory U.S. federal income tax rate | $(46833) | 21.0% |
| State income taxes, net of federal benefit<sup>(1)</sup> | (7486) | 3.4% |
| Other tax credits | (100) | —% |
| Change in valuation allowance | 40940 | (18.4)% |
| Nontaxable or nondeductible items: |  |  |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | 4251 | (1.9)% |
| &nbsp;&nbsp;&nbsp;Other | 1104 | (0.5)% |
| Provision (benefit) for income taxes | $(8124) | 3.6% |

---

(1)The states that contribute to the majority (greater than 50 percent) of the state and local tax effect are California, Iowa, Montana and New York.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

A reconciliation of the Benefit from income taxes to the amount calculated by applying the 21% statutory U.S. federal income tax rate to Income (loss) before income taxes for years prior to the adoption of ASU 2023-09 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands)* | **2024** | **Percentage** | **2023** | **Percentage** |
| Tax (benefit) at statutory U.S. federal income tax rate | $(68311) | 21.0% | $(41398) | 21.0% |
| State income taxes, net of federal benefit | (5239) | 1.6% | (7050) | 3.6% |
| Noncontrolling interest | 13358 | (4.1)% | 20184 | (10.2)% |
| Share-based compensation | (2917) | 0.9% | 1816 | (0.9)% |
| Impairment of goodwill | 45734 | (14.1)% |  | —% |
| Nontaxable parent - GREC LLC treated as a partnership for U.S. tax purposes | (7466) | 2.3% | 647 | (0.3)% |
| Federal tax credits | (1174) | 0.3% | (1293) | 0.6% |
| Change in valuation allowance | 4290 | (1.3)% | 4330 | (2.2)% |
| Permanent differences (other - net) | 2347 | (0.7)% | 1216 | (0.7)% |
| Provision (benefit) for income taxes | $(19378) | 5.9% | $(21548) | 10.9% |

---

Deferred tax assets (liabilities) reported on the accompanying Consolidated Balance Sheets as of December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **December 31, 2025** | **December 31, 2024** |
| Net operating and other losses | $152873 | $113376 |
| Long-term debt and failed sale-leaseback financing | 82692 | 90678 |
| Federal tax credits | 19150 | 19508 |
| Operating lease liabilities | 34449 | 35258 |
| Asset retirement obligations | 1759 | 7193 |
| Other | 10429 | 9917 |
| &nbsp;&nbsp;Total deferred tax assets | 301352 | 275930 |
| Less: Valuation allowance | (54700) | (10790) |
| Deferred tax assets, net of valuation allowance | $246652 | $265140 |
| Property, plant, and equipment | $(91193) | $(97701) |
| Investments in flow-through entities taxed as partnerships | (111363) | (106727) |
| Intangibles | (17606) | (30728) |
| Derivative assets | (18909) | (30537) |
| Operating lease assets | (32187) | (34725) |
| &nbsp;&nbsp;Total deferred tax liabilities | (271258) | (300418) |
| Deferred tax liabilities, net | $(24606) | $(35278) |

---

As of December 31, 2025, the Company reported a net deferred tax liability of $24.6 million consisting entirely of a deferred tax liability of $24.6 million recorded to Deferred tax liabilities, net on the Consolidated Balance Sheets with no corresponding deferred tax asset offset. As of December 31, 2024, the Company reported a net deferred tax liability of $35.3 million consisting of a deferred tax liability of $35.3 million partially offset by a deferred tax asset of $37.9 thousand recorded to Deferred tax liabilities, net and Other noncurrent assets, respectively, on the Consolidated Balance Sheets.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

As of December 31, 2025, the Company had federal net operating loss and other tax attribute carry-forwards, including net operating losses, capital loss carryforwards and interest expense disallowance under Section 163(j), totaling approximately $569.0 million. Of this amount, approximately $503.6 million may be carried forward indefinitely, with the $26.2 million expiring in 2030 and the remaining $39.1 million will expire in 2036 and 2037. As of December 31, 2025, the Company also had federal tax credit carryforwards of approximately $19.1 million, which will expire at various dates beginning in 2035 through 2045. The realization of deferred tax assets associated with these loss and credit carryforwards is dependent upon the generation of sufficient future taxable income prior to their expiration. As of December 31, 2024, the Company had federal net operating loss carry-forwards of approximately $420.0 million. Approximately $380.9 million of the carry-forward is indefinite-lived with the remaining $39.1 million expiring in 2036 and 2037. Federal tax credit carryforwards are approximately $19.5 million and will expire between 2035 and 2044.

As of December 31, 2025, the Company did not pay income taxes in any individual jurisdiction that exceeded five percent of total income taxes paid for purposes of the disaggregation disclosure requirements under ASU 2023-09.

In assessing the realizability of deferred tax assets, management evaluates whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. In making this determination, management considers the scheduled reversal of existing taxable temporary differences, projected future taxable income, tax planning strategies, and other available positive and negative evidence as of December 31, 2025. Based on this analysis, the Company concluded that a portion of its deferred tax assets is not more likely than not to be realized and, accordingly, recorded a partial valuation allowance of $54.7 million as of December 31, 2025. The valuation allowance related to deferred tax assets is associated with federal net operating loss carryforwards of $21.7 million, federal tax credit carryforwards of $13.7 million, federal capital loss carryforwards of $5.5 million, and state net operating loss carryforwards of $13.8 million. The valuation allowance increased by $43.9 million during the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to cumulative net losses generated in 2025, the sale of the Company's partnerships interests in Celadon and Dogwood, and changes in the scheduling of taxable temporary difference reversals.

Federal and state statutes of limitations are generally open for all years in which the Company has generated net operating losses, the earliest of which is the year ended December 31, 2015. Canada statute of limitation remains open for tax years ended December 31, 2022 through December 31, 2025.

As of December 31, 2025, the Company has not recorded any unrecognized tax benefits. The Company assessed its tax positions for all open tax years as of December 31, 2025 for all U.S. federal and state, and foreign tax jurisdictions for the years 2015 through 2025. The results of this assessment are included in the Company's tax provision and deferred tax assets as of December 31, 2025.

During the second quarter of 2025, the Company entered into a Tax Credit Purchase Agreement ("TCPA") with a third party related to various solar projects, in which the Company agreed to sell to the third party ITCs generated by these projects in multiple tranches for a purchase price of $0.95 per $1.00 of ITCs, net of fees and expenses. Through December 31, 2025, the Company received payments of $45.8 million in exchange for transferring $48.2 million of ITCs. The Company initially recorded the proceeds to Tax credit transfer liability on the Consolidated Balance Sheets because control of the ITCs had not yet transferred to the third party. Upon the transfer of control of the tax credits during the third quarter of 2025, the Company derecognized the Tax credit transfer liability and recognized $0.5 million in Benefit from income taxes in the Consolidated Statements of Operations and $45.4 million in Noncontrolling interests in the Consolidated Balance Sheets. Refer to Note 2. Significant Accounting Policies and Note 15. Commitments and Contingencies for further details.

In July 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted into law, scaling back clean energy tax incentives of the Inflation Reduction Act of 2022. The OBBBA brought back accelerated depreciation for property acquired and placed in service after January 19, 2025. Among the significant changes to the clean energy provisions are those related to the rollback of the Sections 48E and 45Y clean electricity tax credits. Other than the reinstatement of the 100% bonus depreciation, the enactment of the OBBBA did not have a material impact on the Company's Consolidated Financial Statements for the year ended December 31, 2025. The Company continues to monitor the effects of the OBBBA and will reflect any future impacts in future reporting periods.

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**Note 15. Commitments and Contingencies**

***Legal Proceedings***

The Company is engaged in an ongoing dispute with a third-party offtaker of one of the Company's projects as well as the lessor of the property on which the project is located, as the third-party prevented the re-energization of a portion of the project due to certain events. On December 26, 2024, the Company sent a notice of default and demand for payment under the PPA and lease agreement. In January 2025, the third party sent a termination notice with respect to the PPA and lease agreement and offered a settlement amount; the Company did not accept the settlement amount and disputed the third party's right to terminate. The Company filed a lawsuit in the Superior Court in the State of New Jersey on July 25, 2025. The Company did not accrue any expense related to the dispute as of December 31, 2025 or December 31, 2024.

In October 2025, the Chapter 7 trustee for EVCE sent a letter to the Company seeking information regarding approximately $2.4 million in payments received from EVCE in the year prior to its Bankruptcy Filing. The Company has provided the information initially requested by the trustee, and discussions are ongoing. The trustee has not asserted a formal claim or commenced litigation regarding these payments. The Company currently does not believe a loss is probable, and as such no accrual has been recorded as of December 31, 2025. The Company will continue to monitor the matter and will record a liability if and when it becomes probable and estimable.

On November 15, 2024, two of the Company's subsidiaries executed a general assignment for the benefit of creditors (the "ABC"), pursuant to which the subsidiaries assigned all of their assets to a third-party assignee to liquidate the assets and distribute the proceeds to creditors. The Company impaired substantially all of the assets of these subsidiaries in 2024 and recorded related liabilities of $15.4 million, which were presented within Accounts payable and accrued expenses on the Consolidated Balance Sheet as of December 31, 2024. In 2025, the deadline for claims through the ABC passed and no claims were made against the Company. As a result, the Company derecognized the liabilities and recorded a gain of $15.4 million in Gain on liability extinguishment in the year ended December 31, 2025 within the Consolidated Statements of Operations.

The Company may become involved in other legal proceedings, administrative proceedings, claims, or other litigation that arise in the ordinary course of business. Individuals and interest groups may sue to challenge the issuance of a permit for a renewable energy project or seek to enjoin construction of a wind energy project. In addition, the Company may be subject to legal proceedings or claims contesting the construction or operation of its renewable energy projects. In defending itself in these proceedings, the Company may incur significant expenses in legal fees and other related expenses regardless of the outcome of such proceedings. Unfavorable outcomes or developments relating to these proceedings, such as judgments for monetary damages, injunctions, or denial or revocation of permits, could have a material adverse effect on the Company's business, financial condition, and results of operations. In addition, settlement of claims could adversely affect the Company's financial condition and results of operations. Other than described above, as of December 31, 2025, the Company is not aware of any legal proceedings that might have a significant adverse impact on the Company.

***Letters of Credit***

The Company is required to provide security under the terms of several of its PPAs, permits, lease agreements, and other project documents as well as many of its loan agreements. As of December 31, 2025, the Company has provided the requisite security for these agreements in the form of standby letters of credit in the aggregate amount of $200.3 million. As of December 31, 2025, no amounts have been drawn under these letters of credit.

***Pledge of Collateral and Unsecured Guarantee of Loans to Subsidiaries***

Pursuant to various project loan agreements between the Company's subsidiaries and various lenders, the Company has pledged solar and wind operating assets as well as the membership interests in various subsidiaries as collateral for the loans with maturity dates ranging from March 2027 through approximately March 2037.

***Investment in To-Be-Constructed Assets and Membership Interest Purchase Commitments***

Pursuant to various engineering, procurement and construction contracts and membership interest purchase agreements to which certain of the Company's subsidiaries are individually a party, the subsidiaries, and indirectly the Company, have committed an amount of approximately $0.2 billion to complete construction of the facilities and the closing of the purchase of membership interests pursuant to all conditions being met under such agreements. In addition, certain procurement contracts contain penalties which require the Company to pay a fixed penalty per watt for any shortfalls in equipment orders placed relative to the minimum order amount. Based upon current construction and closing schedules, the expectation is that these commitments will be fulfilled between 2026 and 2029. The Company plans to use debt and tax equity financing as well as cash on hand to fund such commitments.

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***Power Purchase Agreements***

The Company has long-term PPAs with its offtake customers. Under certain PPAs, the Company is required to deliver agreed-upon quantities based on the agreements for successive periods, typically between one- to five-year rolling periods, over the terms of the PPAs. As of December 31, 2025, the Company was in compliance with all agreed-upon delivery quantities.

***Renewable Energy Credit Commitments***

The Company's commitments to third parties under REC sales contracts for each of the next five years and thereafter are as follows:

---

| | |
|:---|:---|
| *(in thousands)* |  |
| **Year ended December 31,** | **Number of RECs** |
| 2026 | 21 |
| 2027 | 21 |
| 2028 | 21 |
| 2029 | 21 |
| 2030 | 20 |
| Thereafter | 144 |
| &nbsp;&nbsp;Total | 248 |

---

***Pledge of Parent Company Guarantees***

Pursuant to various tax equity structures, which are governed by various agreements to which certain of the Company's subsidiaries are individually a party, the Company has provided unsecured guarantees to support the commitments and obligations of these underlying tax equity agreements in the maximum amount of $0.9 billion as of December 31, 2025. These guarantees will remain in effect through varying dates between September 15, 2029 and September 15, 2033. As of December 31, 2025, the Company is not aware of any events that could trigger a material obligation under these guarantees.

During the second quarter of 2025, the Company entered into a TCPA related to various solar projects in which the Company has provided an unsecured guarantee for any indemnification obligation, which covers potential losses due to breaches of representations or covenants or disallowance or recapture of the transferred ITCs. The indemnity is capped at 120% of the face value of the transferred ITCs and is subject to a priority from recovery, first from a tax credit insurance policy, and then from the Class B Member. The Company's guarantee remains in effect until the third quarter of 2033. As of December 31, 2025, the maximum amount of this guarantee is $57.9 million. The Company is not aware of any events that could trigger the Company's obligation under this guarantee.

In connection with the ECCA entered into on December 24, 2025 (as described in Note 5. Variable Interest Entities), the Company agreed to future payments of $6.4 million of structuring fees to two separate counterparties. The first fee of $5.6 million is due to the counterparty by April 17, 2026, so long as the counterparty remains a party to the ECCA. The second fee of $0.8 million is due to the other counterparty on the earlier of: 1) mechanical completion of the related project, or 2) December 31, 2026.

Refer to Note 2. Significant Accounting Policies Note 5. Variable Interest Entities, Note 14. Income Taxes and Note 16. Related Parties for an additional discussion of the Company's commitments and contingencies.

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**Note 16. Related Parties**

***Modified Special Unit***

Under the Fifth Operating Agreement, the Liquidation Performance Participation Distribution is payable to the Liquidation Performance Unitholder ("LPU Holder") equal to 20.0% of the net proceeds from a liquidation of the Company in excess of adjusted capital, as measured immediately prior to liquidation. Adjusted capital is defined as the Company's net asset value ("NAV") immediately prior to the time of a liquidation or a listing. 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 Performance Participation Fee would be equal to 20.0% 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 Performance Participation Fee would be determined and payable in arrears 30 days after the commencement of trading following such liquidity event, with the exception that amounts that may be earned upon the occurrence of 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 are no longer payable in cash, but only in additional Class P-I shares, which will be valued for such purpose at their then fair market value as determined in accordance with the terms of the Fifth Operating Agreement at the time of such listing. In the case of a liquidation of the Company, amounts payable may be paid in additional shares of the Company, other securities and/or cash. Refer to Note 18. Equity for additional details on the Liquidation Performance Unit.

***Transition Services Agreement***

In connection with the Acquisition, Group LLC and certain other parties (together, the "Service Recipients") entered into a transition services agreement with Greenbacker Administration (the "Transition Services Agreement"). In November 2023, Group LLC and the Service Recipients entered into an amended transition services agreement (the "Amended Transition Services Agreement"), pursuant to which Greenbacker Administration agreed to provide certain financial and corporate recordkeeping services to the Service Recipients until the earlier of: (i) December 31, 2025; (ii) such time as the parties terminate the services arrangement; or (iii) one month after such Service Recipient has been liquidated and dissolved. The Service Recipients are required to pay a fee of $200 per hour per person performing the services it receives under both the Transition Services Agreement and Amended Transition Services Agreement. The impact of the Transition Services Agreement and Amended Transition Services Agreement on the Consolidated Financial Statements for the years ended December 31, 2025, 2024 and 2023was not material.

***Registration Rights Agreement***

In connection with the Acquisition, the Company and GREC entered into a customary registration rights agreement, pursuant to which GREC has agreed to use commercially reasonable efforts to prepare and file with the SEC not later than 12 months from the beginning of the first full calendar month following completion of an initial public offering by GREC a shelf registration statement relating to the resale of shares of common stock of GREC that may in the future be held by Group LLC, the LPU Holder, and/or their respective members to the extent their shares of the Company are repurchased, redeemed, exchanged, or converted into shares of common stock of GREC. GREC has agreed to pay customary registration expenses and to provide customary indemnification in connection with the foregoing registration rights.

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***GCM Managed Funds***

The Company provides, through GCM and GDEV Management Holdings LLC, investment management services to Greenbacker Renewable Opportunity Zone Fund LLC ("GROZ"), GDEV I, GDEV II and GREC II. As a result, the Company records Investment Management revenue on the Consolidated Statements of Operations, as applicable, and more fully described below. The following table presents investment management revenue for the periods indicated below:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended** | **Year ended** | **Year ended** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| **GROZ:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | $290 | $290 | 290 |
| **GDEV I:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | 1915 | 2124 | 2430 |
| **GDEV II:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | 2658 | 2551 | 2031 |
| **GREC II:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | 4400 | 5871 | 3855 |
| &nbsp;&nbsp;&nbsp;Performance participation fee |  | 1088 | 1654 |
| &nbsp;&nbsp;&nbsp;Administrative fees | $2392 | $6876 | 3478 |

---

Management fees, Performance participation fees, and Administrative fees are included in Investment Management revenue on the Consolidated Statements of Operations.

The following table presents investment management fees receivable as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **December 31, 2025** | **December 31, 2024** |
| **GROZ:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees receivable | $73 | $145 |
| **GDEV I:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees receivable |  | (4) |
| **GDEV II:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees receivable |  |  |
| **GREC II:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees receivable | 5885 | 1484 |
| &nbsp;&nbsp;&nbsp;Performance participation fee receivable |  | 853 |
| &nbsp;&nbsp;&nbsp;Administrative fee receivable<sup>(1)</sup> | $3901 | $5320 |

---

(1)Includes amounts owed from GREC II of $1.8 million and $3.1 million related to administrative fees and $2.1 million and $2.2 million related to capitalized labor costs pursuant to the Administration Agreement (as defined in the *GREC II* discussion below) as of December 31, 2025 and 2024, respectively.

Management fees, Performance participation fees, and Administrative fees owed to the Company are included in Accounts receivable, net on the Consolidated Balance Sheets.

*GROZ*

Base management fees under GCM's advisory fee agreement with GROZ are calculated at a monthly rate of 0.125% (1.50% annually) of the average gross invested capital of GROZ.

The Company is also eligible to receive certain performance-based incentive fee distributions from GROZ, including upon liquidation of GROZ, subject to certain distribution thresholds as defined in the amended and restated limited liability company operating agreement of GROZ. The Company did not recognize any revenue related to GROZ incentive fee distributions for the years ended December 31, 2025, 2024 and 2023.

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*GDEV I*

On January 1, 2025, GCM's advisory agreements with GDEV I were assigned and contributed to GDEV Management Holdings LLC and subsequently to GDEV Management LLC. Base management fees under GDEV Management LLC's advisory agreements with GDEV I, dated January 1, 2025, are calculated as described herein. For the period from March 3, 2022 through the date on which the commitment period ended (as defined in the GDEV I amended and restated limited partnership agreements), the management fee was calculated at an annual rate of 1.75% to 2.00%, depending on the limited partner, of the aggregate capital commitments to GDEV I. Beginning on the date following the date on which the commitment period terminated, the management fee is calculated at an annual rate of 1.75% to 2.00%, depending on the limited partner, of the aggregate cost basis of all portfolio securities of GDEV I. GCM owns 75% of the membership interests in GDEV Management Holdings LLC and as such receives 75% of net fee related earnings of GDEV Management Holdings LLC.

The Company is also eligible to receive certain performance-based incentive fee distributions from GDEV I, including upon liquidation of GDEV I, subject to certain distribution thresholds as defined in the amended and restated limited liability partnership agreements of GDEV I. The Company did not recognize any revenue related to GDEV I incentive fee distributions for the years ended December 31, 2025, 2024 and 2023.

*GDEV II*

On January 1, 2025, GCM's advisory agreements with GDEV II were assigned and contributed to GDEV Management Holdings LLC and subsequently to GDEV Management LLC. Base management fees under GDEV Management LLC's Advisory Agreement with GDEV II, dated January 1, 2025, are calculated as described herein. For the period from November 11, 2022 through the date on which the commitment period ends (as defined in the GDEV II amended and restated limited partnership agreement), the management fee is calculated at an annual rate of 1.50% to 2.00%, depending on the limited partner, of the aggregate capital commitments to GDEV II. Beginning on the date following the date on which the commitment period terminates, the management fee will be calculated at an annual rate of 1.50% to 2.00%, depending on the limited partner, of the aggregate cost basis of all portfolio securities of GDEV II.

The Company is also eligible to receive certain performance-based incentive fee distributions from GDEV II, including upon liquidation of GDEV II, subject to certain distribution thresholds as defined in the amended and restated limited liability partnership agreements of GDEV II. The Company did not recognize any revenue related to GDEV II incentive fee distributions for the years ended December 31, 2025, 2024 and 2023.

*GREC II*

On January 1, 2025, GCM entered into an amended and restated Advisory Agreement with GREC II to decrease the base management fees by 0.25% for all share classes. Effective January 1, 2025, the base management fees under GCM's advisory fee agreement with GREC II are calculated at a monthly rate of 1.00% annually of the aggregate NAV of the net assets attributable to Class F shares of GREC II plus an annual percentage of the aggregate NAV of the net assets attributable to Class I, Class D, Class T, and Class S shares in accordance with the following schedule as of December 31, 2025:

---

| | |
|:---|:---|
| **Aggregate NAV<br>(Class I, Class D, Class T, and Class S shares)** | **Management Fee** |
| On NAV up to and including $1,500,000,000 | 1.50% (0.13% monthly) |
| On NAV in excess of $1,500,000,000 | 1.25% (0.10% monthly) |

---

The Company is also eligible to receive certain performance-based incentive fees from GREC II, including upon liquidation of GREC II, subject to certain distribution thresholds as defined in the Advisory Agreement between GCM and GREC II.

On January 1, 2025, the Company entered into an amended and restated administration agreement with GREC II. Under this agreement, GREC II reimburses Greenbacker Administration for its allocable portion of costs and expenses incurred in providing technical, financial, legal, accounting, tax, and operational asset management services, including those incurred by any sub-administrators. These reimbursable costs, together with any administrative expenses incurred directly by GREC II, are subject to an annual cap equal to 0.50% of GREC II's total paid-in capital, as defined in the agreement. The Company also earns administrative fee revenue for certain capitalizable costs incurred by Greenbacker Administration on behalf of GREC II.

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***Other Related Party Transactions***

The Company entered into secured loans to finance the purchase and installation of energy-efficient lighting with AEC Companies. Certain of the loans with LED Funding LLC, an AEC Company, converted to a lease on the day the energy efficiency upgrades became operational. AEC Companies are considered related parties, as the members of these entities own a direct, noncontrolling ownership interest in the Company. The loans between the AEC Companies and the Company, and the subsequent 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, 2025 and 2024, the Company was owed $0.1 million and $0.1 million, respectively, in lease payments from AEC Companies, which are included in Accounts receivable, net on the Consolidated Balance Sheets. As of December 31, 2025 and 2024, the principal balance of the loan receivable was nil and $0.1 million, respectively, which was included in Other noncurrent assets on the Consolidated Balance Sheets. The interest receivable as of December 31, 2025 and 2024 was not material. The payments received for the operating leases and the loan receivable during the year ended December 31, 2025 and 2024 were not material.

On December 22, 2025, the Company entered into a consultant agreement with David Sher, pursuant to which Mr. Sher will provide certain services to the Company following the end of his employment with the Company on December 31, 2025. Compensation for the provision of the services by Mr. Sher will be in the form of contingent payments representing no more than (i) the equivalent of 5% of annual net revenues received by the Company in connection with Mr. Sher's fundraising activities and/or (ii) the equivalent of 5% of annual net revenues received by the Company from approved investment opportunities originated by Mr. Sher. Compensation paid by the Company to Mr. Sher, pursuant to the terms outlined within the consultant agreement, will not exceed $2.0 million. The consultant agreement expires on July 1, 2027, unless terminated earlier under the agreed terms within the consultant agreement or extended by mutual agreement between the Company and Mr. Sher.

On September 1, 2023, Mehul Mehta's role as Chief Investment Officer with the Company terminated, and the Company engaged Mr. Mehta as a consultant. Concurrently, the Company entered into a separation agreement, pursuant to which Mr. Mehta received cash severance of $1.3 million and a grant of 0.1 million cash-settled restricted share units with the previously granted 0.1 million restricted share units being forfeited. Refer to Note 19. Share-based Compensation for additional information on these restricted share units. Further, a certain number of Mr. Mehta's Earnout Shares vested on an accelerated basis. In the second quarter of 2024, Mr. Mehta exercised his right to have Class P-I and Earnout Shares repurchased for approximately $3.9 million subject to the terms of the separation agreement. The remaining Class P-I shares totaling $3.1 million, subsequent to Mr. Mehta exercising his repurchase rights, were reclassified from temporary equity to permanent equity on the Consolidated Balance Sheets. In 2024, the Company entered into a Release Agreement with Mr. Mehta that acknowledged that all obligations and responsibilities of the Company with respect to the exercise of his repurchase rights were satisfied. All remaining Participating Earnout Shares totaling $0.7 million that were recorded within temporary equity were reclassified to permanent equity and reported as such as of December 31, 2024 on the Consolidated Balance Sheets. The Company paid total consideration of $0.2 million under the consulting agreement with Mr. Mehta, which terminated on January 2, 2024.

In the second quarter of 2024, the Company entered into a MIPSA to sell its membership interest in Illinois Winds LLC to GREC II, an affiliate of the Company. Refer to Note 5. Variable Interest Entities for additional information.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Note 17. Noncontrolling Interests and Redeemable Noncontrolling Interests**

NCI represents the portion of net assets in consolidated subsidiaries that is not attributable, directly or indirectly, to the Company. The holders of NCI of consolidated subsidiaries of the Company include Tax Equity Investors under the tax equity financing facilities as well as the NCI in GDEV GP, GDEV GP II, and GDEV Management Holdings LLC, which are held by an independent contractor of GDEV Management Holdings LLC.

Tax Equity Investors are passive investors, usually large tax-paying financial entities such as banks, insurance companies, and utility affiliates, that use these investments to reduce future tax liabilities. Until the Tax Equity Investors achieve their agreed-upon rate of return, they are entitled to a portion of the applicable project's operating cash flow, as well as substantially all of the project's ITCs, accelerated depreciation, and taxable income or loss. Typically, tax equity financing transactions are structured so that the Tax Equity Investors reach their target return between five and 10 years after the applicable project achieves commercial operation. The Company has determined that the contractual arrangements with Tax Equity Investors represent substantive profit-sharing arrangements and that income or loss should be attributed to these NCIs in each period using a balance sheet approach referred to as the HLBV method.

The following table presents the RNCI attributable to Tax Equity Investors after adjusting the carrying amount to the redemption value and nonredeemable NCI attributable to Tax Equity Investors as of December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **December 31, 2025** | **December 31, 2024** |
| Redeemable NCI attributable to Tax Equity Investors | $— | $1851 |
| NCI attributable to Tax Equity Investors | $104868 | 115186 |

---

As of December 31, 2025 and 2024, NCI attributable to other noncontrolling interest was $0.2 million and $0.2 million, respectively.

The following table presents the Net loss attributable to NCI for Tax Equity Investors for the periods indicated below:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended** | **Year ended** | **Year ended** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Net income (loss) attributable to NCI | $(21036) | $(63229) | $(95686) |

---

The following table presents the contributions from Tax Equity Investors and distributions to Tax Equity Investors for the periods indicated below:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended** | **Year ended** | **Year ended** |
| | **2025** | **2024** | **2023** |
| Contributions from Tax Equity Investors | $102113 | $93817 | $144723 |
| Less: Syndication costs | 524 | 9859 | 7050 |
| Contributions from Tax Equity Investors, net | $101589 | $83958 | $137673 |
| Distributions to Tax Equity Investors | $62457 | $18848 | $17031 |
| Distributions to Tax Equity Investors, paid | 64123 | 17850 | 17498 |

---

Contributions from Tax Equity Investors above are inclusive of $45.4 million of ITC sales proceeds attributable to noncontrolling interests, and distributions to Tax Equity Investors above are inclusive of $43.0 million of ITC sales proceeds distributed to noncontrolling interests as reported on the Consolidated Statement of Equity for the year ended December 31, 2025. These amounts relate to the TCPA entered into during 2025. Refer to Note 14. Income Taxes for further details.

As of December 31, 2025, 2024, and 2023, the Company had outstanding distributions payable to Tax Equity Investors of $1.1 million, $2.8 million, and $1.7 million, respectively, reported on the Consolidated Balance sheet.

The Company allocates income and loss to the NCI in GDEV GP based on the contractual allocations within the GDEV GP operating agreement. As of December 31, 2025 and 2024, the NCI attributable to GDEV GP was $1.2 million and not material, respectively. Net income (loss) attributable to noncontrolling interests at GDEV GP for the year ended December 31, 2025 was $0.6 million. Net income (loss) attributable to noncontrolling interests at GDEV GP for the for the years ended December 31, 2024 and 2023 was not material.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

The Company allocates income and loss to the NCI in GDEV GP II based on the contractual allocations within the GDEV GP II operating agreement. As of December 31, 2025 and 2024, the NCI attributable to GDEV GP II was not material. Net income (loss) attributable to noncontrolling interests at GDEV GP II for the year ended December 31, 2025 was $0.3 million. Net income (loss) attributable to noncontrolling interests at GDEV GP II for the years ended December 31, 2024 and 2023 was not material.

During the year ended December 31, 2025, the Company bought out the Tax Equity Investors in three tax equity financing facilities, including one Tax Equity Investor presented as redeemable NCI. During the year ended December 31, 2024, the Company bought out the Tax Equity Investor in two tax equity financing facilities, including one Tax Equity Investor presented as redeemable NCI. As of December 31, 2025, the Company has no remaining redeemable NCI.

The Company allocates income and loss to the NCI in GDEV Management Holdings LLC based on the contractual allocations within the GDEV Management Holdings LLC operating agreement. As of December 31, 2025 and December 31, 2024, the NCI in GDEV Management Holdings LLC was $1.6 million and nil, respectively. Net income (loss) attributable to noncontrolling interests at GDEV Management Holdings LLC for the year ended December 31, 2025 was $(0.5) million. Net income (loss) attributable to noncontrolling interests at GDEV Management Holdings LLC for the years ended December 31, 2024 and 2023 was nil.

During the second quarter of 2024, the Company entered into a MIPSA to sell its membership interest in Illinois Winds LLC to GREC II. The Company determined that after the closing date, it retained a controlling variable financial interest in Illinois Winds LLC as per ASC 810 guidance and continued to consolidate the assets and liabilities of Illinois Winds LLC as a VIE through November 21, 2024. On November 21, 2024, GREC II obtained financing and paid the Company $35.9 million of the purchase price. The Company is no longer consolidating Illinois Winds LLC. Refer to Note 5. Variable Interest Entities for additional information.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Note 18. Equity**

***General***

Pursuant to the terms of the Fifth Operating Agreement, the Company may issue up to 400.0 million shares, 350.0 million of which are currently designated as Class A, C, I, P-A, P-D, P-S, P-T, P-I shares, and Earnout Shares (collectively, common shares), and 50.0 million of which are designated as preferred shares. Except as described below, each class of common shares has the same voting rights and rights to participate in distributions payable by the Company.

In connection with the Acquisition, the Company issued 13.1 million Earnout Shares to Group LLC pursuant to a certificate of share designation of Class EO common shares as amended and restated in February 2024 (the "Amended and Restated Certificate of Designation"). The amendment modified provisions governing the allocation of net capital gains in connection with an actual or hypothetical sale of all or substantially all of the Company's assets. The Earnout Shares consist of three series, designated as 4.4 million Tranche 1 Earnout Shares, 4.4 million Tranche 2 Earnout Shares, and 4.4 million Tranche 3 Earnout Shares. Prior to achieving applicable benchmark targets or the occurrence of certain liquidity events, the Earnout Shares have no voting rights and do not participate in, or accrue, distributions. Upon the achievement of the applicable benchmark or upon the occurrence of certain liquidity events, each series of Earnout Shares may become Participating Earnout Shares, at which time, such shares will have equivalent economic rights to vote together as a single class and participate on a *pari passu* basis in distributions with the Company's Class P-I shares subject to the terms of the Amended and Restated Certificate of Designation and the Fifth Operating Agreement. As of December 31, 2025, certain Earnout Shares have earned participating status as discussed in *Earnout Shares* below.

In connection with the Acquisition, Group LLC received consideration of 24.4 million Class P-I shares and 13.1 million Earnout Shares. See *Earnout Shares* below for the definition and additional information on the Contribution Agreement.

The Fifth Operating Agreement authorizes the Company's Board, without member approval, to increase the number of authorized shares, to classify or reclassify authorized but unissued shares into one or more classes or series with such rights and preferences as determined by the Board, and to issue additional shares of any class or series on terms established by the Board. The Company may also issue additional limited liability company interests with rights, preferences, and privileges that differ from, and may be senior to, those of the common shares.

***Share Repurchase Program***

Prior to the suspension of the Company's share repurchase program ("SRP") in 2023, the Company allowed quarterly repurchases of shares of any class at a price equal to the applicable monthly share value ("MSV"). Repurchases were subject to numerous restrictions, the availability of funds, the terms of the SRP, and a holding period and were conducted at the sole discretion of the Board of Directors. The Board of Directors has the authority to modify, suspend, or terminate the SRP if it determines such action to be in the best interest of the Company and its shareholders or in response to changes in law or regulation. On September 23, 2023, the Board of Directors approved the suspension of the SRP effective immediately, except for repurchase requests made in connection with the death, qualifying disability, or determination of incompetence of a shareholder. As a result of the suspension, the Company will not accept or process additional repurchase requests, except as noted above, unless and until the Board authorizes a recommencement of the SRP, and no assurance can be given as to whether, when, or on what terms such recommencement may occur.

The quarterly share repurchases limits for the SRP are set forth below:

---

| | |
|:---|:---|
| **Quarter Ending** | **Share Repurchase Limit(s)** |
| September 30, 2021, and each quarter thereafter | During any 12-month period, 20.00% of the weighted average number of outstanding shares |
|  | During any fiscal quarter, 5.00% of the weighted average number of shares outstanding in the prior four fiscal quarters |

---

The Company has received an order from the SEC under Rule 102(a) of Regulation M under the Exchange Act in connection with the SRP. In addition, the SRP is substantially similar to repurchase programs for which the SEC has indicated it would not recommend enforcement action under Rule 13e-4 and Regulation 14E under the Exchange Act.

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***Distribution Reinvestment Plan***

The Company suspended shareholder distributions effective immediately after the May 1, 2024 distribution payment and, in connection therewith, suspended the distribution reinvestment plan ("DRP"). As a result, shareholders may not purchase additional shares under the DRP unless and until the Board authorizes the recommencement of distributions and the DRP, and no assurance can be given as to whether, when, or on what terms such recommencement may occur. Pursuant to the DRP, shareholders could elect to reinvest distributions by purchasing additional shares. As of January 17, 2024, the Company ceased offering shares under the prior registration statement and, pursuant to a new registration statement on Form S-3 (File No. 333-276532), offered up to $20.0 million of Class A, C, and I shares to existing shareholders under the Third Amended and Restated DRP. No dealer manager fees, selling commissions, or other sales charges were paid in connection with shares issued under the DRP, except for Class C, P-S, and P-T shares. The Board has the authority to amend, suspend, or terminate the DRP in its discretion to be in the best interests of the Company. A participant may terminate the election to participate in the DRP by written notice to the plan administrator.

Before the suspension of the distributions in 2024, the Company issued 3.4 million Class A shares, 0.6 million Class C shares, 1.7 million Class I shares, 0.1 million Class P-A shares, 3.2 million Class P-I shares, 4.2 thousand Class P-D shares, 1.8 million Class P-S shares, and 16.4 thousand Class P-T shares for a total of 10.8 million aggregate shares under the DRP in 2024.

***Liquidation Performance Unit***

In connection with the Acquisition, the Company issued a Liquidation Performance Unit ("LPU") to the LPU Holder to replace a previously issued Special Unit, which was contributed by Group LLC immediately prior to, and cancelled in connection with, the Acquisition. The LPU Holder, a wholly owned subsidiary of Group LLC formed solely to hold the LPU, is entitled to a Liquidation Performance Participation Distribution upon the occurrence of either an initial public offering of GREC (the "Listing") or a liquidation of the Company. Upon a liquidation, the Liquidation Performance Participation Distribution equals 20% of net proceeds remaining after distributions to other members. Upon a Listing, the distribution equals 20% of any premium received in connection with the Listing and is payable through conversion of the LPU into newly issued Class P-I shares based on the Class P-I share value as of the first month-end following the 30th trading day after the IPO. As none of the triggering events were considered probable, no liability related to the LPU was recognized as of December 31, 2025 and 2024.

In addition, certain employees received profits interest units from the LPU Holder in exchange for employment services. As the LPU Holder has no other assets or operations, any distribution to employees would be economically equivalent to the Liquidation Performance Participation Distribution. The Company determined these profits interest units do not represent a substantive class of Company equity and accounts for any potential distribution as a payable under ASC 710. As no triggering events were considered probable, no liability or compensation expense was recognized for the years ended December 31, 2025 and 2024.

***Earnout Shares***

In connection with the Acquisition, Group LLC received 24.4 million Class P-I common shares, par value $0.001 per share (the "Class P-I shares"), and 13.1 million of the common shares of the Company designated as Earnout Shares, par value $0.001 per share. The Earnout Shares were part of the purchase consideration and were classified as contingent consideration liabilities until they reached the status of Participating Earnout Shares at which point they were reclassified to Common and Redeemable common shares, par value and Additional paid-in capital. As of December 31, 2025 and 2024, the fair value of the contingent consideration liability related to the Earnout Shares not yet participating was nil and $0.3 million, respectively on the Consolidated Balance Sheets. Changes in fair value of the contingent consideration related to the Earnout Shares are recorded in Change in fair value of contingent consideration in the Consolidated Statements of Operations.

As of December 31, 2025, none of the Company's preferred shares were issued and outstanding.

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The following table is a summary of the shares issued, participating and repurchased during the period and outstanding as of December 31, 2025 and 2024:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **Class A** | **Class C** | **Class I** | **Class P-A** | **Class P-I** | **Class P-D** | **Class P-S** | **Class P-T** | **Class EO** | **Total** |
| **Shares outstanding as of December 31, 2023** | 15809 | 2706 | 6533 | 850 | 124039 | 192 | 44514 | 249 | 3730 | 198622 |
| Shares issued through reinvestment of distributions | 140 | 33 | 84 | 13 | 390 | 1 | 204 | 3 |  | 868 |
| Shares repurchased | (70) | (19) | (51) | (3) | (561) |  | (83) |  | (57) | (844) |
| Shares transferred |  |  |  |  | 121 |  | (121) |  |  |  |
| Other capital activity |  |  |  |  | 357 |  |  |  | 323 | 680 |
| **Shares outstanding as of December 31, 2024** | 15879 | 2720 | 6566 | 860 | 124346 | 193 | 44514 | 252 | 3996 | 199326 |
| Shares repurchased | (195) | (11) | (21) |  | (158) |  | (36) |  |  | (421) |
| Shares transferred |  |  |  |  | 446 |  | (452) |  |  | (6) |
| Other capital activity |  |  |  |  | 480 |  |  |  |  | 480 |
| **Shares outstanding as of December 31, 2025** | 15684 | 2709 | 6545 | 860 | 125114 | 193 | 44026 | 252 | 3996 | 199379 |

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***Distributions***

The Company suspended the shareholder distributions after the distribution payment on May 1, 2024. Below are the distributions calculated for shareholders of record based upon distribution period and class of share prior to the suspension in May 2024.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Class of Share** | **Class of Share** | **Class of Share** | **Class of Share** | **Class of Share** | **Class of Share** | **Class of Share** | **Class of Share** | **Class of Share** |
| **Distribution Period** | **Distribution Period** | **A** | **C** | **I** | **P-A** | **P-I** | **P-D** | **P-T** | **P-S** | **EO** |
| 1-Dec-20 | 30-Jun-23 | $0.00152 | $0.00149 | $0.00152 | $0.00152 | $0.00158 | $0.00158 | $0.00158 | $0.00158 | $— |
| 1-Jul-23 | 1-May-24 | $0.00152 | $0.00149 | $0.00152 | $0.00152 | $0.00158 | $0.00158 | $0.00158 | $0.00158 | $0.00158 |

---

The following table reflects the distributions declared and paid before the suspension effective on May 1, 2024 for the year ended December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* |  |  |  |  |
| **Declared Date** | **Pay Date** | **Paid in Cash** | **Value of Shares Issued under DRP** | **Total** |
| January 31, 2024 | February 1, 2024 | $7610 | $1787 | $9397 |
| February 29, 2024 | March 1, 2024 | 7145 | 1691 | 8836 |
| March 30, 2024 | April 1, 2024 | 7607 | 1821 | 9428 |
| April 30, 2024 | May 1, 2024 | 7373 | 1757 | 9130 |
| **Total** | **Total** | $29735 | $7056 | $36791 |

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The following table reflects the distributions declared and paid for the year ended December 31, 2023:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* |  |  |  |  |
| **Declared Date** | **Pay Date** | **Paid in Cash** | **Value of Shares Issued under DRP** | **Total** |
| January 31, 2024 | February 1, 2023 | $7386 | $1975 | $9361 |
| February 28, 2023 | March 1, 2023 | 6679 | 1777 | 8456 |
| March 30, 2023 | March 31, 2023 | 7420 | 1942 | 9362 |
| April 30, 2023 | May 1, 2023 | 7114 | 1888 | 9002 |
| May 31, 2023 | June 1, 2023 | 7373 | 1934 | 9307 |
| June 30, 2023 | July 3, 2023 | 7145 | 1871 | 9016 |
| July 30, 2023 | August 1, 2023 | 7232 | 1926 | 9158 |
| August 31, 2023 | September 1, 2023 | 7226 | 1935 | 9161 |
| September 30, 2023 | October 2, 2023 | 7003 | 1872 | 8875 |
| October 31, 2023 | November 2, 2023 | 7352 | 1841 | 9193 |
| November 30, 2023 | December 1, 2023 | 7964 | 1746 | 9710 |
| December 31, 2023 | January 2, 2024 | 7606 | 1786 | 9392 |
| **Total** | **Total** | $87500 | $22493 | $109993 |

---

All distributions paid for the years ended December 31, 2024 and 2023 were reported as a return of capital to members for tax reporting purposes.

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Note 19. Share-based Compensation**

In May 2023, the Company's Board of Directors adopted the 2023 Equity Incentive Plan, which authorized an aggregate of 5% of the common shares that are issued and outstanding as Class P-I shares for issuance to employees and non-employee directors. The maximum number of common shares authorized is automatically increased by 1% on each anniversary of the effective date of the 2023 Equity Incentive Plan, until the total aggregate amount of issuable shares is 10% of the common shares issued and outstanding. Share-based awards issued become exercisable and generally vest over a one- to four-year period. As of December 31, 2025, there were 7.8 million shares available for future grants under the 2023 Equity Incentive Plan.

Share-based compensation expense is recognized in Direct operating costs and General and administrative expense on the Consolidated Statements of Operations. The Company accounts for forfeitures as they occur. The following table summarizes share-based compensation expense recognized for the periods indicated below:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Restricted stock units | $8484 | $7725 | $370 |
| Cash-settled restricted stock units | (64) | 19 | 678 |
| Performance restricted stock units | 698 | 2053 | 441 |
| Director's fees | 167 | 192 | 195 |
| GDEV incentive fees<sup>(1)</sup> | (1321) | 219 | 919 |
| GDEV II incentive fees<sup>(1)</sup> | 760 | 4070 |  |
| GDEV II special profits interest | 20 | 72 | 164 |
| GDEV Management Holdings LLC member interests | 2061 |  |  |
| EO Awards |  | (13972) | 8481 |
| &nbsp;&nbsp;Total | $10805 | $378 | $11248 |

---

(1)The GDEV I and GDEV II incentive units are carried interest awards that were issued by GDEV GP and GDEV GP II to certain employees and non-employee service providers of GCM and GDEV Management Holdings LLC that provide services to GDEV GP and GDEV GP II.

***Restricted Share Units***

The Company grants service-based restricted share units to employees and non-employee directors under the 2023 Equity Incentive Plan. Compensation expense for these service-based restricted share units is based on the MSV of the Company's Class P-I shares on the business day prior to grant and is recognized ratably over the service period. Unrecognized compensation expense related to restricted share units as of December 31, 2025 was $10.2 million, which the Company expects to recognize over a weighted average period of 1.35 years.

The following table provides a summary of the restricted share unit activity during the periods indicated below:

---

| | | |
|:---|:---|:---|
| *(in thousands, except per share data)* | **Restricted Share Units** | **Weighted Average Fair Value** |
| Unvested balance as of December 31, 2023 | 267 | $7.78 |
| Granted | 2679 | 7.77 |
| Vested | (551) | 8.17 |
| Forfeited | (296) | 7.66 |
| Unvested balance as of December 31, 2024 | 2099 | $7.68 |
| Granted | 2126 | 5.09 |
| Vested | (986) | 7.12 |
| Forfeited | (650) | 7.64 |
| &nbsp;&nbsp;Unvested balance as of December 31, 2025 | 2589 | $5.78 |

---

In connection with the service-based restricted share units granted in September 2025, 0.1 million units vested immediately, resulting in $0.7 million of additional share-based compensation expense for the year ended December 31, 2025.

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

***Cash-Settled Restricted Share Units***

As discussed in Note 16. Related Parties, in September 2023, the Company replaced 0.1 million forfeited restricted share units with 0.1 million new cash-settled restricted share units to a former employee. The awards were fully vested at grant date, had a grant-date fair value of $0.7 million, and were remeasured quarterly until settlement. The units were fully settled by April 2025, with no unvested units outstanding as of December 31, 2025.

***Performance Restricted Share Units***

In July and September 2025, the Company granted performance restricted share units of up to 1.5 million and 0.4 million, respectively, units of the Company's Class P-I shares to certain employees. The awards had grant date fair values of approximately $7.9 million and $2.0 million, respectively, calculated based on the Class P-I MSV on the respective grant dates. These awards include performance and service conditions under ASC 718, are earned based on projected fiscal year 2027 free cash flow, and vest on March 31, 2028. The Company recognizes expense based on the number of units that it expects to vest.

In February 2024 and July 2024, the Company granted performance restricted share units of up to 0.7 million and 1.3 million Class P-I shares with grant-date fair values of approximately $2.4 million and $5.3 million, respectively, determined using a Black-Scholes-Merton model. These awards include market and service conditions under ASC 718 and are earned based on total shareholder return over specified measurement periods. Shares earned will vest in 2027 and 2028 and the entire compensation expense is recognized over the requisite service period regardless of performance outcomes unless units are forfeited during the period.

In August 2023, the Company granted performance restricted share units of up to 1.1 million shares of the Company's Class P-I shares to certain employees. The awards had a grant date fair value of approximately $4.7 million using a Black-Scholes-Merton model. The performance restricted share units are both a market and service-based award in accordance with ASC 718. Shares under this award will be earned based on total shareholder return between May 23, 2023 and May 23, 2026. Shares earned will vest on August 9, 2027. The Company will recognize the entire $4.7 million of compensation expense for this award, regardless of whether such conditions are met, over the requisite service period unless units are forfeited during the period.

The following table summarizes the assumptions and related information used to determine the grant-date fair value of performance restricted share units awarded in February 2024:

---

| | |
|:---|:---|
| **Inputs** | **Performance Restricted Share Units** |
| Weighted average grant-date fair value per Class P-I share | $8.27 |
| Performance period (in years) | 3.0 |
| Expected share volatility | 28.6% |
| Dividend yield | —% |
| Daily distribution rate | $0.00158 |
| Risk-free interest rate | 4.7% |

---

The following table summarizes the assumptions and related information used to determine the grant-date fair value of performance restricted share units awarded in July 2024:

---

| | |
|:---|:---|
| **Inputs** | **Performance Restricted Share Units** |
| Weighted average grant-date fair value per Class P-I share | $7.97 |
| Performance period (in years) | 3.0 |
| Expected share volatility | 25.1% |
| Dividend yield | —% |
| Daily distribution rate | $— |
| Risk-free interest rate | 4.3% |

---

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

The following table provides a summary of performance restricted share unit activity during the periods indicated below:

---

| | | |
|:---|:---|:---|
| *(in thousands, except per share data)* | **Performance Restricted Share Units** | **Weighted Average Fair Value** |
| Unvested balance as of December 31, 2023 | 1067 | $4.40 |
| Granted | 1987 | $3.92 |
| Forfeited | (269) | $4.11 |
| Unvested balance as of December 31, 2024 | 2785 | $4.08 |
| Granted | 1935 | $5.13 |
| Forfeited | (1886) | $4.04 |
| &nbsp;&nbsp;Unvested balance as of December 31, 2025 | 2834 | $4.82 |

---

***EO Awards***

During the year ended December 31, 2024, the Company determined that the performance conditions underlying the EO Awards were improbable of being achieved and EO Awards were therefore improbable of vesting and accordingly, recognized a cumulative reduction in compensation expense of $3.4 million. No compensation expense associated with the EO Awards was recognized during the year ended December 31, 2025. As of December 31, 2025, all of the outstanding EO Awards have been forfeited as the performance conditions underlying the EO Awards were not met.

***GDEV I and GDEV II Incentive Units***

The GDEV I and GDEV II incentive units are carried interest awards issued by GDEV GP and GDEV GP II to certain employees and nonemployee service providers of GCM and GDEV Management Holdings LLC that provide services to GDEV GP and GDEV GP II. The Company accounts for the carried interest awards issued to employees in accordance with ASC Topic 710, Compensation - General ("ASC 710"). Holders of carried interest awards receive distributions based on carried interest received by GDEV GP and GDEV GP II from GDEV I and GDEV II once the management fee shortfall has been reduced to zero. Vesting is based on the continued service of the participants. The carried interest awards are liability-classified, and compensation expense for the carried interest awards is based on the change in the fair value of the carried interests and the vesting schedule. The compensation expense recognized on the carried interest awards is included in General and administrative expenses in the Consolidated Statements of Operations.

***GDEV Management Holdings LLC Membership Interests and Options***

On January 1, 2025, an independent contractor of GDEV Management Holdings LLC received 25% of the membership interests in GDEV Management Holdings LLC in exchange for a small amount of cash and future services. The Company records compensation expense under ASC 718 for the membership interests issued in exchange for future services as nonemployee equity-classified share-based compensation. 50% of the membership interests were fully vested on the issuance date, 25% will vest on January 1, 2028, and the remaining 25% will vest on October 9, 2030. In addition, the independent contractor has the option to acquire an additional 15% of the membership interests in GDEV Management Holdings LLC at a fixed price from GCM if certain thresholds are met prior to October 9, 2030. The grant-date fair value of this option was immaterial, and therefore, no related compensation expense was recorded for the year ended December 31, 2025.

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Note 20. Earnings Per Share**

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands, except per share data)* | **2025** | **2024** | **2023** |
| **Basic and diluted:** |  |  |  |
| Net income (loss) attributable to Greenbacker Renewable Energy Company LLC | $(194645) | $(242300) | $(79471) |
| Weighted average common shares outstanding used in computing net loss per share—basic | 199383 | 199313 | 199293 |
| Weighted average common shares outstanding used in computing net loss per share—diluted | 199383 | 199313 | 199293 |
| Net income (loss) per share—basic | $(0.98) | $(1.22) | $(0.40) |
| Net income (loss) per share—diluted | $(0.98) | $(1.22) | $(0.40) |

---

Securities that could potentially be dilutive are excluded from the computation of diluted loss per share when a loss from continuing operations exists because their inclusion would result in an anti-dilutive effect on per share amounts.

The effect of 5.4 million, 4.9 million, and 1.4 million shares related to the Company's share-based compensation awards for the years ended December 31, 2025, 2024 and 2023, respectively, were excluded from the calculation of diluted earnings per share as the effect of such shares would have been anti-dilutive.

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Note 21. Segment Reporting**

We operate in two reportable operating segments: IPP and IM, and publicly report our financial results on these two segments. The Company determines the operating segments and reports segment information in accordance with how the Company's CODM allocates resources and assesses performance. The Company's CODM is its CEO. The Company's operating segments are aggregated into two reportable operating segments as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *IPP –* The IPP business represents the active management and operations of the Company's fleet of renewable energy projects, including those in late-stage development and under construction. The Company's renewable energy projects generally earn revenue through the sale of generated electricity as well as frequently through the sale of other commodities such as RECs. In certain cases, the Company also serves as a minority member in renewable energy projects where it does not actively manage and operate the project but receives periodic dividends. The Company also provides loans to developers for the construction of renewable energy and energy efficiency projects as an incremental revenue stream for IPP.

The IPP business includes the direct costs to operate the Company's fleet, including costs such as operations and maintenance, repairs, and other costs incurred at the project/site level. Additionally, the Company employs a dedicated team of technical asset managers as well as a construction team to oversee the development and operations of our fleet. Such costs are recorded as Direct operating costs for IPP.

The IPP business also includes the allocable portion of the Company's General and administrative expenses, which represents overhead functions such as: finance and accounting, legal, information technology, human resources and other general functions that support the operations of IPP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *IM* – The IM business represents GCM's investment management platform, which is a renewable energy, energy efficiency and sustainability-related project acquisition, consulting and development company that is registered as an investment adviser under the Advisers Act. The IM business also includes administrative services provided by Greenbacker Administration for managed funds in the renewable energy industry as an additional revenue stream.

The Company's IM business includes the direct costs incurred for the investment management services for managed funds and other marketing and investor relation services. This includes the costs to raise and deploy capital for such funds. Such costs are recorded as Direct operating costs for IM.

The IM business also includes the allocable portion of the Company's General and administrative expenses, which represents overhead functions such as: finance and accounting, legal, information technology, human resources and other general functions that support the operations of IM.

The following table presents the Company's revenue by reportable operating segment:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2023** |
| Energy revenue | $182534 | $185225 | $159301 |
| Other revenue | 4624 | 6085 | 8434 |
| Contract amortization, net | (7419) | (14301) | (8060) |
| &nbsp;&nbsp;Total IPP revenue | $179739 | $177009 | $159675 |
| Investment Management revenue | $11482 | $18757 | $13490 |
| &nbsp;&nbsp;Total net revenue | $191221 | $195766 | $173165 |

---

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

Our segment structure reflects the financial information and reports used by the CODM to make decisions regarding the business, including resource allocations and performance assessments. The Company's CODM reviews operating income (loss) and its components to evaluate the performance of each segment on a regular basis and to determine how to allocate resources. The operating income (loss) of each operating segment includes the operating revenues of the segments less expenses that are directly related to those revenues. The accounting policies of the reportable operating segments are the same as those described in Note 2. Significant Accounting Policies.

The Company's CODM evaluates the financial performance of each segment using operating income (loss), which excludes: (i) unallocated corporate expenses; (ii) interest expense; (iii) income taxes; (iv) amounts attributable to our redeemable and nonredeemable noncontrolling interests; (v) unrealized gains and losses on financial instruments; and (vi) other income (loss). Additionally, the Company does not allocate the change in fair value of contingent consideration and certain share-based compensation expense to its reportable operating segments.

There have been no changes to the measurement methods of expenses or methods of allocating expenses to segments during 2025. Our CODM is not provided with total asset information by segment since we do not measure, evaluate the performance of, or allocate total assets on a segment basis. As a result, we have not disclosed any asset information by segment. All Other reflects the Company's General and administrative costs not directly attributable to the segments.

Information on segments and reconciliations to consolidated revenues, consolidated operating expenses, consolidated operating income, consolidated loss before income taxes and consolidated depreciation and amortization for the periods indicated below were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
| *(in thousands)* | **Independent Power Producer** | **Investment Management** | **All Other** | **Consolidated** |
| **Total segment net revenue** | $179739 | $11482 | $— | $191221 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct operating costs<sup>(1) (2)</sup> | $81868 | $12712 | $— | $94580 |
| &nbsp;&nbsp;&nbsp;General and administrative<sup>(3)</sup> | 12120 | 4292 | 41047 | 57459 |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration |  |  | (300) | (300) |
| &nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | 76483 | 4299 |  | 80782 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on asset disposition | 95339 |  |  | 95339 |
| &nbsp;&nbsp;&nbsp;Impairment of long-lived assets, net and termination costs | 46846 |  |  | 46846 |
| **Total segment operating expense** | $312656 | $21303 | $40747 | $374706 |
| **Total segment operating income (loss)** | $(132917) | $(9821) | $(40747) | $(183485) |
| Interest income (expense), net |  |  |  | $(79892) |
| Change in fair value of investments, net |  |  |  | (5380) |
| Income from sale-leaseback transfer of tax benefits |  |  |  | 32951 |
| Gain on liability extinguishment |  |  |  | 15417 |
| Other income (expense), net |  |  |  | (2624) |
| Income (loss) before income taxes |  |  |  | $(223013) |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
| *(in thousands)* | **Independent Power Producer** | **Investment Management** | **All Other** | **Consolidated** |
| **Total segment net revenue** | $177009 | $18757 | $— | $195766 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct operating costs<sup>(1) (2)</sup> | $95049 | $16700 | $— | $111749 |
| &nbsp;&nbsp;&nbsp;General and administrative<sup>(3)</sup> | 15231 | 8020 | 29301 | 52552 |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration |  |  | (39348) | (39348) |
| &nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | 73790 | 8163 |  | 81953 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on asset disposition | 12932 |  |  | 12932 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on deconsolidation, net | (5622) |  |  | (5622) |
| &nbsp;&nbsp;&nbsp;Impairment of goodwill | 200338 | 20976 |  | 221314 |
| &nbsp;&nbsp;&nbsp;Impairment of long-lived assets, net and termination costs | 37982 | 50428 |  | 88410 |
| **Total segment operating expense** | $429700 | $104287 | $(10047) | $523940 |
| **Total segment operating income (loss)** | $(252691) | $(85530) | $10047 | $(328174) |
| Interest income (expense), net |  |  |  | $(7612) |
| Change in fair value of investments, net |  |  |  | (14701) |
| Income from sale-leaseback transfer of tax benefits |  |  |  | 22764 |
| Other income (expense), net |  |  |  | 2436 |
| Income (loss) before income taxes |  |  |  | $(325287) |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** |
|  | **Independent Power Producer** | **Investment Management** | **All Other** | **Consolidated** |
| **Total segment net revenue** | $159675 | $13490 | $— | $173165 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct operating costs<sup>(1) (2)</sup> | $91911 | $13675 | $— | $105586 |
| &nbsp;&nbsp;&nbsp;General and administrative<sup>(3)</sup> | 13992 | 3680 | 42945 | 60617 |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration |  |  | (603) | (603) |
| &nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | 116506 | 9237 |  | 125743 |
| &nbsp;&nbsp;&nbsp;Impairment of long-lived assets, net and termination costs | $59294 | $— | $— | 59294 |
| **Total segment operating expense** | $281703 | $26592 | $42342 | $350637 |
| **Total segment operating income (loss)** | $(122028) | $(13102) | $(42342) | $(177472) |
| Interest income (expense), net |  |  |  | $(20328) |
| Change in fair value of investments, net |  |  |  | 932 |
| Other expense, net |  |  |  | (267) |
| Income (loss) before income taxes |  |  |  | $(197135) |

---

(1)Direct operating costs within the IPP segment represent the costs to operate our fleet of renewable energy projects, including operations and maintenance, site lease expense, project-level insurance and property taxes, and other costs incurred at the project level. Additionally, the Company employs a dedicated team of technical asset managers to monitor the operational performance of the projects within IPP. The salaries, benefits and professional service costs directly related to the operations of IPP are included within Direct operating costs in the tables above and on the Consolidated Statements of Operations. Direct operating costs exclude any depreciation, amortization and accretion expense.

(2)Direct operating costs within the IM segment represent the costs for the investment management services for the managed funds. This includes the costs to raise and deploy capital for such funds.

(3)General and administrative costs for the IPP and IM segments primarily consist of allocable portions of salaries and other compensation, professional services and consulting fees and other related costs for overhead functions. Unallocated All Other expenses represent the portion of expenses relating to general corporate functions, including certain finance, legal, information technology, human resources, administrative and executive expenses including stock-based compensation, and other expenses not directly attributable to the reportable segments.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Note 22. Subsequent Events**

The Company has evaluated events that have occurred after the balance sheet date but before the financial statements are issued and has determined that there were no subsequent events requiring adjustment or disclosure in the Consolidated Financial Statements.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**Schedule I - Condensed Financial Information of Registrant Parent Company**

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**CONDENSED BALANCE SHEETS (PARENT COMPANY ONLY)**

*(in thousands, except per share data)*

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Assets** | | |
| **Current assets:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $163 | $161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 125 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 288 | 716 |
| Other assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in subsidiary<sup>(1)</sup> | 1138222 | 1350941 |
| Total assets | $1138510 | $1351657 |
| **Liabilities, Redeemable Noncontrolling Interests and Equity** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $84 | $3209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 2377 | 3808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 2461 | 7017 |
| Other liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Contingent consideration |  | 300 |
| &nbsp;&nbsp;&nbsp;Other noncurrent liabilities | 149 | 3271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other liabilities | 149 | 3571 |
| **Total liabilities** | $2610 | $10588 |
| Commitments and contingencies |  |  |
| Redeemable noncontrolling interests | $— | $1851 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common shares, par value, $0.001 per share, 350,000 authorized, 199,379 and 199,326 outstanding as of 2025 and 2024, respectively | 199 | 199 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1779303 | 1773758 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (777258) | (584733) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 26547 | 34937 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 107109 | 115057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | 1135900 | 1339218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, redeemable noncontrolling interests and equity** | $1138510 | $1351657 |

---

(1)The Company has eliminated all intercompany balances and transactions in consolidation.

The accompanying notes are an integral part of these Condensed Financial Statements.

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<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**CONDENSED STATEMENTS OF OPERATIONS (PARENT COMPANY ONLY)**

*(in thousands)*

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 2643 | 3799 | 3044 |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | (300) | (39348) | (603) |
| Total operating expenses | 2343 | (35549) | 2441 |
| Equity in losses of consolidated subsidiaries | 212555 | 341459 | 172505 |
| &nbsp;&nbsp;Total other income (expense), net | 9 | 1 | (641) |
| Net income (loss) | (214889) | (305909) | (175587) |
| Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | (20244) | (63609) | (96116) |
| Net income (loss) attributable to Greenbacker Renewable Energy Company LLC | $(194645) | $(242300) | $(79471) |

---

The accompanying notes are an integral part of these Condensed Financial Statements.

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**CONDENSED STATEMENTS OF CASH FLOWS (PARENT COMPANY ONLY)**

*(in thousands)*

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Net cash used in operating activities** | (13629) | (1850) | (4583) |
| **Cash Flows from Investing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net contribution from subsidiaries | 18527 | 48124 | 138978 |
| **Net cash provided by investing activities** | 18527 | 48124 | 138978 |
| **Cash Flows from Financing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder distributions |  | (37196) | (87597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common shares | (2667) | (6428) | (82719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other capital activity | (2229) | (3150) | (3480) |
| **Net cash used in financing activities** | (4896) | (46774) | (173796) |
| **Net decrease (increase) in Cash and cash equivalents** | 2 | (500) | (39401) |
| **Cash and cash equivalents at beginning of period** | 161 | 661 | 40062 |
| **Cash and cash equivalents at end of period** | $163 | $161 | $661 |

---

The accompanying notes are an integral part of these Condensed Financial Statements.

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES**

**NOTES TO THE CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY)**

**Note 1. Background and Basis of Presentation** 

***Background***

Greenbacker Renewable Energy Company LLC (the "Company" or "GREC LLC") is a Delaware limited liability company formed in December 2012 and is a holding company with no direct operations. The Company's assets and liabilities primarily consist of its equity interest in Greenbacker Renewable Energy Corporation ("GREC") and its consolidated subsidiaries. GREC is an energy transition, renewable energy and investment management company that acquires, constructs and operates renewable energy and energy efficiency projects, as well as finances the construction and/or operation of these and other sustainable development projects and businesses and provides through Greenbacker Capital Management LLC investment management services to funds within the sustainable infrastructure and renewable energy industry.

***Basis of Presentation***

The condensed parent-only company financial statements have been prepared in accordance with Rule 12-04 of Regulation S-X, as the restricted net assets of GREC LLC's subsidiaries exceed 25% of the consolidated net assets of GREC LLC. The parent's 100% investment in its subsidiaries has been recorded using the equity basis of accounting in the accompanying condensed parent-only financial statements. These statements should be read in conjunction with the consolidated financial statements and notes thereto of GREC LLC.

The condensed financial information has been prepared using the same accounting policies as set out in the Consolidated Financial Statements except that the equity method has been used to account for investments in its subsidiaries. GREC LLC is considered the "registrant" and presented as the parent company to supplement its condensed financial statements in Schedule I. The parent company records its investments in subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method, and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as "Investment in subsidiary." Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to nil, absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this Schedule I, the parent company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries regardless of the carrying value of the investment even though the parent company is not obligated to provide continuing support or fund losses.

The Company consolidates the results of GREC and its subsidiaries through its controlling interest, with interest in subsidiaries held by other investors shown as noncontrolling interest in the financial statements.

**Note 2. Commitments and Contingencies and Guarantees**

See Note 11. Debt and Note 15. Commitments and Contingencies and to the Company's Consolidated Financial Statements for a detailed discussion of GREC LLC's commitments and contingencies.

**Note 3. Dividends** 

Cash distributions paid to GREC LLC by its subsidiaries were $19.7 million, $60.3 million and $142.2 million for the years ended December 31, 2025, 2024, and 2023, respectively.

------

<u>[Table](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[of](#id5d8d9e19bd743a78743a5e2ae7f375f_13)[Contents](#id5d8d9e19bd743a78743a5e2ae7f375f_13)</u>

**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

None.

**ITEM 9A. CONTROLS AND PROCEDURES**

**Disclosure Controls**

In accordance with Rules 13a-15(b) and 15d-15(b) of the Exchange Act, we, under the supervision and with the participation of our Chief Executive Officer and Chief Accounting Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Annual Report, and determined that the disclosure controls and procedures are effective. Our disclosure controls and procedures are designed to provide reasonable assurance that information we are required to disclose in the reports that we file or submit under the Exchange Act are recorded, processed and summarized and reported within the time period specified in the applicable rules and forms.

**Management's Report on Internal Control over Financial Reporting**

Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. The internal control over financial reporting for the Company includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures are being made only in accordance with authorizations of our management; and (iii) provide reasonable assurance regarding the prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the Consolidated Financial Statements of the Company.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. All internal control systems, no matter how well designed, have inherent limitations, including the possibility of human error and the circumvention of overriding controls. Accordingly, even effective internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Our management assessed the effectiveness of the internal control over financial reporting as of December 31, 2025, based on the framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its 2013 framework as part of its assessment. Based on that assessment, our management concluded that, as of December 31, 2025, the internal control over financial reporting for the Company is effective based on the criteria established in Internal Control-Integrated Framework.

This Annual Report does not include an attestation report of the Company's independent registered public accounting firm regarding internal control over financial reporting. Our management's report was not subject to attestation by the Company's independent registered public accounting firm pursuant to the rules of the SEC that permit the Company to provide only management's report in this Annual Report.

**Change in Internal Control Over Financial Reporting**

No change occurred in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) during the year ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**Limitations on the Effectiveness of Controls**

Any control system, no matter how well designed and operated, can only provide reasonable (but not absolute) assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

**ITEM 9B. OTHER INFORMATION**

None.

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not Applicable.

------

**PART III**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

The information required by this Item 10 will be included under the heading "Directors, Corporate Governance and Executive Officers" in the Company's definitive proxy statement which will be filed with the SEC within 120 days after December 31, 2025, in connection with the solicitation of proxies for the Company's 2026 annual meeting of shareholders (the "2026 Proxy Statement") and is incorporated herein by reference.

There is no established public trading market for our LLC interests. As a result, the Company has not adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions of securities by managers, executive officers, employees and the Company itself. Our Board and management will continue to evaluate the need for an insider trading policy, and we may adopt a formal policy in the future if appropriate.

**ITEM 11. EXECUTIVE COMPENSATION**

The information required by this Item 11 will be included in the Company's 2026 Proxy Statement under the headings "Compensation of Directors and Executive Officers" and is incorporated herein by reference.

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED MEMBER MATTERS**

The information required by this Item 12 relating to security ownership of certain beneficial owners and management, will be included in the Company's 2026 Proxy Statement under the heading "Ownership of Securities" and is incorporated herein by reference.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

The information required by this Item 13, to the extent applicable, will be included in the Company's 2026 Proxy Statement under the heading "Certain Relationships and Related Transactions" and is incorporated herein by reference.

**ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES**

The information required by this Item 14 will be included in the Company's 2026 Proxy Statement under the heading "Independent Registered Public Accounting Firm" and is incorporated herein by reference.

**ITEM 15. EXHIBITS, CONSOLIDATED FINANCIAL STATEMENT SCHEDULES**

**(a)Documents Filed as Part of this Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The following Consolidated Financial Statements of Greenbacker Renewable Energy Company LLC and related notes thereto, together with the Report of Independent Registered Public Accounting Firm of KPMG LLP (PCAOB ID: 185) thereon, are included herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Balance Sheets as of December 31, 2025 and 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Statements of Equity for the years ended December 31, 2025, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notes to the Consolidated Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Schedule I - Greenbacker Renewable Energy Company LLC (Parent Company only) Condensed Financial Statements for the years ended December 31, 2025, 2024 and 2023

**(b)Exhibits**

The following exhibits, as required by Item 601 of Regulation S-K, are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the Securities and Exchange Commission as stated below:

------

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| 2.1 | <u>[Contribution Agreement, dated as of May 19, 2022, by and between Greenbacker Renewable Energy Company LLC and Greenbacker Group LLC](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex2-1.htm)</u> <u>[(Incorporated by reference from Exhibit 2.1 of the Registrant's Form 8-K (File No. 000-55610) filed on May 23, 2022)](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex2-1.htm)</u> |
| 2.2 | <u>[Contribution Agreement, dated as of May 19, 2022, by and between Greenbacker Renewable Energy Company LLC and Greenbacker Renewable Energy Corporation](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex2-2.htm)</u> <u>[(Incorporated by reference from Exhibit 2.1 of the Registrant's Form 8-K (File No. 000-55610) filed on May 23, 2022)](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex2-1.htm)</u> |
| 3.1 | <u>[Fifth Amended and Restated Limited Liability Company Operating Agreement, dated as of May 19, 2022 of Greenbacker Renewable Energy Company LLC](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex3-1.htm)</u> <u>[(Incorporated by reference from Exhibit 3.1 of the Registrant's Form 8-K (File No. 000-55610) filed on May 23, 2022)](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex2-1.htm)</u> |
| 3.2 | <u>[Certificate of Formation of Greenbacker Renewable Energy Company LLC (Incorporated by reference from Exhibit 3.1 of the Registrant's Pre-Effective Amendment No. 1 to the Registration Statement on Form S-1 (File No. 333-178786-01) filed on December 11, 2012)](https://www.sec.gov/Archives/edgar/data/1538377/000119312512498707/d451116dex31.htm)</u> |
| 3.3 | <u>[Fourth Amended and Restated Limited Liability Company Operating Agreement of Greenbacker Renewable Energy Company LLC dated November 17, 2020 (Incorporated by reference from Exhibit 3.1 of the Registrant's Form 10-Q (File No. 000-55610) filed on November 17, 2020)](https://www.sec.gov/Archives/edgar/data/1563922/000121390020037695/f10q0920ex3-1_greenbacker.htm)</u> |
| 4.1 | <u>[Certificate of Share Designation of Class EO Common Shares of Greenbacker Renewable Energy Company LLC, dated as of May 19, 2022 (Incorporated by reference from Exhibit 4.1 of the Registrant's Form 8-K (File No. 000-55610) filed on May 23, 2022)](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex4-1.htm)</u> |
| 4.2 | <u>[Amended and Restated Certificate of Share Designation of Class EO Common Shares of Greenbacker Renewable Energy Company LLC, dated as of February 5, 2024 (Incorporated by reference from Exhibit 4.1 of the Registrant's Form 8-K (File No. 000-55610) filed on February 9, 2024)](https://www.sec.gov/Archives/edgar/data/1563922/000175392624000257/g084024_ex4-1.htm)</u> |
| 4.3 | <u>[Description of Registrant's Securities (Incorporated by reference from Exhibit 4.2 of the Registrant's Form 10-K (file No. 00-565610) filed on March 31, 2023)](https://www.sec.gov/Archives/edgar/data/1563922/000156392223000002/grec-20221231xex42.htm)</u> |
| 10.1 | <u>[Greenbacker Renewable Energy Company LLC 2023 Equity Incentive Plan, dated as of May 23, 2023 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on May 30, 2023)](https://www.sec.gov/Archives/edgar/data/1563922/000175392623000747/g083571_ex10-1.htm)</u> |
| 10.2 | <u>[Form of Restricted Share Unit Grant and Agreement under the Greenbacker Renewable Energy Company LLC 2023 Equity Incentive Plan (Incorporated by reference from Exhibit 10.2 of the Registrant's Form 8-K (File No. 000-55610) filed on May 30, 2023)](https://www.sec.gov/Archives/edgar/data/1563922/000175392623000747/g083571_ex10-2.htm)</u> |
| 10.3 | <u>[Form of Restricted Share Grant and Agreement under the Greenbacker Renewable Energy Company LLC 2023 Equity Incentive Plan (Incorporated by reference from Exhibit 10.3 of the Registrant's Form 8-K (File No. 000-55610) filed on May 30, 2023)](https://www.sec.gov/Archives/edgar/data/1563922/000175392623000747/g083571_ex10-3.htm)</u> |
| 10.4 | <u>[Fourth Amended and Restated Advisory Agreement between Registrant, Greenbacker Renewable Energy Corporation and Greenbacker Capital Management LLC dated July 1, 2021 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 333-178786-01) filed on July 1, 2021)](https://www.sec.gov/Archives/edgar/data/1563922/000175392621000221/g082247_ex10-1.htm)</u> |
| 10.5 | <u>[Registration Rights Agreement, dated as of May 19, 2022, by and between Greenbacker Renewable Energy Corporation, Greenbacker Renewable Energy Company LLC and the Initial Holders (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on May 23, 2022)](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex10-1.htm)</u> |
| 10.6 | <u>[Form of Administration Agreement by and among Registrant, Greenbacker Renewable Energy Corporation and Greenbacker Administration, LLC](https://www.sec.gov/Archives/edgar/data/1563922/000121390020037695/f10q0920ex10-2_greenbacker.htm)[(Incorporated by reference from Exhibit 3.1 of the Registrant's Form 10-Q (File No. 333-178786-01) filed on November 17, 2020)](https://www.sec.gov/Archives/edgar/data/1563922/000121390020037695/f10q0920ex10-2_greenbacker.htm)</u> |
| 10.7 | <u>[Transition Services Agreement, dated as of May 19, 2022, by and among Greenbacker Group LLC, GB Liquidation Performance Holder LLC, GB EO Holder LLC, and Greenbacker Administration, LLC (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on May 23, 2022)](https://www.sec.gov/Archives/edgar/data/1563922/000175392622000767/g083025_ex10-2.htm)</u> |
| 10.8 | <u>[Form of Expense Assumption and Reimbursement Agreement by and among Registrant, Greenbacker Renewable Energy Corporation and Greenbacker Capital Management, LLC (Incorporated by reference from Exhibit 10.6 of the Registrant's Form 10-Q (File No. 333-178786-01) filed on August 11, 2014)](https://www.sec.gov/Archives/edgar/data/1563922/000119312514304195/d764343dex106.htm)</u> |
| 10.9 | <u>[Credit Agreement among GREC Entity HoldCo LLC, as Borrower, Greenbacker Renewable Energy Corporation, as Intermediate Holdco, Greenbacker Renewable Energy Company LLC, as Parent, and the lenders named therein, dated July 11, 2016 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 333-178786-01) filed on July 14, 2016)](https://www.sec.gov/Archives/edgar/data/1563922/000161577416006331/s103707_ex10-1.htm)</u> |
| 10.10 | <u>[Credit Agreement among GREC Entity HoldCo LLC, as Borrower, Greenbacker Renewable Energy Corporation, as Intermediate Holdco, Greenbacker Renewable Energy Company LLC, as Parent, and the lenders named therein, dated January 5, 2018 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on January 10, 2018)](https://www.sec.gov/Archives/edgar/data/1563922/000161577418000237/s108683_ex10-1.htm)</u> |
| 10.11 | <u>[Amended and Restated Credit Agreement among GREC Entity HoldCo LLC, as Borrower, Greenbacker Renewable Energy Corporation, as Intermediate Holdco, Greenbacker Renewable Energy Company LLC, as Parent, and the lenders named therein, dated June 20, 2019 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on June 25, 2019)](https://www.sec.gov/Archives/edgar/data/1563922/000121390019011416/f8k062019ex10-1_greenbacker.htm)</u> |

---

------

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| 10.12 | <u>[Second Amended and Restated Credit Agreement among GREC Entity HoldCo LLC, as Borrower, Greenbacker Renewable Energy Corporation, as Intermediate Holdco, Greenbacker Renewable Energy Company LLC, as Parent, and the lenders named therein, dated November 25, 2020 (Incorporated by reference from Exhibit 10.12 of the Registrant's Form 10-K (File No. 000-55610) filed on March 28, 2024)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1563922/000156392224000001/cik0001563922-20231231.htm)</u> |
| 10.13 | <u>[Separation Agreement by and among Greenbacker Renewable Energy Corporation (together with Greenbacker Renewable Energy Company LLC and each of their affiliates) and Mehul Mehta, dated as of September 1, 2023 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on September 1, 2023)](https://www.sec.gov/Archives/edgar/data/1563922/000175392623001175/g083733_ex10-01.htm)</u> |
| 10.14 | <u>[Consulting Agreement by and among Greenbacker Renewable Energy Corporation (together with Greenbacker Renewable Energy Company LLC and each of their affiliates) and Mehul Mehta, dated as of September 1, 2023 (Incorporated by reference from Exhibit 10.2 of the Registrant's Form 8-K (File No. 000-55610) filed on September 1, 2023)](https://www.sec.gov/Archives/edgar/data/1563922/000175392623001175/g083733_ex10-02.htm)</u> |
| 10.15 | <u>[Credit and Guaranty Agreement by and among GREC Warehouse Holdings 1 LLC, as borrower, and the guarantors, letter of credit issuers, and lenders named therein, dated August 11, 2023 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on January 11, 2024)](https://www.sec.gov/Archives/edgar/data/1563922/000175392624000095/g083945_ex10-1.htm)</u> |
| 10.16 | <u>[Credit Agreement among GREC Holdings 1 LLC, as Borrower, and Fifth Third Bank, National Association, KeyBanc Capital Markets Inc., Wells Fargo Bank, National Association, and the lenders named therein, dated November 29, 2022 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on January 11, 2024)](https://www.sec.gov/Archives/edgar/data/1563922/000175392624000093/g083942_ex10-1.htm)</u> |
| 10.17 | <u>[Amended Credit Agreement among GREC Holdings 1 LLC, as Borrower, and Fifth Third Bank, National Association, KeyBanc Capital Markets Inc., Wells Fargo Bank, National Association, and the lenders named therein, dated March 21, 2023 (Incorporated by reference from Exhibit 10.2 of the Registrant's Form 8-K (File No. 000-55610) filed on January 11, 2024)](https://www.sec.gov/Archives/edgar/data/1563922/000175392624000093/g083942_ex10-2.htm)</u> |
| 10.18 | <u>[Separation Agreement by and among Greenbacker Renewable Energy Corporation (together with Greenbacker Renewable Energy Company LLC and each of their affiliates) and Christopher Smith, dated as of January 28, 2025 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on January 28, 2025)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001563922/000175392625000153/g084673_8k.htm)</u> |
| 10.19 | <u>[Transition Agreement by and among the Company, Greenbacker Renewable Energy Corporation, Greenbacker Capital Management, Greenbacker Administration, LLC and](https://www.sec.gov/Archives/edgar/data/1563922/000175392625000539/g084741_ex10-1.htm)[Charles](https://www.sec.gov/Archives/edgar/data/1563922/000175392625000539/g084741_ex10-1.htm)[Wheeler, dated March 31, 2025 (Incorporated by reference from Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on March 31, 2025)](https://www.sec.gov/Archives/edgar/data/1563922/000175392625000539/g084741_ex10-1.htm)</u> |
| 10.20 | <u>[Employment Agreement, dated August 25, 2025, by and between Greenbacker Renewable Energy Corporation and Daniel de Boer](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex101.htm)[(](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex101.htm)[I](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex101.htm)[ncorporated by reference from Exhibit 10.1 of the Registrant's Form 10-Q (File No. 000-55610) filed on November 13, 2025](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex101.htm)</u>) |
| 10.21 | <u>[Employment Agreement, dated August 25, 2025, by and between Greenbacker Renewable Energy Corporation and Carl Weatherley-White](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex102.htm)[(](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex102.htm)[I](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex102.htm)[ncorporated by reference from](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex102.htm)[Exhibit 10.1 of the Registra](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex102.htm)[nt](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex102.htm)['](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex102.htm)[s Form 10-Q (File No. 000-55610](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex102.htm)[)](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex102.htm)[filed on November 1](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex102.htm)[3, 2025](https://www.sec.gov/Archives/edgar/data/1563922/000156392225000017/grec-2025930xex102.htm)</u>) |
| 10.22 | <u>[Transition and Separation](https://www.sec.gov/Archives/edgar/data/1563922/000175392625001515/g084952_ex10-1.htm)[Agreement, dated](https://www.sec.gov/Archives/edgar/data/1563922/000175392625001515/g084952_ex10-1.htm)[September 15](https://www.sec.gov/Archives/edgar/data/1563922/000175392625001515/g084952_ex10-1.htm)[, 202](https://www.sec.gov/Archives/edgar/data/1563922/000175392625001515/g084952_ex10-1.htm)[5 by and between Greenbacker Renewable Energy Company LLC and](https://www.sec.gov/Archives/edgar/data/1563922/000175392625001515/g084952_ex10-1.htm)[Matthew Murphy (Incorporated by reference from](https://www.sec.gov/Archives/edgar/data/1563922/000175392625001515/g084952_ex10-1.htm)[Exhibit 10.1 of the Registrant's Form 8-K (File No. 000-55610) filed on September 17, 2025)](https://www.sec.gov/Archives/edgar/data/1563922/000175392625001515/g084952_ex10-1.htm)</u> |
| 10.23\* | <u>[Consultation Agreement, dated December 22, 2025, by and between Greenbacker Renewable Energy Company LLC and](grec-20251231xex1023.htm)[David Sher](grec-20251231xex1023.htm)</u> |
| 10.24\* | <u>[Form of Restricted Share Unit Grant and Agreement (Time-Based Vesting) under the Greenbacker Renewable Energ](grec-20251231xex1024.htm)[y Company LLC 2023 Equity Incentive Plan](grec-20251231xex1024.htm)</u>  |
| 10.25\* | <u>[Form of Restricted Share Unit Grant and Agreement (Performance-Based Vesting – Tier 1) under the Greenbacker](grec-20251231xex1025.htm)[Renewable Energy Company LLC 2023 Equity Incentive Plan](grec-20251231xex1025.htm)</u> |
| 10.26\* | <u>[Form of Restricted Share Unit Grant and Agreement (Performance-Based Vesting – Tier 2) under the Greenbacker](grec-20251231xex1026.htm)[Renewable Energy Company LLC 2023 Equity Incentive Plan](grec-20251231xex1026.htm)</u> |
| 14.1 | <u>[Greenbacker Renewable Energy Company LLC Code of Ethics (Incorporated by reference from Exhibit 14.1 of the Registrant's Form 8-K (File No. 000-55610 filed on November 12, 2024)](https://www.sec.gov/Archives/edgar/data/0001563922/000175392624001855/g084545_ex14-1.htm)</u> |
| 21.1\* | <u>[List of Subsidiaries](grec-20251231xex211.htm)</u> |
| 23.1\* | <u>[Consent of KPMG LLP](grec-20251231xex231.htm)</u> |
| 24.1\* | <u>[Power of Attorney (included on the signature page hereto)](#id5d8d9e19bd743a78743a5e2ae7f375f_1039)</u> |
| 31.1\* | <u>[Certification of principal executive officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended](grec-20251231xex311.htm)</u> |
| 31.2\* | <u>[Certification of principal financial officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended](grec-20251231xex312.htm)</u> |
| 32.1\*\* | <u>[Certification of principal executive officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](grec-20251231xex321.htm)</u> |
| 32.2\*\* | <u>[Certification of principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](grec-20251231xex322.htm)</u> |

---

------

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| 101\* | The following materials from Greenbacker Renewable Energy Company LLC's Annual Report on Form 10-K for the year ended December 31, 2025, filed on March 9, 2026, formatted in XBRL (eXtensible Business Reporting Language):<br>(i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations; (iii) Consolidated Statements of Comprehensive Income (Loss); (iv) Consolidated Statements of Equity; (v) Consolidated Statements of Cash Flows; and (vi) Notes to the Consolidated Financial Statements<br>Schedule I:<br>(i) Condensed Balance Sheets; (ii) Condensed Statements of Operations; (iii) Condensed Statements of Cash Flows; and (iv) Notes to the Condensed Financial Statements |
| 104 | Cover page interactive data file, formatted in Inline XBRL and contained in Exhibit 101 |

---

\*Filed herewith.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith.

**ITEM 16. FORM 10-K SUMMARY**

None.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | Greenbacker Renewable Energy Company LLC | Greenbacker Renewable Energy Company LLC |
| Date: March 9, 2026 | By | /s/ Daniel de Boer |
|  |  | Daniel de Boer<br>Chief Executive Officer<br>*principal executive officer* |
| Date: March 9, 2026 | By | /s/ Michael Cunningham |
|  |  | Michael Cunningham<br>Senior Vice President, Chief Accounting Officer<br>*principal accounting officer, performing the duties of principal financial officer* |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Daniel de Boer | Chairman, Chief Executive Officer and Director | March 9, 2026 |
| Daniel de Boer | *principal executive officer* |  |
| /s/ Michael Cunningham | Senior Vice President, Chief Accounting Officer | March 9, 2026 |
| Michael Cunningham | *principal accounting officer, performing the duties of principal financial officer* |  |

---

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Daniel de Boer and Michael Cunningham to be their true and lawful attorney-in-fact and agents, with full power of substitution and resubstitution, for them and in their name, place and stead, in any and all capacities (unless revoked in writing), to sign this report and any or all amendments to thereto, and to file the same, with all exhibits therewith, with the Securities and Exchange Commission, and every act and thing necessary or desirable to be done, as fully to all intents and purposes as they might or could do in person, thereby ratifying and confirming all that said attorney-in-fact and agents or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| /s/ David Sher |  |  |
| David Sher | Director | March 9, 2026 |
| /s/ Kathleen Cuocolo |  |  |
| Kathleen Cuocolo | Director | March 9, 2026 |
| /s/ Robert Herriott |  |  |
| Robert Herriott | Director | March 9, 2026 |
| /s/ David M. Kastin |  |  |
| David M. Kastin | Director | March 9, 2026 |
| /s/ Robert Brennan |  |  |
| Robert Brennan | Director | March 9, 2026 |
| /s/ Cynthia Curtis |  |  |
| Cynthia Curtis | Director | March 9, 2026 |

---

## Exhibit 10.23

**Exhibit 10.23**

**<u>CONSULTANT AGREEMENT</u>**

This Agreement (the "Agreement") is made as of December 22, 2025 (the "Effective Date"), by and between Greenbacker Renewable Energy Company, LLC ("GREC LLC"), Greenbacker Administration, LLC, and Greenbacker Capital Management, LLC (together, the "Client") and David Sher (the "Consultant") (Client and Consultant shall be referred to, collectively, as the "Parties").

WHEREAS, Consultant has been Chief Executive Officer of Greenbacker Capital Management, LLC since 2022; and

WHEREAS, Consultant's employment will end and he will step down from that role,

effective December 31, 2025; and

WHEREAS, following the separation of Consultant's employment, Client desires to engage Consultant to provide services as described in **Exhibit 1**, attached hereto (the "Services"), and the Consultant desires to provide such Services to Client in accordance with the provisions set forth herein; and

WHEREAS, the Parties desire to execute this Agreement setting forth the terms of such engagement, and the Consultant is willing and agrees to accept such engagement upon such terms and conditions as contained herein; and

NOW, THEREFORE, in consideration of the mutual promises, terms, provisions and conditions contained in this Agreement, the Client and the Consultant agree as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Nature of Relationship</u>. It is understood and agreed that the Consultant is an independent contractor in the performance of any and all Services under this Agreement, and that nothing in this Agreement shall in any way be construed to give rise to an employment relationship between the Client and the Consultant. Accordingly, except as expressly stated otherwise in this Agreement, the Client shall neither have nor exercise any specific control or direction over the methods by which Consultant shall perform the Services required by this Agreement. Consultant is expected to provide Services in an independent and autonomous manner and to exercise full control over the work performed under this Agreement as well as the means by which the work is performed, except as necessary to ensure Consultant delivers the contracted for services. Consultant shall have the right to determine the time, place, manner, and method of the performance of Consultant's Services under this Agreement but agrees to meet the deadlines and deliverables set forth by the Client.

Consultant shall have no claim under this Agreement or otherwise against the Client for any vacation pay, paid sick leave, retirement benefits, social security, workers' compensation, health, disability, professional malpractice or unemployment insurance benefits, or any other employee benefits of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Consultant's Duties and Title</u>. Client engages Consultant to provide, in good faith and with reasonable diligence and attention, services to Client as described in **Exhibit 1**. The duties set forth in **Exhibit 1**, shall hereafter be referred to as the "Services." Consultant shall be responsible for using his discretion, skill, experience and knowledge to accomplish these tasks in a timely fashion, to the best of Consultant's ability, and to the reasonable satisfaction of the Client. Consultant shall perform the Services hereunder in accordance with the rules and policies of the Client and all applicable laws and regulations. During this consulting relationship, Consultant's title shall be "Co-Founder and Director.", to the extent Consultant remains a member of the Board of Directors of GREC LLC. In the event Consultant is no longer a member of the Board of Directors of GREC LLC, his title will be "Co-Founder."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Term, Termination</u>.

------

**Exhibit 10.23**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Term</u>. The term of this Agreement will commence on the Effective Date and shall continue until **<u>July 1, 2027</u>**, unless otherwise (i) terminated as provided for under the Agreement, or (ii) extended upon the mutual written agreement of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. This Agreement will immediately and automatically terminate if: (i) the consultant engages in fraud or dishonesty with respect to the Client; (ii) the Consultant is convicted of a felony or any crime involving moral turpitude; (iii) the Consultant engages in any action that is harmful or potentially harmful to the business interests or reputation of the Client, as reasonably determined by the Client; (iv) the Consultant commits a material breach of this Agreement, or (v) fails to comply with his obligations as an "Access Person" (as such term is defined in the Investment Advisers Act of 1940) under Greenbacker Capital Management LLC's compliance program in effect from time to time. Either Party may terminate this Agreement for any reason at any time by giving sixty (60) days written notice of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Termination</u>. Upon termination of this Agreement, the Client shall have no further obligation or liability to the Consultant other than the payment of

compensation due through the date of termination, which Client agrees to pay within thirty (30) calendar days of the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation for Services</u>. As consideration for the satisfactory performance of Services contemplated under this Agreement, the Client shall pay the Consultant for Services performed under this Agreement as set forth in separate engagement letters to be signed by both Parties, and which shall provide as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;Client shall pay Consultant the equivalent of 5% of all net revenues Client receives from Counterpointe/ Mass. Mutual JV. Client shall pay Consultant this amount on a monthly basis, subject to the creation of the JV and certain conditions and timeframes set forth in the engagement letters described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Client shall pay Consultant the equivalent of 5% of annual net revenues Client receives from approved data center development opportunities originated by Consultant, subject to the creation of the opportunity and certain conditions and timeframes set forth in the engagement letters described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;The parties agree that under no circumstances will the compensation paid under this Section 4 exceed $2,000,000.

The general structure set forth in Section 4.a. and b. is intended to serve only as a summary of the terms of Consultant's compensation. The terms of the engagement letters described herein shall control the terms and conditions of Consultant's compensation under this Agreement. The provisions in Sections 4.a. and b. shall not supersede any written terms set forth in the engagement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses</u>. Client will reimburse Consultant for any reasonable expenses incurred in performing the Services hereunder, provided that Consultant provides sufficient documentation within thirty (30) days of incurring such expense. Client shall have discretion to determine what expenses are reasonable and incurred in performing the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Benefits.</u> Because Consultant is not an employee of the Client, Consultant shall not be entitled to any benefits afforded to employees of Client, including, without limitation, paid time off, vacation, leave, insurance benefits, participation in retirement plan, or long-term/short-term disability benefits. Except as provided herein, the Consultant will not be entitled to any other compensation, benefits or expense reimbursement, regardless of how the Services are characterized by any other person (including any governmental agency).

------

**Exhibit 10.23**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Withholding of Taxes, etc</u>. The Consultant understands and agrees that, as an independent contractor, the Consultant's compensation under this Agreement is not subject to withholding for federal, state, or social security taxes. The Consultant acknowledges that the Consultant has been encouraged to seek the advice of the Consultant's own tax advisor and that the Client makes no warranties or representations regarding tax treatment of the compensation under this Agreement. The Consultant acknowledges that the Consultant is responsible and liable for all such taxes and any insurance required by law arising out of compensation under this Agreement. Should the characterization of the compensation under this Agreement be found to be improper or unwarranted by the Internal Revenue Service or other taxing authority with the result that the Client becomes obligated to pay taxes, additional taxes, penalties, or interest which should have been deducted from the gross amount of such compensation, or if the Internal Revenue Service or other taxing authority otherwise finds the compensation to be taxable or subject to tax, the Consultant agrees to fully indemnify the Client for all such taxes, penalties, or interest. The Consultant further agrees that the Consultant will not assert, file, or make any claims against the Client for all or any portion of such taxes, penalties, or interest that the Consultant may be compelled to pay and the costs, including attorneys' fees, that the Consultant may have to pay in connection with any disputes between the Consultant and the Internal Revenue Service or other taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insurance</u>. No workers' compensation insurance shall be obtained by the Client concerning the Consultant. The Consultant agrees to maintain and keep in force any insurance required by applicable law, including but not limited to workers' compensation insurance, medical insurance, professional liability insurance and state disability insurance, for the Consultant, and to submit proof upon request to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment of Rights to Intellectual Property</u>. For purposes of this Agreement, "Intellectual Property" shall mean inventions, discoveries, developments, and other materials, methods, processes, compositions, graphics, innovations, track records, programs, drawings, analyses, works, concepts, improvements, designs and ideas, (whether or not patentable or copyrightable or constituting trademarks, trade secrets or information) conceived, made, created, developed or reduced to practice by the Consultant (whether alone or with others and whether or not during normal business hours or on or off the premises of the Client) during the Consultant's engagement that (a) relate in any way to the business, products, or services of the Client or to any prospective activity or business opportunity of the Client or its affiliates, subsidiaries or parents, or (b) are conceived, made, created, developed or reduced to practice for use by the Client or using intellectual property of the Client or its affiliates, subsidiaries or parents.

The Consultant understands and agrees that all copyrightable works that the Consultant creates in connection with the Services while engaged by the Client hereunder shall be considered "work made for hire," as defined by applicable copyright laws, and the Client or its affiliates, subsidiaries or Parents shall own all rights therein.

To the extent that any such copyrightable work is not a "work made for hire," the Consultant hereby irrevocably assigns and agrees to irrevocably assign to the Client or its affiliates, subsidiaries or parents, the Consultant's full right, title, and interest in and to all Intellectual Property. The Consultant agrees to execute any and all applications for domestic and foreign patents, copyrights, or other proprietary rights and to do such other acts (including, without limitation, the execution and delivery of instruments of further assurance or confirmation) requested by the Client or its affiliates, subsidiaries or parents to assign the Intellectual Property to the Client or its affiliates, subsidiaries or parents or to permit the Client or its affiliates, subsidiaries or parents to confirm and perfect the transfer of ownership rights in and enforce any patents, copyrights, or other proprietary rights to the Intellectual Property, in each case including after the termination of this Agreement. Any expenses incurred in connection with this paragraph shall be the sole responsibility of the Client, provided that the Consultant agrees not to charge the Client for time the Consultant spends in complying with these obligations. The Consultant hereby authorizes the Client, in the event it is unable to secure the Consultant's assistance, to act on the Consultant's behalf (as the Consultant's agent and attorney-in-fact) in securing all rights related to the Intellectual Property.

Consultant shall promptly disclose such Intellectual Property and copyrightable work to the Client and perform all actions reasonably requested by the Client (whether during or after the term of this Agreement) to

------

**Exhibit 10.23**

establish and confirm the Client's or its affiliates', subsidiaries' or parents' ownership (including, without limitation, execution of assignments, consents, powers of attorney and other instruments). Notwithstanding anything contained in this Section 10 the contrary, the Client's or its affiliates', subsidiaries' or parents' ownership of Intellectual Property does not apply to

(a) any inventions, innovations, improvements, developments, methods, processes, programs, designs, analyses, drawings, reports and all similar or related information (whether or not patentable) that were developed or already in the possession of Consultant prior to the date of the First Agreement and (b) any invention that Consultant develops entirely on his own time without using the equipment, supplies or facilities of the Client or its affiliates, subsidiaries or parents, or any Proprietary Information (as defined below), except that the Client's or its affiliates', subsidiaries' or parents' ownership of Intellectual Property does include those inventions that: (i) relate to the business of the Client or its affiliates, subsidiaries or parents to the actual or demonstrably anticipated research or development relating to the Client's or its affiliates, subsidiaries or parents business; or (ii) result from any work that Consultant performs for the Client or its affiliates, subsidiaries or parents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Absence of Conflicting Agreements</u>. The Consultant represents and warrants that it is not a party to any agreement or arrangement, whether oral or written, that conflict with the terms of this Agreement or would prevent the Consultant from carrying out its obligations to the Client under this Agreement, and that the Consultant will not enter into any conflicting agreements in the future. The Consultant agrees that the Consultant will obtain the Client's prior written consent before entering into any agreement or other terms that may be legally binding on and restrict the intellectual property rights of the Client, such as an open-source license, regardless of whether entering into such agreement or other terms is within or outside the scope of the Consultant's engagement by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Confidentiality Obligations</u>. Consultant acknowledges that any Proprietary Information (as defined below) disclosed or made available to consultant or obtained, observed, or known by Consultant as a direct or indirect consequence of his performance of services for the Client or any of its affiliates, subsidiaries or parents (whether or not compensated for such services). Therefore, Consultant agrees that, other than in the course of performance of his duties to the Client, he will not at any time disclose or permit to be disclosed to any person or entity or, directly or indirectly, utilize for his own account or permit to be utilized by any person or entity any Proprietary Information (as defined below) or records pertaining to the Client, its affiliates, subsidiaries or parents and their respective business without the Client's consent, unless and to the extent that (except as otherwise provided in the definition of Proprietary Information below) the aforementioned matters become generally known to and available for use by the public other than as a direct or indirect result of Consultant's acts or omissions to act. Consultant further agrees that any property situated on the Client's or its affiliates', subsidiaries' or parents' premises and owned by the Client or its affiliates, subsidiaries or parents, including disks and other storage media, filing cabinets or other work areas, is subject to inspection by Client or its affiliates, subsidiaries or parents and their personnel at any time with or without notice. For purposes of this Agreement, "Proprietary Information" shall mean any and all data and information concerning the business affairs of the Client or any of its affiliates, subsidiaries or parents and not generally known in the industry in which the Client or any of its affiliates, subsidiaries or parents is or may become engaged, and any other information concerning any matters affecting or relating to the Client's or the its affiliates', subsidiaries' or parents' businesses, but in any event Proprietary Information shall include, any of the Client's and its affiliates', subsidiaries' or parents' past, present or prospective business opportunities, including information concerning acquisition opportunities in or reasonably related to the Client's or its affiliates', subsidiaries' or parents' businesses or industries, customers, customer lists, clients, client lists, track records, the prices the Client and its affiliates, subsidiaries or parents obtain or have obtained from the sale of, or at which they sell or have sold, their products, unit volume of sales to past or present customers and clients, or any other information concerning the business of the Client and its affiliates, subsidiaries or parents, their manner of operation, their plans, processes, figures, sales figures, projections, estimates, tax records, personnel history, accounting procedures, promotions, supply sources, contracts, know-how, trade secrets, information relating to research, development, inventions, technology, manufacture, purchasing, engineering, marketing, merchandising or selling, or other data without regard to whether all of the foregoing

------

**Exhibit 10.23**

matters will be deemed confidential, material or important. Proprietary Information does not include any information that Consultant has obtained from a person other than an employee of the Client or its affiliates, subsidiaries or parents, which was disclosed to him without a breach of a duty of confidentiality. Nothing in this Section 12 shall be construed to prevent Consultant from using his general knowledge and experience in future employment so long as Consultant complies with this Section 12 and the other restrictions contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Third Party Information</u>. Consultant understands that the Client will receive from third parties confidential or proprietary information ("Third Party Information") subject to a duty on the part of the Client and its affiliates, subsidiaries or parents to maintain the confidentiality of such information and to use it only for certain limited purposes. During the term of this Agreement and thereafter, and without in any way limiting the provisions of Section 12(a) above, Consultant shall hold Third Party Information in the strictest confidence and shall not disclose to anyone (other than personnel of the Client and its affiliates, subsidiaries or parents who need to know such information in connection with their work for the Client and its affiliates, subsidiaries or parents) or use, except in connection with his work for the Client, Third Party Information unless expressly authorized by the Board of Directors in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Compelled Disclosure</u>. If Consultant is required by law or governmental regulation or by subpoena or other valid legal process to disclose any Proprietary Information or Third-Party Information to any person or entity, Consultant will promptly provide the Client with written notice of the applicable law, regulation, or process so that the Client (at its expense) may seek a protective order or other appropriate remedy. Consultant will cooperate fully with the Client and the Client's representatives in any attempt by the Client to obtain any such protective order or other remedy. If the Client elects not to seek, or is unsuccessful in obtaining, any such protective order or other remedy in connection with any requirement that Consultant disclose Proprietary Information or Third-Party Information then Consultant may disclose such Proprietary Information or Third-Party Information to the extent legally required. Nothing in this Agreement is intended to limit Consultant's right to make disclosures to, or participate in communications with, government agencies regarding possible violations of law, without prior notice to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>DTSA Disclaimer</u>. Consultant is advised that, pursuant to Section 7(b) of the Defend Trade Secrets Act of 2016, he shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made: (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (i) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Solicitation</u>. For the one year period immediately following the termination of this Agreement for any reason or without reason, Consultant shall not, directly or indirectly, on behalf of Consultant or any other person or entity (other than the Client) (a) solicit or induce any person who was an employee, independent contractor or key vendor of the Client or any of its affiliates, subsidiaries or parents during the term of this Agreement or within the three (3) month period prior to the termination of this Agreement ("Covered Employee") to leave their employment or engagement with the Client or its affiliates, subsidiaries or parents, (b) hire or employ any Covered Employee of the Client or its affiliates, subsidiaries or parents, (c) solicit, encourage or induce, or attempt to solicit, encourage or induce any customers, investors, distributors, suppliers, content providers, distribution partners, consultants, or independent contractors of the Client or its affiliates, subsidiaries or parents, and with whom Contractor had material contact with during his engagement with Client, to cease doing business with or substantially change their relationship with the Client or its affiliates, subsidiaries or parents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Access to and Return of Client Property</u>. Consultant acknowledges that, as part of his engagement with Client, he will have access to Client's physical premises and electronic systems, and shall be provided with certain electronic devices. Promptly following the termination of this Agreement for any reason, or at any time upon request of the Client, Consultant agrees to

deliver to the Client all Client-property, including, without limitation, Client-owned electronic devices, physical property, access cards, passwords/passcodes, as well as any information, data and records pertaining to the

------

**Exhibit 10.23**

Client and its respective business (in whatever medium), and all copies thereof, which he may then possess or have under his control. Consultant agrees to deliver such property within three (3) business days upon request of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Entire Agreement</u>. This Agreement sets forth the entire agreement between the Client and the Consultant and supersedes all prior agreements and understandings, written or oral, with respect to the Consultant's engagement to provide the Services to the Client and all related matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Amendment</u>. This Agreement may be modified or amended only by a writing executed by the Consultant and the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Captions</u>. The captions and headings in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Severability</u>. The parties agree that, should any part or provision of any covenant be held invalid, void, or unenforceable in any court of competent jurisdiction, such invalidity, voidness, or unenforceability shall not render invalid, void or unenforceable any other part or provision of this Agreement. The Parties further agree it is their intention that the obligations in this Agreement be enforced in accordance with their terms to the maximum extent possible under applicable law. The Parties further agree that, in the event any court of competent jurisdiction shall find that any of the foregoing provisions is invalid or unenforceable, the invalid or unenforceable term shall be redefined, or a new enforceable term provided, such that the intent of Client and Consultant in agreeing to the provisions of this Agreement will not be impaired and the provision in question shall be enforceable to the fullest extent of the applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Governing Law</u>. This is a New York contract and shall be construed and enforced and governed in all respects by the laws of the State of New York, without regard to the conflict of laws principles thereof. The Parties agree that New York is the appropriate forum for any dispute related to this Agreement and that any controversy arising under this Agreement or the Consultant's performance of the Services hereunder shall be brought only in a state or federal court in New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.&nbsp;&nbsp;&nbsp;&nbsp;<u>Execution</u>. This Agreement and any amendments thereto shall be executed in duplicate copies (i) on behalf of the Consultant personally and (ii) on behalf of the Client. Each duplicate shall be deemed an original, but both duplicate originals shall together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment, Delegation and Subcontracting</u>. The Client specifically contracts with Consultant to provide the Services to the Client, and Consultant may not assign, delegate, or subcontract the performance of the Services under this Agreement without express prior written consent of the Client. This Agreement and the rights and obligations of the Client may be assigned by the Client to any affiliate, subsidiary or parent of Client, or to any successor to Client, and shall inure to the benefit of, and shall be binding upon, and shall be enforceable by any such assignee, provided that any such assignee shall agree to assume and be bound by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. Any notices, requests, demands and other communications provided for in this Agreement shall be in writing and shall be effective when delivered in person or deposited in the United States mail, postage prepaid, registered or certified, and addressed as follows, or at such other address as they shall designate:

------

**Exhibit 10.23**

If to the Client, to:

Greenbacker Administration LLC

230 Park Ave

New York, NY 10169

If to the Consultant, to:

David Sher

[REDACTED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Construction. The Parties understand and agree that because they both have been given the opportunity to have counsel review and revise this Agreement, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting Party shall not be employed in the interpretation of this Agreement. Instead, the language of all parts of this Agreement shall be construed as a whole, and according to its fair meaning, and not strictly for or against either of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.&nbsp;&nbsp;&nbsp;&nbsp;Waiver. Failure of either Party to insist, in one or more instances, on performance by the other in strict accordance with the terms and conditions of this Agreement shall not be deemed a waiver or relinquishment of any right granted in this Agreement or of the future performance of any such term or condition or of any other term or condition of this Agreement, unless such waiver is contained in a writing signed by the party making the waiver.

IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of the day and year first written above. It is so agreed:

------

**Exhibit 10.23**

---

| | | | |
|:---|:---|:---|:---|
| **GREENBACKER ADMINISTRATION LLC, GREENBACKER CAPITAL MANAGEMENT, LLC and GREENBACKER RENEWABLE ENERGY COMPANY, LLC** | **GREENBACKER ADMINISTRATION LLC, GREENBACKER CAPITAL MANAGEMENT, LLC and GREENBACKER RENEWABLE ENERGY COMPANY, LLC** | **DAVID SHER** | **DAVID SHER** |
| By: | /s/ Daniel de Boer | By: | /s/ David Sher |
| Its: | Authorized Officer | Name: | David Sher |
| Date: | 12/22/2025 | Date: | 12/22/2025 |

---

------

**Exhibit 10.23**

**EXHIBIT 1**

**Management Consulting services for the Consultant are as follows:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fundraising for the Counterpointe/ Mass Mutual JV with Greenbacker

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Origination by Consultant of investment opportunities in the data center space

**Deliverables:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Counterpointe Deliverables

oWritten status update on a monthly basis

oMonthly net revenue calculations to be provided to Greenbacker Capital

oTo the extent Consultant is involved in investment committee meetings, summary of such investment committee meetings

oAnnual summary of opportunity status and forward plans for 2027

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment opportunities siting data centers at Greenbacker renewable energy sites

oWritten status update on a monthly basis

oLand lease agreements, Powered shell contracts, PPAs, other (all to be negotiated with input from the Greenbacker deal team.)

oAnnual summary of opportunity status and forward plans for 2027

## Exhibit 10.24

**Exhibit 10.24**

**GREENBACKER RENEWABLE ENERGY COMPANY LLC<br>2023 EQUITY INCENTIVE PLAN<br>RESTRICTED SHARE UNIT GRANT AND AGREEMENT**

This RESTRICTED SHARE UNIT GRANT AND AGREEMENT (this "**Agreement**"), is made effective on [ ] (the "**Date of Grant**") by and between Greenbacker Renewable Energy Company LLC, a Delaware limited liability company (together with its successors and assigns, the "**Company**") and the participant ("**Participant**") identified on the signature page attached hereto (the "**Signature Page**").

**R E C I T A L S**:

WHEREAS, the Company has adopted the Greenbacker Renewable Energy Company LLC 2023 Equity Incentive Plan (as it may be amended, the "**Plan**"), the terms of which Plan are incorporated herein by reference and made a part of this Agreement, and capitalized terms not otherwise defined herein shall have the same meaning as in the Plan; and

WHEREAS, the Committee has determined that it would be in the best interests of the Company and its Members to grant the Restricted Share Units provided for herein to Participant pursuant to the Plan and the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Grant of Restricted Share Units**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Grant**. The Company hereby grants to Participant on the Date of Grant, on the terms and conditions hereinafter set forth in this Agreement, **[ ]** Restricted Share Units in respect of Class P-I Shares (the "**RSU Award**"), subject to adjustment as set forth in the Plan and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Vesting**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Except as set forth in Section 1(b)(ii), subject to Participant's continued service with the Company Group through the applicable vesting date, the RSU Award shall vest with respect to thirty-three and one-third percent (33 1/3%) of the Restricted Share Units on each anniversary of the Vesting Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Upon a Termination for any reason prior to the third anniversary of the Vesting Commencement Date, all unvested Restricted Share Units shall be forfeited for no consideration; provided, however, that notwithstanding the foregoing, in the event of Participant's Termination due to (A) Retirement, (B) death, (C) Qualifying Disability, (D) a Determination of Incompetence or (E) a Qualifying Change in Control Termination, Participant shall retain all of the Restricted Share Units. The Restricted Share Units that Participant is entitled to retain following any such Termination shall be considered vested for purposes of this Agreement upon the earliest of (x) the date of Participant's Termination due to death, Qualifying Disability, a Determination of Incompetence or a Qualifying Change in Control Termination, (y)

------

**Exhibit 10.24**

the date on which Participant satisfies the age and service requirements for Retirement and (z) the date any such Restricted Stock Units previously vested in accordance with Section 1(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)For purposes of this Agreement, (A) "**Retirement**" means Participant's voluntary Termination after such date that Participant has (1) attained the age of fifty-five (55) and provided service to the Company Group for a continuous period of at least fifteen (15) years, (2) attained the age of sixty (60) and provided service to the Company Group for a continuous period of at least ten (10) years or (3) attained the age of sixty-five (65) and provided service to the Company Group for a continuous period of at least three (3) years; provided, however, that such a voluntary Termination will not be treated as a Retirement unless (x) Participant shall have provided at least six (6) months' advance written notice prior to the actual date of Participant's Termination to Participant's reporting person (or, if applicable, the Board) and the Company's most senior Human Resources Officer of Participant's potential decision to retire, (y) Participant shall have worked in good faith with the Company to transition Participant's duties and responsibilities prior to the actual date of Participant's Termination and (z) prior to the actual date of Participant's Termination, Participant shall have entered into an effective and irrevocable separation agreement in a form and manner satisfactory to the Company that may include, without limitation, (I) a general release of claims in favor of the Company Group and (II) customary post-termination noncompete, nonsolicit and other restrictive covenants in favor of the Company Group, (B) "**Qualifying Disability**" means a "qualifying disability" (as such term is defined in Section 72(m)(7) of the Code) of Participant for a non-temporary period of time, as determined by the Board and confirmed by a qualified independent physician; *provided*, that the condition causing the qualifying disability was not pre-existing on the Date of Grant, (C) "**Determination of Incompetence**" means a "determination of incompetence" of Participant by a state or federal court located in the United States accompanied by the court order, determination or the certificate of the court declaring Participant incompetent and (D) "**Qualifying Change in Control Termination**" shall have the same meaning as set forth in the Greenbacker Renewable Energy Corporation Executive Protection Plan (as amended from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)For purposes of this Agreement, (A) any Restricted Share Unit which has become vested in accordance with this Agreement shall be referred to as a "**Vested Restricted Share Unit**", and (B) any Restricted Share Unit which is not a Vested Restricted Share Unit shall be referred to as an "**Unvested Restricted Share Unit**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Settlement of Restricted Share Units**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Vested Restricted Share Units shall be settled as soon as reasonably practicable following the vesting of such Vested Restricted Share Units (and, in any event, no later than the date which is two and one-half (2½) months following the end of the calendar year in which such vesting occurs); provided, however, that notwithstanding the foregoing, if Participant's first date of Retirement eligibility is prior to the date that any portion of the RSU Award is scheduled to vest under Section 1(b)(i) (without regard to Section 1(b)(ii)), then such portion shall be settled as soon as reasonably practicable, but in all events within ninety (90) days, following the earlier of (A) the date such portion is scheduled to vest in accordance with Section 1(b)(i) (without regard to Section 1(b)(ii)) and (B) the date of Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Upon the settlement of a Vested Restricted Share Unit, the Company shall pay to Participant an amount equal to the value of one Class P-I Share, as determined by the Committee. As determined by the Committee, the Company shall pay such amount in (w) cash, (x) Common Shares (y) other securities or other property (including, without limitation, Corp Stock), as applicable or (z) any combination thereof.

------

**Exhibit 10.24**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Notwithstanding anything in this Agreement to the contrary, the Company shall not have any obligation to issue or transfer any Common Shares as contemplated by this Agreement unless and until such issuance or transfer complies with all relevant provisions of law. As a condition to the settlement of any portion of the RSU Award evidenced by this Agreement, Participant may be required to deliver certain documentation to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Repayment of Proceeds; Clawback**. The RSU Award and all proceeds related to the RSU Award are subject to the clawback and repayment terms set forth in Sections 14(v) and 14(w) of the Plan and the Company's clawback policy, as in effect from time to time. If Participant's service with the Company Group is terminated by the Company for Cause or the Company Group discovers after Participant's Termination that grounds for a Termination for Cause existed at the time thereof, then Participant shall be required to pay to the Company, within ten (10) business days following the Company's request to Participant therefor, an amount equal to the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) Participant received either in cash in respect of the settlement of Restricted Share Units, or upon the sale or other disposition of, or Distributions in respect of, Common Shares acquired upon the settlement of the RSU Award. Any reference in this Agreement to grounds existing for a Termination for Cause shall be determined without regard to any notice period, cure period or other procedural delay or event required prior to a finding of, or Termination for, Cause. The foregoing remedy shall not be exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Legend**. To the extent applicable, all book entries (or certificates, if any) representing the Common Shares delivered to Participant as contemplated by Section 1(c) above shall be subject to the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such shares of Common Stock are listed, and any applicable Federal or state laws, and the Company may cause notations to be made next to the book entries (or a legend or legends put on certificates, if any) to make appropriate reference to such restrictions. Any such book entry notations (or legends on certificates, if any) shall include a description to the effect of any restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Joinder Agreement**. As a condition precedent to the issuance of any Common Shares pursuant to Section 1(c) hereof, if Participant has not already done so, Participant shall be required to sign a joinder agreement to the LLC Agreement in the form supplied by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**No Right to Continued Engagement**. Neither the Plan nor this Agreement nor Participant's receipt of the Restricted Share Units hereunder shall impose any obligation on the Company Group to continue the engagement of Participant. Further, the Company Group may at any time terminate the engagement of Participant, free from any liability or claim under the Plan or this Agreement, except as otherwise expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Restrictions on Transfer; Lock-up**. Participant may not assign, alienate, pledge, attach, sell or otherwise transfer or encumber the RSU Award, other than to Permitted Transferees as may be permitted by the Committee from time to time in accordance with applicable laws and Section 14(b) of the Plan. Except as otherwise provided herein, no assignment or transfer of the RSU Award, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise, shall vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the RSU Award shall terminate and become of no further effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Withholding**. Participant may be required to pay to the Company or any of its Affiliates, and, notwithstanding anything in the Plan to the contrary, the Company shall have the

------

**Exhibit 10.24**

right and is hereby authorized to withhold, any applicable withholding taxes in respect of the Restricted Share Units, their grant or vesting or any payment or transfer with respect to the Restricted Share Units up to the maximum applicable statutory rates, and to take such action as may be necessary in the opinion of the Committee to satisfy all obligations for the payment of such withholding taxes. To satisfy Participant's maximum income, employment and/or other applicable taxes that are statutorily required to be withheld, the Company shall withhold from the Common Shares otherwise issuable or deliverable to, or that would otherwise be retained by, Participant Common Shares with an aggregate Fair Market Value equal to an amount not in excess of such maximum statutorily required withholding liability (or portion thereof). Without limiting the foregoing, if any portion of the RSU Award is considered to provide a "deferral of compensation" under Section 409A of the Code, certain payroll taxes (FICA) may be due upon Participant satisfying the age and service requirements for Retirement or upon Participant's Termination due to death, Qualifying Disability, a Determination of Incompetence or a Qualifying Change in Control Termination, and in any such case, the Company shall be authorized to withhold the applicable employee portion of Participant's FICA tax obligations at such time and on any applicable dates thereafter and, to satisfy Participant's FICA tax obligations, the Company shall withhold Common Shares consistent with the previous sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Securities Laws; Cooperation**. Participant will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws, the LLC Agreement, the Plan or this Agreement. Participant further agrees to cooperate with the Company in taking any action reasonably necessary or advisable to consummate the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**Notices**. Any notice necessary under this Agreement shall be addressed to the Company in care of its Corporate Secretary at the principal executive office of the Company and to Participant at the address appearing in the personnel records of the Company for such Participant or to either party at such other address as either party hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**Choice of Law; Jurisdiction; Venue**. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York applicable to contracts made and performed wholly within the State of New York, without giving effect to the conflict of laws provisions thereof. Any suit, action or proceeding with respect to this Agreement (or any provision incorporated by reference), or any judgment entered by any court in respect of any thereof, shall be brought in any court of competent jurisdiction in the State of New York, and each of Participant, the Company, and any Permitted Transferees who hold Restricted Share Units pursuant to a valid assignment hereby submits to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding, or judgment. Each of Participant, the Company, and any Permitted Transferees who hold Restricted Share Units pursuant to a valid assignment hereby irrevocably waives (a) any objections which it may now or hereafter have to the laying of the venue of any suit, action, or proceeding arising out of or relating to this Agreement brought in any court of competent jurisdiction in the State of New York, (b) any claim that any such suit, action, or proceeding brought in any such court has been brought in any inconvenient forum and (c) any right to a jury trial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**RSU Award Subject to Plan; Amendment**. By entering into this Agreement, Participant agrees and acknowledges that Participant has received and read a copy of the Plan. The Restricted Share Units granted hereunder are subject to the Plan. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. The Committee may waive any conditions or rights under, amend any terms of, or alter, suspend,

------

**Exhibit 10.24**

discontinue, cancel or terminate this Agreement, but no such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination shall materially adversely affect the rights of Participant hereunder without the consent of Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**Section 409A**. It is intended that the Restricted Share Units granted hereunder shall comply with or be exempt from Section 409A of the Code (with such exemption pursuant to the "short-term deferral" rule applicable to such section, as set forth in the regulations or other guidance published by the Internal Revenue Service thereunder) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be so exempt or in compliance. Except as otherwise permitted under Section 409A of the Code, the settlement of the Restricted Share Units shall not be accelerated or deferred (including accelerated settlement otherwise permitted under Section 12(b) of the Plan) unless such acceleration or deferral would not result in additional tax or interest pursuant to Section 409A of the Code; provided that, for the avoidance of doubt, nothing in this Agreement shall otherwise restrict the Committee's ability to accelerate vesting of the Restricted Share Units in accordance with Section 12(b) of the Plan so long as settlement is not accelerated or deferred except as otherwise permitted under Section 409A of the Code.

[*Signature Page Follows*]

------

**Exhibit 10.24**

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto as of the Date of Grant.

**GREENBACKER RENEWABLE ENERGY COMPANY LLC**

By:

Date of Grant:&nbsp;&nbsp;&nbsp;&nbsp;[ ]

Number of Restricted Share Units Granted:&nbsp;&nbsp;&nbsp;&nbsp;[ ]

Vesting Commencement Date:&nbsp;&nbsp;&nbsp;&nbsp;[ ]

Acknowledged and Agreed<br>as of the date first written above:

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

[ ]

Signature Page<br>RSU Agreement

## Exhibit 10.25

**Exhibit 10.25**

**GREENBACKER RENEWABLE ENERGY COMPANY LLC<br>2023 EQUITY INCENTIVE PLAN<br>RESTRICTED SHARE UNIT GRANT AND AGREEMENT**

This RESTRICTED SHARE UNIT GRANT AND AGREEMENT (this "**Agreement**"), is made effective on [_____], 2025 (the "**Date of Grant**") by and between Greenbacker Renewable Energy Company LLC, a Delaware limited liability company (together with its successors and assigns, the "**Company**") and the participant ("**Participant**") identified on the signature page attached hereto (the "**Signature Page**").

**R E C I T A L S**:

WHEREAS, the Company has adopted the Greenbacker Renewable Energy Company LLC 2023 Equity Incentive Plan (as it may be amended, the "**Plan**"), the terms of which Plan are incorporated herein by reference and made a part of this Agreement, and capitalized terms not otherwise defined herein shall have the same meaning as in the Plan; and

WHEREAS, the Committee has determined that it would be in the best interests of the Company and its Members to grant the Restricted Share Units provided for herein to Participant pursuant to the Plan and the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Grant of Restricted Share Units**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Grant**. The Company hereby grants to Participant on the Date of Grant, on the terms and conditions hereinafter set forth in this Agreement, an award of **[ ]** Restricted Share Units in respect of Class P-I Shares (the "**RSU Award**"), subject to adjustment as set forth in the Plan and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Vesting**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The RSU Award shall vest in accordance with **<u>Schedule I</u>** attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Upon a Termination for any reason prior to March 31, 2028, all unvested Restricted Share Units shall be forfeited for no consideration; provided, however, that notwithstanding the foregoing, in the event of Participant's Termination due to (A) Retirement, (B) death, (C) Qualifying Disability, (D) a Determination of Incompetence or (E) a Qualifying Change in Control Termination, Participant shall retain all of the Restricted Share Units (subject to adjustment based on the determination of the performance-vesting conditions as set forth in **<u>Schedule I</u>**). The Restricted Share Units that Participant is entitled to retain following any such Termination shall be considered Vested Restricted Share Units for purposes of this Agreement upon the later of (x) the earlier of (I) the date of Participant's Termination due to death, Qualifying Disability, a Determination of Incompetence or a Qualifying Change in Control Termination and (II) the date on which Participant satisfies the age and service requirements for Retirement and (y) the earlier of (A) the date of a Business Combination and (B) the last day of the Performance Period.

US-LEGAL-13223956/5 181297-0001<br>

------

**Exhibit 10.25**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)For purposes of this Agreement, (A) "**Retirement**" means Participant's voluntary Termination after such date that Participant has (1) attained the age of fifty-five (55) and provided service to the Company Group for a continuous period of at least fifteen (15) years, (2) attained the age of sixty (60) and provided service to the Company Group for a continuous period of at least ten (10) years or (3) attained the age of sixty-five (65) and provided service to the Company Group for a continuous period of at least three (3) years; provided, however, that such a voluntary Termination will not be treated as a Retirement unless (x) Participant shall have provided at least six (6) months' advance written notice prior to the actual date of Participant's Termination to Participant's reporting person (or, if applicable, the Board) and the Company's most senior Human Resources Officer of Participant's potential decision to retire, (y) Participant shall have worked in good faith with the Company to transition Participant's duties and responsibilities prior to the actual date of Participant's Termination and (z) prior to the actual date of Participant's Termination, Participant shall have entered into an effective and irrevocable separation agreement in a form and manner satisfactory to the Company that may include, without limitation, (I) a general release of claims in favor of the Company Group and (II) customary post-termination noncompete, nonsolicit and other restrictive covenants in favor of the Company Group, (B) "**Qualifying Disability**" means a "qualifying disability" (as such term is defined in Section 72(m)(7) of the Code) of Participant for a non-temporary period of time, as determined by the Board and confirmed by a qualified independent physician; *provided*, that the condition causing the qualifying disability was not pre-existing on the Date of Grant, (C) "**Determination of Incompetence**" means a "determination of incompetence" of Participant by a state or federal court located in the United States accompanied by the court order, determination or the certificate of the court declaring Participant incompetent and (D) "**Qualifying Change in Control Termination**" shall have the same meaning as set forth in the Greenbacker Renewable Energy Corporation Executive Protection Plan (as amended from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)For purposes of this Agreement, (A) any Restricted Share Unit which has become both service- and performance-vested in accordance with this Agreement shall be referred to as a "**Vested Restricted Share Unit**", and (B) any Restricted Share Unit which is not a Vested Restricted Share Unit shall be referred to as an "**Unvested Restricted Share Unit**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Settlement of Restricted Share Units**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Vested Restricted Share Units shall be settled as soon as reasonably practicable following the later of the service-vesting date and the performance-vesting date of such Vested Restricted Share Units (and, in any event, no later than the date which is two and one-half (2½) months following the end of the calendar year in which such later vesting date occurs); provided, however, that notwithstanding the foregoing, if Participant's first date of Retirement eligibility is prior to March 31, 2028, then the Vested Restricted Share Units shall be settled as soon as reasonably practicable, but in all events within ninety (90) days, following March 31, 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Upon the settlement of a Vested Restricted Share Unit, the Company shall pay to Participant an amount equal to the value of one Class P-I Share, as determined by the Committee. As determined by the Committee, the Company shall pay such amount in (w) cash, (x) Common Shares (y) other securities or other property (including, without limitation, Corp Stock), as applicable or (z) any combination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Notwithstanding anything in this Agreement to the contrary, the Company shall not have any obligation to issue or transfer any Common Shares as contemplated by this Agreement unless and until such issuance or transfer complies with all relevant provisions of law. As a condition to the settlement of any portion of the RSU Award evidenced

 - 2 -

------

**Exhibit 10.25**

by this Agreement, Participant may be required to deliver certain documentation to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Repayment of Proceeds; Clawback**. The RSU Award and all proceeds related to the RSU Award are subject to the clawback and repayment terms set forth in Sections 14(v) and 14(w) of the Plan and the Company's clawback policy, as in effect from time to time. If Participant's service with the Company Group is terminated by the Company for Cause or the Company Group discovers after Participant's Termination that grounds for a Termination for Cause existed at the time thereof, then Participant shall be required to pay to the Company, within ten (10) business days following the Company's request to Participant therefor, an amount equal to the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) Participant received either in cash in respect of the settlement of Restricted Share Units, or upon the sale or other disposition of, or Distributions in respect of, Common Shares acquired upon the settlement of the RSU Award. Any reference in this Agreement to grounds existing for a Termination for Cause shall be determined without regard to any notice period, cure period or other procedural delay or event required prior to a finding of, or Termination for, Cause. The foregoing remedy shall not be exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Legend**. To the extent applicable, all book entries (or certificates, if any) representing the Common Shares delivered to Participant as contemplated by Section 1(c) above shall be subject to the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such shares of Common Stock are listed, and any applicable Federal or state laws, and the Company may cause notations to be made next to the book entries (or a legend or legends put on certificates, if any) to make appropriate reference to such restrictions. Any such book entry notations (or legends on certificates, if any) shall include a description to the effect of any restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Joinder Agreement**. As a condition precedent to the issuance of any Common Shares pursuant to Section 1(c) hereof, if Participant has not already done so, Participant shall be required to sign a joinder agreement to the LLC Agreement in the form supplied by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**No Right to Continued Engagement**. Neither the Plan nor this Agreement nor Participant's receipt of the Restricted Share Units hereunder shall impose any obligation on the Company Group to continue the engagement of Participant. Further, the Company Group may at any time terminate the engagement of Participant, free from any liability or claim under the Plan or this Agreement, except as otherwise expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Restrictions on Transfer; Lock-up**. Participant may not assign, alienate, pledge, attach, sell or otherwise transfer or encumber the RSU Award, other than to Permitted Transferees as may be permitted by the Committee from time to time in accordance with applicable laws and Section 14(b) of the Plan. Except as otherwise provided herein, no assignment or transfer of the RSU Award, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise, shall vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the RSU Award shall terminate and become of no further effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Withholding**. Participant may be required to pay to the Company or any of its Affiliates, and, notwithstanding anything in the Plan to the contrary, the Company shall have the right and is hereby authorized to withhold, any applicable withholding taxes in respect of the Restricted Share Units, their grant or vesting or any payment or transfer with respect to the Restricted Share Units up to the maximum applicable statutory rates, and to take such action as may be necessary in the opinion of the Committee to satisfy all obligations for the payment of

 - 3 -

------

**Exhibit 10.25**

such withholding taxes. To satisfy Participant's maximum income, employment and/or other applicable taxes that are statutorily required to be withheld, the Company shall withhold from the Common Shares otherwise issuable or deliverable to, or that would otherwise be retained by, Participant Common Shares with an aggregate Fair Market Value equal to an amount not in excess of such maximum statutorily required withholding liability (or portion thereof). Without limiting the foregoing, if any portion of the RSU Award is considered to provide a "deferral of compensation" under Section 409A of the Code, certain payroll taxes (FICA) may be due upon Participant satisfying the age and service requirements for Retirement or upon Participant's Termination due to death, Qualifying Disability, a Determination of Incompetence or a Qualifying Change in Control Termination, and in any such case, the Company shall be authorized to withhold the applicable employee portion of Participant's FICA tax obligations at such time and on any applicable dates thereafter and to satisfy Participant's FICA tax obligations, the Company shall withhold Common Shares consistent with the previous sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Securities Laws; Cooperation**. Participant will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws, the LLC Agreement, the Plan or this Agreement. Participant further agrees to cooperate with the Company in taking any action reasonably necessary or advisable to consummate the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**Notices**. Any notice necessary under this Agreement shall be addressed to the Company in care of its Corporate Secretary at the principal executive office of the Company and to Participant at the address appearing in the personnel records of the Company for such Participant or to either party at such other address as either party hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**Choice of Law; Jurisdiction; Venue**. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York applicable to contracts made and performed wholly within the State of New York, without giving effect to the conflict of laws provisions thereof. Any suit, action or proceeding with respect to this Agreement (or any provision incorporated by reference), or any judgment entered by any court in respect of any thereof, shall be brought in any court of competent jurisdiction in the State of New York, and each of Participant, the Company, and any Permitted Transferees who hold Restricted Share Units pursuant to a valid assignment hereby submits to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding, or judgment. Each of Participant, the Company, and any Permitted Transferees who hold Restricted Share Units pursuant to a valid assignment hereby irrevocably waives (a) any objections which it may now or hereafter have to the laying of the venue of any suit, action, or proceeding arising out of or relating to this Agreement brought in any court of competent jurisdiction in the State of New York, (b) any claim that any such suit, action, or proceeding brought in any such court has been brought in any inconvenient forum and (c) any right to a jury trial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**RSU Award Subject to Plan; Amendment**. By entering into this Agreement, Participant agrees and acknowledges that Participant has received and read a copy of the Plan. The Restricted Share Units granted hereunder are subject to the Plan. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. The Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate this Agreement, but no such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination shall materially adversely affect the rights of Participant hereunder without the consent of Participant.

 - 4 -

------

**Exhibit 10.25**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**Section 409A**. It is intended that the Restricted Share Units granted hereunder shall comply with or be exempt from Section 409A of the Code (with such exemption pursuant to the "short-term deferral" rule applicable to such section, as set forth in the regulations or other guidance published by the Internal Revenue Service thereunder) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be so exempt or in compliance. Except as otherwise permitted under Section 409A of the Code, the settlement of the Restricted Share Units shall not be accelerated or deferred (including accelerated settlement otherwise permitted under Section 12(b) of the Plan) unless such acceleration or deferral would not result in additional tax or interest pursuant to Section 409A of the Code; provided that, for the avoidance of doubt, nothing in this Agreement shall otherwise restrict the Committee's ability to accelerate vesting of the Restricted Share Units in accordance with Section 12(b) of the Plan so long as settlement is not accelerated or deferred except as otherwise permitted under Section 409A of the Code.

[*Signature Page Follows*]

 - 5 -

------

**Exhibit 10.25**

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto as of the Date of Grant.

**GREENBACKER RENEWABLE ENERGY COMPANY LLC**

By:

Date of Grant:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ]

Target Number of Restricted Share Units Granted:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ <u>]</u>

<br>Acknowledged and Agreed<br>as of the date first written above:

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

[ ]

Signature Page<br>RSU Agreement

------

**Exhibit 10.25**

**Schedule I<br>Vesting Terms**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Definitions**. For purposes of this Schedule I, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"**Free Cash Flow**" means the amount of cash available for reinvestment or shareholder liquidity. It is defined to include (a) cash distributed from Independent Power Producing (IPP) portfolio operations, net of any non-discretionary equity contributions, (b) cash collected from our Investment Management business, (c) cash used for general and administrative expenses, including compensation and benefits, (d) cash used for hardship redemptions and shareholder servicing fees, (e) interest paid on the Corporate revolving credit facility, and (f) other income collected in cash; provided that, pursuant to Section 12(a) of the Plan, appropriate adjustments to the Free Cash Flow calculation shall be made to account for Adjustment Events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"**Performance Period**" means the period of time beginning on January 1, 2027 and ending on December 31, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Vesting**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The number of Restricted Share Units that will performance-vest (if any) will be based on Free Cash Flow during the Performance Period, determined in accordance with the below table:

---

| | | |
|:---|:---|:---|
| **Level** | **Free Cash Flow** | **Vesting (as a % of Target Number of Restricted Share Units Granted)** |
| Threshold | >$0 | 50% |
| Target | $3.0 million | 100% |
| Stretch | $6.0 million | 150% |
| Maximum | $9.0 million | 200% |

---

3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Restricted Share Units shall performance-vest if, and only if, Free Cash Flow during the Performance Period is as follows: (i) [ <u>]</u> Restricted Share Units shall performance-vest if Free Cash Flow is at least $0; (ii) [ <u>]</u> Restricted Share Units shall performance-vest if Free Cash Flow is at least $3.0 million; (iii) [ <u>]</u> Restricted Share Units shall performance-vest if Free Cash Flow is at least $6.0 million; and (iv) [ <u>]</u> Restricted Share Units shall performance-vest if Free Cash Flow is at least $9.0 million. For the avoidance of doubt, unless otherwise determined by the Board, (x) none of the Restricted Share Units will performance-vest if Free Cash Flow during the Performance Period is negative; (y) even if Free Cash Flow during the Performance Period is in excess of $9.0 million, no more than [ <u>]</u> Restricted Share Units will performance-vest; and (z) if achieved Free Cash Flow during the Performance Period falls between any two targets set forth above, actual performance-vesting shall be determined using linear interpolation. Notwithstanding the foregoing, except as otherwise set forth in Section 1(b) of the Agreement, the Restricted Share Units shall remain Unvested Restricted Share Units after achievement of the performance-vesting conditions described in this paragraph and shall service-vest and become Vested Restricted Share Units on

Schedule I - 1

------

**Exhibit 10.25**

March 31, 2028 if Participant is continuously employed with the Company Group through March 31, 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)At the expiration of the Performance Period, all Unvested Restricted Share Units that have not performance-vested in accordance with the performance-vesting conditions set forth in this Section 2 shall be forfeited for no consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Business Combination**. Notwithstanding anything to the contrary in Section 12(b) of the Plan, unless the Committee determines otherwise, (a) in the event a Business Combination occurs prior to March 31, 2028, the number of Restricted Stock Units that are substituted or assumed by the surviving entity (or an Affiliate thereof) of the Business Combination or with respect to which the vesting is accelerated (as may be determined by the Committee in its sole discretion), in either case shall be based on (i) target performance if the Business Combination occurs prior to the end of the Performance Period or (ii) actual performance if the Business Combination occurs on or following the end of the Performance Period and (b) any Restricted Stock Units outstanding as of immediately prior to the Business Combination following the application of clause (a) shall immediately be forfeited as of the Business Combination and Participant shall not be entitled to receive any consideration with respect thereto.

Schedule I - 2

## Exhibit 10.26

**Exhibit 10.26**

**GREENBACKER RENEWABLE ENERGY COMPANY LLC<br>2023 EQUITY INCENTIVE PLAN<br>RESTRICTED SHARE UNIT GRANT AND AGREEMENT**

This RESTRICTED SHARE UNIT GRANT AND AGREEMENT (this "**Agreement**"), is made effective on [ ] (the "**Date of Grant**") by and between Greenbacker Renewable Energy Company LLC, a Delaware limited liability company (together with its successors and assigns, the "**Company**") and the participant ("**Participant**") identified on the signature page attached hereto (the "**Signature Page**").

**R E C I T A L S**:

WHEREAS, the Company has adopted the Greenbacker Renewable Energy Company LLC 2023 Equity Incentive Plan (as it may be amended, the "**Plan**"), the terms of which Plan are incorporated herein by reference and made a part of this Agreement, and capitalized terms not otherwise defined herein shall have the same meaning as in the Plan; and

WHEREAS, the Committee has determined that it would be in the best interests of the Company and its Members to grant the Restricted Share Units provided for herein to Participant pursuant to the Plan and the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Grant of Restricted Share Units**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Grant**. The Company hereby grants to Participant on the Date of Grant, on the terms and conditions hereinafter set forth in this Agreement, an award of [ ] Restricted Share Units in respect of Class P-I Shares (the "**RSU Award**"), subject to adjustment as set forth in the Plan and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Vesting**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The RSU Award shall vest in accordance with **<u>Schedule I</u>** attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Upon a Termination for any reason prior to March 31, 2028, all unvested Restricted Share Units shall be forfeited for no consideration; provided, however, that notwithstanding the foregoing, in the event of Participant's Termination due to (A) Retirement, (B) death, (C) Qualifying Disability, (D) a Determination of Incompetence or (E) a Qualifying Change in Control Termination, Participant shall retain all of the Restricted Share Units (subject to adjustment based on the determination of the performance-vesting conditions as set forth in **<u>Schedule I</u>**). The Restricted Share Units that Participant is entitled to retain following any such Termination shall be considered Vested Restricted Share Units for purposes of this Agreement upon the later of (x) the earlier of (I) the date of Participant's Termination due to death, Qualifying Disability, a Determination of Incompetence or a Qualifying Change in Control Termination and (II) the date on which Participant satisfies the age and service requirements for Retirement and (y) the earlier of (A) the date of a Business Combination and (B) the last day of the Performance Period.

US-LEGAL-13223955/8 181297-0001<br>

------

**Exhibit 10.26**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)For purposes of this Agreement, (A) "**Retirement**" means Participant's voluntary Termination after such date that Participant has (1) attained the age of fifty-five (55) and provided service to the Company Group for a continuous period of at least fifteen (15) years, (2) attained the age of sixty (60) and provided service to the Company Group for a continuous period of at least ten (10) years or (3) attained the age of sixty-five (65) and provided service to the Company Group for a continuous period of at least three (3) years; provided, however, that such a voluntary Termination will not be treated as a Retirement unless (x) Participant shall have provided at least six (6) months' advance written notice prior to the actual date of Participant's Termination to Participant's reporting person (or, if applicable, the Board) and the Company's most senior Human Resources Officer of Participant's potential decision to retire, (y) Participant shall have worked in good faith with the Company to transition Participant's duties and responsibilities prior to the actual date of Participant's Termination and (z) prior to the actual date of Participant's Termination, Participant shall have entered into an effective and irrevocable separation agreement in a form and manner satisfactory to the Company that may include, without limitation, (I) a general release of claims in favor of the Company Group and (II) customary post-termination noncompete, nonsolicit and other restrictive covenants in favor of the Company Group, (B) "**Qualifying Disability**" means a "qualifying disability" (as such term is defined in Section 72(m)(7) of the Code) of Participant for a non-temporary period of time, as determined by the Board and confirmed by a qualified independent physician; *provided*, that the condition causing the qualifying disability was not pre-existing on the Date of Grant, (C) "**Determination of Incompetence**" means a "determination of incompetence" of Participant by a state or federal court located in the United States accompanied by the court order, determination or the certificate of the court declaring Participant incompetent and (D) "**Qualifying Change in Control Termination**" shall have the same meaning as set forth in the Greenbacker Renewable Energy Corporation Executive Protection Plan (as amended from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)For purposes of this Agreement, (A) any Restricted Share Unit which has become both service- and performance-vested in accordance with this Agreement shall be referred to as a "**Vested Restricted Share Unit**", and (B) any Restricted Share Unit which is not a Vested Restricted Share Unit shall be referred to as an "**Unvested Restricted Share Unit**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Settlement of Restricted Share Units**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Vested Restricted Share Units shall be settled as soon as reasonably practicable following the later of the service-vesting date and the performance-vesting date of such Vested Restricted Share Units (and, in any event, no later than the date which is two and one-half (2½) months following the end of the calendar year in which such later vesting date occurs); provided, however, that notwithstanding the foregoing, if Participant's first date of Retirement eligibility is prior to March 31, 2028, then the Vested Restricted Share Units shall be settled as soon as reasonably practicable, but in all events within ninety (90) days, following March 31, 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Upon the settlement of a Vested Restricted Share Unit, the Company shall pay to Participant an amount equal to the value of one Class P-I Share, as determined by the Committee. As determined by the Committee, the Company shall pay such amount in (w) cash, (x) Common Shares (y) other securities or other property (including, without limitation, Corp Stock), as applicable or (z) any combination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Notwithstanding anything in this Agreement to the contrary, the Company shall not have any obligation to issue or transfer any Common Shares as contemplated by this Agreement unless and until such issuance or transfer complies with all relevant provisions of law. As a condition to the settlement of any portion of the RSU Award evidenced

 - 2 -

------

**Exhibit 10.26**

by this Agreement, Participant may be required to deliver certain documentation to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Repayment of Proceeds; Clawback**. The RSU Award and all proceeds related to the RSU Award are subject to the clawback and repayment terms set forth in Sections 14(v) and 14(w) of the Plan and the Company's clawback policy, as in effect from time to time. If Participant's service with the Company Group is terminated by the Company for Cause or the Company Group discovers after Participant's Termination that grounds for a Termination for Cause existed at the time thereof, then Participant shall be required to pay to the Company, within ten (10) business days following the Company's request to Participant therefor, an amount equal to the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) Participant received either in cash in respect of the settlement of Restricted Share Units, or upon the sale or other disposition of, or Distributions in respect of, Common Shares acquired upon the settlement of the RSU Award. Any reference in this Agreement to grounds existing for a Termination for Cause shall be determined without regard to any notice period, cure period or other procedural delay or event required prior to a finding of, or Termination for, Cause. The foregoing remedy shall not be exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Legend**. To the extent applicable, all book entries (or certificates, if any) representing the Common Shares delivered to Participant as contemplated by Section 1(c) above shall be subject to the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such shares of Common Stock are listed, and any applicable Federal or state laws, and the Company may cause notations to be made next to the book entries (or a legend or legends put on certificates, if any) to make appropriate reference to such restrictions. Any such book entry notations (or legends on certificates, if any) shall include a description to the effect of any restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Joinder Agreement**. As a condition precedent to the issuance of any Common Shares pursuant to Section 1(c) hereof, if Participant has not already done so, Participant shall be required to sign a joinder agreement to the LLC Agreement in the form supplied by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**No Right to Continued Engagement**. Neither the Plan nor this Agreement nor Participant's receipt of the Restricted Share Units hereunder shall impose any obligation on the Company Group to continue the engagement of Participant. Further, the Company Group may at any time terminate the engagement of Participant, free from any liability or claim under the Plan or this Agreement, except as otherwise expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Restrictions on Transfer; Lock-up**. Participant may not assign, alienate, pledge, attach, sell or otherwise transfer or encumber the RSU Award, other than to Permitted Transferees as may be permitted by the Committee from time to time in accordance with applicable laws and Section 14(b) of the Plan. Except as otherwise provided herein, no assignment or transfer of the RSU Award, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise, shall vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the RSU Award shall terminate and become of no further effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Withholding**. Participant may be required to pay to the Company or any of its Affiliates, and, notwithstanding anything in the Plan to the contrary, the Company shall have the right and is hereby authorized to withhold, any applicable withholding taxes in respect of the Restricted Share Units, their grant or vesting or any payment or transfer with respect to the Restricted Share Units up to the maximum applicable statutory rates, and to take such action as may be necessary in the opinion of the Committee to satisfy all obligations for the payment of

 - 3 -

------

**Exhibit 10.26**

such withholding taxes. To satisfy Participant's maximum income, employment and/or other applicable taxes that are statutorily required to be withheld, the Company shall withhold from the Common Shares otherwise issuable or deliverable to, or that would otherwise be retained by, Participant Common Shares with an aggregate Fair Market Value equal to an amount not in excess of such maximum statutorily required withholding liability (or portion thereof). Without limiting the foregoing, if any portion of the RSU Award is considered to provide a "deferral of compensation" under Section 409A of the Code, certain payroll taxes (FICA) may be due upon Participant satisfying the age and service requirements for Retirement or upon Participant's Termination due to death, Qualifying Disability, a Determination of Incompetence or a Qualifying Change in Control Termination, and in any such case, the Company shall be authorized to withhold the applicable employee portion of Participant's FICA tax obligations at such time and on any applicable dates thereafter and to satisfy Participant's FICA tax obligations, the Company shall withhold Common Shares consistent with the previous sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Securities Laws; Cooperation**. Participant will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws, the LLC Agreement, the Plan or this Agreement. Participant further agrees to cooperate with the Company in taking any action reasonably necessary or advisable to consummate the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**Notices**. Any notice necessary under this Agreement shall be addressed to the Company in care of its Corporate Secretary at the principal executive office of the Company and to Participant at the address appearing in the personnel records of the Company for such Participant or to either party at such other address as either party hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**Choice of Law; Jurisdiction; Venue**. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York applicable to contracts made and performed wholly within the State of New York, without giving effect to the conflict of laws provisions thereof. Any suit, action or proceeding with respect to this Agreement (or any provision incorporated by reference), or any judgment entered by any court in respect of any thereof, shall be brought in any court of competent jurisdiction in the State of New York, and each of Participant, the Company, and any Permitted Transferees who hold Restricted Share Units pursuant to a valid assignment hereby submits to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding, or judgment. Each of Participant, the Company, and any Permitted Transferees who hold Restricted Share Units pursuant to a valid assignment hereby irrevocably waives (a) any objections which it may now or hereafter have to the laying of the venue of any suit, action, or proceeding arising out of or relating to this Agreement brought in any court of competent jurisdiction in the State of New York, (b) any claim that any such suit, action, or proceeding brought in any such court has been brought in any inconvenient forum and (c) any right to a jury trial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**RSU Award Subject to Plan; Amendment**. By entering into this Agreement, Participant agrees and acknowledges that Participant has received and read a copy of the Plan. The Restricted Share Units granted hereunder are subject to the Plan. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. The Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate this Agreement, but no such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination shall materially adversely affect the rights of Participant hereunder without the consent of Participant.

 - 4 -

------

**Exhibit 10.26**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**Section 409A**. It is intended that the Restricted Share Units granted hereunder shall comply with or be exempt from Section 409A of the Code (with such exemption pursuant to the "short-term deferral" rule applicable to such section, as set forth in the regulations or other guidance published by the Internal Revenue Service thereunder) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be so exempt or in compliance. Except as otherwise permitted under Section 409A of the Code, the settlement of the Restricted Share Units shall not be accelerated or deferred (including accelerated settlement otherwise permitted under Section 12(b) of the Plan) unless such acceleration or deferral would not result in additional tax or interest pursuant to Section 409A of the Code; provided that, for the avoidance of doubt, nothing in this Agreement shall otherwise restrict the Committee's ability to accelerate vesting of the Restricted Share Units in accordance with Section 12(b) of the Plan so long as settlement is not accelerated or deferred except as otherwise permitted under Section 409A of the Code.

[*Signature Page Follows*]

 - 5 -

------

**Exhibit 10.26**

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto as of the Date of Grant.

**GREENBACKER RENEWABLE ENERGY COMPANY LLC**

By:

Date of Grant:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ]

Target Number of Restricted Share Units Granted:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ]

<br>Acknowledged and Agreed<br>as of the date first written above:

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

[ ]

Signature Page<br>RSU Agreement

------

**Exhibit 10.26**

**Schedule I<br>Vesting Terms**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Definitions**. For purposes of this Schedule I, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"**Free Cash Flow**" means the amount of cash available for reinvestment or shareholder liquidity. It is defined to include (a) cash distributed from Independent Power Producing (IPP) portfolio operations, net of any non-discretionary equity contributions, (b) cash collected from our Investment Management business, (c) cash used for general and administrative expenses, including compensation and benefits, (d) cash used for hardship redemptions and shareholder servicing fees, (e) interest paid on the Corporate revolving credit facility, and (f) other income collected in cash; provided that, pursuant to Section 12(a) of the Plan, appropriate adjustments to the Free Cash Flow calculation shall be made to account for Adjustment Events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"**Performance Period**" means the period of time beginning on January 1, 2027 and ending on December 31, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Vesting**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The number of Restricted Share Units that will performance-vest (if any) will be based on Free Cash Flow during the Performance Period, determined in accordance with the below table:

---

| | | |
|:---|:---|:---|
| **Level** | **Free Cash Flow** | **Vesting (as a % of Target Number of Restricted Share Units Granted)** |
| Threshold | >$0 | 67% |
| Target | $3.0 million | 100% |
| Stretch | $6.0 million | 133% |
| Maximum | $9.0 million | 167% |

---

3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Restricted Share Units shall performance-vest if, and only if, Free Cash Flow during the Performance Period is as follows: (i) [ ] Restricted Share Units shall performance-vest if Free Cash Flow is at least $0; (ii) [ ] Restricted Share Units shall performance-vest if Free Cash Flow is at least $3.0 million; (iii) [ ] Restricted Share Units shall performance-vest if Free Cash Flow is at least $6.0 million; and (iv) [ ] Restricted Share Units shall performance-vest if Free Cash Flow is at least $9.0 million. For the avoidance of doubt, unless otherwise determined by the Board, (x) none of the Restricted Share Units will performance-vest if Free Cash Flow during the Performance Period is negative; (y) even if Free Cash Flow during the Performance Period is in excess of $9.0 million, no more than [ ] Restricted Share Units will performance-vest; and (z) if achieved Free Cash Flow during the Performance Period falls between any two targets set forth above, actual performance-vesting shall be determined using linear interpolation. Notwithstanding the foregoing, except as otherwise set forth in Section 1(b) of the Agreement, the Restricted Share Units shall remain Unvested Restricted Share Units after achievement of the performance-vesting conditions described in this paragraph and shall service-vest and become Vested Restricted Share Units on

Schedule I - 1

------

**Exhibit 10.26**

March 31, 2028 if Participant is continuously employed with the Company Group through March 31, 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)At the expiration of the Performance Period, all Unvested Restricted Share Units that have not performance-vested in accordance with the performance-vesting conditions set forth in this Section 2 shall be forfeited for no consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Business Combination**. Notwithstanding anything to the contrary in Section 12(b) of the Plan, unless the Committee determines otherwise, (a) in the event a Business Combination occurs prior to March 31, 2028, the number of Restricted Stock Units that are substituted or assumed by the surviving entity (or an Affiliate thereof) of the Business Combination or with respect to which the vesting is accelerated (as may be determined by the Committee in its sole discretion), in either case shall be based on (i) target performance if the Business Combination occurs prior to the end of the Performance Period or (ii) actual performance if the Business Combination occurs on or following the end of the Performance Period and (b) any Restricted Stock Units outstanding as of immediately prior to the Business Combination following the application of clause (a) shall immediately be forfeited as of the Business Combination and Participant shall not be entitled to receive any consideration with respect thereto.

Schedule I - 2

## Exhibit 21.1

**Exhibit 21.1**

---

| | |
|:---|:---|
| Entity | Jurisdiction formed in |
| 101 Carnegie Center Solar, LLC | DE |
| 302 Carnegie Center Solar, LLC | DE |
| 510 Carnegie Center Solar, LLC | DE |
| 701 Carnegie Center Solar, LLC | DE |
| 97WI 8ME, LLC | CA |
| AC Solar 1 Manager LLC | DE |
| Alamosa Solar South CSG LLC | DE |
| Albany Solar, LLC | DE |
| Alden Solar CSG LLC | DE |
| Altamont Winds LLC | DE |
| Amethyst Energy LLC | DE |
| Arthur Kill Energy Storage 1, LLC | NY |
| Atwater Solar, LLC, | DE |
| Aurora Distributed Solar, LLC | DE |
| Aurora Solar Holdings, LLC | DE |
| Barnet 5 Solar LLC | VT |
| Beals Pond Solar 1, LLC | DE |
| Bethel Wind Energy, LLC | IA |
| Black Cat Solar 1, LLC | DE |
| Canadian Northern Lights Corp. | ON |
| Cherry Valley Solar Project, LLC | DE |
| Cherry Valley Solar Project 2, LLC | DE |
| Chippewa Valley Solar 1, LLC | DE |
| Chisago Solar, LLC | DE |
| Cider Solar AcquisitionCo LLC | DE |
| Cider Solar Construction Holdco LLC | DE |
| Cider Solar Construction Owner LLC | DE |
| Cider Solar Holdings LLC | DE |
| Cider Solar Manager LLC | DE |
| Cider Solar Operations Holdco LLC | DE |
| Cider Solar Operations Owner LLC | DE |
| Citrine Solar LLC | DE |
| Clark Solar, LLC | DE |
| CO Buffalo Flats, LLC | DE |
| Colorado CSG II LLC | DE |
| Conic Holdings LLC | DE |
| Conic Manager LLC | DE |
| Danforth Shared Services LLC | DE |
| Day Hill Solar, LLC | OR |
| Dodge Center Distributed Solar, LLC | DE |
| Dunn Solar 1, LLC | DE |
| Dunn Solar 2, LLC | DE |
| Eagle Valley Clean Energy, LLC | UT |
| East to West Solar LLC | DE |
| Eastwood Solar, LLC | DE |
| ECA Brockton LLC | MA |
| ECA Finco I LLC | DE |
| ECA HoldCo I LLC | DE |

---

------

**Exhibit 21.1**

---

| | |
|:---|:---|
| ECA Main LLC | MA |
| ECA NEMA HOL LLC | MA |
| ECA NEMA WILM LLC | MA |
| ECA NEMA WOB LLC | MA |
| ECA Pledgeco I LLC | DE |
| ECA SEMA CAN LLC | MA |
| ECA SEMA LLC | MA |
| ECA SEMA WPS 10 LLC | MA |
| ECA SEMA WPS 15 LLC | MA |
| ECA SEMA WPS 19 LLC | MA |
| ECA SEMA WPS 23 LLC | MA |
| ECA SEMA WPS 24 LLC | MA |
| ECA SEMA WPS 3 LLC | MA |
| ECA SEMA WPS 4 LLC | MA |
| ECA South One LLC | MA |
| ECA South Two LLC | MA |
| Electric City Solar, LLC | DE |
| Elk Hawkeye Wind Holding LLC | DE |
| Elk Wind Energy LLC | IA |
| ER Dairy Farm Solar, LLC | VT |
| ER Lawrence Brook Solar, LLC | VT |
| ER Pleasant St. Solar, LLC | VT |
| ER Shelburne Museum Solar, LLC | VT |
| ER South Street Solar, LLC | VT |
| ER Verulamium Solar, LLC | VT |
| ER Walker Hill Gravel Solar, LLC | VT |
| ESA Fleet Community Solar, LLC | FL |
| EVCE Holdco LLC | DE |
| Fairfield Wind Manager, LLC | MT |
| Fairfield Wind Owner, LLC | MT |
| Fall River Solar, LLC | UT |
| Fossil Gulch Wind Park, LLC | ID |
| GB EquipmentCo LLC | DE |
| GB IL Landco LLC | DE |
| GB LandCo LLC | DE |
| GB Solar TE 2020 Holdings LLC | DE |
| GB Solar TE 2020 Manager LLC | DE |
| GB SWAPCo LLC | DE |
| GB Wind EquipmentCo LLC | DE |
| GB Wind Holdco LLC | DE |
| GB Wind IA SLB Operator LLC | DE |
| GB Wind SLB Lessee 2023 LLC | DE |
| GB Wind SLB Operator LLC | DE |
| GB Wind SLB Pledgor 2023 LLC | DE |
| Georgia Mountain Community Wind, LLC | VT |
| GLC Chester Community Solar, LLC | VT |
| Graphite Solar Holdings LLC | DE |
| Graphite Solar I, LLC | DE |
| GREC 2024 Utility Scale AcquisitionCo LLC | DE |
| GREC Administration, LLC | DE |

---

------

**Exhibit 21.1**

---

| | |
|:---|:---|
| GREC Advisors, LLC | DE |
| GREC Development Holdings 1 LLC | DE |
| GREC Energy Efficiency LLC | DE |
| GREC Entity Holdco LLC | DE |
| GREC Holdings 1 LLC | DE |
| GREC Warehouse Holdings 1 LLC | DE |
| GREC Warehouse Pledgor 1 LLC | DE |
| Greenbacker Administration, LLC | DE |
| Greenbacker Capital Management LLC | DE |
| Greenbacker Development Opportunities GP I, LLC | DE |
| Greenbacker Development Opportunities GP II, LLC | DE |
| Greenbacker Equipment Acquisition Company LLC | DE |
| Greenbacker Exergy Acquisition Resources LLC | DE |
| Greenbacker Renewable Energy Corporation | MD |
| Greenbacker Wind Holdings II LLC | DE |
| Greenbacker Wind, LLC | DE |
| Greenfield Wind Manager, LLC | MT |
| Greenfield Wind Owner, LLC | MT |
| GRP II Borealis Solar LLC | DE |
| Hastings Solar, LLC | DE |
| Heathlands Solar LLC | DE |
| Hecate Energy Albany 1 LLC | DE |
| Hecate Energy Albany 2 LLC | DE |
| Hecate Energy Cider Solar LLC | DE |
| Hecate Energy Greene 1 LLC | DE |
| Hecate Energy Greene 2 LLC | DE |
| Hill Road Solar 1, LLC | DE |
| Hill Road Solar 2, LLC | DE |
| Hog Bay Solar 1, LLC | DE |
| Holiday Hill Community Wind, LLC | VT |
| Holiday Hill Holdings LLC | DE |
| Holiday Hill Manager LLC | DE |
| Howard Wind LLC | NY |
| HREF-3 Parent LLC | DE |
| IGS CC, LLC | OH |
| IGS Encinitas A&B, LLC | OH |
| IGS FE Trenton, LLC | OH |
| IGS Jefferson B&C, LLC | OH |
| IGS La Jolla E, LLC | OH |
| IGS OXR1, LLC | DE |
| IGS PSP1, LLC | OH |
| IGS Valencia 2, LLC | OH |
| IGS Valencia 3, LLC | OH |
| ITC 2020 HoldCo LLC | DE |
| Lake City Solar, LLC | MI |
| Lake Emily Solar, LLC | DE |
| Lake Pulaski Solar, LLC | DE |
| Las Virgenes Solar 1, LLC | DE |
| Lawrence Creek Solar, LLC | DE |

---

------

**Exhibit 21.1**

---

| | |
|:---|:---|
| Ledgeview Solar LLC | DE |
| Lighthouse Finance, LLC | CO |
| Lincoln Solar LLC | UT |
| Marengo Solar, LLC | DE |
| ME Athens Ridge Road Solar LLC | ME |
| ME Mars Hill Clark Road Solar LLC | ME |
| ME Richmond Lincoln Street LLC | ME |
| Middlesex Solar 1, LLC | NJ |
| Mid-River PA LLC | DE |
| Milford Solar 1, LLC | UT |
| MN Wind Holdings LLC | DE |
| Monte Vista Solar 2 CSG LLC | DE |
| Montrose Solar, LLC | DE |
| Morey Solar, LLC | MI |
| MP2 MLK, LLC | DE |
| MP2/IRG - Petaluma City Schools, LLC | DE |
| MTSun LLC | MT |
| Natick High School Solar, LLC | DE |
| Nextsun Energy Littleton, LLC | MA |
| Nextsun Energy North Smithfield, LLC | RI |
| Nextsun Energy Rutland LLC | VT |
| Nextsun Energy Rutland, LLC | VT |
| North Baker Road Solar 1, LLC | DE |
| North Baker Road Solar 2, LLC | DE |
| Novus Royalton Solar, LLC | VT |
| Oak Leaf Solar 56 LLC | CO |
| Oak Leaf Solar XXI LLC | CO |
| Oak Leaf Solar XXII LLC | CO |
| Oak Leaf Solar XXIII LLC | CO |
| Oak Leaf Solar XXIV LLC | CO |
| Oak Leaf Solar XXIX LLC | CO |
| Oak Leaf Solar XXV LLC | CO |
| Oak Leaf Solar XXVI LLC | CO |
| Oak Leaf Solar XXVII LLC | CO |
| Oak Leaf Solar XXVIII LLC | CO |
| Oak Leaf Solar XXX LLC | CO |
| Oak Leaf Solar XXXI LLC | CO |
| Oak Leaf Solar XXXII LLC | CO |
| Oak Leaf Solar XXXIII LLC | CO |
| Oakdale Solar 1, LLC | DE |
| Oakdale Solar 2, LLC | DE |
| OK Solar 1, LLC | DE |
| OneEnergy Blue Star Solar LLC | DE |
| Opal Electric LLC | DE |
| Pacifica Storage LLC | DE |

---

------

**Exhibit 21.1**

---

| | |
|:---|:---|
| Palmer Creek Solar, LLC | OR |
| Paynesville Solar, LLC | DE |
| Pemaquid Borrower Parent LLC | DE |
| Pemaquid HoldCo LLC | DE |
| Pemaquid Manager LLC | DE |
| Pewter HoldCo LLC | DE |
| Pewter Manager LLC | DE |
| Pierce Pepin Solar, LLC | DE |
| Pine Hill Road Westport Solar 1, LLC | DE |
| Pine Island Distributed Solar, LLC | DE |
| Platteville Solar CSG LLC | DE |
| Polk Burnett Solar, LLC | DE |
| Ponderosa Holdings LLC | DE |
| Ponderosa Manager LLC | DE |
| PRC Nemasket LLC | DE |
| Price Solar WI, LLC | DE |
| Randolph Gifford Farm Solar LLC | VT |
| Renew Solar ABC Sacramento LLC | DE |
| Renew Solar WM Davis LLC | DE |
| Renew Solar WM WMAC LLC | DE |
| Renewable Energy Project II LLC | DE |
| Renewable Energy Project LLC | DE |
| Renewable Generation LLC | VT |
| Renewable Generation LLC (MA) | MA |
| Ridgecrest Solar 1, LLC | DE |
| Ridgewind Power Partners, LLC | MN |
| Ring Road Solar, LLC | MA |
| Rippey Wind Energy LLC | IA |
| Rippey Wind Holding LLC | DE |
| Robin MCK LLC | DE |
| Rochelle Solar LLC | DE |
| Rock Creek Solar 2 CSG LLC | DE |
| Rock District Solar, LLC | DE |
| Rodeo Energy Storage, LLC | DE |
| Rosewood Energy LLC | DE |
| RoxWind LLC | MA |
| RPCA Solar 4, LLC | CA |
| RPMA Wind Holding I LLC | IA |
| RSD7 Solar, LLC | DE |
| Scenic Hill Solar IV, LLC | AR |
| Scenic Hill Solar V, LLC | AR |
| Scenic Hill Solar X, LLC | AR |
| Scenic Hill Solar XIII, LLC | AR |
| Scenic Hill Solar XVI, LLC | AR |
| Sebago Road Solar, LLC | NH |

---

------

**Exhibit 21.1**

---

| | |
|:---|:---|
| Sego Lily Solar Holdings LLC | DE |
| Sego Lily Solar Manager LLC | DE |
| Sheridan Solar, LLC | UT |
| Shirley Shared Solar, LLC | DE |
| Six States Solar II LLC | DE |
| Six States Solar LLC | DE |
| Solar Hagerstown LLC | DE |
| Staten Island Energy Storage 3, LLC | NY |
| Sun Farm V LLC | NC |
| Sun Farm VI LLC | NC |
| Surrey Road Solar, LLC | MI |
| Tar Heel Solar II LLC | DE |
| Tart Solar LLC | MI |
| Tayandenega Solar, LLC | DE |
| Trillium Holdco LLC | DE |
| Trillium Manager LLC | DE |
| Turquoise Holdings LLC | DE |
| Turquoise Manager LLC | DE |
| Turquoise Nevada LLC | DE |
| Turquoise Nevada SubstationCo LLC | DE |
| Upland Road Solar 1, LLC | DE |
| Utility Solar AcquisitionCo 2021 LLC | DE |
| Utility Solar AcquisitionCo 2022 LLC | DE |
| Vernon Solar, LLC | DE |
| Waseca Solar, LLC | DE |
| West Fairlee Stevens Solar LLC | VT |
| West Faribault Solar, LLC | DE |
| West River Solar II, LLC | UT |
| Windshare, LLC | MN |
| Zephyr Wind, LLC | DE |

---

## Exhibit 23.1

**Exhibit 23.1**

KPMG LLP

Two Manhattan West

375 9th Avenue, 17th Floor

New York, NY

10001

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statements (No. 333-276532) on Form S-3 and (No. 333-276944) on Form S-8 of our reports dated March 9, 2026, with respect to the consolidated financial statements of Greenbacker Renewable Energy Company LLC.

/s/ KPMG LLP

New York, New York

March 9, 2026

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Daniel de Boer, certify that:

1. I have reviewed this Annual Report on Form 10-K of Greenbacker Renewable Energy Company LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 9, 2026

---

| |
|:---|
| **Greenbacker Renewable Energy Company LLC** |
| /s/ Daniel de Boer |
| Daniel de Boer<br>Chief Executive Officer<br>*principal executive officer* |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Michael Cunningham, certify that:

1. I have reviewed this Annual Report on Form 10-K of Greenbacker Renewable Energy Company LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 9, 2026

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| |
|:---|
| **Greenbacker Renewable Energy Company LLC** |
| /s/ Michael Cunningham |
| Michael Cunningham<br>Senior Vice President, Chief Accounting Officer<br>*principal accounting officer, performing the duties of principal financial officer* |

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE**

**OFFICER PURSUANT TO 18 U.S.C. SECTION**

**1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Daniel de Boer, Chief Executive Officer, and principal executive officer, in connection with the Annual Report of Greenbacker Renewable Energy Company LLC (the "Company") on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Annual Report"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Annual Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of the company.

Date: March 9, 2026

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| |
|:---|
| **Greenbacker Renewable Energy Company LLC** |
| /s/ Daniel de Boer |
| Daniel de Boer<br>Chief Executive Officer<br>*principal executive officer* |

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF CHIEF FINANCIAL** 

**OFFICER PURSUANT TO 18 U.S.C. SECTION**

**1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Michael Cunningham, Senior Vice President, Chief Accounting Officer, and principal accounting officer, performing the duties of principal financial officer, in connection with the Annual Report of Greenbacker Renewable Energy Company LLC (the "Company") on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Annual Report"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Annual Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of the company.

Date: March 9, 2026

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| |
|:---|
| **Greenbacker Renewable Energy Company LLC** |
| /s/ Michael Cunningham |
| Michael Cunningham<br>Senior Vice President, Chief Accounting Officer<br>*principal accounting officer, performing the duties of principal financial officer* |

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