Document:

EX-10.4

 Exhibit 10.4 
 FORM OF ESCROW AGREEMENT 
 THIS ESCROW AGREEMENT (this
“Agreement”) is made and entered into as of this     day of             , 2013 by and among Greenbacker Renewable Energy Company LLC, a Delaware limited
liability company (the “Company”), SC Distributors, LLC, a Delaware limited liability company (the “Dealer Manager”) and UMB Bank, N.A., as escrow agent, a national banking association organized and existing under
the laws of the United States of America (the “Escrow Agent”). 
 RECITALS 

WHEREAS, the Company proposes to offer and sell up to $1,500,000,000 shares of the Company (the “Shares”), of
which amount: (a) up to $1,250,000,000 in any combination of Class A, Class C and Class I shares being offered to the public pursuant to the Company’s primary offering (collectively, the “Primary Shares”); and
(b) up to $250,000,000 in any combination of Class A, Class C and Class I shares being offered pursuant to the Company distribution reinvestment plan (the “DRIP Shares”), at an initial subscription price of $10.00 per
Class A share, $9.576 per Class C share and $9.186 per Class I share, for the Primary Shares and $9.025 per share for the DRIP Shares (the “Offering”) to investors pursuant to the Company’s Registration Statement on Form
S-1 (File No. 333-178786), as amended from time to time (the “Offering Document”). 
 WHEREAS, the
Dealer Manager has been engaged by the Company to offer and sell the Primary Shares on a best efforts basis through a network of participating broker-dealers (the “Participating Broker-Dealers”). 

WHEREAS, the Company has agreed that the subscription price paid by subscribers for Shares will be promptly refunded to such
subscribers if at least $2,000,000 of gross offering proceeds (the “Minimum Offering Requirement”) has not been raised from the sale of any combination of Primary Shares within one year from the date that the U.S. Securities and
Exchange Commission (the “SEC”) declares the Offering Document effective (the one-year period shall be referred to herein as the “Closing Date”). 

WHEREAS, the Dealer Manager and the Company desire to establish an escrow account, as further described herein, in which funds
received from subscribers (“Investor Funds”) will be deposited into an interest-bearing account entitled “Greenbacker Renewable Energy Company LLC Subscription Account” and the Company desires that UMB Bank, N.A. act as
escrow agent to the escrow account and Escrow Agent is willing to act in such capacity. 
 WHEREAS, deposits received
from residents of the State of Pennsylvania (the “Pennsylvania Subscribers”) will remain in the Escrow Account until the conditions of Section 3 have been met. 

WHEREAS, the Escrow Agent has engaged DST System, Inc. as transfer agent (the “Transfer Agent”). 

 WHEREAS, in order to subscribe for Shares during the Escrow Period (as defined
below), a subscriber must deliver the full amount of its subscription price by check in U.S. dollars payable to the Escrow Agent at the address set forth in the subscription agreement or by wire transfer of immediately available funds in U.S.
dollars. 
 AGREEMENT 
 NOW, THEREFORE, the Company, Dealer Manager and Escrow Agent agree to the terms of this Agreement as follows: 
 1. Establishment of Escrow Account; Escrow Period. The Company hereby appoints the Escrow Agent as escrow agent for purposes of holding the Investor Funds on the terms and conditions set forth
herein. On or prior to the commencement of the Offering, the Company shall establish the escrow account with the Escrow Agent, which shall be entitled “Escrow Account for the Benefit of Subscribers for Shares of Greenbacker Renewable Energy
Company LLC,” or such similar designation as the Company and the Escrow Agent may agree (the “Escrow Account.”) This Agreement shall be effective as of the date the Offering Document is declared effective by the SEC. Except as
otherwise set forth herein for the Pennsylvania Subscribers, the escrow period shall commence upon the effectiveness of this Agreement and shall continue until the earlier of: (i) the date that all Investor Funds held in the Escrow Account are
distributed to the Company pursuant to Section 2(b) hereof and the Company has informed the Escrow Agent in writing that the Escrow Account is closed except with respect to Pennsylvania Subscribers; (ii) the Closing Date, in the event the
Minimum Offering Requirement is not raised on or prior thereto; or (iii) the date the Escrow Agent receives notice from the SEC or any other federal or state regulatory authority that a stop or similar order has been issued with respect to the
Offering Document and has remained in effect for at least twenty (20) days (the “Escrow Period”). After the end of the Escrow Period, the Company and its agents shall not deposit, and the Escrow Agent shall not accept, any
additional amounts representing payments by prospective investors, except with respect to Pennsylvania Subscribers, as set forth in Section 3 below. 
 2. Operation of the Escrow. 
 (a) Deposits in the Escrow Account.
During the Escrow Period, persons subscribing to purchase Shares (“Subscribers”) will be instructed by the Company, the Dealer Manager and the Participating Broker-Dealers to make checks for subscriptions payable to the order of
“UMB Bank, N.A., as Escrow Agent for Greenbacker Renewable Energy Company LLC” or any recognizable abbreviation thereof; provided, however, that Pennsylvania Subscribers shall continue to make checks payable to the order or “UMB Bank,
N.A., as Escrow Agent for Greenbacker Renewable Energy Company LLC” until subscriptions are received resulting in total minimum capital raised equal to or exceeding $62,500,000, and such funds are disbursed from the Escrow Account in accordance
with Section 3 hereof. Completed subscription agreements and checks in payment for the subscription amount shall be remitted to the Escrow Agent at the address set forth in the subscription agreement. Within one (1) business day after
receipt of an instrument of payment (or as soon as possible thereafter pursuant to the internal supervisory procedures of the Dealer Manager or the Participating Broker-Dealer, as applicable), the Dealer Manager shall remit to the Escrow Agent
(i) such instrument of payment 

  
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and (ii) each Subscriber’s name, address, number and class of Shares purchased by such Subscriber and the subscription payment remitted by such Subscriber. The Escrow Agent represents
that, after the Minimum Offering Requirement is satisfied, the Transfer Agent may receive monies and, at such time, will promptly deliver all monies received in good order from Subscribers for the payment of Shares to the Escrow Agent for deposit in
the Escrow Account. All instruments of payment delivered to the Escrow Agent pursuant hereto shall be deposited by the Escrow Agent within one (1) business day of receipt thereof into the Escrow Account. The Escrow Agent hereby agrees to
maintain the funds contributed by the Pennsylvania Subscribers in a manner in which they may be separately accounted for so that the requirements of Section 3 of this Agreement can be met. Deposits shall be held in the Escrow Account until such
Investor Funds are promptly disbursed in accordance with this Agreement. 
 Prior to disbursement of the Investor Funds
deposited in the Escrow Account, such funds shall not be subject to claims by creditors of the Company, the Dealer Manager, any Participating Broker-Dealer or any of their respective affiliates. If any of the instruments of payment are returned to
the Escrow Agent for nonpayment prior to receipt of the Minimum Offering Requirement, the Escrow Agent shall promptly notify the Dealer Manager and the Company in writing via mail, email or facsimile of such nonpayment, and is authorized to debit
the Escrow Account in the amount of such returned payment. 
 (b) Distribution of the Investor Funds to Subscribers other
than the Pennsylvania Subscribers. If at any time on or prior to the Closing Date the Minimum Offering Requirement is satisfied, the Escrow Agent shall release and deliver the Investor Funds (other than any Investor Funds received from
Pennsylvania Subscribers which cannot be released until the conditions of Section 3 have been met), including all earnings thereon for Investor Funds promptly to the Company. The Escrow Agent agrees that Investor Funds in the Escrow Account
shall not be released to the Company until and unless the Escrow Agent receives a written certificate or affidavit stating that the Minimum Offering Requirement has been timely met from the Company’s Chief Executive Officer or Chief Financial
Officer. 
 Subject to the provisions set forth in this Agreement, if the Escrow Agent has not received a certificate or
affidavit from the Company’s Chief Executive Officer or Chief Financial Officer certifying that the Minimum Offering Requirement has been timely met during the Escrow Period, the Escrow Agent shall promptly return the Investor Funds, including
interest or any other income earned thereon, to the Subscribers (including any Pennsylvania Subscribers), per the name, address and in the amounts provided by the Company, the Dealer Manager or the Transfer Agent to the Escrow Agent without
deduction, penalty or expense, and the Escrow Agent shall notify the Company and the Dealer Manager in writing of the distribution of the Investor Funds. The subscription payments returned to each Subscriber shall be free and clear of any and all
claims of the Company or any creditors of the Company, the Dealer Manager, any Participating Broker-Dealer or any of their respective affiliates. 
 (c) Escrow Income. If at any time pursuant to the provisions of this Section 2 interest income earned on Investor Funds deposited in the Escrow Account (“Escrow Income”) is to be
paid to a Subscriber, the Escrow Agent shall promptly provide directly to such Subscriber the amount of Escrow Income payable to such Subscriber; provided that the Escrow Agent is in possession of such Subscriber’s executed IRS Form W-9. In the
event an executed IRS Form W-9 

  
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is not received for each Subscriber, the Escrow Agent shall remit an amount to the Subscribers in accordance with the provisions hereof, withholding the applicable percentage for backup
withholding required by the Internal Revenue Code, as then in effect, from any Escrow Income attributable to those Subscribers for whom the Escrow Agent does not possess an executed IRS Form W-9. Escrow Income shall be remitted to Subscribers at the
address provided by the Dealer Manager or the Company to the Escrow Agent, which the Escrow Agent shall be entitled to rely upon, and without any deductions for escrow expenses. 

3. Distribution of the Investor Funds to Pennsylvania Subscribers. 

(a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Pennsylvania Subscribers may only be
distributed in compliance with the provisions of this Section 3. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof or the expiration of the Escrow Period pursuant to Section 1 hereof, the
Escrow Agent will continue to place deposits from the Pennsylvania Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts previously disbursed as directed
by the Company and the amounts then held in the Escrow Account) equal or exceed $62,500,000, whereupon the Escrow Agent shall disburse to the Company, at the Company’s request, any funds from the Pennsylvania Subscribers received by the Escrow
Agent for accepted subscriptions, but not those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request.

 (b) If the Company has not received total subscriptions of at least $62,500,000 within 120 days of the date the Company first
receives a subscription from a Pennsylvania Subscriber (the “Initial Escrow Period”), the Company shall notify each Pennsylvania Subscriber by certified mail or any other means (whereby receipt of delivery is obtained) of the right
of Pennsylvania Subscribers to have their investment returned to them. If, pursuant to such notice, a Pennsylvania Subscriber requests the return of his or her subscription funds within ten (10) days after receipt of the notification (the
“Request Period”), the Escrow Agent shall promptly refund, without interest or deduction, directly to each Pennsylvania Subscriber the funds deposited in the Escrow Account on behalf of the Pennsylvania Subscriber. 

(c) The funds of Pennsylvania Subscribers who do not request the return of their funds within the Request Period shall remain in the
Escrow Account for successive 120-day escrow periods (each a “Successive Escrow Period”), each commencing automatically upon the termination of the prior Successive Escrow Period, and the Company and Escrow Agent shall follow the
notification and payment procedure set forth in Section 3(b) above with respect to the Initial Escrow Period for each Successive Escrow Period, provided that any refunds made to a Pennsylvania Subscriber after a Successive Escrow Period shall
include a pro rata share of any interest earned thereon after the Initial Escrow Period, until the occurrence of the earliest of (i) the termination of the Offering, (ii) the receipt and acceptance by the Company of total subscriptions
that equal or exceed $62,500,000 and the disbursement of the Escrow Account on the terms specified in this Section 3, or (iii) all funds held in the Escrow Account that were contributed by Pennsylvania Subscribers having been returned to
the Pennsylvania Subscribers in accordance with the provisions hereof. If, upon termination of the Offering, the Company has 

  
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not received and accepted total subscriptions from Pennsylvania Subscribers that equal or exceed $62,500,000, all funds in the Escrow Account that were contributed by Pennsylvania Subscribers
will be promptly returned in full to such Pennsylvania Subscribers, together with their pro rata share of any interest earned thereon pursuant to instructions made by the Company, upon which the Escrow Agent may conclusively rely. 

4. Investor Funds in the Escrow Account. Upon receipt of Investor Funds, the Escrow Agent shall hold such Investor Funds in escrow
pursuant to the terms of this Agreement. All Investor Funds held in the Escrow Account shall at all times be placed in an interest-bearing account or as may otherwise be instructed by the Company and in accordance with applicable rules and
regulations (except for the funds from Pennsylvania Subscribers in the Escrow Account which must be maintained in an interest-bearing account following the Initial Escrow Period). Interest and any other income resulting from the investment of the
funds in the Escrow Account shall be retained by the Escrow Agent and distributed according to this Agreement. The Escrow Agent shall provide to the Company monthly statements (or more frequently as reasonably requested by the Company which
includes, without limitation, if such amounts are not available to the Company at least daily via UMB’s “Web Exchange” program) on the account balance in the Escrow Account and the activity in such accounts since the last report,
including without limitation as specifically relates to Pennsylvania Subscribers. The Escrow Agent will provide access to its Web Exchange program to allow the Company to view account balances for the Escrow Account at any time, including without
limitation as specifically relates to Pennsylvania Subscribers. 
 5. Duties of the Escrow Agent. The Escrow Agent shall
have no duties or responsibilities other than those expressly set forth in this Agreement, and no implied duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent is not a party to, or bound by, any other
agreement among the other parties hereto with respect to the subject matter hereof, and the Escrow Agent’s duties shall be determined solely by reference to this Agreement. The Escrow Agent shall have no duty to enforce any obligation of any
person, other than as provided herein. The Escrow Agent shall be under no liability to anyone by reason of any failure on the part of any party hereto or any maker, endorser or other signatory of any document or any other person to perform such
person’s obligations under any such document. 
 6. Liability of the Escrow Agent; Indemnification. The Escrow Agent
acts hereunder as a depository only. The Escrow Agent shall not be liable, except for willful misconduct, breach of trust, or gross negligence, for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good
faith, and in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement,
instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow
Agent to be genuine and to be signed or presented by the proper person(s). The Escrow Agent shall not be held liable for any error in judgment made in good faith by an officer or employee of either unless it shall be proved that such officer or
employee was grossly negligent or reckless in ascertaining the pertinent facts or acted intentionally in bad faith or engaged in willful misconduct or a breach of 

  
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trust. The Escrow Agent shall not be bound by any notice of demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a
writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall give its prior written consent thereto. 

The Escrow Agent may consult legal counsel and shall exercise reasonable care in the selection of such counsel, in the event of any
dispute or question as to the construction of any provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in acting in accordance with the reasonable opinion or instructions of such counsel.

 The Escrow Agent shall not be responsible, may conclusively rely upon and shall be protected, indemnified and held harmless
by the Company, for the sufficiency or accuracy of the form of, or the execution, validity, value or genuineness of any document or property received, held or delivered by it hereunder, or of the signature or endorsement thereon, or for any
description therein; nor shall the Escrow Agent be responsible or liable in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any document, property or this
Agreement. 
 In the event that the Escrow Agent shall become involved in any arbitration or litigation relating to the Investor
Funds in the Escrow Account, each is authorized to comply with any decision reached through such arbitration or litigation. 

The Company hereby agrees to indemnify the Escrow Agent for, and to hold each harmless against any loss, liability or expense incurred in
connection herewith, except losses, damages or expenses due to gross negligence, breach of trust, recklessness, bad faith or willful misconduct on the part of the Escrow Agent, including without limitation, legal or other fees arising out of or in
connection with its entering into this Agreement and carrying out its duties hereunder, including without limitation the costs and expenses of defending itself against any claim of liability in the premises or any action for interpleader. The Escrow
Agent shall be under no obligation to institute or defend any action, suit, or legal proceeding in connection herewith, unless first indemnified and held harmless to its satisfaction in accordance with the foregoing, except that neither shall be
indemnified against any loss, liability or expense arising out of its own gross negligence, recklessness, bad faith or willful misconduct. 
 The terms of this Section shall survive the termination of the Escrow Agreement and the resignation or removal of the Escrow Agent. 

7. The Escrow Agent’s Fee. Escrow Agent shall be entitled to fees and expenses for its regular services as Escrow Agent as
set forth in Exhibit A. Additionally, Escrow Agent is entitled to reasonable fees for extraordinary services and reimbursement of any reasonable out of pocket and extraordinary costs and expenses related to its obligations as Escrow Agent
under this Agreement, including, but not limited to, reasonable attorneys’ fees. All of the Escrow Agent’s compensation, costs and expenses shall be paid by the Company in accordance with Exhibit A hereto. 

  
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 8. Security Interests. No party to this Escrow Agreement shall grant a security
interest in any monies or other property deposited with the Escrow Agent under this Escrow Agreement, or otherwise create a lien, encumbrance or other claim against such monies or borrow against the same. 

9. Dispute. In the event of any disagreement between the undersigned or the person or persons named in the instructions contained
in this Agreement, or any other person, resulting in adverse claims and demands being made in connection with or for any papers, money or property involved herein, or affected hereby, the Escrow Agent shall be entitled to refuse to comply with any
demand or claim, as long as such disagreement shall continue, and in so refusing to make any delivery or other disposition of any money, papers or property involved or affected hereby, the Escrow Agent shall not be or become liable to the
undersigned or to any person named in such instructions for its refusal to comply with such conflicting or adverse demands, and the Escrow Agent shall be entitled to refuse and refrain to act until: (a) the rights of the adverse claimants shall
have been fully and finally adjudicated in a Court assuming and having jurisdiction of the parties and money, papers and property involved herein or affected hereby, or (b) all differences shall have been adjusted by agreement and the Escrow
Agent shall have been notified thereof in writing, signed by all the interested parties. 
 10. Resignation of Escrow
Agent. Escrow Agent may resign or be removed, at any time, for any reason, by written notice of its resignation or removal to the proper parties at their respective addresses as set forth herein, at least 60 days before the date specified for
such resignation or removal to take effect. Upon the effective date of such resignation or removal: 
 (a) All cash and other
payments and all other property then held by the Escrow Agent hereunder shall be delivered by it to such successor escrow agent as may be designated in writing by the Company, whereupon the Escrow Agent’s obligations hereunder shall cease and
terminate; 
 (b) If no such successor escrow agent has been designated by such date, all obligations of the Escrow Agent
hereunder shall, nevertheless, cease and terminate, and the Escrow Agent’s sole responsibility thereafter shall be to keep all property then held by it and to deliver the same to a person designated in writing by the Company or in accordance
with the directions of a final order or judgment of a court of competent jurisdiction. 
 (c) Further, if no such successor
escrow agent has been designated by such date, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor agent; further the Escrow Agent may pay into court all monies and property deposited with Escrow
Agent under this Agreement. 
 The terms of this Section shall survive the termination of the Escrow Agreement and the
resignation or removal of the Escrow Agent. 
 11. Notices. All notices, demands and requests required or permitted to be
given under the provisions hereof must be in writing and shall be deemed to have been sufficiently given, upon receipt, if (i) personally delivered, (ii) sent by telecopy and confirmed by phone or (iii) mailed by registered or
certified mail, with return receipt requested, or by overnight courier 

  
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with signature required, delivered to the addresses set forth below, or to such other address as a party shall have designated by notice in writing to the other parties in the manner provided by
this Section 11: 
  

			
	(1) If to Company:	  	Greenbacker Renewable Energy Company LLC
		  	535 Fifth Avenue, Suite 421
		  	New York, NY 10017
		  	Telephone: (646) 532-6705
		  	 Attention: Charles Wheeler
  

With a copy to:
 Greenbacker Capital
Management LLC
 535 Fifth Avenue, Suite 421
 New York, NY 10017
 Telephone: (646) 532-6707

Attention: David Sher

		
	(2) If to the Escrow Agent:	  	UMB Bank, N.A.
		  	1010 Grand Blvd., 4th Floor
		  	Mail Stop: 1020409
		  	Kansas City, Missouri 64106
		  	Attention: Lara Stevens,
		  	Corporate Trust
		  	Telephone: (816) 860-3017
		  	Facsimile: (816) 860-3029
		
	(3) If to Dealer Manager:	  	SC Distributors, LLC
		  	610 Newport Center Drive, Suite 350
		  	Newport Beach, CA 92660
		  	Telephone: (949) 706-8640
		  	Facsimile: (949) 706-1879
		  	Attention: Investor Services

 12. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of
the State of Missouri without regard to the principles of conflicts of law. 
 13. Binding Effect; Benefit. This
Agreement shall be binding upon and inure to the benefit of the permitted successors and assigns of the parties hereto. 
 14.
Modification. This Agreement may be amended, modified or terminated at any time by a writing executed by the Dealer Manager, the Company and the Escrow Agent. 
 15. Assignability. This Agreement shall not be assigned by the Escrow Agent without the Company’s prior written consent. 

  
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 16. Counterparts. This Agreement may be executed in one or more counterparts, each of
which will be deemed an original, but all of which together will constitute one and the same instrument. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and
valid counterparts of such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law. 
 17. Headings. The section headings contained in this Agreement are inserted for convenience only, and shall not affect in any way, the meaning or interpretation of this Agreement. 

18. Severability. This Agreement constitutes the entire agreement among the parties and supersedes all prior and contemporaneous
agreements and undertakings of the parties in connection herewith. No failure or delay of the Escrow Agent in exercising any right, power or remedy may be, or may be deemed to be, a waiver thereof; nor may any single or partial exercise of any
right, power or remedy preclude any other or further exercise of any right, power or remedy. In the event that any one or more of the provisions contained in this Agreement, shall, for any reason, be held to be invalid, illegal or unenforceable in
any respect, then to the maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. 
 19. Earnings Allocation; Tax Matters; Patriot Act Compliance; Office of Foreign Control Search Duties. If the Escrow Agent remits Escrow Income pursuant to this Agreement, the Escrow Agent shall be
responsible for any necessary federal tax reporting associated with such income, provided that the Escrow Agent shall not be responsible for any other tax reporting under this Escrow Agreement. The Company shall provide to Escrow Agent upon the
execution of this Agreement any documentation requested and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001, as amended from time to time. The Escrow Agent, or its agent, shall complete an Office
of Foreign Assets Control (“OFAC”) search, in compliance with its policy and procedures, of each subscription check and shall inform the Company if a subscription check fails the OFAC search. The Dealer Manager shall provide a copy
of each subscription check in order that the Escrow Agent, or its agent, may perform such OFAC search. 
 20.
Miscellaneous. This Agreement shall not be construed against the party preparing it, and shall be construed without regard to the identity of the person who drafted it or the party who caused it to be drafted and shall be construed as if all
parties had jointly prepared this Agreement and it shall be deemed their joint work product, and each and every provision of this Agreement shall be construed as though all of the parties hereto participated equally in the drafting hereof; and any
uncertainty or ambiguity shall not be interpreted against any one party. As a result of the foregoing, any rule of construction that a document is to be construed against the drafting party shall not be applicable. 

[SIGNATURE PAGES FOLLOW] 

  
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 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by
their duly authorized representatives as of the date first written hereinabove: 
  

			
	SC DISTRIBUTORS, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 GREENBACKER RENEWABLE ENERGY
 COMPANY LLC

		
	By:	 	  

	Name:	 	David Sher
	Title:	 	Director
	
	 ESCROW AGENT:
  

UMB BANK, N.A.

		
	By:	 	  

	Name:	 	Lara L. Stevens
	Title:	 	Vice President

  
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 EXHIBIT A 
 ESCROW FEES AND EXPENSES 
  

					
	 Acceptance Fee
	  			
	 Review document and establish account
	  	$	3,000	  
	 DST Agency Engagement
	  	$	250	  
		
	 Annual Fee
	  			
	 Annual Escrow Agent
	  	$	2,500	  
		
	 Transactional Fees
	  			
	 Outgoing Wire Transfer
	  	$	15 each	  
	 Web Exchange Access
	  	$	15 per month	  
	 Overnight Delivery/Mailings
	  	$	16.50 each	  
	 IRS Tax Reporting
	  	$	10 per 1099	  
	 Daily Recon File to Transfer Agent
	  	$	50 per month	  

 Acceptance fees and first year’s Annual Escrow Agent fee will be payable at the initiation of the escrow. Other fees
and expenses will be billed as incurred. 
 Fees specified are for the regular, routine services contemplated by the Escrow Agreement, and any
additional or extraordinary services, including, but not limited to disbursements involving a dispute or arbitration, or administration while a dispute, controversy or adverse claim is in existence, will be charged based upon time required at the
then standard hourly rate. In addition to the specified fees, all expenses related to the administration of the Escrow Agreement (other than normal overhead expenses of the regular staff) such as, but not limited to, travel, postage, shipping,
courier, telephone, facsimile, supplies, legal fees, accounting fees, etc., will be reimbursable. 

  
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 Exhibit 10.5 
 FORM OF ADMINISTRATION AGREEMENT 
 This Administration Agreement
(“Agreement”) is made as of             , 2013, by and between Greenbacker Renewable Energy Company LLC, a Delaware limited liability company (the
“Company”), Greenbacker Renewable Energy Corporation, a Maryland corporation (the “Operating Corp.”) and Greenbacker Administration, LLC, a Delaware limited liability company (the “Administrator”).

 W I T N E S S E T H: 
 WHEREAS, the Company is a newly organized, externally managed energy company that intends to acquire income-generating renewable energy and energy efficiency and sustainable development projects and other
energy-related businesses (collectively, the “Target Assets”) as well as finance the construction and/or operation of the Target Assets; 
 WHEREAS, the Company desires to retain the Administrator to provide administrative services to the Company in the manner and on the terms hereinafter set forth; and 

WHEREAS, the Administrator is willing to provide administrative services to the Company on the terms and conditions hereafter set forth.

 NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, the Company and the Administrator hereby agree as follows: 
  

	1.	Duties of the Administrator 

 (a) Employment of Administrator. The Company hereby employs the Administrator to act as administrator of the Company, and to furnish, or arrange for others to furnish, the administrative services
and personnel described below, subject to review by and the overall control of the board of directors of the Company (the “Board of Directors”), for the period and on the terms and conditions set forth in this Agreement. The
Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for
below. The Administrator and such others shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Company in any way or
otherwise be deemed agents of the Company. 
 (b) Services. The Administrator shall perform (or oversee, or arrange for,
the performance of) the administrative services necessary for the operation of the Company. Without limiting the generality of the foregoing, the Administrator shall provide the Company with clerical, bookkeeping and record keeping services and such
other services as the Administrator, subject to review by the Board of Directors of the Company, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator shall also, on behalf of
the Company, conduct relations with custodians, depositories, transfer agents, dividend disbursing agents, other member servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such
other persons in any such other capacity deemed to be necessary or desirable. The Administrator shall make reports to the Board of Directors of its performance of obligations hereunder and furnish advice and recommendations with respect to such
other aspects of the business and affairs of the Company as it shall determine to be desirable. The Administrator shall be responsible as set forth herein for the financial and other records that the Company is required to maintain and shall prepare
reports to members. In addition, the Administrator will assist the Company in overseeing the preparation and filing of the Company’s tax returns, and the printing and dissemination of reports to members of the Company, and generally overseeing
the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. 
  

	2.	Records 

 The
Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator hereunder and will maintain and keep 

  
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such books, accounts and other records in accordance its duties as set forth herein. The Administrator agrees that all records which it maintains for the Company shall at all times remain the
property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of this Agreement or otherwise on written request. Records shall be surrendered in usable machine-readable
form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement. 
  

	3.	Confidentiality 

The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by
each party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information pursuant to Regulation S-P of the Securities Exchange Act of 1934, as amended, shall be
used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such
providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any
regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation. 
  

	4.	Compensation; Allocation of Costs and Expenses 

 In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its
obligations and providing personnel and facilities hereunder in an amount based upon the Company’s allocable portion (subject to review and approval of the Board of Directors). The Company will bear all costs and expenses that are incurred in
its operation, administration and transactions and not specifically assumed by the Company’s advisor (the “Advisor”), pursuant to that certain Advisory Agreement, dated as of
            , 2013 by and between the Company and the Advisor. Costs and expenses to be borne by the Company include, but are not limited to, those relating to: organization and offering;
expenses incurred by the Advisor payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the Company and in providing administrative services, monitoring the Company’s investments
and performing due diligence on its prospective Target Assets or otherwise relating to, or associated with, evaluating and making investments; interest payable on debt, if any, incurred to finance the Company’s investments and expenses related
to unsuccessful Target Asset acquisition efforts; offerings, sales and purchases of the Company’s shares of limited liability company interests and other securities; base management fees payable under the Advisory Agreement; administration
fees, if any, payable under this Agreement; fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments, including costs associated with meeting potential
financial sponsors; transfer agent, dividend agent and custodial fees and expenses; federal and state registration fees; all costs of registration and listing the Company’s shares of limited liability company interests on any securities
exchange; federal, state and local taxes; independent directors’ fees and expenses; costs of preparing and filing reports or other documents required by the Securities and Exchange Commission and other regulators; costs of any reports, proxy
statements or other notices to members, including printing costs; costs associated with individual or groups of members; the Company’s allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and
any other insurance premiums; direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and all other expenses incurred by
the Company or the Administrator in connection with administering the Company’s business, including payments under this Agreement based upon the Company’s allocable portion (subject to review and approval of the Board of Directors) of the
Administrator’s overhead in performing its obligations under this Agreement. To the extent the Administrator outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to the
Administrator. 

  
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	5.	Limitation of Liability of the Administrator; Indemnification 

 The Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, including without limitation its
sole member) shall not be liable to the Company for any action taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the
Company, and the Company shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, including
without limitation the Advisor, each of whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified Parties”) and hold them harmless from and against all damages, liabilities, costs and expenses (including
reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or
in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Administrator’s duties or obligations under this Agreement or otherwise as administrator for the Company. Notwithstanding
the preceding sentence of this Section 5 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect
of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or negligence in the performance of the Administrator’s duties or by reason of the
reckless disregard of the Administrator’s duties and obligations under this Agreement . 
  

	6.	Activities of the Administrator 

 The services of the Administrator to the Company are not to be deemed to be exclusive and the Administrator and each affiliate is free to render services to others, so long as its services to the Company
hereunder are not impaired thereby and nothing in this Agreement shall limit or restrict the right of any director, officer, manager, employee, partner or member of the Administrator to engage in any other business or to devote his or her time and
attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith. It is understood that directors, officers, employees and members of the Company are or may become
interested in the Administrator and its affiliates, as directors, officers, members, managers, employees, partners, stockholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and
stockholders of the Administrator and its affiliates are or may become similarly interested in the Company as members or otherwise. The Administrator assumes no responsibility under this Agreement other than to render the services set forth herein.

  

	7.	Duration and Termination of this Agreement 

 (a) This Agreement shall become effective as of the date hereof, and shall remain in force with respect to the Company for two years thereafter, and thereafter shall continue automatically for successive
one-year periods, provided that such continuance is specifically approved at least annually by the vote of the Board of Directors. 
 (b) The Agreement may be terminated at any time, without the payment of any penalty, by the Company, or by the Administrator, upon 60 days’ written notice to the other party. This Agreement may not
be assigned by a party without the consent of the other party. 
 (c) The Administrator shall be entitled to any amounts owed
under Section 4 through the date of termination or expiration. 
  

	8.	Amendments of this Agreement 

 This Agreement may be amended pursuant to a written instrument by mutual consent of the parties. 
  

	9.	Governing Law; Dispute Resolution 

 This Agreement shall be construed in accordance with the laws of the State of New York . 

  
 - 3 -

	10.	Entire Agreement 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with
respect to the subject matter hereof. 
  

	11.	Notices 

 Any
notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office. 
 Remainder of Page Intentionally Left Blank 

  
 - 4 -

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the
date first above written. 
  

			
	 GREENBACKER RENEWABLE
 ENERGY COMPANY LLC 

		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 GREENBACKER RENEWABLE
 ENERGY CORPORATION

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 GREENBACKER ADMINISTRATION,
 LLC

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 - 5 -

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