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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
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)
Delaware80-0872648
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
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 classTrading Symbol(s)Name of each exchange on which registered
None
N/AN/A
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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No
As of May 1, 2024, the registrant had 199,556,855 shares of common interests, $0.001 par value, outstanding.
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TABLE OF CONTENTS
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Table of Contents
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
Administration Agreement
First Amended and Restated Administration Agreement between Greenbacker Renewable Energy Company LLC, Greenbacker Renewable Energy Corporation and Greenbacker Administration LLC
Advisers ActThe Investment Advisers Act of 1940
Advisory AgreementFourth Amended and Restated Advisory Agreement between Greenbacker Renewable Energy Company LLC and Greenbacker Capital Management LLC
AEC CompaniesLED Funding LLC and Renew AEC One LLC
AROAsset Retirement Obligation
ASCAccounting Standards Codification
Aurora SolarAurora Solar Holdings, LLC
CODCommercial Operations Date
CODMChief Operating Decision Maker
Contribution AgreementContribution agreement between Greenbacker Renewable Energy Company LLC and Greenbacker Capital Management LLC’s former parent, Greenbacker Group LLC under which the Acquisition was implemented
DRPDistribution Reinvestment Plan
Earnout SharesClass 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
EPCEngineering, procurement, and construction
Exchange ActSecurities Exchange Act of 1934
FASBFinancial 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 AgreementFifth Amended and Restated Limited Liability Company Operating Agreement of Greenbacker Renewable Energy Company LLC
Fourth Operating AgreementFourth Amended and Restated Limited Liability Company Operating Agreement of Greenbacker Renewable Energy Company LLC
GCMGreenbacker Capital Management LLC
GDEV GPGreenbacker Development Opportunities Fund GP I, LLC
GDEV GP IIGreenbacker Development Opportunities GP II, LLC
GDEV I
Greenbacker Development Opportunities Fund I, LP
GDEV IIGreenbacker Development Opportunities Fund II, LP
GRECGreenbacker Renewable Energy Corporation, a Maryland corporation
GREC HoldCo or GREC Entity HoldcoGREC Entity HoldCo LLC, a wholly owned subsidiary of GREC
GREC IIGreenbacker Renewable Energy Company II, LLC
Greenbacker Administration or AdministratorGreenbacker Administration LLC
Group LLCGreenbacker Group LLC
GROZGreenbacker Renewable Opportunity Zone Fund LLC
GROZ, GDEV I, GDEV II and GREC IIThe managed funds
GWGigawatts
HLBVHypothetical Liquidation at Book Value
IMThe 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
ii

Table of Contents
Investment BasisInvestment Basis ASC Topic 946, Financial Services – Investment Companies
IPPThe Independent Power Producer segment represents the active management and operations of the Company's fleet of renewable energy projects, including those in late-stage development and under construction
IRAInflation Reduction Act of 2022
ITCInvestment Tax Credit
kWKilowatts
kWhKilowatt hours
LIBORLondon Interbank Offered Rate
LPLimited partner
LPU HolderGB Liquidation Performance Holder LLC
MIPAMembership Interest Purchase Agreement
MSVMonthly share value
MWMegawatts: (DC) for all solar assets and (AC) for wind assets
MWhMegawatt Hours
N/ANot applicable
NAVNet asset value
NCINoncontrolling interests
NMNot meaningful
Non-Investment BasisNon-investment company U.S. GAAP accounting the Company applied subsequent to the Acquisition
OYAOYA-Rosewood Holdings LLC, previously OYA Solar B1 Intermediate Holdco LLC
PPAPower Purchase Agreement
PTCProduction Tax Credit
RECRenewable Energy Credit
RNCIRedeemable noncontrolling interests
RPSRenewable Portfolio Standard
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
Special UnitPrior 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 UnitholderGREC Advisors, LLC, a Delaware limited liability company, which is a subsidiary of GCM
SRPShare Repurchase Program
Tax Equity Investors
Third-party passive investors under tax equity financing facilities
U.S. GAAPU.S. generally accepted accounting principles
VIEVariable interest entities
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Forward Looking Statements
Various statements in this Quarterly Report on Form 10-Q (this “Quarterly 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. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we expected. The forward-looking statements contained in this Quarterly 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 Quarterly 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 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Part II — Item 1A. Risk Factors and elsewhere in this Quarterly Report. All forward-looking statements are based upon information available to us on the date of this Quarterly 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. You are advised to consult any additional disclosures that we may make directly to you 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: 
volatility of the global financial markets and uncertain economic conditions, including rising interest rates, inflationary pressures, recessionary concerns or global supply chain issues;
other changes in the economy;
the ability to complete the under construction renewable energy projects that we acquire;
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 PPAs;
our relationships with project developers, lawyers, investment and commercial banks, individual and institutional investors, consultants, diligence specialists, EPCs, 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;
fluctuations in supply, demand, prices and other conditions for electricity, other commodities and RECs;
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 PTC, ITC and the related United States (“U.S.”) Treasury grants, potential reductions in RPS requirements and the impacts of the passage of the IRA;
competition from other energy developers and asset managers;
the worldwide demand for electricity and the market for renewable energy;
the ability or inability of conventional fossil fuel-based generation technologies to meet the worldwide demand for electricity;
our competitive position and our expectation regarding key competitive factors;
risks associated with our hedging strategies;
potential environmental liabilities and the cost of compliance with applicable environmental laws and regulations, which may be material;
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our electrical production projections (including assumptions of curtailment and facility availability) for our renewable energy projects;
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;
availability of suitable renewable energy resources and other weather conditions that affect our electricity production;
the effects of litigation, including administrative and other proceedings or investigations relating to our renewable energy projects;
non-payment by customers and enforcement of certain contractual provisions;
the lack of a public trading market for our shares;
the ability to make and the amount and timing of anticipated future distributions;
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;
future changes in laws or regulations and conditions in our operating areas;
the loss of our exemption from the definition of an “investment company” under the Investment Company Act of 1940, as amended;
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;
failure to attract and retain qualified personnel, increased labor costs, and the unavailability of skilled workers; and
risks associated with non-compliance with certain covenant requirements under our credit facilities.
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
March 31, 2024December 31, 2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents$91,094 $96,872 
Restricted cash, current105,189 85,235
Accounts receivable, net24,096 23,310
Derivative assets, current25,697 24,062
Notes receivable, current28,657 28,491
Other current assets29,227 33,938
Total current assets303,960 291,908 
Noncurrent assets:
Restricted cash7,052 5,568
Property, plant and equipment, net2,162,748 2,133,877
Intangible assets, net444,514 453,214
Goodwill221,314 221,314
Investments, at fair value94,357 94,878
Derivative assets90,160 118,106
Other noncurrent assets140,479 140,740
Total noncurrent assets3,160,624 3,167,697 
Total assets$3,464,584 $3,459,605 
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities:
Accounts payable and accrued expenses$62,681 $79,288 
Shareholder distributions payable7,607 7,606 
Contingent consideration, current22,000 16,546 
Current portion of long-term debt107,824 82,855 
Current portion of failed sale-leaseback financing and deferred ITC gain106,472 69,436 
Other current liabilities8,633 7,997 
Total current liabilities315,217 263,728 
Noncurrent liabilities:
Long-term debt, net of current portion878,102 935,397 
Failed sale-leaseback financing and deferred ITC gain, net of current portion222,358 169,829 
Contingent consideration41,366 42,307 
Deferred tax liabilities, net66,482 58,696 
Operating lease liabilities108,495 108,406 
Out-of-market contracts, net191,083 194,785 
Other noncurrent liabilities49,600 53,492 
Total noncurrent liabilities1,557,486 1,562,912 
Total liabilities$1,872,703 $1,826,640 
Commitments and contingencies (Note 13. Commitments and Contingencies)
Redeemable noncontrolling interests$2,021 $2,179 
Redeemable common shares, par value, $0.001 per share, 879 and 873 outstanding as of 2024 and 2023, respectively
1 1 
Redeemable common shares, additional paid-in capital7,096 7,245 
Equity:
Preferred shares, par value, $0.001 per share, 50,000 authorized; none issued and outstanding
  
Common shares, par value, $0.001 per share, 350,000 authorized, 198,455 and 197,749 outstanding as of 2024 and 2023, respectively
199 198 
Additional paid-in capital1,780,371 1,770,060 
Accumulated deficit(342,907)(306,525)
Accumulated other comprehensive income59,141 45,932 
Noncontrolling interests85,959 113,875 
Total equity1,582,763 1,623,540 
Total liabilities, redeemable noncontrolling interests and equity$3,464,584 $3,459,605 
The accompanying notes are an integral part of these Consolidated Financial Statements.
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GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
Three months ended March 31,
20242023
Revenue
Energy revenue$44,569 $37,794 
Investment Management revenue3,931 1,926 
Other revenue668 1,500 
Contract amortization, net(2,615)(4,993)
Total net revenue46,553 36,227 
Operating expenses
Direct operating costs26,990 23,187 
General and administrative19,348 19,105 
Depreciation, amortization and accretion20,485 16,982 
Impairment of long-lived assets6,328  
Total operating expenses73,151 59,274 
Operating loss(26,598)(23,047)
Interest expense, net(15,604)(8,634)
Gain on interest rate swaps, net1,410  
Change in fair value of interest rate swaps, net9,944 2,230 
Change in fair value of investments, net(566)2,572 
Other income, net125 40 
Loss before income taxes(31,289)(26,839)
Provision for income taxes(3,064)(4,793)
Net loss$(34,353)$(31,632)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests(25,874)(14,631)
Net loss attributable to Greenbacker Renewable Energy Company LLC$(8,479)$(17,001)
Earnings per share
Basic $(0.04)$(0.09)
Diluted$(0.04)$(0.09)
Weighted average shares outstanding
Basic198,856 198,259 
Diluted198,856 198,259 
The accompanying notes are an integral part of these Consolidated Financial Statements.

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GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
(in thousands)
Three months ended March 31,
20242023
Net loss$(34,353)$(31,632)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on derivatives designated as cash flow hedges and changes in Accumulated other comprehensive (loss) income, net of tax13,209 (27,880)
Total other comprehensive income (loss), net of tax$13,209 $(27,880)
Comprehensive loss(21,144)(59,512)
Less: Comprehensive loss attributable to noncontrolling interests(25,874)(14,631)
Comprehensive income (loss) attributable to Greenbacker Renewable Energy Company LLC$4,730 $(44,881)
The accompanying notes are an integral part of these Consolidated Financial Statements.
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GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
(in thousands)
SharesPar
Value
Additional paid-in capitalAccumulated deficitAccumulated other comprehensive income Noncontrolling interestsTotal
equity
Redeemable common sharesPar value - redeemable common sharesAdditional paid-in capital - redeemable common sharesRedeemable noncontrolling interests
Balances as of December 31, 2023197,749$198 $1,770,060 $(306,525)$45,932 $113,875 $1,623,540 873 $1 $7,245 $2,179 
Issuance of common shares under distribution reinvestment plan652 1 5,298 — — — 5,299 — — — — 
Repurchases of common shares(119) (996)— — — (996)— — — — 
Deferred sales commissions— — — (280)— — (280)— — — — 
Shareholder distributions— — — (27,463)— — (27,463)— — (198)— 
Unrealized gain on derivatives designated as cash flow hedges and changes in Accumulated other comprehensive income (loss), net of tax— — — — 13,209 — 13,209 — — — — 
Contributions from noncontrolling interests, net— — — — — 1,005 1,005 — — — — 
Distributions to noncontrolling interests— — — — — (3,277)(3,277)— — — (88)
Earnout Share participation173 — 1,434 — — — 1,434 — — — — 
Share-based compensation expense6 — 4,624 — — — 4,624 — — — — 
Reclassification of participating Earnout Shares to temporary equity(6)— (49)— — — (49)6 — 49 — 
Net loss— — — (8,479)— (25,663)(34,142)— — — (211)
Redemption value adjustment for redeemable noncontrolling interest— — — (160)— 19 (141)— — — 141 
Balances as of March 31, 2024198,455$199 $1,780,371 $(342,907)$59,141 $85,959 $1,582,763 879 $1 $7,096 $2,021 
The accompanying notes are an integral part of these Consolidated Financial Statements.
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GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
(in thousands)
SharesPar
Value
Additional paid-in capitalAccumulated deficitAccumulated other comprehensive incomeNoncontrolling interestsTotal
equity
Redeemable noncontrolling interests
Balance as of December 31, 2022198,044 $198 $1,763,061 $(114,680)$56,094 $84,008 $1,788,681 $2,034 
Issuance of common shares under distribution reinvestment plan656 1 5,694 — — — 5,695 — 
Repurchases of common shares(1,837)(2)(16,094)— — — (16,096)— 
Deferred sales commissions— — — (41)— — (41)— 
Shareholder distributions— — — (27,179)— — (27,179)— 
Unrealized loss on derivatives designated as cash flow hedges and changes in Accumulated other comprehensive income (loss), net of tax— — — — (27,880)— (27,880)— 
Contributions from noncontrolling interests, net— — — — — 9,971 9,971 — 
Distributions to noncontrolling interests— — — — — (3,232)(3,232)— 
Share-based compensation expense6 — 2,659 — — — 2,659 — 
Net loss— — — (17,001)— (14,631)(31,632)— 
Balance as of March 31, 2023196,869 $197 $1,755,320 $(158,901)$28,214 $76,116 $1,700,946 $2,034 
The accompanying notes are an integral part of these Consolidated Financial Statements.
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GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
Three months ended March 31,
20242023
Cash Flows from Operating Activities
Net loss$(34,353)$(31,632)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, amortization and accretion23,100 21,975 
Impairment of long-lived assets6,328  
Share-based compensation expense4,806 2,659 
Changes in fair value of contingent consideration493 2,300 
Amortization of financing costs and debt discounts1,661 1,190 
Amortization of interest rate swap contracts4 1,616 
Change in fair value of interest rate swaps, net(9,944)(2,230)
Gain on interest rate swaps, net(1,410) 
Change in fair value of investments566 (2,572)
Deferred income taxes3,064 4,793 
Interest expense on failed sale-leaseback financing and deferred ITC gain4,269  
Other980 669 
Changes in operating assets and liabilities:
Accounts receivable(826)(349)
Current and noncurrent derivative assets51,269 9,496 
Other current and noncurrent assets2,988 821 
Accounts payable and accrued expenses (8,227)(4,317)
Operating lease liabilities(714)(987)
Other current and noncurrent liabilities(243)1,927 
Net cash provided by operating activities43,811 5,359 
Cash Flows from Investing Activities
Purchases of property, plant and equipment(55,294)(99,476)
Net deposits returned (paid) for property, plant and equipment1,314 (518)
Purchases of investments(45)(2,267)
Receipts from notes receivable 8,491 
Net cash used in investing activities(54,025)(93,770)
Cash Flows from Financing Activities
Shareholder distributions(22,361)(29,188)
Repurchases of common shares(390)(32,198)
Deferred sales commissions(795)(884)
Contributions from noncontrolling interests1,005 10,006 
Distributions to noncontrolling interests(3,240)(3,818)
Proceeds from borrowings50,920 92,357 
Payments on borrowings(84,381)(18,898)
Proceeds from failed sale-leaseback111,453  
Payments on failed sale-leaseback(25,080) 
Payments for loan origination costs(1,257)(2,573)
Net cash provided by financing activities25,874 14,804 
Net increase (decrease) in Cash, cash equivalents and Restricted cash15,660 (73,607)
Cash, cash equivalents and Restricted cash at beginning of period
187,675 190,698 
Cash, cash equivalents and Restricted cash at end of period $203,335 $117,091 
The accompanying notes are an integral part of these Consolidated Financial Statements.
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GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
These Notes to the Consolidated Financial Statements (unaudited) were prepared as of March 31, 2024 and December 31, 2023 and for the three months ended March 31, 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 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 GCM investment management services to funds within the sustainable infrastructure and renewable energy industry. As of March 31, 2024, the Company’s fleet comprised 427 renewable energy projects with an aggregate power production capacity of approximately 3.3 GW, which includes operating capacity of approximately 1.6 GW and pre-operational capacity of approximately 1.7 GW. As of March 31, 2024, 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 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.
The Company suspended the payment of shareholder distributions effective following the distribution payment on May 1, 2024 and through December 31, 2024. In connection with suspending shareholder distributions, the Company suspended the DRP. The Company offered the DRP pursuant to which shareholders could elect to have the full amount of cash distributions reinvested in additional shares. The Company offered the SRP pursuant to which quarterly share repurchases were conducted to allow shareholders to sell shares back to the Company. On September 23, 2023, the Company suspended 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 Note 16. Equity for additional information.
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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 includes Greenbacker Renewable Energy Company LLC and its consolidated subsidiaries. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as permitted by such rules and regulations.
Interim Financial Statements
The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and Article 10 of Regulation S-X of the SEC for interim financial information. and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The Consolidated Financial Statements presented in this Quarterly Report are unaudited; however, in the opinion of management, the Consolidated Financial Statements reflect all adjustments, consisting solely of normal, recurring adjustments, necessary for the fair presentation of the financial statements for the periods presented. The results disclosed in the Consolidated Statements of Operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year.
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, cross foot, or recalculate based on reported numbers due to rounding. Prior period amounts have been updated to be presented in thousands and differences to prior filings are 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 those of its 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 VIE under U.S. GAAP. Refer to Note 5. Variable Interest Entities for further details.
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 three months ended March 31, 2024:
(in thousands)
March 31, 2024December 31, 2023
Cash and cash equivalents$91,094 $96,872 
Restricted cash, current105,189 85,235
Restricted cash7,052 5,568 
Total cash and cash equivalents and restricted cash
$203,335 $187,675 
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Supplemental Cash Flow Information
The following table presents information regarding the Company’s non-cash investing and financing activities as well as the cash paid for interest:
Three months ended March 31,
(in thousands)
20242023
Non-cash investing activities
Capital expenditures incurred but not paid$29,453 $17,819 
Non-cash financing activities
Deferred sales commission payable$9,754 $10,130 
Redemptions payable968 16,096 
Distribution payable to shareholders7,607 7,420 
Non-cash distributions to noncontrolling interests1,837  
Cash paid for
Interest paid, net of amounts capitalized$11,725 $10,959 
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 842-40, Sale-Leaseback Transactions, the Company applies ASC 606-10, if the seller-lessee retains, through the leaseback, substantially all of the benefits and risks incident to the ownership of the property sold, the sale-leaseback transaction is accounted for as a financing arrangement. An example of this type of criteria would include an option to repurchase the assets or the buyer-lessor having the option to sell the assets back to the Company. This provision is included in the Company’s sale-leaseback arrangements. As such, the Company accounts for these arrangements as financings.
Under the financing method, the Company does not recognize as income any of the sale proceeds received from the lessor that contractually constitutes 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 will still operate and earn revenues from the facility throughout the lease term while the lessor will be entitled to all available tax benefits. The Company is statutorily obligated to continue operating the facility over the five year recapture period on the anniversary date of each transaction. The Company has the option to renew the lease or repurchase the assets sold at the end of the lease term or earlier if an early buy option is present in the contract. The ITCs and other tax benefits associated with these projects transfer to the lessor/buyer; 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 842-10-15-28 and ASC 606-10-25-19 analogically on separating components of a contract to determine whether the ITCs received by lessor/buyer 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 will be recognized over the five year recapture period on the anniversary date of each transaction.
The Company applied the guidance within ASC 606-10-32-16 through 17 to assess the deferred gain related to the transfer of the tax benefits and determined these transactions to have significant financing component present in the contract. The effect of 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. As a result, the Company records the deferred gain attributable to the transfer of the tax attributes over the contractual or five-year ITC recapture period in earnings with the associated interest recorded as Interest expense, net on the Consolidated Statements of Operations.
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Origination costs are capitalized and amortized as interest expense on a straight-line basis over the term of 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 10. Debt for more details regarding sale leaseback transactions recorded as financing arrangements.
Risks and Uncertainties
The Company’s business and the success of its strategies are affected by global and national economic, political and market conditions generally and also by the local economic conditions where its assets are located. Certain external events such as public health crises (such as COVID-19), natural disasters and geopolitical events, including the ongoing conflict between Russia, Belarus and Ukraine, and the more recent conflict between Israel and Hamas, have recently led to increased financial and credit market volatility and disruptions, leading to record inflationary pressure, rising interest rates, supply chain issues, labor shortages and recessionary concerns. In response to inflationary pressure, the Federal Reserve and other global central banks had raised interest rates in 2022 and 2023. 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 will continue to monitor these events and will adjust its operations as necessary.
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 to either, (i) the Company’s derivative financial instruments or (ii) the Company’s PPAs, would generally equal (a) the fair value of derivative financial instruments presented in the Company’s Consolidated Balance Sheets or (b) the revenue otherwise expected to be earned under the terms of the PPAs, had the relevant offtakers performed their obligations. The Company manages this credit risk 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. The Company had one customer from which revenue was 14.6% of total revenue for the three months ended March 31, 2024. The Company had one customer from which revenue was 13.4% of total revenue for the three months ended March 31, 2023. As of March 31, 2024, the Company had two customers from which the receivable balance was 20.8% and 10.9% of total accounts receivable as of March 31, 2024. As of December 31, 2023, the Company had one customer from which the receivable balance was 24.4% of total accounts receivable.
Refer to Note 11. Derivative Instruments and Note 4. Revenue for further details.
Recent Accounting Pronouncements - Adopted
In March 2024, the FASB issued ASU No. 2024-01, “Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards,” which provides an illustrative example intended to demonstrate how entities that account for profits interest and similar awards would determine whether a profits interest award should be accounted for in accordance with Topic 718. The amendments in ASU 2024-01 are effective for fiscal years beginning after December 15, 2024 with the early adoption permitted. The amendments may be applied either retrospectively or prospectively on the date of adoption. The Company elected to early adopt the amendments in ASU 2024-01 prospectively and will apply this ASU to all new profits interest awards issued beginning January 1, 2024. The Company evaluated the impact of this ASU in relation to its existing share-based compensation arrangements and determined that there was no impact on its Consolidated Financial Statements and related disclosures due to the early adoption.

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Recent Accounting Pronouncements - Not Yet Adopted
In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” that would enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280. ASC 280 requires a public entity to report for each reportable segment a measure of segment profit or loss that its CODM uses to assess segment performance and to make decisions about resource allocations. The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more useful financial analyses. Currently, Topic 280 requires that a public entity disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit or loss that the CODM uses to assess segment performance and make decisions about allocating resources. ASC 280 also requires other specified segment items and amounts such as depreciation, amortization and depletion expense to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-07 retrospectively to all prior periods presented in the financial statements. The Company is still evaluating the impact of this ASU and the impact on its Condensed Consolidated Financial Statements and related disclosures.
In December 2023, the FASB issued 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. For public business entities, the amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. The Company is still evaluating the impact of this ASU and the impact 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 Accounting Standards Codification. 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
In accordance with ASC Topic 805, Business Combinations, for acquisitions in which the Company acquires assets, including intangible assets, and assumes liabilities that do not constitute a business, the amount of the purchase consideration is equal to the fair value of the net assets acquired. The purchase consideration, including transaction costs, is allocated to the individual assets and liabilities assumed based on their relative fair values.
There were no new acquisitions during the three months ended March 31, 2024. During the three months ended March 31, 2023, the Company acquired membership interests in 12 renewable energy projects all of which were either in development or under construction, for total consideration of $31.5 million. The purchase price of the assets acquired during the three months ended March 31, 2023 has been allocated on a relative fair value basis to the assets acquired to Property, plant and equipment, net on the Consolidated Balance Sheets.
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 March 31, 2024 and December 31, 2023, the Company has recorded a liability of $22.0 million and $16.5 million, respectively, within Contingent consideration, current on the Consolidated Balance Sheets related to these agreements.
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Note 4. Revenue
Disaggregation of Revenue
The following table provides information on the disaggregation of revenue as reported in the Consolidated Statements of Operations:
Three months ended March 31,
(in thousands)
20242023
Energy sales$35,309 $31,876 
RECs and other incentives9,260 5,918 
Investment Management revenue3,931 1,926 
Other revenue668 1,500 
Contract amortization, net(2,615)(4,993)
Total net revenue46,553 36,227 
Less: Contract amortization, net2,615 4,993 
Less: Lease revenue(2,381)(2,633)
Less: Investment, dividend and interest income(642)(1,382)
Total net revenue from contracts with customers$46,145 $37,205 
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 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.
Contract Balances
Company 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 March 31, 2024 and December 31, 2023, as none of its rights to payment were subject to a particular event other than passage of time. Included within Accounts receivable, net on the Consolidated Balance Sheets are balances of $22.7 million and $19.9 million related to contracts with customers as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, the Company recorded $3.9 million and $3.6 million of contract liabilities in Other noncurrent liabilities in the Consolidated Balance Sheets. The Company’s amortization due to contract liabilities were not material for the three months ended March 31, 2024 and 2023.
Costs to Obtain a Contract
The Company’s incremental costs of obtaining a contract (i.e., commissions) are recognized as an asset if the entity expects to recover them. These costs are amortized over the expected period of benefit of the related contracts. The Company has capitalized $3.9 million and $3.9 million of costs to obtain a contract as of March 31, 2024 and December 31, 2023, respectively. The Company’s amortization related to costs to obtain a contract were not material for the three months ended March 31, 2024 and 2023.
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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 March 31, 2024, the Company had $11.1 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)
Period ended March 31,
Amount
2024-2025$4,920 
2025-20261,855 
2026-20271,042 
2027-2028787 
2028-2029787 
Thereafter1,667 
Total$11,058 
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Note 5. Variable Interest Entities
Consolidated Variable Interest Entities
The Company assesses entities for consolidation in accordance with ASC 810 and consolidates entities that are VIEs for which the Company has been designated as the primary beneficiary. The Company did not recognize any gain or loss on the initial consolidation of any of its VIEs.
The Company through various wholly owned subsidiaries, is the managing member in 15 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 15. Noncontrolling Interests and Redeemable Noncontrolling Interests for further discussion. These entities generate income through renewable energy and sustainable development projects primarily within North America. The entities represent a diversified portfolio of income-producing renewable energy power facilities that sell 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. Additionally, through its role as managing member of these VIEs, the Company has the power to direct the activities that most significantly impact the economic performance of these VIEs. In addition, the Company has the obligation to absorb losses or the right to receive benefits that could potentially be more than insignificant to the VIEs.
As of March 31, 2024 and 2023, the Company consolidated each tax equity partnership for which it is the managing member and considered the primary beneficiary. As of March 31, 2024, the assets and liabilities of the consolidated tax equity partnerships totaled approximately $1.5 billion and $283.9 million, respectively. As of December 31, 2023, the assets and liabilities of the consolidated tax equity partnerships totaled approximately $1.5 billion and $283.4 million, respectively. The assets largely consisted of property, plant and equipment, and the liabilities primarily consisted of out-of-market contracts.
Unconsolidated Variable Interest Entities
As of March 31, 2024, GDEV GP held 2.80% of the interests in GDEV I. The Company has determined that GDEV I is a VIE but that it is not the primary beneficiary. The Company can exert significant influence over operating and financial policies because of its ownership of GDEV GP, GDEV I’s general partner. Accordingly, 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 $3.3 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 noncontrolling interest in GDEV GP.
On November 15, 2022, the Company, through its majority-owned subsidiary GDEV GP II, made an investment in GDEV II totaling $0.7 million. The Company has determined that GDEV II is a VIE but that it is not the primary beneficiary. Therefore, the Company does not consolidate GDEV II. The Company can exert significant influence over operating and financial policies because of its ownership of GDEV GP II, GDEV II’s general partner. Accordingly, GDEV GP II, which is a consolidated subsidiary of the Company, accounted for its investment in GDEV II as an equity method investment and 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 $2.7 million, which is GDEV GP II’s total capital commitment to GDEV II, less the portion of the capital commitment attributable to the noncontrolling interest in GDEV GP II.
During February 2016, Aurora Solar was formed. As of March 31, 2024, the Company’s investment represented approximately 49.00% of Aurora Solar’s issued and outstanding common shares. The Company determined that Aurora Solar is a VIE but that it is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact Aurora Solar. The Company can exert significant influence over operating and financial policies because of its ownership interest in Aurora Solar. 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 value of its investment in Aurora Solar.
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During September 2021, OYA, previously OYA Solar, was formed to develop, construct, own, finance, and operate a portfolio of 19 solar projects. As of March 31, 2024, the Company’s investment represented 50.00% of OYA’s issued and outstanding equity shares. The Company determined that OYA is a VIE but that it is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact OYA. The Company can exert significant influence over operating and financial policies because of its ownership interest in OYA. Accordingly, the Company accounts for its investment in the preferred shares of OYA 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 of March 31, 2024, includes the current value of its investment in OYA and the guaranteed amounts discussed in the following paragraphs. Pursuant to the amended and restated limited liability company agreement of OYA, the other 50.00% member has indemnified the Company against any draws or demands under these guarantees. The Company is not able to quantify its exposure to loss as a result of certain of these guarantees as noted below. Since the Company has elected the fair value option to account for its investment in the preferred shares of OYA, the Company is also required to measure all of its other financial interests in OYA at fair value, including these guarantees. As of March 31, 2024 and 2023, the fair value of the guarantees is included within the fair value of the investment. On October 26, 2023, OYA, an unconsolidated investment of the Company, sold the membership interests in nine of its underlying projects. The Company received proceeds of $3.7 million as a result of this sale pursuant to a sale proceeds sharing agreement between the Company, OYA’s parent company, and other financing parties. The impact of this sale was taken into consideration in determining the fair value of the Company’s investment in OYA as of March 31, 2024.
Four subsidiaries of OYA have entered into tax equity partnerships with investor members. The Company, along with the parent company of the other 50.00% member of OYA, provided guarantees to the tax equity investor members in three of these partnerships for the payment and performance of all obligations of these subsidiaries under the partnership documents as well as affiliate contracts. In October 2023, in association with the sale of certain projects, two of these arrangements were terminated prior to the tax equity investor’s making any capital contributions, resulting in the termination of the associated guarantees. Under the third guarantee, the maximum potential amount of future payments (undiscounted) that the Company could be required to make under the guarantee is $19.6 million, with certain exceptions in which case the limit would not apply. The guarantee will remain in full force and effect until: (1) the termination of the limited liability company agreement of the tax equity partnership, (2) the transfer of the tax equity investor members’ membership interests, and/or (3) the obligations under the guarantee are performed in full, depending on the specific terms of the guarantee.
In addition, certain subsidiaries of OYA have entered into two separate financing agreements with certain financial institutions. The Company has provided guarantees of certain obligations under the loan agreements upon the occurrence and continuance of a trigger event. The parent company of the other 50.00% member of OYA has also provided a guarantee to the financial institutions, and the Company is only obligated to perform in the event that the parent company of the other 50.00% member fails to perform under its guarantees. The guarantees do not have maximum liability amounts, and therefore, the Company is not able to quantify the maximum potential amount of future payments (undiscounted) that the Company could be required to make under these guarantees. The subsidiaries of OYA currently have outstanding loans with a principal amount of $31.5 million as of March 31, 2024. The guarantees are expected to terminate on the maturity dates of the loans in 2028 and 2029.
On August 22, 2023, the Company provided an additional guarantee to one of the financial institutions in which the Company agreed to fund remaining construction costs for certain underlying projects in the maximum amount of $18.2 million as well as excess construction loans upon term conversion in the maximum amount of $1.2 million. On October 4, 2023, the Company funded $1.2 million of construction costs pursuant to a call under this guarantee. The Company recovered $1.0 million of this amount through the sale of nine of the projects previously owned by OYA on October 26, 2023. The inflows and outflows associated with this guarantee are incorporated in the valuation of the investment. In association with the sale, this guarantee was terminated.
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Note 6. Fair Value Measurements and Investments
Authoritative guidance on fair value measurements defines fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between marketplace participants. This guidance also establishes a framework for classifying the inputs used to determine fair value into three levels within a hierarchy.
The following table presents the fair values of the Company's financial assets and liabilities as of March 31, 2024 and the basis for determining their fair values:
Fair Value as of March 31, 2024
(in thousands)
Level 1Level 2Level 3Total
Derivative assets$ $115,857 $ $115,857 
Derivative liabilities (1,510) (1,510)
Equity method investments  94,357 94,357 
Contingent consideration  (41,366)(41,366)
Total$ $114,347 $52,991 $167,338 
The following table presents the fair values of the Company's financial assets and liabilities as of December 31, 2023 and the basis for determining their fair values:
Fair Value as of December 31, 2023
(in thousands)
Level 1Level 2Level 3Total
Derivative assets$ $142,168 $ $142,168 
Derivative liabilities (5,833) (5,833)
Equity method investments  94,878 94,878 
Contingent consideration  (42,307)(42,307)
Total$ $136,335 $52,571 $188,906 
The following table reconciles the beginning and ending balances for instruments that are recognized at fair value in the Consolidated Financial Statements as of March 31, 2024 using significant unobservable inputs:
(in thousands)
Equity method investments
Contingent consideration
Total
Balance as of December 31, 2023$94,878 $(42,307)$52,571 
Purchases45  45 
Change in fair value of investments, net(566)— (566)
Change in contingent consideration— (493)(493)
Reclassification of participating Earnout Shares— 1,434 1,434 
Balance as of March 31, 2024$94,357 $(41,366)$52,991 
The Company does not have any non-financial assets or liabilities measured at fair value as of March 31, 2024. There were no transfers between Levels 1, 2, or 3 for the three months ended March 31, 2024.
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.
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Equity method investments
In the table above, certain equity method investments 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.
The following table quantifies the significant unobservable inputs used in determining the fair value of equity method investments as of March 31, 2024. The weighted averages are calculated based on the relative fair value of each investment as of March 31, 2024:
Unobservable InputInput/Range
Discount rate
7.8%-11.0% (weighted average 8.4%)
kWh production
0.5% annual degradation in production
Potential leverage and estimated remaining useful life
28.0-34.0 years (weighted average 29.1 years)
As of March 31, 2024, the Company has unfunded commitments to GDEV I and GDEV II of $0.2 million and $1.3 million, respectively. The investments in GDEV I and GDEV II represent investments in a partnership in which no partner is permitted to make a withdrawal of any of its capital contributions. GDEV GP and GDEV GP II are required to cause the respective partnerships to distribute, as distributions, amounts available to the partners within 90 days of the receipt of amounts available for distribution in the sole discretion of the GDEV GP and GDEV GP II, respectively.
As of March 31, 2024, the value of the Company’s investments in OYA, Aurora Solar, GDEV I and GDEV II, its equity method investments, were $16.5 million, $72.1 million, $4.2 million and $1.6 million, respectively. As of December 31, 2023, the value of the Company's investments in OYA, Aurora Solar, GDEV I and GDEV II, its equity method investments, were $16.2 million, $73.0 million, $4.1 million and $1.6 million, respectively. Equity method investments are recorded to Investments, at fair value on the Consolidated Balance Sheets.
During the three months ended March 31, 2024, the Company recorded an unrealized loss of $0.6 million due to an unrealized loss of $0.8 million on Aurora Solar, offset by an unrealized gain of $0.3 million on OYA. During the three months ended March 31, 2023, the Company recorded an unrealized gain of $2.6 million due to an unrealized gain of $2.1 million on Aurora Solar and $0.5 million related to GDEV I, respectively. Unrealized gains and losses are 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 associated with the Acquisition based on the likelihood of payment related to the contingent clause and the date when payment is expected to occur. The contingent consideration is reflected in Contingent consideration included in noncurrent liabilities on the Consolidated Balance Sheets.
For the three months ended March 31, 2024, the Company recorded an increase in fair value of contingent consideration of $0.5 million as an increase in General and administrative expenses on the Consolidated Statements of Operations. As of March 31, 2024, $1.4 million of contingent consideration was settled with the participation of a certain amount of Earnout Shares, which were issued in connection with the Acquisition. The amount was reclassified from Contingent consideration to Common shares, par value, and Additional paid-in capital, as well as Redeemable common shares, par value and Redeemable common shares, additional paid-in capital on the Consolidated Balance Sheets. Refer to Note 16. Equity for further detail.
For the three months ended March 31, 2023, the Company recorded an increase in fair value of contingent consideration of $2.3 million as an increase in General and administrative expenses on the Consolidated Statements of Operations.
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 various unobservable inputs used to determine the Level 3 valuation 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.
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The following quantifies the significant unobservable inputs used to determine the fair value of contingent consideration as of March 31, 2024:
Unobservable InputInput/Range
Risk-Free Rate Over Earnout Term4.4%
Revenue Discount Rate10.8%
Annualized Revenue Volatility30.0%
Annualized Share Price Volatility27.5%
Quarterly Revenue / Share Price Correlation37.5%
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Note 7. Notes Receivable
The Company’s notes receivable consists of the following:
(dollars in thousands)
As of March 31, 2024As of December 31, 2023Year of originationInterest rateMaturity date
Notes receivable, current
Cider$25,749 $25,749 20228.00%
6/30/2024
Shepherds Run2,742 2,742 20208.00%
3/31/2024(1)
Kane Warehouse166  201510.25%
2/24/2025
Total notes receivable, current$28,657 $28,491 
Notes receivable, noncurrent
New Market$5,008 $5,008 20199.00%
9/30/2022(2)
SE Solar5,010 5,010 20199.00%
5/31/2023(3)
Kane Warehouse 166 201510.25%
2/24/2025
Total notes receivable, noncurrent$10,018 $10,184 
Loan reserve(4)
(2,000)(2,000)
Total notes receivable$36,675 $36,675 
(1)The note receivable was paid in full on April 5, 2024.
(2)Option for purchase agreement exercised on September 30, 2022. The parties involved are working in good faith to enter into a purchase agreement.
(3)The parties involved are working in good faith on an extension to the agreement.
(4)As of March 31, 2024, SE Solar and New Market have not been repaid. During the year ended December 31, 2023, the Company recorded a reserve representing an allowance for credit losses for the estimated uncollectible portion of these notes in the amount of $2.0 million. The Company has determined that no additional reserve is required for these notes for the three months ended March 31, 2024.
The notes receivable, current are recorded within Notes receivable, current on the Consolidated Balance Sheets. The notes receivable, noncurrent are recorded within Other noncurrent assets on the Consolidated Balance Sheets. Notes receivable are recorded at amortized cost and exclude interest receivable. As of March 31, 2024, interest receivables of $6.9 million and $3.9 million, were recorded within Other current assets and Other noncurrent assets, respectively, on the Consolidated Balance Sheets. As of December 31, 2023, interest receivables of $6.3 million and $3.9 million were recorded within Other current assets and Other noncurrent assets, respectively, on the Consolidated Balance Sheets.
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Note 8. Property, Plant and Equipment
Property, plant and equipment, net consists of the following:
(in thousands)
March 31, 2024December 31, 2023
Land$23,623 $23,473 
Plant and equipment1,780,081 1,732,499 
Asset retirement obligation31,898 31,638 
Finance right-of-use asset65 65 
Construction-in-progress437,800 439,439 
Other261 262 
Total property, plant and equipment$2,273,728 $2,227,376 
Accumulated depreciation(110,980)(93,499)
Property, plant and equipment, net$2,162,748 $2,133,877 
As of March 31, 2024, construction-in-progress of $437.8 million includes $120.2 million of development costs. As of December 31, 2023, construction-in-progress of $439.4 million includes $106.3 million of development costs.
Depreciation expense was $17.5 million and $14.5 million for the three months ended March 31, 2024 and 2023, respectively. Depreciation expense is recorded within Depreciation, amortization and accretion on the Consolidated Statements of Operations.
During the three months ended March 31, 2024, the Company recognized impairment of long-lived assets of $6.3 million. The impairment was recorded due to a change in state legislature that impacted the earnings potential on six projects. The impairment analysis reviews certain qualitative factors as well as the results of long-term operating expectations and the project’s carrying value to determine if impairment indicators are present. The impairment analysis indicated that the projected future cash flows for the certain project no longer supported the recoverability of the carrying value of the related long-lived assets. The fair value of the asset was determined using a current replacement cost approach. This charge was recorded to the Company’s IPP segment. The Company did not recognize any impairment charges on long-lived assets for the three months ended March 31, 2023.

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Note 9. Goodwill, Other Intangible Assets and Out-of-market Contracts
Goodwill
As of March 31, 2024 and December 31, 2023, goodwill totaled $221.3 million and $221.3 million, respectively.
Other Intangible Assets and Out-of-market Contracts
Other intangible assets as of March 31, 2024 consisted of the following:
(in thousands)
Gross carrying amountAccumulated amortizationNet intangible assets as of March 31, 2024
PPA contracts$374,356 $(53,471)$320,885 
REC contracts46,235 (4,028)42,207 
Trademarks2,800 (447)2,353 
Channel partner relationships94,700 (17,822)76,878 
Other intangible assets2,191  2,191 
Total intangible assets, net$520,282 $(75,768)$444,514