0001615774-16-006719.txt : 20160812 0001615774-16-006719.hdr.sgml : 20160812 20160812121014 ACCESSION NUMBER: 0001615774-16-006719 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160812 DATE AS OF CHANGE: 20160812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Greenbacker Renewable Energy Co LLC CENTRAL INDEX KEY: 0001563922 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55610 FILM NUMBER: 161827143 BUSINESS ADDRESS: STREET 1: C/O GREENBACKER CAPITAL MANAGEMENT LLC STREET 2: 369 LEXINGTON AVENUE, SUITE 312 CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 646-237-7884 MAIL ADDRESS: STREET 1: C/O GREENBACKER CAPITAL MANAGEMENT LLC STREET 2: 369 LEXINGTON AVENUE, SUITE 312 CITY: NEW YORK STATE: NY ZIP: 10017 10-Q 1 s103832_10q.htm 10-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

 

 

FORM 10-Q

 

 

 

(Mark One)

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

 

For the quarterly period ended June 30, 2016

  

OR

 

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

 

Commission file number: 000-55610

 

 

 

GREENBACKER RENEWABLE ENERGY COMPANY LLC 

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Delaware   80-0872648
(State or Other Jurisdiction of   (I.R.S. Employer
Incorporation or Organization)   Identification No.)

 

369 Lexington Avenue, Suite 312
New York, NY 10017 

Tel (646) 237-7884 

(Address, including zip code and telephone number, including area code, of registrants Principal Executive
Office)

 

 

 

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 x     No ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes x   No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (check one):

 

Large accelerated filer ¨ Accelerated filer ¨
Non-accelerated filer x    (Do not check if a smaller reporting company) Smaller reporting company ¨

 

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

 

As of August 8, 2016, the registrant had 11,951,645 shares of common stock, $0.001 par value, outstanding.

 

 

 

 

TABLE OF CONTENTS

 

    PAGE
     
PART I. FINANCIAL INFORMATION 3
     
Item 1. Consolidated Financial Statements 3
     
  Consolidated Statements of Assets and Liabilities as of June 30, 2016 (unaudited) and December 31, 2015 3
     
  Consolidated Statements of Operations for the three and six months ended June 30, 2016 and 2015 (unaudited) 4
     
  Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2016 and 2015 (unaudited) 5
     
  Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015 (unaudited) 7
     
  Consolidated Schedules of Investments as of June 30, 2016 (unaudited) and December 31, 2015 8
     
  Notes to Consolidated Financial Statements (unaudited) 10
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 33
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 62
     
Item 4. Controls and Procedures 63
     
PART II. OTHER INFORMATION 64
     
Item 1. Legal Proceedings 64
     
Item 1A. Risk Factors 64
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 64
     
Item 3. Defaults Upon Senior Securities 64
     
Item 4. Mine Safety Disclosures 64
     
Item 5. Other Information 64
     
Item 6. Exhibits 64
     
Signatures   66

  

 2 

 

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

 

GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

 

   June 30, 2016   December 31, 2015 
   (unaudited)     
ASSETS          
Investments, at fair value (cost of $82,020,469 and $50,023,136, respectively)  $82,581,848   $51,454,566 
Cash and cash equivalents   12,436,986    5,889,030 
Interest receivable   13,862    - 
Shareholder receivable   171,938    190,725 
Due from advisor, net   -    26,636 
Deferred tax assets, net of allowance   5,631,526    650,000 
Other assets   37,700    77,518 
Total assets  $100,873,860   $58,288,475 
           
LIABILITIES          
Management fee payable  $150,837   $91,863 
Accounts payable and accrued expenses   364,745    327,799 
Shareholder distributions payable   270,113    156,985 
Directors fees payable   -    23,750 
Due to advisor/dealer manager   346,618    - 
Payable for repurchases of common stock   735,589    - 
Unearned revenue   1,312,935    - 
Deferred sales commission payable   189,985    - 
Total liabilities  $3,370,822   $600,397 
           
Commitments and contingencies (See Note 2, Note 5 and Note 8)          
           
MEMBERS’ EQUITY (NET ASSETS)          
Preferred stock, par value, $.001 per share, 50,000,000 authorized; none issued and outstanding  $-    - 
Common stock, par value, $.001 per share, 350,000,000 authorized; 11,224,048 and 6,721,967 shares issued and outstanding, respectively   11,224    6,722 
Paid-in capital in excess of par value   95,664,616    57,520,925 
Capital contribution from advisor   193,000    193,000 
Accumulated deficit   (2,782,401)   (1,591,014)
Accumulated net realized gain on investments   4,578    - 
Accumulated unrealized appreciation on investments and foreign currency translation, net of deferred taxes   4,298,829    1,272,186 
Total common stockholders’ equity   97,389,846    57,401,819 
Special unitholder’s equity   113,192    286,259 
Total members’ equity (net assets)   97,503,038    57,688,078 
Total liabilities and equity (net assets)  $100,873,860   $58,288,475 
           
Net assets, Class A (shares outstanding of 8,512,969 and 5,420,728, respectively)  $74,013,171   $46,289,968 
Net assets, Class C (shares outstanding of 722,499 and 248,456, respectively)   6,087,628    2,121,675 
Net assets, Class I (shares outstanding of 1,988,580 and 1,052,783, respectively)   17,289,047    8,990,176 
Total common stockholders’ equity  $97,389,846   $57,401,819 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 3 

 

 

GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

   For the three months ended
June 30, 2016
   For the three months ended
June 30, 2015
   For the six months ended
June 30, 2016
   For the six months ended
June 30, 2015
 
Investment income:                    
Dividend income  $1,522,713   $632,500   $2,169,698   $690,000 
Interest income   122,578    1,146    132,159    1,861 
Total investment income  $1,645,291   $633,646   $2,301,857   $691,861 
                     
Operating expenses:                    
Management fee expense   429,063    102,020    759,778    164,303 
Audit expense   112,563    56,964    206,047    110,162 
General and administration expenses   94,998    64,245    188,103    94,944 
Legal expenses   65,769    77,447    132,311    89,578 
Directors fees and expenses   24,117    23,501    48,234    46,751 
Insurance expense   20,310    22,514    40,619    44,592 
Organizational expenses   -    50,073    35,188    75,075 
Other expenses   16,475    20,102    30,792    33,188 
Operating expenses before expense waiver and reimbursement   763,295    416,866    1,441,072    658,593 
Expense reimbursement from advisor   327,150    (117,137)   506,040    (182,166)
Total expenses, net of expense waiver and reimbursement   1,090,445    299,729    1,947,112    476,427 
Net investment income before taxes   554,846    333,917    354,745    215,434 
Deferred tax benefit   977,234    -    1,257,899    - 
Franchise tax expense   (12,431)   -    (69,863)   - 
Net investment income   1,519,649    333,917    1,542,781    215,434 
                     
Net change in realized and unrealized gain (loss) on investments, foreign currency translation and deferred tax assets:                    
Net realized gain on investments   4,578    -    4,578    - 
Net change in unrealized appreciation (depreciation) on investments   (244,944)   (60,884)   (967,054)   411,227 
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies   8,940    14,488    97,003    (72,133)
Change in benefit from deferred taxes on unrealized appreciation on investments   1,838,292    -    3,723,627    - 
Net increase in net assets resulting from operations   3,126,515    287,521    4,400,935    554,528 
Net increase (decrease) in net assets attributed to special unitholder   46,258    9,280    173,067    (67,819)
Net increase in net assets attributed to common stockholders  $3,172,773   $296,801   $4,574,002   $486,709 
                     
Common stock per share information —basic and diluted:                    
Net investment income  $0.15   $0.14   $0.17   $0.11 
Net increase in net assets attributed to common stockholders  $0.31   $0.12   $0.50   $0.25 
Weighted average common shares outstanding   10,339,058    2,383,753    9,102,063    1,931,513 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 4 

 

 

GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARY

CONSOLIDATED STATEMENT OF NET ASSETS

For the six months ended June 30, 2016

(unaudited)

 

   Common Stockholders         
   Shares   Par Value   Paid-in capital
in excess of
par value
   Capital
contribution
from advisor
   Accumulated
deficit
   Accumulated net
realized gain on
investments
   Accumulated unrealized
appreciation
(depreciation) on
investments and foreign
currency translation,
net of deferred taxes
   Common
stockholders'
equity
   Special
unitholder’s
equity
   Total
members'
equity
(net assets)
 
Balances at December 31, 2015   6,721,967   $6,722   $57,520,925   $193,000   $(1,591,014)  $-   $1,272,186   $57,401,819   $286,259   $57,688,078 
                                                   
Proceeds from issuance of common stock, net   4,438,523    4,439    39,983,535    -    -    -    -    39,987,974    -    39,987,974 
                                                   
Issuance of common stock under distribution reinvestment plan   153,537    153    1,392,778    -    -    -    -    1,392,931    -    1,392,931 
                                                   
Repurchases of common stock   (89,979)   (90)   (817,298)   -    -    -    -    (817,388)   -    (817,388)
                                                   
Offering costs   -    -    (2,415,324)   -    -    -    -    (2,415,324)   -    (2,415,324)
                                                   
Shareholder distributions   -    -    -    -    (2,734,168)   -    -    (2,734,168)   -    (2,734,168)
                                                   
Net investment income   -    -    -    -    1,542,781    -    -    1,542,781    -    1,542,781 
                                                   
Net realized gain on investments   -    -    -    -    -    4,578    -    4,578    -    4,578 
                                                   
Net unrealized depreciation on investments   -    -    -    -    -    -    (793,987)   (793,987)   (173,067)   (967,054)
                                                   
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies   -    -    -    -    -    -    97,003    97,003    -    97,003 
                                                   
Change in benefit from deferred taxes on unrealized appreciation on investments   -    -    -    -    -    -    3,723,627    3,723,627    -    3,723,627 
                                                   
Balances at June 30, 2016   11,224,048   $11,224   $95,664,616   $193,000   $(2,782,401)  $4,578   $4,298,829   $97,389,846   $113,192   $97,503,038 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 5 

 

 

GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

For the six months ended June 30, 2015

(unaudited)

 

   Common Stockholders     
   Shares   Par Value   Paid-in capital in
excess of
par value
   Capital contribution
from advisor
   Accumulated deficit   Accumulated unrealized
appreciation (depreciation)
on investments and foreign
currency translation, net of
deferred taxes
   Common stockholders'
equity
   Special
unitholder’s
equity
   Total
members'
equity
(net assets)
 
Balances at December 31, 2014   1,236,345   $1,236   $10,609,460   $193,000   $(340,406)  $39,519   $10,502,809   $9,846   $10,512,655 
                                              
Proceeds from issuance of common stock, net   1,712,426    1,713    15,452,990    -    -    -    15,454,703    -    15,454,703 
                                              
Issuance of common stock under distribution reinvestment plan   29,741    30    268,382    -    -    -    268,412    -    268,412 
                                              
Offering costs   -    -    (824,008)   -    -    -    (824,008)   -    (824,008)
                                              
Shareholder distributions   -    -    -    -    (570,782)   -    (570,782)   -    (570,782)
                                              
Net investment loss   -    -    -    -    215,434    -    215,434    -    215,434 
                                              
Net unrealized appreciation on investments   -    -    -    -    -    343,408    343,408    67,819    411,227 
                                              
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies   -    -    -    -    -    (72,133)   (72,133)   -    (72,133)
                                              
Balances at June 30, 2015   2,978,512   $2,979   $25,506,824   $193,000   $(695,754)  $310,794   $25,317,843   $77,665   $25,395,508 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 6 

 

 

GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited)

 

   For the six months ended
June 30, 2016
   For the six months ended
June 30, 2015
 
         
Operating activities:          
Net increase (decrease) in net assets from operations  $4,400,935   $554,528 
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:          
Purchase of investments   (32,247,755)   (14,260,000)
Proceeds from principal payments and sales of investments   255,000    - 
Net realized gain on investments   (4,578)   - 
Net change in unrealized (appreciation) depreciation on investments   967,054    (411,227)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities denominated in foreign currencies   (97,003)   72,133 
(Increase) decrease in other assets:          
Interest receivable   (13,862)   - 
Due from advisor, net   26,636    (21,911)
Deferred tax assets, net of allowance   (4,981,526)   - 
Other assets   39,818    (7,714)
Increase (decrease) in other liabilities:          
Management fee payable   58,974    23,654 
Accounts payable and accrued expenses   36,946    (15,486)
Directors fees payable   (23,750)   - 
Unearned revenue   1,312,935    - 
Net cash used in operating activities   (30,270,176)   (14,066,023)
           
Financing activities:          
Proceeds from issuance of shares of common stock, net   40,196,747    15,539,477 
Distributions paid   (1,228,110)   (263,780)
Offering costs   (2,415,324)   (824,008)
Repurchases of common stock   (81,799)   - 
Due to advisor/dealer manager re: Offering costs   346,618    53,132 
Proceeds from capital contribution from advisor   -    193,000 
Net cash provided by financing activities   36,818,132    14,697,821 
           
Net increase in cash and cash equivalents   6,547,956    631,798 
Cash and cash equivalents, beginning of period   5,889,030    7,567,061 
Cash and cash equivalents, end of period  $12,436,986   $8,198,859 
           
Supplemental disclosure of cash flow information:          
Shareholder distribution payable  $270,113   $69,502 
Shareholder distributions reinvested in common stock  $1,392,931   $268,412 
Payable for repurchases of common stock  $735,589   $- 
           
Non cash financial activities          
Shareholder receivable from sale of common stock  $171,938   $163,416 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 7 

 

 

GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARY

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2016

(unaudited)

 

Investments  Industry  Fees   Interest   Maturity  Shares or Principal
Amount
   Cost   Fair Value   Percentage of
Net Assets (a)
 
United States:                                 
Limited Liability Company Member Interests - Not readily marketable                                 
Sunny Mountain Portfolio  Alternative Energy - Solar              100% Ownership    $884,578   $1,400,245    1.4%
East to West Solar Portfolio  Alternative Energy - Solar              100% Ownership     19,800,000    20,266,527    20.8%
Green Maple Portfolio  Alternative Energy - Solar              100% Ownership     12,600,000    10,234,193    10.4%
Magnolia Sun Portfolio  Alternative Energy - Solar              100% Ownership     10,775,000    11,714,543    12.0%
Six States Solar Portfolio  Alternative Energy - Solar              100% Ownership     2,300,000    2,714,736    2.8%
Greenbacker Residential Solar Portfolio  Alternative Energy - Solar              100% Ownership     50,000    49,614    0.1%
Greenbacker Wind Portfolio  Alternative Energy - Wind              100% Ownership     6,750,000    7,081,465    7.3%
GREC Energy Efficiency Portfolio  Energy Efficiency - Lighting Replacement              100% Ownership     531,129    540,318    0.5%
Total Limited Liability Company Member Interests - Not readily marketable: 55.3%                    $53,690,707   $54,001,641    55.3%
                                  
Energy Efficiency Secured Loans - Not readily marketable                                 
Renew AEC One, LLC  Energy Efficiency - Lighting Replacement      10.25% (b)  2/24/2025  $838,871    838,871    838,871    0.9%
Total Energy Efficiency Secured Loans - Not readily marketable: 0.9%                    $838,871   $838,871    0.9%
                                  
Secured Loans - Other - Not readily marketable                                 
Greenfield Secured Turbine Loan  Alternative Energy - Wind (c)    9.50%  12/31/2016   25,887,755    25,887,755    25,887,755    26.6%
Total Secured Loans - Other- Not readily marketable: 26.6%                    $25,887,755   $25,887,755    26.6%
                                  
Total United States Investments: 82.8%                    $80,417,333   $80,728,267    82.8%
                                  
Canada:                                 
Capital Stock - Not readily marketable                                 
Canadian Northern Lights Portfolio  Alternative Energy - Solar              100% Ownership     1,603,136    1,853,581    1.9%
Total Canadian Investments: 1.9%                    $1,603,136   $1,853,581    1.9%
                                  
INVESTMENTS: 84.7%                    $82,020,469   $82,581,848    84.7%
                                  
OTHER ASSETS IN EXCESS OF LIABILITIES: 15.3%                         $14,921,190    15.3%
                                  
TOTAL NET ASSETS: 100.0%                         $97,503,038    100.0%

 

(a) Percentages are based on net assets of $97,503,038 as of June 30, 2016.

(b) Per the loan agreement, interest commenced on January 24, 2016.

(c) Application and commitment fees of $916,633 are being amortized over the term of the loan.

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 8 

 

 

GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARY

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2015

 

Investments  Industry    Interest   Fees (c)   Maturity  Maximum
Commitment
   Shares or Principal
Amount
   Cost   Fair Value   Percentage of
Net Assets (a)
 
United States:                                        
Limited Liability Company Member Interests - Not readily marketable                                        
Sunny Mountain Portfolio  Alternative Energy - Solar                     100% Ownership    $920,000   $1,329,803    2.3%
East to West Solar Portfolio  Alternative Energy - Solar                     100% Ownership     19,765,000    20,005,027    34.7%
Green Maple Portfolio  Alternative Energy - Solar                     100% Ownership     9,500,000    9,577,290    16.6%
Magnolia Sun Portfolio  Alternative Energy - Solar                     100% Ownership     7,550,000    7,542,723    13.1%
Six States Solar Portfolio  Alternative Energy - Solar                     100% Ownership     2,300,000    2,685,597    4.7%
Greenbacker Wind Portfolio  Alternative Energy - Wind                     100% Ownership     6,750,000    7,093,750    12.3%
GREC Energy Efficiency Portfolio  Energy Efficiency - Lighting Replacement                     100% Ownership     451,705    474,114    0.7%
Total Limited Liability Company Member Interests - Not readily marketable: 84.4%                           $47,236,705   $48,708,304    84.4%
                                         
Energy Efficiency Secured Loans - Not readily marketable                                        
LED Funding – Universidad Project  Energy Efficiency - Lighting Replacement   10.00%   2.00%  12/31/2015  $185,000   $97,787    97,787    97,787    0.2%
Renew AEC One, LLC  Energy Efficiency - Lighting Replacement   10.25%(b)   0.00%  2/24/2025  $1,100,000   $1,085,508    1,085,508    1,085,508    1.9%
Total Energy Efficiency Secured Loans - Not readily marketable: 2.1%                           $1,183,295   $1,183,295    2.1%
Total United States Investments:86.5%                           $48,420,000   $49,891,599    86.5%
                                         
Canada:                                        
Capital Stock - Not readily marketable                                        
Canadian Northern Lights Portfolio  Alternative Energy - Solar                     100% Ownership    $1,603,136   $1,562,967    2.7%
Total Canadian Investments: 2.7%                           $1,603,136   $1,562,967    2.7%
                                         
INVESTMENTS: 89.2%                           $50,023,136   $51,454,566    89.2%
                                         
OTHER ASSETS IN EXCESS OF LIABILITIES: 10.8%                                 6,233,512    10.8%
                                         
TOTAL NET ASSETS: 100.0%                                $57,688,078    100.0%

 

(a) Percentages are based on net assets of $57,688,078 as of December 31, 2015.

(b) Interest commences the earlier of the Operational Date or January 24, 2016.

(c) Commitment fees payable on maturity of the loan.

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 9 

 

  

GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016 (unaudited)

 

Note 1. Organization and Operations of the Company

 

Greenbacker Renewable Energy Company LLC (the “LLC”), a Delaware limited liability company, is an externally managed energy company that acquires and manages income-generating renewable energy and energy efficiency projects, and other energy-related businesses, as well as finances the construction and/or operation of these and sustainable development projects and businesses. The LLC plans to conduct substantially all of its operations through its wholly-owned subsidiary, Greenbacker Renewable Energy Corporation (“GREC”). GREC is a Maryland corporation formed in November 2011 and the LLC currently holds all of the outstanding shares of capital stock of GREC. The LLC and GREC (collectively “we”, “us”, “our”, and the “company”) are externally managed and advised by Greenbacker Capital Management LLC (the “advisor” or “GCM”), a renewable energy, energy efficiency and sustainability related project acquisition, consulting and development company. The LLC’s fiscal year end is December 31.

 

Pursuant to a Registration Statement on Form S-1 (File No. 333-178786-01), the company is offering on a continuous basis up to $1,500,000,000 in shares of limited liability company interests, or the shares, including up to $250,000,000 of shares pursuant to the distribution reinvestment plan, on a “best efforts” basis through SC Distributors, LLC, the dealer manager, meaning it is not required to sell any specific number or dollar amount of shares. The company is publicly offering three classes of shares, Class A shares, Class C shares and Class I shares, in any combination with a dollar value up to the maximum offering amount. In addition, the company is privately offering two classes of shares, Class P-A shares and Class P-I shares. The share classes have different selling commissions, dealer manager fees and there is an ongoing distribution fee with respect to Class C shares. The company has adopted a distribution reinvestment plan pursuant to which a shareholder may elect to have the full amount of cash distributions reinvested in additional shares. The company reserves the right to reallocate the shares offered between Class A, Class C and Class I shares and between its public offering and the distribution reinvestment plan.

 

Since the initial closing on April 25, 2014 and through November 4, 2015, the company sold shares, pursuant to a Registration Statement on Form S-1 (File No. 333-178786-01), on a continuous basis at a price of $10.00 per Class A share, $9.576 per Class C share and $9.186 per Class I share. For the period from November 5, 2015 through February 4, 2016, the company sold shares on a continuous basis at a price of $10.024 per Class A share, $9.599 per Class C share and $9.208 per Class I share. For the period from February 5, 2016 through May 5, 2016, the company sold shares on a continuous basis at a price of $10.048 per Class A share, $9.621 per Class C share and $9.230 per Class I share. From May 6, 2016 through August 3, 2016, the company sold shares on a continuous basis at a price of $10.068 per Class A share, $9.640 per Class C share, $9.248 per Class I share, $9.589 per Class P-A share and $8.808 per Class P-I share. Since August 4, 2016, the company has been selling shares on a continuous basis at a price of $10.227 per Class A share, $9.791 per Class C share, $9.394 per Class I share, $9.739 per Class P-A share and $8.946 per Class P-I share.

 

Each quarter, our advisor, utilizing the services of an independent valuation firm when necessary, reviews and approves the net asset value for each class of shares, subject to the oversight of the company’s board of directors. The company expects such determination will ordinarily be made within 30 days after each such completed fiscal quarter. To the extent that the net asset value per share on the most recent valuation date increases above or decreases below the net proceeds per share, the company will adjust the offering prices of all classes of shares. The adjustments to the per share offering prices, which will become effective five business days after such determination is published, will ensure that after the effective date of the new offering prices, the offering prices per share, after deduction of selling commissions, dealer manager fees and organization and offering expenses, are not above or below net asset value per share as of the most recent valuation date. The purchase price per share to be paid by each investor will be equal to the price that is in effect on the date such investor submits his or her completed subscription agreement to the dealer manager. The company’s shares are offered in the primary offering at a price based on the most recent valuation, plus related selling commissions, dealer manager fees and organization and offering expenses. Five days after the completion of each quarter end valuation, shares will be offered pursuant to the distribution reinvestment plan at a price equal to the current offering price per each class of shares, less the sales selling commissions and dealer manager fees associated with that class of shares in the primary offering.

 

 10 

 

 

An inability to raise substantial funds would increase our fixed operating expenses as a percentage of gross revenue and income, and our flexibility to implement the company’s business plans as well as our ability to diversify the company’s investments and to make distributions could be adversely affected.

 

We have initially focused on solar energy and wind energy projects as well as energy efficiency projects. We believe solar energy projects generally offer more predictable power generation characteristics, due to the relative predictability of sunlight over the course of time compared to other renewable energy classes and therefore we expect they will provide more stable income streams. However, technological advances in wind turbines and other energy generation technologies, as well as government incentives, make wind energy and other types of projects attractive as well. Solar energy projects provide maximum energy production during the middle of the day and in the summer months when days are longer and nights shorter. Generally, the demand for power in the United States tends to be higher at those times due to the use of air conditioning and as a result energy prices tend to be higher. Solar energy projects tend to have minimal environmental impact enabling such projects to be developed close to areas of dense population where electricity demand is highest. Solar technology is scalable and well-established and it is a relatively simple process to integrate new acquisitions and projects into our portfolio. Unlike solar energy projects, maximum wind power energy generation generally occurs in the winter months as the occurrence of wind is usually greater than in the summer months. Over time, we expect to broaden our strategy to include other types of renewable energy projects and energy efficiency projects and businesses, which may include hydropower assets, geothermal plants, biomass and biofuel assets, combined heat and power technology assets, fuel cell assets and other energy efficiency assets, among others, and to the extent we deem an opportunity attractive, other energy and sustainability related assets and businesses.

 

As of June 30, 2016, the company has made solar, wind and energy efficiency investments in nine portfolios, eight domiciled in the United States and one in Canada, as well as one energy efficiency secured loan and one loan secured by wind turbines in the United States (See Note 3). As of December 31, 2015, the company had made solar and wind investments in seven portfolios, six domiciled in the United States and one in Canada, as well as certain energy efficiency secured loans and leases in the United States.

 

Note 2. Significant Accounting Policies

 

Basis of Presentation

 

The company’s consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Actual results could differ from those estimates, assumptions, and judgments. Significant items subject to such estimates will include determining the fair value of investments, revenue recognition, income tax uncertainties, and other contingencies. The consolidated financial statements of the company include the accounts of the LLC and its consolidated subsidiary, GREC. All intercompany accounts and transactions have been eliminated.

 

The company’s consolidated financial statements are prepared using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial Services—Investment Companies (“ASC Topic 946”). In accordance with this specialized accounting guidance, the company recognizes and carries all of its investments at fair value with changes in fair value recognized in earnings. Additionally, the company will not apply the consolidation or equity method of accounting to its investments. The company carries its liabilities at amounts payable, net of unamortized premiums or discounts. The company does not currently plan to elect to carry its non-investment liabilities at fair value. Net assets are calculated as the carrying amounts of assets, including the fair value of investments, less the carrying amounts of its liabilities.

 

The financial information associated with the June 30, 2016 consolidated financial statements has been prepared by management and, in the opinion of management, contains all adjustments and eliminations, consisting of only normal recurring adjustments, necessary for a fair presentation in accordance with GAAP. The June 30, 2016 financial information has not been audited by the independent registered public accounting firm and they do not express an opinion thereon.

 

 11 

 

 

Cash and Cash Equivalents

 

Cash consists of demand deposits at a financial institution. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The company has not experienced any losses in any such accounts.

 

The company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Short-term investments that are cash equivalents are stated at cost, which approximates fair value. There are no restrictions on the use of the company’s cash as of June 30, 2016 and December 31, 2015.

 

Foreign Currency Translation

 

The accounting records of the company are maintained in U.S. Dollars. The fair value of investments and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. Dollars using the exchange rate at the end of each reporting period. Amounts related to the purchases and sales of investments, investment income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions.

 

Net unrealized currency gains and losses arising from valuing foreign currency denominated assets and liabilities at the current exchange rate are reflected as part of net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies.

 

Valuation of Investments at Fair Value

 

Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures (formerly Statement of Financial Accounting Standards No. 157, Fair Value Measurements) (“ASC Topic 820”) defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value. The company recognizes and accounts for its investments at fair value. The fair value of the investments does not reflect transaction costs that may be incurred upon disposition of the investments.

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is an exchange price notion under which fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability.

 

The advisor has established procedures to estimate the fair value of its investments which the company’s board of directors has reviewed and approved. The company will use observable market data to estimate the fair value of investments to the extent that market data is available. In the absence of quoted market prices in active markets, or quoted market prices for similar assets or in markets that are not active, the company will use the valuation methodologies described below with unobservable data based on the best available information in the circumstances, which incorporates the company’s assumptions about the factors that a market participant would use to value the asset.

 

For investments for which quoted market prices are not available, which will comprise most of our investment portfolio, fair value will be estimated by using the income or market approach. The income approach is based on the assumption that value is created by the expectation of future benefits discounted to a current value and the fair value estimate is the amount an investor would be willing to pay to receive those future benefits. The market approach compares recent comparable transactions to the investment. Adjustments are made for any dissimilarity between the comparable transactions and the investments. These valuation methodologies involve a significant degree of judgment on the part of our advisor.

 

In determining the appropriate fair value of an investment using these approaches, the most significant information and assumptions may include, as applicable: available current market data, including relevant and applicable comparable market transactions, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the investment’s ability to make payments, its earnings and discounted cash flows, the markets in which the project does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, the principal market and enterprise values, environmental factors, among other factors.

 

 12 

 

 

The estimated fair values will not necessarily represent the amounts that may be ultimately realized due to the occurrence or nonoccurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of the valuation of the investments, the estimate of fair values may differ significantly from the value that would have been used had a broader market for the investments existed.

 

The authoritative accounting guidance prioritizes the use of market-based inputs over entity-specific inputs and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation. The three levels of valuation hierarchy are defined as follows:

 

  Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date. Valuation adjustments and block discounts are not applied to Level 1 measurements;

 

  Level 2: Valuations based on quoted prices in less active, dealer or broker markets. Fair values are primarily obtained from third-party pricing services or broker quotes for identical or comparable assets or liabilities;

 

  Level 3: Valuations derived from other valuation methodologies, including pricing models, discounted cash flow models and similar techniques, and not based on market, exchange, dealer, or broker-traded transactions. Level 3 valuations incorporate certain assumptions and projections that are not observable in the market and significant professional judgment in determining the fair value assigned to such assets or liabilities.

 

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls will be determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment.

 

Calculation of Net Asset Value

 

Net asset value by class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. Net asset value per share is calculated by dividing net asset value for each class by the total number of outstanding common shares for that class on the reporting date.

 

Earnings (Loss) per Share

 

In accordance with the provisions of ASC Topic 260 — Earnings per Share (“ASC Topic 260”), basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.

 

The following information sets forth the computation of the weighted average basic and diluted net increase in net assets attributed to common stockholders per share for the three and six months ended June 30, 2016 and June 30, 2015:

 

   For the three
months ended
June 30, 2016
   For the three
months ended
June 30, 2015
   For the six
months ended
June 30, 2016
   For the six
months ended
June 30, 2015
 
Basic and diluted                    
Net increase in net assets attributed to common stockholders  $3,172,773   $296,801   $4,574,002   $486,709 
Weighted average common shares outstanding   10,339,058    2,383,753    9,102,063    1,931,513 
Net increase in net assets attributed to common stockholders per share  $0.31   $0.12   $0. 50   $0.25 

 

 13 

 

 

Revenue Recognition

 

Interest income is recorded on an accrual basis to the extent the company expects to collect such amounts. Interest receivable on loans and debt securities is not accrued for accounting purposes if there is reason to doubt an ability to collect such interest. Original issue discounts, market discounts or market premiums are accreted or amortized using the effective interest method as interest income. Prepayment premiums on loans and debt securities are recorded as interest income when received. Any application, origination or other fees earned by the company in arranging or issuing debt are amortized over the expected term of the loan.

 

Loans are placed on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are generally restored to accrual status when past due and principal and interest is paid and, in management’s judgment, is likely to remain current.

 

Dividend income is recorded (1) on the ex-dividend date for publicly issued securities and (2) when received from private investments.

 

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments

 

Realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

 

Payment-in-Kind Interest

 

For loans and debt securities with contractual payment-in-kind (“PIK”) interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible.

  

Distribution Policy

 

Distributions to members, if any, will be authorized and declared by our board of directors quarterly in advance and paid on a monthly basis. From time to time, we may also pay interim special distributions in the form of cash or shares, with the approval of our board of directors. Distributions will be made on all classes of shares at the same time. The cash distributions with respect to the Class C shares will be lower than the cash distributions with respect the company’s other publicly offered share classes because of the distribution fee associated with the Class C shares, which is allocated specifically to Class C net assets. Amounts distributed to each class is allocated amongst the holders of the shares in such class in proportion to their shares. Distributions declared by our board of directors are recognized as distribution liabilities on the ex-dividend date.

 

 14 

 

 

Organization and Offering Costs

 

Organization and offering costs (“O&O costs”), other than sales commissions and the dealer manager fee, are initially being paid by our advisor and/or dealer manager on behalf of the company. These O&O costs include all costs to be paid by the company in connection with its formation and the offering of its shares pursuant to a Registration Statement on Form S-1 (File No. 333-178786-01), including legal, accounting, printing, mailing and filing fees, charges of the company’s escrow holder, transfer agent fees, due diligence expense reimbursements to participating broker-dealers included in detailed and itemized invoices and costs in connection with administrative oversight of the offering and marketing process, and preparing supplemental sales materials, holding educational conferences, and attending retail seminars conducted by broker-dealers. While the total O&O costs shall be reasonable and shall in no event exceed an amount equal to 15% of the gross proceeds of this offering and the distribution reinvestment plan, the company is currently targeting no more than 4.0% of the gross proceeds for O&O costs other than sales commissions and dealer manager fees. The company anticipates that it will be obligated to reimburse our advisor for O&O costs that it may incur on behalf of the company, in accordance with the advisory agreement, but only to the extent that the reimbursement would not cause the selling commissions, the dealer manager fee and the other organization and offering expenses borne by the company to exceed 15% of gross offering proceeds as of the date of reimbursement.

 

The costs incurred by our advisor and/or dealer manager are recognized as a liability of the company to the extent that the company is obligated to reimburse our advisor and/or dealer manager, subject to the 15% of gross offering proceeds limitation described above. When recognized by the company, organizational costs will be expensed and offering costs, excluding selling commissions and dealer manager fees, will be recognized as a reduction of the proceeds from the offering.

 

As of June 30, 2016 and December 31, 2015, the advisor and the dealer manager incurred approximately $6,841,000 and $5,913,000, respectively, of O&O costs on behalf of the company of which approximately $5,760,000 and $3,577,000 had been reimbursed to the advisor and the dealer manager as of June 30, 2016 and December 31, 2015, respectively. As of June 30, 2016, the company owed the advisor and the dealer manager approximately $347,000. The remaining difference between amount incurred and amount paid or payable, or approximately $734,000, is a contingent liability of the company subject to payment only upon adequate gross offering proceeds being raised during our continuous offering. The O&O costs include $1,250,000 for formation services due to an affiliate of the advisor of which $250,000 was included in O&O costs at June 30, 2016 and December 31, 2015, respectively, but is not payable until the completion of the public offering. 

 

Debt Issuance Costs

 

Debt issuance costs related to debt liabilities incurred by the company, GREC or any wholly-owned, holding company formed specifically to be a credit agreement counterparty are presented on the consolidated statements of assets and liabilities as a direct deduction from the carrying amount of that debt liability.

 

Capital Gains Incentive Allocation and Distribution

 

Pursuant to the terms of the LLC’s amended and restated limited liability company agreement, a capital gains incentive distribution will be earned by an affiliate of our advisor on realized gains from the sale of investments from the company’s portfolio during operations prior to a liquidation of the company. While the terms of the advisory agreement neither include nor contemplate the inclusion of unrealized gains in the calculation of the capital gains incentive distribution, pursuant to an interpretation of an American Institute for Certified Public Accountants Technical Practice Aid for investment companies, the company will include unrealized gains in the calculation of the capital gains incentive distribution expense and related capital gains incentive fee payable. This amount reflects the incentive distribution that would be payable if the company’s entire portfolio was liquidated at its fair value as of the consolidated statements of assets and liabilities date even though the advisor is not entitled to an incentive distribution with respect to unrealized gains unless and until such gains are actually realized. Thus on each date that net asset value is calculated, the company calculates for the capital gains incentive distribution by calculating such distribution as if it were due and payable as of the end of such period. As of June 30, 2016 and December 31, 2015, a capital gains incentive distribution allocation in the amount of $113,192 and $286,259, respectively, was recorded based primarily upon unrealized gains.

 

 15 

 

 

Deferred Sales Commissions

 

The company defers certain costs, principally sales commissions and related compensation, which are paid to the dealer manager and may be reallowed to financial advisors and broker/dealers in the future in connection with the sale of Class C shares sold with a reduced front-end load sales charge. The costs expected to be incurred at the time of the sale of Class C shares are recorded as a liability on date of sale and are amortized on a straight-line basis over the period beginning on the time of sale and ending on the date which approximates an expected liquidity event for the company. Prior to June 30, 2016, the company did not record a liability at time of the sale for expected deferred sales commissions. As of June 30, 2016, the company has recorded a liability for deferred sales commissions in the amount of $189,985.

 

Reclassifications

 

Certain prior year amounts have been reclassified to conform with current year presentation.

 

Derivative Instruments

 

The company may utilize interest rate swaps to modify interest rate characteristics of certain liabilities to manage its exposure to interest rate fluctuations. Changes in the fair value of the interest rate swaps during the period are recognized in the accompanying consolidated statements of operations where the company, GREC or any wholly-owned, holding company formed specifically to be a credit agreement counterparty is the counterparty and in the change in fair value of investments if a subsidiary of the company is the counterparty.

 

While we are currently of the opinion that the currency fluctuation between the Canadian and U.S. Dollar will not have a material impact on our operating results, we may in the future enter into derivatives or other financial instruments in an attempt to hedge our foreign currency exchange risk if we believe not doing so would have a material impact our results of operations.

 

Income Taxes

 

The LLC intends to operate so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code. As such, it will not be subject to any U.S. federal and state income taxes. In any particular year it is possible that the LLC will not meet the qualifying income exception and will not qualify to be treated as a partnership. If the LLC does not meet the qualifying income exception, the members would then be treated as stockholders in a corporation and the company would become taxable as a corporation for U.S. federal income tax purposes under the Internal Revenue Code. The LLC would be required to pay income tax at corporate rates on its net taxable income. Distributions to members from the LLC would constitute dividend income taxable to such members, to the extent of the company’s earnings and profits and the payment of the distributions would not be deductible by the LLC.

 

The LLC plans to conduct substantially all of its operations through its wholly-owned subsidiary, GREC, which is a corporation that is subject to U.S. federal, state and local income taxes. Accordingly, most of its operations will be subject to U.S. federal, state and local income taxes.

 

Income taxes are accounted for under the assets and liabilities method. Deferred tax assets and liabilities are recorded for the estimated future tax consequences attributable to differences between items that are recognized in the consolidated financial statements and tax returns in different years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. For income tax benefits to be recognized including uncertain tax benefits, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of the benefit that is more likely than not to be realized upon ultimate settlement. A valuation allowance is established against net deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties associated with income taxes, if any, will be recognized in general and administrative expense.

 

 16 

 

 

The company does not consolidate its investments for financial statements, rather it accounts for its investments at fair value under the specialized accounting of ASC Topic 946. The tax attributes of the individual investments will be considered and incorporated in the company’s fair value estimates for those investments. The amounts recognized in the consolidated financial statements for unrealized appreciation and depreciation will result in a difference between the consolidated financial statements and the cost basis of the assets for tax purposes. These differences will be recognized as deferred tax assets and liabilities. Generally, the entities that hold the company’s investments will be included in the consolidated tax return of GREC and the differences between the amounts recognized for financial statement purposes and the tax return will be recognized as additional deferred tax assets and liabilities.

 

The company follows the authoritative guidance on accounting for uncertainty in income taxes and concluded it has no material uncertain tax positions to be recognized at this time.

 

The company assessed its tax positions for all open tax years as of June 30, 2016 for all U.S. federal and state tax jurisdictions for the years 2012 through 2015. The results of this assessment are included in the company’s tax provision and deferred tax assets as of June 30, 2016.

 

Recently Issued Accounting Pronouncements

 

Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. The company is choosing not to take advantage of the extended transition period for complying with new or revised accounting standards.

 

In August 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance that requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments provide a definition of the term ‘substantial doubt’ and include principles for considering the mitigating effect of management’s plans. The amendments also require an evaluation every reporting period, including interim periods for a period of one year after the date that the financial statements are issued (or available to be issued), and certain disclosures when substantial doubt is alleviated or not alleviated. The amendments in this update are effective for reporting periods ending after December 15, 2016. Management is of the opinion that adopting this new accounting guidance will not have any material effect on the company’s consolidated financial statements.

 

Updated Footnote Disclosure

 

Certain footnote disclosures have been updated to enhance information presented pertaining to the value of shares sold and shares issued through the reinvestment of distributions. The impact of these additional disclosures is not material to the previously issued consolidated financial statements as of and for the three and six months ended June 30, 2015.

 

Note 3. Investments

 

The composition of the company’s investments as of June 30, 2016, at cost and fair value, were as follows:

 

   Investments
at Cost
   Investments at
Fair Value
   Fair Value
Percentage of
Total Portfolio
 
Alternative Energy - Solar:               
Sunny Mountain Portfolio  $884,578   $1,400,245    1.7%
East to West Solar Portfolio   19,800,000    20,266,527    24.5 
Green Maple Portfolio   12,600,000    10,234,193    12.4 
Magnolia Sun Portfolio   10,775,000    11,714,543    14.2 
Canadian Northern Lights Portfolio   1,603,136    1,853,581    2.2 
Six States Solar Portfolio   2,300,000    2,714,736    3.3 
Greenbacker Residential Solar Portfolio   50,000    49,614    0.1 
Subtotal  $48,012,714   $48,233,439    58.4%
Alternative Energy - Wind:               
Greenbacker Wind Portfolio  $6,750,000   $7,081,465    8.6%
Subtotal  $6,750,000   $7,081,465    8.6%
Energy Efficiency:               
GREC Energy Efficiency LLC Portfolio  $531,129   $540,318    0.7%
Renew AEC One, LLC   838,871    838,871    1.0 
Subtotal  $1,370,000   $1,379,189    1.7%
Secured Loans  - Other:               
Greenfield Secured Turbine Loan  $25,887,755   $25,887,755    31.3%
Subtotal  $25,887,755   $25,887,755    31.3%
Total  $82,020,469   $82,581,848    100.0%

 

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The composition of the company’s investments as of December 31, 2015, at cost and fair value, were as follows:

 

   Investments
at Cost
   Investments at
Fair Value
   Fair Value
Percentage of
Total Portfolio
 
Alternative Energy - Solar:               
Sunny Mountain Portfolio  $920,000   $1,329,803    2.6%
East to West Solar Portfolio   19,765,000    20,005,027    38.9 
Green Maple Portfolio   9,500,000    9,577,290    18.6 
Magnolia Sun Portfolio   7,550,000    7,542,723    14.7 
Canadian Northern Lights Portfolio   1,603,136    1,562,967    3.0 
Six States Solar Portfolio   2,300,000    2,685,597    5.2 
Subtotal  $41,638,136   $42,703,407    83.0%
Alternative Energy - Wind:               
Greenbacker Wind Portfolio  $6,750,000   $7,093,750    13.8%
Subtotal  $6,750,000   $7,093,750    13.8%
Energy Efficiency:               
GREC Energy Efficiency LLC Portfolio  $451,705   $474,114    0.9%
LED Funding – Universidad Project   97,787    97,787    0.2 
Renew AEC One, LLC   1,085,508    1,085,508    2.1 
Subtotal  $1,635,000   $1,657,409    3.2%
Total  $50,023,136   $51,454,566    100.0%

 

The counterparty to all the energy efficiency investments held by the company as of June 30, 2016 and December 31, 2015 is a related party (See Note 5).

 

The composition of the company’s investments as of June 30, 2016 by geographic region, at cost and fair value, were as follows:

 

   Investments at
Cost
   Investments at
Fair Value
   Fair Value
Percentage
of Total Portfolio
 
United States:               
South Region  $27,007,803   $28,253,421    34.2%
East Region   14,178,414    11,877,714    14.4 
Mountain Region   36,169,924    37,192,831    45.0 
West Region   2,192,747    2,439,097    3.0 
Mid-West Region   868,445    965,204    1.2 
Total United States  $80,417,333   $80,728,267    97.8%
Canada:   1,603,136    1,853,581    2.2 
Total  $82,020,469   $82,581,848    100.0%

 

 18 

 

  

The composition of the company’s investments as of December 31, 2015 by geographic region, at cost and fair value, were as follows:

 

   Investments at
Cost
   Investments at
Fair Value
   Fair Value
Percentage
of Total Portfolio
 
United States:               
South Region  $24,919,749   $25,139,147    48.9%
Northeast Region   11,124,945    11,268,268    21.9 
Mountain Region   10,259,953    11,133,946    21.6 
West Region   1,247,582    1,396,242    2.7 
Mid-West Region   867,771    953,996    1.9 
Total United States  $48,420,000   $49,891,599    97.0%
Canada:   1,603,136    1,562,967    3.0 
Total  $50,023,136   $51,454,566    100.0%

 

The composition of the company’s investments as of June 30, 2016 by industry, at cost and fair value, were as follows:

 

   Investments at Cost   Investments at Fair
Value
   Fair Value
Percentage
of Total Portfolio
 
Alternative Energy - Solar  $48,012,714   $48,233,439    58.4%
Alternative Energy - Wind   32,637,755    32,969,220    39.9 
Energy Efficiency - Lighting Replacement   1,370,000    1,379,189    1.7 
Total  $82,020,469   $82,581,848    100.0%

 

The composition of the company’s investments as of December 31, 2015 by industry, at cost and fair value, were as follows:

  

   Investments at Cost   Investments at Fair
Value
   Fair Value
Percentage
of Total Portfolio
 
Alternative Energy - Solar  $41,638,136   $42,703,407    83.0%
Alternative Energy - Wind   6,750,000    7,093,750    13.8 
Energy Efficiency - Lighting Replacement   1,635,000    1,657,409    3.2 
Total  $50,023,136   $51,454,566    100.0%

 

Investments held as of June 30, 2016 and December 31, 2015 are considered Control Investments, which is defined as investments in companies in which the company owns 25% or more of the voting securities of such company, have greater than 50% representation on such company’s board of directors or investments in limited liability companies for which the company serves managing member.

 

Note 4. Fair Value Measurements - Investment

 

The following table presents fair value measurements of investments, by major class, as of June 30, 2016, according to the fair value hierarchy:

 

   Valuation Inputs 
   Level 1   Level 2   Level 3   Fair Value 
Limited Liability Company Member Interests  $   $   $54,001,641   $54,001,641 
Capital Stock           1,853,581    1,853,581 
Energy Efficiency – Secured Loans           838,871    838,871 
Secured Loans - Other           25,887,755    25,887,755 
Total  $   $   $82,581,848   $82,581,848 

 

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The following table presents fair value measurements of investments, by major class, as of December 31, 2015, according to the fair value hierarchy:

 

   Valuation Inputs 
   Level 1   Level 2   Level 3   Fair Value 
Limited Liability Company Member Interests  $   $   $48,708,304   $48,708,304 
Capital Stock           1,562,967    1,562,967 
Energy Efficiency – Secured Loans           1,183,295    1,183,295 
Total  $   $   $51,454,566   $51,454,566 

 

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2016:

 

   Balance as of
December 31, 2015
   Net change in unrealized
appreciation
(depreciation) on
investments
   Realized
gain
   Translation of assets
and liabilities
denominated in foreign
currencies
   Purchases and other
adjustments to cost (1)
   Sales and Repayments
of investments (2)
   Transfers in   Transfers out   Balance as of
June 30, 2016
 
Limited Liability Company Member Interests  $48,708,304   $(1,160,665)  $4,578   $-   $6,360,000   $(205,000)  $294,424   $-   $54,001,641 
Capital Stock   1,562,967    193,611    -    97,003    -    -    -    -    1,853,581 
Energy Efficiency - Secured Loans   1,183,295    -    -    -    -    (50,000)   -    (294,424)   838,871 
Secured Loans - Other   -    -    -    -    25,887,755    -    -    -    25,887,755 
Total  $51,454,566   $(967,054)  $4,578   $97,003   $32,247,755   $(255,000)  $294,424   $(294,424)  $82,581,848 

 

  (1) Includes purchases of new investments, capitalized deal costs, effects of purchase price adjustments, return of capital and additional investments in existing investments, if any.
  (2) Includes principal repayments on loans.

 

The total change in unrealized depreciation included in the consolidated statements of operations within net change in unrealized depreciation on investments for the three and six months ended June 30, 2016 attributable to Level 3 investments still held at June 30, 2016 was $244,944 and $967,054, respectively. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of the Level 3 as of the beginning of the period which the reclassifications occur.

 

Net change in unrealized depreciation on investments at fair value for the three and six months ended June 30, 2016 was $244,944 and $967,054, respectively, included within net change in unrealized depreciation on investments in the consolidated statements of operations. Net realized gains on investments for the three and six months ended June 30, 2016 was $4,578.

 

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2015:

 

   Balance as of
December 31,
2014
   Net change in
unrealized
appreciation
on investments
   Translation of
assets and
liabilities
denominated in
foreign
currencies
   Purchases and
other
adjustments
to cost (1)
   Repayments of
investments
   Balance as of
June 30, 2015
 
Limited Liability Company Member Interests  $1,688,792   $256,269   $   $14,250,000   $   $16,195,061 
Capital Stock   1,048,709    154,958    (72,133)   10,000         1,141,534 
Total  $2,737,501   $411,227   $(72,133)  $14,260,000   $   $17,336,595 

 

(1)Includes purchases of new investments, capitalized deal costs and effects of purchase price adjustments, if any.

 

The total change in unrealized appreciation (depreciation) included in the consolidated statements of operations within net change in unrealized appreciation (depreciation) on investments for the three and six months ended June 30, 2015 attributable to Level 3 investments still held at June 30, 2015 was ($60,884) and $411,227, respectively. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of the Level 3 as of the beginning of the period which the reclassifications occur. There were no transfers among Levels 1, 2 and 3 during the six months ended June 30, 2015.

 

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Net change in unrealized appreciation (depreciation) on investments at fair value for the three and six months ended June 30, 2015 was ($60,884) and $411,227, respectively, included within net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations. There were no net realized gains or losses on investments at fair value for the three and six months ended June 30, 2015.

 

As of June 30, 2016, all of the company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the company’s investments as of June 30, 2016:

 

   Fair Value   Valuation
Techniques
  Unobservable
Inputs
  Rates/Assumptions
Alternative Energy - Solar  $48,233,439   Income, cost and market approach  Discount rate,
future kWh Production,
and estimated remaining useful life
  7.0% - 8.30%,
0.50% annual
degradation in production,
31.7 years
Alternative Energy – Wind  $7,081,465   Income and cost approach  Discount rate,
future kWh Production,
and estimated remaining useful life
  7.75%, 0.50% annual
degradation in production,
33.3 years
Energy Efficiency- Secured Loans and Leases– Lighting Replacement  $1,379,189   Income and collateral based approach  Market yields
and value of collateral
  10.25% - 21.31%
Secured Loans– Other  $25,887,755   Cost Approach  Value of collateral  9.5%

  

As of December 31, 2015, all of the company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the company’s investments as of December 31, 2015:

 

   Fair Value   Valuation
Techniques
  Unobservable
Inputs
  Rates/Assumptions
Alternative Energy - Solar  $42,703,407   Income, cost and market approach  Discount rate,
future kWh Production,
and estimated remaining useful life
  7.0% - 8.30%,
0. 50% annual
degradation in production,
32.3 years
Alternative Energy – Wind  $7,093,750   Cost approach   
Energy Efficiency- Secured Loans and Leases – Lighting Replacement  $1,657,409   Income and collateral based approach  Market yields
and value of collateral
  10.25% - 12.0%

 

The significant unobservable inputs used in the fair value measurement of the company’s limited liability company member interests are discount rates and estimates related to the future production of electricity. Significant increases in the discount rate used or actual kilowatt hour (“kWh”) production meaningfully less than projected production would result in a significantly lower fair value measurement.

 

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Note 5. Related Party Agreements And Transactions Agreements

 

The company has executed advisory and administration agreements with the advisor and Greenbacker Administration, LLC, our administrator, respectively, as well as a dealer manager agreement with the dealer manager, which entitles the advisor, certain affiliates of the advisor, and the dealer manager to specified fees upon the provision of certain services with regard to the offering of the company’s shares and the ongoing management of the company as well as reimbursement of O&O costs incurred by the advisor and the dealer manager on behalf of the company (as discussed in Note 2) and certain other operating costs incurred by the advisor on behalf of the company. The term “Special Unitholder” refers to GREC Advisors, LLC, a Delaware limited liability company, which is a subsidiary of our advisor and “special unit”, refers to the special unit of limited liability company interest in GREC entitling the Special Unitholder to an incentive allocation and distribution. In addition, the company and the advisor entered into an expense reimbursement agreement whereby the advisor agrees to reimburse the company for certain expenses above certain limits and be repaid when the company’s expenses are reduced below that threshold. The fees and reimbursement obligations are as follows:

  

Type of Compensation and Recipient   Determination of Amount
Selling Commissions — Dealer Manager   7% of gross offering proceeds from the sale of Class A and Class P-A shares and up to 3% of gross offering proceeds from the sale of Class C shares. No selling commission will be paid with respect to Class I or Class P-I shares or for sales pursuant to the dividend reinvestment plan. All of its selling commissions are expected to be re-allowed to participating broker- dealers.
     
Dealer Manager Fee — Dealer Manager   2.75% of gross offering proceeds from the sale of Class A, Class P-A and Class C shares, and 1.75% of gross offering proceeds from the sale of Class I and Class P-I  shares. No dealer manager fee will be paid for sales pursuant to the dividend reinvestment plan. The dealer manager may re-allow a portion of its dealer manager fee to selected broker- dealers.
     
Distribution Fee — Dealer Manager   With respect to Class C shares only, the company will pay the dealer manager a distribution fee that accrues daily in an amount equal to 1/366th of 0.80% of the amount of the net asset value for the Class C shares for such day on a continuous basis from year to year. The company will stop paying distribution fees at the earlier of a listing of the Class C shares on a national securities exchange, following the completion of this offering, total underwriting compensation in this offering equals 10% of the gross proceeds from the primary offering or Class C shares are no longer outstanding. The dealer manager may re-allow all or a portion of the distribution fee to participating broker-dealers and servicing broker dealers. Commencing as of June 30, 2016, the company estimates the amount of distribution fees expected to be paid and records that liability at time of sale.
     
O&O costs — Advisor   The company reimburses the advisor for the O&O costs (other than selling commissions and dealer manager fees) it has incurred on the company’s behalf only to the extent that the reimbursement would not cause the selling commissions, dealer manager fee and the other O&O costs borne by the company to exceed 15.0% of the gross offering proceeds as the amount of proceeds increases. While the company has currently targeted an offering expense ratio of 4.0% for O&O costs over the term of the public offering, 5.0% has been charged since inception.

 

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Base Management Fees — Advisor   The base management fee payable to GCM will be calculated at a monthly rate of 0.167% (2.00% annually) of our gross assets (including amounts borrowed). For services rendered under the advisory agreement, the base management fee will be payable monthly in arrears. The base management fee will be calculated based on the average of the values of our gross assets for each day of the prior month. Base management fees for any partial period will be appropriately pro-rated. The base management fee may be deferred or waived, in whole or part, at the election of the advisor. All or any part of the deferred base management fee not taken as to any period shall be deferred without interest and may be taken in any period prior to the occurrence of a liquidity event as the advisor shall determine in its sole discretion.
     
Incentive Allocation and Distribution — Special Unitholder   The incentive distribution to which the Special Unitholder is entitled to will be calculated and payable quarterly in arrears based on the pre-incentive distribution net investment income for the immediately preceding fiscal quarter. For this purpose, pre-incentive distribution net investment income means interest income, dividend and distribution income from equity investments (excluding that portion of distributions that are treated as return of capital) and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive, but excluding any fees for providing managerial assistance) accrued during the fiscal quarter, minus the operating expenses for the fiscal quarter (including the base management fee, expenses payable under the administration agreement with the company’s Administrator, and any interest expense and distributions paid on any issued and outstanding indebtedness and preferred units of limited liability company interest, but excluding the incentive distribution). Pre-incentive distribution net investment income does not include any realized capital gains, realized capital losses, unrealized capital appreciation or depreciation or any accrued income taxes and other taxes including, but not limited to, franchise, property, and sales taxes.

 

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    Pre-incentive distribution net investment income, expressed as a rate of return on the value of the company’s average adjusted capital at the end of the immediately preceding fiscal quarter, will be compared to a “hurdle rate” of 1.75% per fiscal quarter (7.00% annualized). Adjusted capital shall mean: cumulative gross proceeds before sales and commission and dealer fees, generated from sales of the company’s shares and preferred units of limited liability company interests (including the DRP) reduced for distributions to members of proceeds from non-liquidation dispositions of asset and amount paid for share repurchases pursuant to the Share Repurchase Program. Average adjusted capital shall mean: the average value of the adjusted capital for the two most recently completed fiscal quarters. The Special Unitholder shall receive an incentive distribution with respect to the pre-incentive distribution net investment income in each fiscal quarter as follows:

 

    ·     no incentive distribution in any fiscal quarter in which the pre-incentive distribution net investment income does not exceed the “hurdle rate” of 1.75%;
     
    ·     100% of the pre-incentive distribution net investment income with respect to that portion of such pre-incentive distribution net investment income, if any, that exceeds the hurdle but is less than 2.1875% in any fiscal quarter (8.75% annualized with a 7% annualized hurdle rate). The company refers to this portion of the pre-incentive distribution net investment income (which exceeds the hurdle but is less than 2.1875%) as the “catch-up.” The “catch-up” is meant to provide the advisor with 20% of the pre-incentive distribution net investment income as if a hurdle did not apply if the net investment income exceeds 2.1875% in any fiscal quarter; and
     
    ·     20% of the amount of the pre-incentive distribution net investment income, if any, that exceeds 2.1875% in any fiscal quarter (8.75% annualized with a 7% annualized hurdle rate) is payable to the Special Unitholder (once the hurdle is reached and the catch-up is achieved, 20% of all pre-incentive distribution investment income thereafter is allocated to the Special Unitholder).
     
Capital Gains Incentive Distribution — Special Unitholder   The capital gains incentive distribution will be determined and payable to the Special Unitholder in arrears as of the end of each fiscal quarter (or upon termination of the advisory agreement, as of the termination date) to the Special Unitholder, and will equal 20.0% of the company’s realized capital gains, if any, on a cumulative basis from inception through the end of each fiscal quarter, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any capital gain incentive distributions.

 

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Liquidation Incentive Distribution — Special Unitholder   The liquidation incentive distribution payable to the Special Unitholder will equal 20.0% of the net proceeds from a liquidation of the company (other than in connection with a listing, as described below) in excess of adjusted capital, as measured immediately prior to liquidation. Adjusted capital shall mean: cumulative gross proceeds generated from sales of shares (including the DRP) reduced for distributions to members of proceeds from non-liquidation dispositions of our assets and amounts paid for share repurchases pursuant to the Share Repurchase Program. In the event of any liquidity event that involves a listing of the company’s shares, or a transaction in which the company’s members receive shares of a company that is listed, on a national securities exchange, the liquidation incentive distribution will equal 20% of the amount, if any, by which the company’s listing value following such liquidity event exceeds the adjusted capital, as calculated immediately prior to such listing (the “listing premium”). Any such listing premium and related liquidation incentive distribution will be determined and payable in arrears 30 days after the commencement of trading following such liquidity event.

 

Operating Expense and Expense Assumption and Reimbursement Agreement   The company will reimburse the advisor’s cost of providing administrative services, legal, accounting and printing. The company will not reimburse the advisor for the salaries and benefits to be paid to the named executive officers. For the period beginning with the company’s breaking of escrow and beginning operations on April 25, 2014, and ending December 31, 2014, advisor assumed operating expenses for the company in an amount sufficient to keep total annual operating expenses (exclusive of interest, taxes dividend expense, borrowing costs, organizational and extraordinary expenses) of the company (“Expenses”) at percentages of average net assets of such class for any calculation period no higher than 5.0% for Class A Class C and Class I shares (the “Maximum Rates”), and (ii) the company shall reimburse advisor, within 30 days of delivery of a request in proper form, for such Expenses, provided that such repayments do not cause the total Expenses attributable to a share class during the year of repayment to exceed the Maximum Rates. The expense reimbursement agreement was amended in December 2014 and again in November 2015 to continue until the earlier of December 31, 2016 or the end of the  company’s continuous public offering. No repayments by the company to advisor shall be permitted after the earlier of (i) the company’s offering has expired or is terminated or (ii) December 31, 2016. Furthermore, if the advisory agreement is terminated or not renewed, the advisor will have no further obligation to limit expenses per the expense reimbursement agreement and the company will not have any further obligation to reimburse the advisor for expenses not reimbursed as of the date of the termination.

 

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For the three and six months ended June 30, 2016, the company incurred $763,295 and $1,441,072, respectively, in operating expenses, including the management fees earned by the advisor. For the three and six months ended June 30, 2015, the company incurred $416,866 and $658,593, respectively, in operating expenses, including the management fees earned by the advisor. Since January 1, 2015, the advisor has elected to limit the company’s operating expenses to no higher than 5% annually of the company’s average net assets. While the advisor has assumed responsibility for $872,006 of the company’s operating expenses under the expense reimbursement agreement since inception, as of June 30, 2016, the company had reimbursed the advisor $700,000 of previously assumed expenses, subject to the restrictions of the Maximum Rates. Since average annual expenses were less than 5% for the three and six months ended June 30, 2016, the company recorded a net payable to the advisor of $327,150 and $506,040, respectively, as reimbursement for assumption of past operating expenses. For the three and six months ended June 30, 2015, the advisor assumed responsibility for $117,137 and $182,166 of the company’s operating expenses under the expense reimbursement agreement.

 

For the three and six months ended June 30, 2016, the advisor earned $429,063 and $759,778, respectively, in management fees. For the three and six months ended June 30, 2015, the advisor earned $102,020 and $164,303, respectively, in management fees. While there was an incentive allocation of $916 earned to date by the advisor, the consolidated financial statements reflect a $46,258 decrease in incentive allocation for the three months ended June 30, 2016 and a $173,067 decrease in incentive allocation for the six months ended June 30, 2016, based primarily upon unrealized depreciation on investments. The consolidated financial statements reflect a $9,280 decrease in incentive allocation for the three months ended June 30, 2015, based upon net unrealized depreciation, and $67,819 incentive allocation for the six months ended June 30, 2015, based upon net unrealized appreciation.

  

As of June 30, 2016, due to advisor/dealer manager on the consolidated statements of assets and liabilities in the amount of $346,618 is solely comprised of a payable to the advisor/dealer manager for reimbursable Organization and Offering Costs. As of December 31, 2015, due from advisor on the consolidated statements of assets and liabilities in the amount of $26,636 is comprised of $106,044 due from the advisor in connection with the expense reimbursement agreement combined with a payable to the advisor for reimbursable Organization and Offering Costs in the amount of $79,408. As of December 31, 2015, there were no amounts due to the dealer manager. The company, dealer manager and advisor plan to cash settle any amounts due to / from advisor/dealer manager on a quarterly basis.

 

For the three and six months ended June 30, 2016, the company paid $340,832 and $744,875, respectively, in dealer manager fees and $1,211,063 and $2,659,497, respectively, in selling commission to the company’s dealer manager, SC Distributors. For the three and six months ended June 30, 2015, the company paid $169,068 and $254,210 in dealer manager fees and $686,522 and $917,302, respectively, in selling commission to the company’s dealer manager, SC Distributors. These fees and commissions were paid in connection with the sales of the company’s shares to investors and, as such, were recorded against the proceeds from the issuance of shares and are not reflected in the company’s consolidated statements of operations.

  

For the three and six months ended June 30, 2016, Greenbacker Administration, LLC invoiced the company $55,978 and $80,002, respectively, for expenses, at cost, for services related to asset management and accounting services related to the company’s investments.

 

As of June 30, 2016, the company has issued 22,698 Class A shares to its advisor and 166,808 Class A shares to an affiliate of the advisor. As of December 31, 2015, the company issued 21,959 Class A shares to its advisor and 185,721 Class A shares to an affiliate of its advisor.

 

Transactions

  

The company entered into secured loans to finance the purchase and installation of energy efficient lighting with LED Funding LLC and Renew AEC One, LLC (“AEC Companies”). All of the loans with LED Funding LLC, an AEC Company, converted to an operating lease on the day the energy efficiency upgrades became operational. AEC Companies are considered related parties as the members of these entities own an indirect, non-controlling ownership interest in the company’s advisor. The loans outstanding between the AEC Companies and the company, and the subsequent operating leases, were negotiated at an arm’s length and contain standard terms and conditions that would be included in third party lending agreements including required security and collateral, interest rates based upon risk of the specific loan, and term of the loan. As of June 30, 2016, all loans and operating leases are considered current per their terms.

 

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Note 6. Members’ Equity

  

General

  

Pursuant to the terms of the LLC Agreement, the LLC may issue up to 400,000,000 shares, of which 350,000,000 shares are designated as Class A, Class C, and Class I shares (collectively, common shares), and 50,000,000 are designated as preferred shares and one special unit. Each class of common shares will have the same voting rights.

 

The following are the commissions and fees for each common share class in connection with the company’s continuous public offering pursuant to a Registration Statement on Form S-1 (File No. 333-178786-01) as well as the private offering of certain share classes.

  

Class A and Class P-A: Each Class A and Class P-A share will be subject to a selling commission of up to 7.00% per share and a dealer manager fee of up to 2.75% per share. No selling commissions or dealer manager fees will be paid for sales pursuant to the dividend reinvestment plan.

 

Class C: Each Class C share issued in the primary offering will be subject to a selling commission of up to 3.00% per share and a dealer manager fee of up to 2.75% per share. In addition, with respect to Class C shares, the company will pay the dealer manager on a monthly basis a distribution fee, or “distribution fee”, that accrues daily equal to 1/366th of 0.80% of the amount of the daily net asset value for the Class C shares on a continuous basis from year to year. No selling commissions or dealer manager fees will be paid for sales pursuant to the dividend reinvestment plan.

 

Class I and Class P-I: No selling commission or distribution fee will be paid for sales of any Class I and Class P-1 shares. Each Class I and Class P-I share will be subject to a dealer manager fee of up to 1.75% per share.

  

The following table is a summary of the shares issued and repurchased during the period and outstanding as of June 30, 2016:

 

   Shares Outstanding as
of December 31, 2015
   Shares Issued
 During the 
Period
   Shares Repurchased
During the Period
   Shares Outstanding as
of June 30, 2016
 
Class A shares   5,420,728    3,173,199    (80,958)   8,512,969 
Class C shares   248,456    474,043        722,499 
Class I shares   1,052,783    944,818    (9,021)   1,988,580 
Total   6,721,967    4,592,060    (89,979)   11,224,048 

 

The following table is a summary of the shares issued during the period and outstanding as of December 31, 2015:

 

   Shares Outstanding as
of December 31, 2014
   Shares Issued
 During the Period
   Shares Repurchased
During the Period
   Shares Outstanding as
of December 31, 2015
 
Class A shares   1,097,844    4,337,884    (15,000)   5,420,728 
Class C shares   84,964    163,492        248,456 
Class I shares   53,537    999,246        1,052,783 
Total   1,236,345    5,500,622    (15,000)   6,721,967 

 

There were no Class P-A or Class P-I shares outstanding as of June 30, 2016, December 31, 2015 or December 31, 2014.

 

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The proceeds from shares sold and the value of shares issued through the reinvestment of distributions for each class of shares for the six months ended June 30, 2016 and 2015 were as follows: 

 

   Class A Shares   Class C Shares   Class I Shares   Total 
For the six months ended June 30, 2016:                    
Proceeds from Shares Sold  $27,740,361   $4,140,330   $8,297,268   $40,177,959 
Proceeds from Shares Issued through Reinvestment of Distributions  $1,035,075   $90,046   $267,810   $1,392,931 
For the six months ended June 30, 2015:                    
Proceeds from Shares Sold  $10,253,926   $601,315   $4,599,462   $15,454,703 
Proceeds  from Shares  Issued through Reinvestment of Distributions  $214,509   $23,269   $30,634   $268,412 

 

As of June 30, 2016 and December 31, 2015, none of the LLC’s preferred shares were issued and outstanding.

  

The LLC Agreement authorizes the board of directors, without approval of any of the members, to increase the number of shares the company is authorized to issue and to classify and reclassify any authorized but unissued class or series of shares into any other class or series of shares having such designations, preferences, right, power and duties as may be specified by the board of directors. The LLC Agreement also authorizes the board of directors, without approval of any of the members, to issue additional shares of any class or series for the consideration and on the terms and conditions established by the board of directors. In addition, the company may also issue additional limited liability company interests that have designations, preferences, right, powers and duties that are different from, and may be senior to, those applicable to the common shares. The Special Unitholder will hold the special unit in the company. Refer to Note 5 for the terms of the special unit.

  

Distribution Reinvestment Plan

 

The company adopted a distribution reinvestment plan (“DRP”) through which the company’s Class A, Class C and Class I shareholders may elect to purchase additional shares with distributions from the company rather than receiving the cash distributions. The board of directors may reallocate the shares between the offering and the DRP. Shares issued pursuant to the DRP will have the same voting rights as shares offered pursuant to the offering. As of June 30, 2016 and December 31, 2015, 50,000,000 in shares were allocated for use in the DRP. During this offering, the purchase price of shares purchased through the DRP will be at a price equal to the then current net offering price per share. No dealer manager fees, selling commissions or other sales charges will be paid with respect to shares purchased pursuant to the DRP except for distribution fees on Class C shares issued under the DRP. At its discretion, the board of directors may amend, suspend, or terminate the DRP. A participant may terminate participation in the DRP by written notice to the plan administrator, received by the plan administrator at least 10 days prior to the distribution payment date.

  

As of June 30, 2016 and December 31, 2015, 272,494 and 118,957 shares, respectively, were issued under the DRP.

 

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Share Repurchase Program

  

During the quarter ended September 30, 2015, the company commenced a share repurchase program, or “share repurchase program”, pursuant to which quarterly share repurchases will be conducted, on up to approximately 5% of the weighted average number of outstanding shares in any 12-month period, to allow members who hold Class A, Class C or Class I shares to sell shares back to the company at a price equal to the then current offering price less the selling commissions and dealer manager fees associated with that class of shares. The company is not obligated to repurchase shares and the board of directors may terminate the share repurchase program at its sole discretion. The share repurchase program includes numerous restrictions that will limit a shareholders ability to sell shares. Unless the board of directors determines otherwise, the company limits the number of shares to be repurchased during any calendar year to the number of shares the company can repurchase with the proceeds received from the sale of shares under the DRP. At the sole discretion of the board of directors, the company may also use cash on hand, cash available from borrowings and cash from liquidation of investments to repurchase shares. In addition, the company plans to limit repurchases in each fiscal quarter to 1.25% of the weighted average number of shares outstanding in the prior four fiscal quarters. For the six months ended June 30, 2016, the company repurchased 89,979 shares at a total purchase price of $817,388, pursuant to the company’s share repurchase program, including 25,170 shares from an affiliate of the advisor.

 

We have received an order for our repurchase program from the SEC under Rule 102(a) of Regulation M under the Exchange Act. In addition, our repurchase program is substantially similar to repurchase programs for which the SEC has stated it will not recommend enforcement action under Rule 13e-4 and Regulation 14E under the Exchange Act.

 

Note 7. Distributions

  

On April 1, 2016, with the authorization of the company’s board of directors, the company declared distributions on each outstanding Class A, C and I share. These distributions were calculated based on shareholders of record for each day in an amount equal to $0.00165512 per share per day (less the distribution fee with respect to Class C shares).

 

On May 31, 2016 and June 30, 2016, with the authorization of the company’s board of directors, the company declared distributions on each outstanding Class A, C and I share. These distributions were calculated based on shareholders of record for each day in an amount equal to $0.00166172 per share per day (less the distribution fee with respect to Class C shares).

  

The following table reflects the distributions declared during the six months ended June 30, 2016:

  

Pay Date  Paid in Cash   Value of Shares
Issued under DRP
   Total 
February 1, 2016  $171,410   $185,680   $357,090 
March 1, 2016   182,825    195,193    378,018 
April 1, 2016   221,088    221,729    442,817 
May 2, 2016   234,799    241,934    476,733 
June 1, 2016   261,003    271,362    532,365 
July 1, 2016   270,112    277,033    547,145 
Total  $1,341,237   $1,392,931   $2,734,168 

 

The following table reflects the distributions declared during the six months ended June 30, 2015:

 

Pay Date  Paid in Cash   Value of Shares
Issued under DRP
   Total 
February 2, 2015  $35,820   $30,024   $65,844 
March 2, 2015   35,691    30,341    66,032 
April 1, 2015   46,720    38,120    84,840 
May 1, 2015   53,139    46,808    99,947 
June 1, 2015   61,499    57,380    118,879 
July 1, 2015   69,501    65,739    135,240 
Total  $302,370   $268,412   $570,782 

 

All distributions paid for the six months ended June 30, 2016 are expected to be reported as a return of capital to stockholders for tax reporting purposes and all distributions paid for the six months ended June 30, 2015 were reported as a return of capital to stockholders for tax purposes.

 

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Cash distributions were funded from the following sources for the periods noted below:

 

    For the three
months ended
June 30, 2016
   For the six
 months ended
June 30, 2016
   For the three
months ended
June 30, 2015
   For the six
months ended
June 30, 2015
 
Cash from operations  $549,485   $549,485   $161,356   $161,356 
Offering proceeds   167,405    678,625        102,424 
Total Cash Distributions  $716,890   $1,228,110   $161,356   $263,780 

 

 The company expects to continue to fund distributions from a combination of cash from operations as well as offering proceeds until a minimum of $150 million in net assets is reached as well as being fully invested in operating assets.

 

Note 8. Commitments and Contingencies

 

Commitments: Pursuant to a purchase and sale agreement dated June 24, 2016, the company has committed to purchase Greenfield Wind Manager, LLC (“GWM”), which is in the process of constructing a 25MW wind farm in Teton County, Montana, subject to significant contingencies including, but not limited to, having the wind farm placed in service by December 31, 2016, receipt of certifications from various independent experts on engineering, insurance, environmental and title matters, and evidence of certain tax elections filed. If these conditions are not met by December 31, 2016, the company’s commitment expires. GWM is the borrower on the $25.9 million Turbine Supply Loan issued by the company on June 23, 2016. With the repayment of the turbine supply loan expected to be coincident with the closing of the GWM purchase, the company’s net commitment for additional funds is approximately $11,200,000.

  

Legal proceedings: The company may become involved in legal proceedings, administrative proceedings, claims and other litigation that arise in the ordinary course of business. Individuals and interest groups may sue to challenge the issuance of a permit for a renewable energy project or seek to enjoin construction of a wind energy project. In addition, we may be subject to legal proceedings or claims contesting the construction or operation of our renewable energy projects. In defending ourselves in these proceedings, we may incur significant expenses in legal fees and other related expenses, regardless of the outcome of such proceedings. Unfavorable outcomes or developments relating to these proceedings, such as judgments for monetary damages, injunctions or denial or revocation of permits, could have a material adverse effect on our business, financial condition and results of operations. In addition, settlement of claims could adversely affect our financial condition and results of operations. As of June 30, 2016, management is not aware of any legal proceedings that might have a significant adverse impact on the company.

  

Pledge of collateral and unsecured guarantee of loans to subsidiaries: Pursuant to loan agreements between the operating subsidiaries of East to West Solar LLC, Green Maple LLC and Greenbacker Wind LLC and various lenders (financial institutions and the Vermont Economic Development Authority), the operating entities have pledged all solar operating assets as well as the membership interests in various operating subsidiaries as collateral for the term loans with maturity dates ranging from February 2018 through March 2028. In addition to GREC and the company, East to West Solar LLC and Green Maple LLC (the “Guarantors”) have provided an unsecured guaranty on approximately $10,005,000 and $5,060,000, respectively, of the term loans as of June 30, 2016. The guarantors would only have to perform under the guarantee if the cash flow or the liquidation of collateral at the operating subsidiaries was inadequate to fully liquidate the remaining loan balance.

 

See Note 1 – Organization and Operations of the Company and Note 5 – Related Party Agreements and Transactions Agreements for an additional discussion of the company’s commitments and contingencies.

 

Note 9. Financial Highlights

 

The following is a schedule of financial highlights of the company attributed to Class A shares, Class C shares and Class I shares for the six months ended June 30, 2016.

 

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   Class A Shares   Class C Shares   Class I Shares 
   For the six
months ended
June 30, 2016
   For the  six
months ended
June 30, 2016
   For the  six
months ended
June 30, 2016
 
Per share data attributed to common shares (1):               
Net Asset Value at beginning of period  $8.54   $8.54    8.54 
Net investment income (4)   0.17    0.17    0.17 
Net unrealized depreciation on investments   (0.11)   (0.11)   (0.11)
Change in translation of assets and liabilities denominated in foreign currencies   0.01    0.01    0.01 
Change in benefit from deferred taxes on unrealized appreciation on investments   0.41    0.41    0.41 
Net increase in net assets resulting from operations   0.48    0.48    0.48 
Shareholder distributions   (0.30)   (0.30)   (0.30)
Offering costs and deferred sales commissions       (0.26)    
Other (2)   (0.03)   (0.03)   (0.03)
Net increase in members’ equity attributed to common shares   0.15    (0.11)   0.15 
Net asset value for common shares at end of period  $8.69   $8.43    8.69 
Total return attributed to common shares based on net asset value (3)   5.21%   2.05%   5.21%
Common shareholders’ equity at end of period  $74,013,171   $6,087,628   $17,289,047 
Common shares outstanding at end of period   8,512,969    722,499    1,988,580 
Ratio/Supplemental data for common shares (annualized) (3):               
Ratio of net investment income to average net assets (5)(6)   4.03%   3.98%   4.02%
Ratio of operating expenses to average net assets (5)(6)   4.99%   4.92%   4.97%
Portfolio turnover rate   0.54%   0.54%   0.54%

 

     
  (1) The per share data for Class A Shares, Class C Shares and Class I Shares were derived by using the weighted average shares outstanding during the six months ended June 30, 2016, which was 7,063,450, 500,288 and 1,538,324, respectively.
  (2) Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and organizational costs which are not included in operating expenses nor subject to the expense reimbursement agreement and the impact of shares at a price other than the net asset value.
  (3) Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2016, prior to the effect of the expense reimbursement agreement for Class A Shares were 5.77%, 5.34% and 3.68%, respectively. Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2016, prior to the effect of the expense reimbursement agreement for Class C Shares were 2.52%, 5.27% and 3.63%, respectively. Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2016, prior to the effect of the expense reimbursement agreement for Class I Shares were 5.74%, 5.32% and 3.66%, respectively. Allocation of net assets to special unitholder has not been included in determining net investment income or operating expenses used in the ratio calculations.
  (4) Does not reflect any incentive fees that may be payable to the Special Unitholder.
  (5) The company’s ratio of net investment income to average net assets and ratio of operating expenses to average net assets have been annualized for the six months ended June 30, 2016 assuming consistent results over a full fiscal year.
  (6) Organizational expenses included within the ratio are not annualized.

 

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The following is a schedule of financial highlights of the company attributed to common stockholders for the six months ended June 30, 2015. The company’s income and expense was allocated pro-rata across the outstanding Class A shares, Class C shares and Class I shares as applicable, and, therefore, the financial highlights are equal for each of the outstanding classes, for the six months ended June 30, 2015. 

 

   For the  six
months ended
June 30, 2015
 
Per share data attributed to common shares (1):     
Net Asset Value at beginning of period   8.50 
Net investment income and realized loss on foreign currency translation (4)   0.11 
Net unrealized appreciation on investments   0.21 
Change in translation of assets and liabilities denominated in foreign currencies   (0.03)
Net increase in net assets resulting from operations   0.29 
Shareholder distributions   (0.30)
Other (2)   0.01 
Net increase in members’ equity attributed to common shares    
Net asset value for common shares at end of period  $8.50 
Total return attributed to common shares based on net asset value (3)   3.40%
Common shareholders’ equity at end of period  $25,317,843 
Common shares outstanding at end of period   2,978,512 
Ratio/Supplemental data for common shares (annualized) (3):     
Ratio of net investment income to average net assets (5)(6)   3.14%
Ratio of operating expenses to average net assets (5)(6)   5.44%
Portfolio turnover rate   N/A 

 

     
  (1) The per share data was derived by using the weighted average shares outstanding during the six months ended June 30, 2015, which was 1,931,513.
  (2) Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and organizational costs which are not included in operating expenses nor subject to the expense reimbursement agreement and the impact of shares at a price other than the net asset value.
  (3) Total return, ratio of net investment loss and ratio of operating expenses to average net assets for the six months ended June 30, 2015, prior to the effect of the expense assumption and reimbursement agreement and the management fee waiver were 2.66%, 0.88% and 7.69%, respectively. Allocation of net assets to special unitholder has not been included in determining net investment income or operating expenses used in the ratio calculations.
  (4) Does not reflect any incentive fees that may be payable to the Special Unitholder.
  (5) The company’s ratio of net investment income to average net assets and ratio of operating expenses to average net assets have been annualized for the six months ended June 30, 2015 assuming consistent results over a full fiscal year.
  (6) Organizational expenses included within the ratio are not annualized.

 

Note 10. Subsequent Events

  

The company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in the consolidated financial statements or would be required to be recognized in the consolidated financial statements as of and for the six months ended June 30, 2016 (unaudited), except as discussed below.

 

On July 11, 2016, the company, through an indirect, wholly owned subsidiary, GREC Entity HoldCo LLC (the “Borrower”), entered into a Credit Agreement by and among the company, the lenders party thereto and Fifth Third Bank, as administrative agent, as Sole Lead Arranger and Sole Lead Bookrunner as well as interest rate swap counterparty. The new credit facility consists of an initial term loan of $4,300,000 (the “Facility 1 Term Loan”) as well as a revolving credit facility in the aggregate principal amount of up to $33,250,000 (the “Revolver"), with $15,950,000 immediately available at close, that will convert to an additional term loan facility, based upon the amount outstanding on the conversion date, in July 2017 (the “Facility 2 Term Loan”) (collectively, the “Credit Facility”). Both the Facility 1 Term Loan and the Facility 2 Term Loan mature in July 2021.

 

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Loans made under the Credit Facility bear interest at 3.5% in excess of one-month LIBOR. Commitment fees on the average daily unused portion of the Revolver are payable at a rate per annum of 0.25%. In addition to the Credit Facility, the Borrower entered into an interest rate swap to hedge the variable rate interest risk on the Facility 1 Term Loan. The fixed swap rate is 1.11% with an all-in interest rate of 4.61%.

 

On August 8, 2016 the company purchased a controlling interest in a 12.1 MW portfolio of 1,611 residential rooftop solar systems from a subsidiary of OneRoof Energy, Inc. for approximately $19,750,000. The systems are located across seven states including California, New Jersey, Massachusetts, Maryland, New York, Hawaii and Connecticut. All of the energy generated by the systems has been sold under twenty year power purchase agreements to the various residential customers who on average have a FICO Score Rating of Very Good. 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

The following discussion and analysis should be read in conjunction with the company’s consolidated financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q.

 

Except as otherwise specified, references to “we,” “us,” “our,” or the “company,” refer to Greenbacker Renewable Energy Company LLC.

  

Forward Looking Statements

  

Various statements in 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 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, our advisor’s assumptions about future events may prove to be inaccurate. We caution all readers that the forward-looking statements contained in this report are not guarantees of future performance, and we cannot assure any reader that such statements will prove correct or 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 “Risk Factors” and elsewhere in this report. All forward-looking statements are based upon information available to us on the date of this 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:

  

  · changes in the economy;

 

  · the ability to complete the renewable energy projects in which we invest;

 

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

 

  · fluctuations in supply, demand, prices and other conditions for electricity, other commodities and renewable energy certificates (“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 production tax credit (“PTC”), investment tax credit (“ITC”) and the related U.S. Treasury grants and potential reductions in renewable portfolio standards (“RPS”) requirements;

 

  · competition from other energy developers;

  

  · 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;

  

  · 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 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;

  

  · risks associated with possible disruption in our operations or the economy generally due to terrorism or natural disasters; and

  

  · future changes in laws or regulations and conditions in our operating areas.

  

Overview

  

Greenbacker Renewable Energy Company LLC, (the “LLC”) a Delaware limited liability company, is an externally managed energy company that acquires and manages income-generating renewable energy and energy efficiency projects and other energy-related businesses as well as finances the construction and/or operation of these and sustainable development projects and businesses. The LLC conducts substantially all of its operations through its wholly-owned subsidiary, Greenbacker Renewable Energy Corporation (“GREC”). GREC is a Maryland corporation formed in November 2011 and the LLC currently holds all of the outstanding shares of capital stock of GREC. The LLC and GREC (collectively “we”, “us”, “our”, and the “company”) are managed and advised by Greenbacker Capital Management LLC (the “advisor” or “GCM”), a renewable energy, energy efficiency, sustainability and other energy related project acquisition, consulting and development company that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (“Advisers Act”). The LLC’s fiscal year end is December 31.

 

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Our business objective is to generate attractive risk-adjusted returns for our members, consisting of both current income and long-term capital appreciation, by acquiring, and financing the construction and/or operation of income-generating renewable energy, energy efficiency and sustainable development projects, primarily within but also outside of North America. We expect the size of our investments to generally range between approximately $1 million and $100 million. We will seek to maximize our risk-adjusted returns by: (1) capitalizing on market opportunities; (2) focusing on hard assets that produce dependable cash flows; (3) efficiently utilizing government incentives where available; (4) employing creative deal structuring to optimize capital and ownership structures; (5) partnering with experienced financial, legal, engineering and other professional firms; (6) employing sound due diligence and risk mitigation processes; and (7) monitoring and managing our portfolio of assets on an ongoing basis.

 

Our goal is to assemble a diversified portfolio of renewable energy, energy efficiency and other sustainability related projects and businesses. Renewable energy projects generally earn revenue through the sale of generated electricity as well as frequently through the sale of other commodities such RECs and energy efficiency certificates (“EECs”), which are generated by the projects and the sale of by-products such as organic compost materials. We initially have focused on solar energy and wind energy projects as well as energy efficiency projects. We believe solar energy projects generally offer more predictable power generation characteristics, due to the relative predictability of sunlight over the course of time compared to other renewable energy classes and therefore we expect they will provide more stable income streams. However, technological advances in wind turbines and other energy generation technologies, as well as government incentives make wind energy and other types of projects attractive as well. Solar energy projects provide maximum energy production during the middle of the day and in the summer months when days are longer and nights shorter. Generally, the demand for power in the United States tends to be higher at those times due to the use of air conditioning and as a result energy prices tend to be higher. Solar energy projects tend to have minimal environmental impact enabling such projects to be developed close to areas of dense population where electricity demand is highest. Solar technology is scalable and well-established and it will be a relatively simple process to integrate new acquisitions and projects into our portfolio. Over time, we expect to broaden our strategy to include other types of renewable energy projects and energy efficiency projects and businesses, which may include wind farms, hydropower assets, geothermal plants, biomass and biofuel assets, combined heat and power technology assets, fuel cell assets and other energy efficiency assets, among others, and to the extent we deem the opportunity attractive, other energy and sustainability related assets and businesses.

 

Our preferred investment strategy is to acquire controlling equity stakes in our target assets or to be named the managing member of a limited liability company in order to oversee and supervise their operations. We define controlling equity stakes as companies in which we own 25% or more of the voting securities of such company or have greater than 50% representation on such company’s board of directors. However, we will also provide financing to projects owned by others, including through the provision of secured loans which may or may not include some form of equity participation. We may also provide projects with senior unsecured debt, subordinated secured debt, subordinated unsecured debt, mezzanine debt, convertible debt, convertible preferred equity, and preferred equity, and make minority equity investments. We may also participate in projects by acquiring contractual payment rights or rights to receive a proportional interest in the operating cash flow or net income of a project. We may also make equity investments in or loans to parties financing the supply of renewable energy and energy efficiency to residential and commercial customers or the adoption of strategies to reduce the consumption of energy by those customers. Our strategy will be tailored to balance long-term cash flow certainty, which we can achieve through long-term agreements for our products, with shorter term arrangements that allow us to potentially generate higher risk- adjusted returns.

  

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Our renewable energy projects generate revenue primarily by selling (1) generated electric power to local utilities and other high quality, utility, municipal and corporate counterparties, and (2) in some cases, RECs, EECs, and other commodities associated with the generation or savings of power. We seek to acquire or finance projects that contain transmission infrastructures and access to power grids or networks that will enable the generated power to be sold. We generally expect our projects will have power purchase agreements with one or more counterparties, including local utilities or other high credit quality counterparties, who agree to purchase the electricity generated from the project. We refer to these power purchase agreements as “must-take contracts,” and we refer to these other counterparties as “off-takers.” These must-take contracts guarantee that all electricity generated by each project will be purchased. Although we intend to work primarily with high credit quality counterparties, in the event that an off-taker cannot fulfill its contractual obligation to purchase the power, we generally can sell the power to the local utility or other suitable counterparty, which would potentially ensure revenue is generated for all solar electricity generation. We may also generate revenue from the receipt of interest, fees, capital gains and distributions from investments in our target assets.

 

We employ a rigorous credit underwriting process for each of our contractual counterparties that involves (i) identification of high credit quality counterparties with appropriate bonding and insurance capacity; (ii) where available, the review of counterparty financial statements and/or publicly available credit rating reports (iii) worst-case analysis testing of assets; and (iii) ongoing monitoring of acquired assets and counterparty creditworthiness, including monitoring the public credit ratings reports issued by Moody’s and Standard and Poor’s.

 

The following table illustrates the allocation by percentage of the company’s contracted revenue by counterparty type and creditworthiness for the three months ended March 31, 2016 and the six months ended June 30, 2016.

 

  

For the three months

ended March 31, 2016

  

For the six months

Ended June 30, 2016

 
Investment grade:          
Utility   80.3%   78.9%
Municipality   6.6    7.5 
Corporation   1.4    1.4 
Subtotal investment grade   88.3%   87.8%
           
Non-investment grade or no rating:          
Utility   1.2%   1.3%
Municipality   7.2    7.3 
Corporation   3.3    3.6 
Subtotal non-investment grade or no rating   11.7%   12.2%
           
Total   100%   100%

 

Our power purchase agreements, when structured with utilities and other large commercial users of electricity, are generally long-term in nature with all electricity generated by the project purchased at a rate established pursuant to a formula set by the contract. The formula is often dependent upon the type of subsidies, if any, offered by the local and state governments for project development. Although we focus on projects with long-term contracts that ensure price certainty, we also look for projects with shorter term arrangements that will allow us, through these projects, to participate in market rate changes which may lead to higher current income.

  

Certain of the power purchase agreements for our projects are structured as “behind the meter” agreements with residential, commercial or government entities, which provide that all electricity generated by a project will be purchased by the off taker at an agreed upon rate that may be set at a slight discount to the retail electric rate for the off-taker. These agreements also typically provide for annual rate increases over the term of the agreement although that is not a necessary requirement. The behind the meter agreement is generally long-term in nature and typically provides that, should the off taker fail to fulfill its contractual obligation, any electricity that is not purchased by the off-taker may be sold to the local utility, usually at the wholesale spot electric rate.

  

We currently have structured our investments in residential solar with a similar commercial arrangement to that of the power purchase agreements with utilities and other large commercial users of electricity for our energy projects, as described above. In the future, we may acquire residential solar assets and subsequently lease them to a residential owner on a long term basis or might own the assets and have a PPA with the residential homeowner as counterparty. In either of these arrangements with residential owners, the residential owner directly receives the benefit of the electricity generated by the solar asset.

 

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We currently also finance energy efficiency projects, which seek to enable residential customers, businesses and governmental organizations to consume less energy while at the same time providing the same or greater level of amenity. Financing for energy efficiency projects is generally used to pay for energy efficiency retrofits of buildings, homes, businesses, and replacement of other inefficient energy consuming assets with more modern technologies. These projects are structured to provide predictable long-term cash flows by receiving a portion of the energy savings and the potential sale of associated RECs and EECs generated by such installations. In each of our renewable energy and energy efficiency investments, we intend, where appropriate, to maximize the benefits of renewable portfolio standards or RPS as well as other U.S. federal, state and local government support and incentives for the renewable energy industry.

 

The table below sets forth the company’s investments in alternative energy generation portfolios as of June 30, 2016.

 

   Date(s)  Industry  Location(s)  Form of
Investment
  Cost ***/
Principal
Amount*
   Assets  Generation
Capacity in
(MW)*
East to West Solar Portfolio**  January 2015, April 2015, April 2015 and December  2015  Alternative Energy – Solar  Colorado, Connecticut, Florida, Hawaii, Indiana and North Carolina  100% equity ownership  $19,800,000   Ground and roof mounted solar systems; operating solar photovoltaic systems  19.460
Magnolia Sun Portfolio  August 2015 and January 2016  Alternative Energy – Solar  California, Massachusetts and Tennessee  100% equity ownership  $10,775,000   Commercial grade ground mounted solar systems  5.316
Green Maple Portfolio  Fourth quarter 2014, Fourth quarter 2015  Alternative Energy – Solar  Vermont  100% equity ownership  $12,600,000   DC solar power systems  7.393
Canadian Northern Lights Portfolio  October 2014 and November 2015  Alternative Energy – Solar  Ontario, Canada  100% equity ownership  $1,603,136   Rooftop solar photovoltaic systems  0.570
Six States Solar Portfolio  December 2015  Alternative Energy – Solar  Arizona, California, Colorado, Connecticut, Florida and Indiana  100% equity ownership  $2,300,000   Ground and roof mounted solar systems  6.223
Greenbacker Wind Portfolio  December 2015  Alternative Energy – Wind  Montana  100% equity ownership  $6,750,000   Operating wind power facilities  10
Renew AEC One LLC  Fourth quarter 2015  Energy Efficiency – Lighting Replacement  Pennsylvania  100% equity ownership  $838,871   Energy efficiency LED lighting  N/A
Greenbacker Residential Solar Portfolio  March 2016  Alternative Energy – Solar  New York  100% equity ownership  $50,000   Pre Closing Deal Costs  N/A
Greenfield Secured Turbine Loan  June 2016  Alternative Energy – Wind  Montana  Secured loan  $25,887,755   Wind Turbines  N/A
GREC Energy Efficiency LLC  Third quarter 2015  Energy Efficiency – Lighting Replacement  Puerto Rico  Secured loan  $531,129   Energy efficiency LED lighting  N/A
Sunny Mountain Portfolio  August 2014  Alternative Energy – Solar  Colorado and New York  100% equity ownership  $884,578   Commercial and residential ground and roof mounted solar photovoltaic systems  0.801

 

* Approximate.

** Includes Gainesville Solar and NC Tar Heel facilities.

*** Does not include assumed project level debt

 

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The investments described above have allowed us to execute on our early-stage strategy of constructing a portfolio of projects offering predictable power generation characteristics and generally stable income streams. With the addition of a wind power generation project and energy efficiency lighting investments, we have added diversified revenue streams to our seasonal solar generation income, further enhancing the predictability of returns.

 

The LLC conducts a significant portion of its operations through GREC, of which the LLC is the sole shareholder, holding both shares of common stock and the special preferred stock. We intend to continue to operate our business in a manner permitting us to maintain our exemption from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”). We are not a blank check company within the meaning of Rule 419 of the Securities Act of 1933, as amended (the “Securities Act”) and have no specific intent to engage in a merger or acquisition in the next 12 months.

 

Pursuant to a Registration Statement on Form S-1 (File No. 333-178786-01), we are offering on a continuous basis up to $1,500,000,000 in shares of our limited liability company interests, consisting of up to $1,250,000,000 of shares in the primary offering and up to $250,000,000 of shares pursuant to the DRP. SC Distributors, LLC is the dealer manager for the offering. The company’s offering period which was scheduled to terminate two years after the initial offering date, or August 8, 2015, was extended through August 8, 2016 by the company’s board of directors on July 30, 2015.

 

On May 24, 2016, the company filed a Registration Statement on Form S-1 (File No. 333-211571) to continue to offer on a continuous basis up to $1,500,000,000 in shares of our limited liability company interests for a period of up to an additional two years. Until earlier of receiving a notice of effectiveness from the Securities and Exchange Commission (“SEC”) or February 6, 2017, we will continue to offer shares under the current Registration Statement on Form S-1 (File No. 333-178786-01). If by February 6, 2017 the company has not received an order of effectiveness from the SEC, it will discontinue the current continuous offering until the notice is received.

 

After the finalization of the June 30, 2016 net asset value, the current offering price of the Class A shares is $10.227 per share, the current offering price of the Class C shares is $9.791 per share, the current offering price of the Class I shares is $9.394 per share, the current offering price of the Class P-A shares is $9.739 per share and the current offering price of the Class P-I shares is $8.946 per share.

 

On March 28, 2014, we satisfied the minimum offering requirement and commenced operations as of April 25, 2014. As of December 31, 2014, our advisor had purchased 20,100 Class A shares for aggregate gross proceeds of $201,000. As part of this offering and breaking escrow, an affiliate of our advisor had purchased 170,000 shares for aggregate gross proceeds of $1,700,000. Through participation in the distribution reinvestment program, our advisor and affiliate as of December 31, 2015 owned 21,959 and 185,721 shares, respectively. As of December 31, 2015, we had received subscriptions for and issued 6,721,967 of our shares (including shares issued under the distribution reinvestment plan) for gross proceeds of $66,255,549 (before dealer manager fees of $1,083,268 and selling commissions of $4,100,814 for net proceeds of $61,071,467).

 

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Through participation in the distribution reinvestment program and a repurchase request by the affiliate of 25,170 shares, our advisor and affiliate as of June 30, 2016 owned 22,698 and 166,808 shares, respectively. As of June 30, 2016, we had received subscriptions for and issued 11,224,048 of our shares (including shares issued under the DRP) for gross proceeds of $110,413,422 (before dealer-manager fees of $1,828,143 and selling commissions of $6,760,311 for net proceeds of $101,824,968).

 

Current Competition in the Alternative Energy - Solar Marketplace

 

The solar financing market as a whole started as a cottage industry where developers would bring together high net worth investors to fund single solar and wind transactions. While successful in jump starting the industry, true capital formation is a relatively new phenomenon and is not as well developed as in other asset classes. Currently in the alternative energy – solar marketplace, there are several sources of capital:

 

  · Developer/-Owner Operators. The major competition we face in the market for the assets we target comes from privately backed developer/ owner operators. The capital from these organizations has generally been sourced from a combination of family offices/ private equity funds and hedge funds. These organizations are generally set up as developers, with investment return expectations in the 20-30% range. However to facilitate the most favorable exit for the sponsors, the developer/ owner operators seek to accumulate a significant portfolio of operating assets to provide a base level of stable and predictable earnings for the enterprise. Through a combination of developer profits and leverage they are able to generate satisfactory ongoing returns with the bulk of the upside being generated for the sponsors through the exit. We are of the opinion this group of buyers will ultimately be capital constrained particularly in circumstances where equity markets experience a downturn.

 

  · Single Purpose Limited Partnerships. These entities are typically funded by high net worth individuals or family offices and are generally focused on a small number of deals as they have a limited amount of capital to invest.

  

  · Utilities. Institutional investors (including large life insurance companies), pension funds and infrastructure funds. This sector dominates investment in the larger projects (i.e. $100,000,000 or greater). Because scale is always an important consideration for larger institutions we tend not to encounter this group in the markets we target.

  

  · Yieldcos. Following the filing of company’s Registration Statement with the SEC, several U.S. companies registered and listed public vehicles designed to generate steady tax deferred distributions to investors through the ownership and operation of traditional and renewable energy generation assets. There are currently six large vehicles, known as “yieldcos” listed on various stock exchanges around the United States as well as several other very small public companies. The yieldco strategy provides an opportunity for large Independent Power Producers to source cost effective capital to fund the ownership of contracted generation assets thus freeing up their own capital for other higher returning activities elsewhere in their businesses. Initially the yieldco strategy proved very effective and delivered the independent power producers sponsoring such vehicles a cost of capital very much in line with our own. With the market volatility over the past six months, we have seen a dramatic reduction in yieldcos’ project acquisition activity.

 

In management’s view, the company has been competitive in bidding for solar assets against all these sources of capital and maintains a significant pipeline of deals which can be consummated as offering proceeds are raised.

 

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Opportunities in Solar Power Today

 

We believe that the greatest opportunity exists within the Small Utility Scale segment of the market where the company can buy assets with similar attributes to the Large Utility Scale projects (Investment Grade off taker, same equipment and warrantees, same O&M etc.) but where returns are higher. In our view, there is a significant opportunity to aggregate portfolios of high quality Small Utility Scale projects working with experienced developers looking for a reliable and sustainable source of capital to increase the certainty of them closing transactions. As a result, we have been focusing on building relationships with respected developers with a view to acquiring pipelines of projects rather than one-off deals. By working closely with developers to efficiently close their transactions, we are seeking to create a sustainable competitive advantage which will lead to recurring and consistent deal flow. Importantly our strategy is differentiated from the developer/ owner operators mentioned above because we do not ever seek to compete with the developers but rather to work in lock-step with them so that they can achieve sustainable development profits and we have access to pipelines of transactions, which align with our current investment strategy and focus.

 

Factors Impacting Our Operating Results

 

The results of our operations are affected by a number of factors and will primarily depend on, among other things, the supply of renewable energy assets in the marketplace, the revenues we receive from renewable energy and energy efficiency projects and businesses, the market price of electricity, the availability of government incentives, local, regional and national economies and general market conditions. Additionally, our operations are impacted by interest rates and the cost of financing provided by other financial market participants. Many of the factors that affect our operating results are beyond our control.

 

Size of portfolio. The size of our portfolio of investments will be a key revenue driver. Generally, as the size of our portfolio grows, the amount of income we receive will increase. In addition, our portfolio of investments may grow at an uneven pace as opportunities to make investments in our target assets may be irregularly timed, and the timing and extent of GCM’s success in identifying such assets, and our success in acquiring such assets, cannot be predicted.

 

Credit risk. We encounter credit risk relating to (1) counterparties to the electricity and environmental credit sales agreements (including power purchase agreements) for our projects, (2) counterparties responsible for project construction and hedging arrangements, (3) companies in which we may invest and (4) any potential debt financing we or our projects may obtain. When we are able to do so, we seek to mitigate credit risk by entering into contracts with high quality counterparties. However, it is still possible that these counterparties may be unable to fulfill their contractual obligations to us. If counterparties to the electricity sales agreements for our projects or the companies in which we invest are unable to make payments to us when due, or at all, our financial condition and results of operations could be materially adversely effected. While we seek to mitigate construction-related credit risk by entering into contracts with high quality EPC companies with appropriate bonding and insurance capacity, if EPCs to the construction agreements for our projects are unable to fulfill their contractual obligations to us, our financial condition and results of operation could be materially adversely effected. We seek to mitigate credit risk by deploying a comprehensive review and asset selection process, including worst case analysis, and careful ongoing monitoring of acquired assets as well as mitigation of negative credit effects through back up planning. Nevertheless, unanticipated credit losses may occur which could adversely impact our operating results.

 

Electricity prices. All of our projects benefit from take-or-pay contracts to sell 100% of the power we generate on the contracted terms. On average the contracts on our existing portfolio have approximately 16 years left prior to being exposed to market prices. The credit standing of the contract counterparty is a particular focus in situations where the contracts have a price escalator as such contracts create an incentive for the counterparty to not continue to perform if the contract pricing deviates materially from the market price. If the contract is with a public or investment grade entity, we have generally been confident that the contract terms will be honored. The only exception might apply in situations where rising electricity prices could create pressure around a political change in a particular state or locale.

 

Due to the take-or-pay nature of the contracts, management believes that the company is largely insulated from the day to day price volatility of the electricity markets. With that said, it would be imprudent of us not to keep an eye to what is happening across the electricity markets and to stay abreast of developments in the industry as they occur. Over recent years, we have seen a lot of volatility in gas prices and yet that volatility has been slow to translate into movements in the electricity prices. Electricity pricing is a function of a range of factors and the price of gas is just one component. Electricity prices also include a recovery of the cost of the generation plant, the labor to operate it, the cost to transport the fuel to the plant, the cost to wheel the power to the customer, the cost to administer the utility, etc., so gas price volatility is less impactful on the delivered price of electricity than one might expect.

 

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The U.S. Energy Information Agency of the Department of Energy anticipates that electricity prices will rise annually by between 2.5% and 3.0% nationally for the next 20 years (on a nominal basis). Assuming the price at which we sell the power under our contracts is set at a discount to the current electricity price and the escalator (to the extent there is one) is less than 2.5% per annum, we expect the contracted price will remain close to, if not below, the market price of the electricity throughout the entire term of the contract.

 

Changes in market interest rates. With respect to our current business operations, to the extent that we use debt financing with unhedged floating interest rates or in the case of any refinancing, general increases in interest rates over time may cause the interest expense associated with our borrowings to increase, and the value of our debt investments to decline. Conversely, general decreases in interest rates over time may cause the interest expense associated with our borrowings to decrease, and the value of our debt investments to increase.

 

Market conditions. We believe that demand for alternative forms of energy from traditional fossil-fuel energy will continue to grow as countries seek to reduce their dependence on outside sources of energy and as the political and social climate continues to demand social responsibility on environmental matters. Notwithstanding this growing demand, we believe that a significant shortage of capital currently exists in the market to satisfy the demands of the renewable energy sector in the United States and around the world, particularly with respect to small and mid-sized projects and businesses that are newly developed. Many of the traditional sources of equity capital for the renewable energy marketplace were attracted to renewable energy projects based on their ability to utilize ITCs and tax deductions. We believe that due to changes in their taxable income profiles that have made these tax incentives less valuable, these traditional sources of equity capital have withdrawn from the market. In addition, much of the capital that is available is focused on larger projects that have long-term off-take contracts in place, and does not allow project owners to take any “merchant” or investment risk with respect to RECs. We believe many project developers are not finding or are encountering delays in accessing capital for their projects. As a result, we believe a significant opportunity exists for us to provide new forms of capital to meet this demand.

 

Regulatory matters. Regulatory and tax policy at the federal and state levels tends to be forward looking rather than retrospective. As a result, we do not see many regulatory or tax issues impacting any assets we already own or buy during the operation of a particular regulatory or tax regime.

 

With that said, there may be changes in the future which could impact the returns on future transactions, all of which will be factored into our buying decisions at that time. In the past, we have seen government policy drive a lot of development activity. For example, when the government announces the phasing out of a tax incentive, developers race to get projects to a stage that ensures the project qualifies for the incentive. That kind of activity is generally short lived but can skew the investment supply and demand dynamic.

 

From the federal perspective, changes in tax and regulatory policy could negatively affect prospective returns. Federal tax incentives are comprised of MACRS depreciation and the ITC. MACRS results in accelerated depreciation of renewable assets over a 5.5-year period but given the wide application of MACRS to other asset classes we believe it is less susceptible to change than the ITC. The ITC is a tax incentive that allows an investor to take up to 30% of the installed cost of a solar system as a federal tax credit. This rule was extended at the end of 2015 with the credit amounts incrementally lowered over the next few years from 30% in 2016 to 10% in 2022 and beyond. With the extension of the ITC indefinitely, the original flurry of activity which was expected by the end of 2016 has abated.

 

Other kinds of regulatory changes that could negatively impact returns include the introduction of some kind of value added tax either at the federal or state level, changes to property tax regimes, any kind of targeted tax on the income of renewable energy generation assets, etc. None of these possible changes appear likely any time soon but it is impossible to predict the future with any real certainty.

 

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Generally speaking, the policy changes that have occurred over the past decade at the U.S. Environmental Protection Agency and U.S. Department of Energy have been very positive for renewables with stronger emission regulations and other mandates improving the case for renewable energy assets. In addition, the US Energy Information Association forecasts that approximately 65,000 megawatts (“MW”) of older generating capacity will be retired and go offline by 2020 all of which will need to be replaced by new energy sources. Their current prediction is that at least 50% of that replacement will come from new renewable generating capacity (approximately 25% by wind and 25% by solar).

 

The regulatory market for electric power is highly fragmented with each state having significant influence over the functioning of their respective electricity markets. The states are the primary regulator for the utilities and therefore you see widely divergent policies at the state level. Some states, for example, allow utilities to be vertically integrated producers of power as well as operators of the grid while others have separated those functions entirely. We believe that this diversity is a benefit for our program as the states have been highly adept at advancing programs designed to benefit renewable energy with or without federal government support. There are currently 29 states that have developed a renewable portfolio standard. As a result, we see state regulatory issues as a shifting mosaic of opportunities where some markets will present opportunities while others become less attractive on a prospective basis.

 

Critical Accounting Policies and Use of Estimates

 

The following discussion addresses the accounting policies utilized based on our current operations. Our most critical accounting policies involve decisions and assessments that affect our reported assets and liabilities, as well as our reported revenues and expenses. We believe that all of the decisions and assessments upon which our consolidated financial statements are based are reasonable at the time made and based upon information available to us at that time. Our critical accounting policies and accounting estimates may be expanded over time as we continue to implement our business and operating strategy. The material accounting policies and estimates that are most critical to an investor’s understanding of our financial results and condition, as well as those that require complex judgment decisions by our management, are discussed below.

 

Basis of Presentation

 

Our consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties.

 

Although we are organized and intend to conduct our business in a manner so that we are not required to register as an investment company under the Investment Company Act, our consolidated financial statements are prepared using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial Services—Investment Companies (“ASC Topic 946”). Overall, we believe that the use of investment company accounting makes our consolidated financial statements more useful to investors and other financial statement users since it allows a more appropriate basis of comparison to other entities with similar investment objectives.

 

Investment Classification

 

We classify our investments by level of control. “Control Investments” are investments in companies in which we own 25% or more of the voting securities of such company, have greater than 50% representation on such company’s board of directors or that are limited liability companies for which we are the managing member. “Affiliate Investments” are investments in companies in which we own 5% or more and less than 25% of the voting securities of such company. “Non-Control/Non- Affiliate Investments” are investments that are neither Control Investments nor Affiliate Investments. Because our consolidated financial statements are prepared in accordance with ASC Topic 946, we do not consolidate companies in which we have Control Investments nor do we apply the equity method of accounting to our Control Investments or Affiliate Investments.

 

Valuation of Investments

 

Our advisor, in conjunction with an independent valuation firm when necessary, subject to the review and approval of the board of directors, is ultimately responsible for the determination, in good faith, of the fair value of investments. In that regard, the advisor has established policies and procedures which have been reviewed and approved by our board of directors, to estimate the fair value of our investments which are detailed below. Any changes to these policies and procedures are required to be approved by our board of directors, including a majority of our independent directors.

 

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Investments for which market quotations are readily available are valued at such market quotations.

 

For most of our investments, market quotations are not available. With respect to investments for which market quotations are not readily available, our board of directors has approved a multi-step valuation process each fiscal quarter, as described below:

 

1.each investment will be valued by GCM. As part of the valuation process, GCM will prepare the valuations and associated supporting materials for review and approval by the board of directors

 

2.our board of directors has approved the selection of an independent valuation firm to assist with the review of the valuations prepared by GCM. At the direction of our board of directors, the independent valuation firm will review valuations prepared by GCM for the appropriate application of its valuation policies and the appropriateness of significant inputs used in the valuation models by performing certain limited procedures, which will include a review of GCM’s estimates of fair value for each investment and providing an opinion that GCM’s estimate of fair value for each investment is reasonable. The independent valuation firm may also provide direct assistance to GCM in preparing fair value estimates if the board of directors approves such assistance. In the event that the independent valuation firm is directly involved in preparing the fair value estimate, our board of directors has the authority to hire a separate valuation firm to review that opinion of value;

 

3.the audit committee of our board of directors reviews and discusses the preliminary valuation prepared by GCM and the report of the independent valuation firm, if any; and

 

4.our board of directors reviews the valuations and approves the fair value of each investment in our portfolio in good faith by GCM.

 

Loan investments are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts (for example, interest and amortization payments) to a single present value amount (discounted) calculated based on an appropriate discount rate. The measurement is based on the net present value using current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our loans include as applicable: debt covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the project’s ability to make payments, its earnings and discounted cash flows, the markets in which the project does business, comparisons of financial ratios of peer business entities that are public, mergers and acquisitions comparables, the principal market and enterprise values, among other factors.

     

Equity investments are also valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts (for example net cash flows or earnings) to a single present value amount (discounted) calculated based on an appropriate discount rate. The measurement is based on the net present value using current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our equity investments include, as applicable: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, the project’s earnings and discounted cash flows, the markets in which the project does business, comparisons of financial ratios of peer business entities that are public, mergers and acquisitions comparables, the principal market and enterprise values, among other factors.

 

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We have adopted ASC Topic 820, Fair Value Measurements and Disclosures (formerly Statement of Financial Accounting Standards No. 157, Fair Value Measurements) (“ASC Topic 820”), which defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements.

 

ASC Topic 820 clarifies that the fair value price is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. The transaction to sell the asset or transfer the liability is a hypothetical transaction at the measurement date, considered from the perspective of a market participant that holds the asset or owes the liability. ASC Topic 820 provides a consistent definition of fair value which focuses on exit price and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. In addition, ASC Topic 820 provides a framework for measuring fair value and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels of valuation hierarchy established by ASC Topic 820 are defined as follows:

 

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by our company at the measurement date.

 

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

 

Level 3: Unobservable inputs for the asset or liability.

 

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls will be determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment.

 

Our board of directors has approved the selection of an independent valuation firm to review our advisor’s valuation methodology and to work with our advisor and officers to provide additional inputs for consideration by our audit committee and to work directly with our full board of directors, at the board of directors’ request, with respect to the fair value of investments. For example, our board of directors may determine to engage more than one independent valuation firm in circumstances in which specific expertise of a particular asset or asset class is needed in connection with the valuation of an investment. In addition, GCM will recommend to our board of directors that one quarter of our investments be valued by an independent valuation firm each quarter, on a rotating quarterly basis. Accordingly, each such investment would be reviewed by an independent valuation firm at least once per year.

 

Our board of directors will have the ability to review our advisor’s valuation methodologies each quarter in connection with GCM’s presentation of its valuation recommendations to the audit committee. If during the period between quarterly board meetings, GCM determines that significant changes have occurred since the prior meeting of the board of directors at which it presented its recommendations on the valuation methodology, then GCM will also prepare and present recommendations to the audit committee of the board of directors of its proposed changes to the current valuation methodology. Any such changes to our valuation methodologies will require the approval of our board of directors, including a majority of our independent directors. We will disclose any change in our valuation methodologies, or any change in our investment criteria or strategies, that would constitute a fundamental change in a registration statement amendment prior to its implementation.

 

Foreign Currency Translation

 

The accounting records of the company are maintained in U.S. Dollars. The fair value of investments and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. Dollars using the exchange rate at 4:00 p.m., Eastern Time, at each quarter end. Amounts related to the purchases and sales of investments, investment income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions.

 

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Net unrealized currency gains and losses arising from valuing foreign currency-denominated assets and liabilities at the current exchange rate are reflected separately as unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies.

 

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

 

Calculation of Net Asset Value

 

Our net asset value has been calculated and published on a quarterly basis since June 30, 2014, which was the end of the first full quarter after the minimum offering requirement was satisfied. We will calculate our net asset value per share by subtracting all liabilities from the total carrying amount of our assets, which includes the fair value of our investments, and dividing the result by the total number of outstanding shares on the date of valuation. For purposes of calculating our net asset value, we expect to carry all liabilities at cost.

 

The determination of the fair value of our investments requires judgment, especially with respect to investments for which market quotations are not available. For most of our investments, market quotations are not available. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. Because the calculation of our net asset value is based, in part, on the fair value of our investments as determined by our advisor, which is an affiliated entity of the company, our calculation of net asset value is to a degree subjective and could be adversely affected if the determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such investments. Furthermore, the fair value of our investments, as reviewed and approved by our board of directors, may be materially different from the valuation as determined by an independent valuation firm.

 

Revenue Recognition

 

We record interest income on an accrual basis to the extent that we expect to collect such amounts. We do not accrue as a receivable interest on loans and debt securities for accounting purposes if we have reason to doubt our ability to collect such interest. Original issue discounts, market discounts or premiums are accreted or amortized using the effective interest method as interest income. We record prepayment premiums on loans and debt securities as interest income. Any application, origination or other fees earned by the company in arranging or issuing debt are amortized over the expected term of the loan.

 

We place loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that we will collect principal or interest. Accrued interest is generally reversed when a loan is placed on non- accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are generally restored to accrual status when past due and principal and interest is paid and, in our management’s judgment, is likely to remain current.

 

Dividend income is recorded (1) on the ex-dividend date for publicly issued securities and (2) when received from private investments. 

 

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments

 

We measure realized gains or losses by the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

 

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Organization Costs

 

Organization costs will be expensed on the company’s consolidated statements of operations as incurred.

 

Offering Costs

 

Offering costs include all costs to be paid by the company in connection with the offering of its shares, including legal, accounting, printing, mailing and filing fees, charges of the company’s escrow holder, transfer agent fees, due diligence expense reimbursements to participating broker-dealers included in detailed and itemized invoices and costs in connection with administrative oversight of the offering and marketing process, and preparing supplemental sales materials, holding educational conferences, and attending retail seminars conducted by broker-dealers. When recognized by the company, offering costs will be recognized as a reduction of the proceeds from the offering.

 

Deferred Sales Commissions

 

The company defers certain costs, principally sales commissions and related compensation, which are paid to the dealer manager and may be reallowed to financial advisors and broker/dealers in the future in connection with the sale of Class C shares sold with a reduced front-end load sales charge. The costs expected to be incurred at the time of the sale of Class C shares are recorded as a liability on date of sale and are amortized on a straight-line basis over the period beginning on the time of sale and ending on the date which approximates an expected liquidity event for the company. Prior to June 30, 2016, the company did not record a liability at time of the sale for expected deferred sales commissions. As of June 30, 2016, the company has recorded a liability for deferred sales commissions in the amount of $189,985.

 

Debt Issuance Costs

 

Debt issuance costs related to debt liabilities of the company or GREC are presented on the consolidated statements of assets and liabilities as a direct deduction from the carrying amount of that debt liability.

 

Recently Issued Accounting Pronouncements

 

In August 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance that requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments provide a definition of the term ‘substantial doubt’ and include principles for considering the mitigating effect of management’s plans. The amendments also require an evaluation every reporting period, including interim periods for a period of one year after the date that the financial statements are issued (or available to be issued), and certain disclosures when substantial doubt is alleviated or not alleviated. The amendments in this update are effective for reporting periods ending after December 15, 2016. Management is of the opinion that adopting this new accounting guidance will not have any material effect on the company’s consolidated financial statements.

 

JOBS Act

 

We qualify as an “emerging growth company” pursuant to the provisions of the JOBS Act, enacted on April 5, 2012. For as long as we are an “emerging growth company,” we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies,” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding advisory “say-on-pay” votes on executive compensation and shareholder advisory votes on golden parachute compensation.

 

Under the JOBS Act, we will remain an “emerging growth company” until the earliest of:

 

  · the last day of the fiscal year during which we have total annual gross revenues of $1 billion or more;

 

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  · the last day of the fiscal year following the fifth anniversary of the completion of this offering;

 

  · the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt; and

 

  · the date on which we are deemed to be a “large accelerated filer” under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We will qualify as a large accelerated filer as of the first day of the first fiscal year after we have (i) more than $700 million in outstanding common equity held by our non-affiliates as of the last day of our most recently completed second fiscal quarter, (ii) been a public company for at least 12 months and (iii) filed at least one annual report with the SEC. The value of our outstanding common equity will be measured each year on the last day of our second fiscal quarter.

 

The JOBS Act also provides that an “emerging growth company” can utilize the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. However, we are choosing to opt out of that extended transition period, and, as a result, we will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for companies that are not “emerging growth companies.” Section 107 of the JOBS Act provides that our decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.

 

Portfolio and Investment Activity

 

As of June 30, 2016, the company invested in numerous solar generation facilities included in seven investment portfolios as follows:

 

East to West Solar Portfolio

 

The company owns 9.789 Megawatts of operating solar power facilities located on 13 sites in the states of Colorado, Connecticut, Florida, Hawaii, Indiana and North Carolina (the “East to West Solar Portfolio”). The East to West Solar Portfolio consists of ground and roof mounted solar systems (each, a “System”) located on municipal and commercial properties as follows:

 

  1. Denver International Airport - The Denver International Airport System has a generation capacity of 1,587.6 kilowatts (“kW”). The System sells power directly to the City and County of Denver Department of Aviation, which is the owner and operator of the airport. The System has a 25-year variable rate power purchase agreement (“PPA”) with a floor price of $0.036/kWh. The System also sells Solar Renewable Energy Credits (“SORECs”) to the local utility (Xcel Energy) under a 20 year contract.

 

  2. Progress Energy I – The Progress Energy I System has a generation capacity of 2,479.0 kW. The System is located in Laurinburg, North Carolina and sells power to the utility, Duke Energy (Progress Energy) under a 20-year fixed rate PPA at $0.120/kWh.

 

  3. Progress Energy II – The Progress Energy II System has a generation capacity of 2,499.2 kW. The System is located in Laurinburg, North Carolina and sells power directly to the utility, Duke Energy (Progress Energy) under a 15-year fixed rate PPA at $0.083/kWh. The System also sells RECs to Duke Energy (Progress Energy) under a 15 year contract.

 

  4. SunSense I - The SunSense I System has a generation capacity of 500.0 kW. The System is located in Raleigh, North Carolina and sells power directly to the utility, Duke Energy (Progress Energy Carolinas, Inc.) under a 20-year fixed rate PPA at $0.150/kWh.

 

  5. SunSense II – The SunSense II System has a generation capacity of 497.0 kW. The System is located in Clayton, North Carolina and sells power directly to the utility, Duke Energy (Progress Energy Carolinas, Inc.) under a 20-year fixed rate PPA at $0.150/kWh.

 

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  6. SunSense III – The SunSense III System has a generation capacity of 497.0 kW. The System is located in Fletcher, North Carolina and sells power directly to the utility, Duke Energy (Progress Energy Carolinas, Inc.) under a 20-year fixed rate PPA at $0.150/kWh.

 

  7. NIPSCO III – The NIPSCO “Turtle Top” System has a generation capacity of 375.2 kW. The System is located in New Paris, Indiana and sells power directly to the Northern Indiana Public Service Company under a 15-year fixed rate PPA which started at $0.260/kWh and grows annually at 2.0%.

 

  8. OUC I – The OUC I System has a generation capacity of 417.0 kW. The System is located in Orlando, Florida and sells power directly to the Orlando Utilities Commission. The System has a 25-year fixed rate PPA at $0.195/kWh.

 

  9. KIUC – The KIUC System has a generation capacity of 383.0 kW. The System is located in Koloa, Hawaii and sells power directly to the Kauai Island Utility Cooperative under a 20-year fixed rate PPA at $0.200/kWh.

 

  10. TJ Maxx – The TJ Maxx System has a generation capacity of 249.9 kW. The System is located in Bloomfield, Connecticut and sells power directly to the H.G. Conn. Realty Corp under a 15-year fixed rate PPA which started at $0.112/kWh and grows annual at 3%.

 

  11. Denver Public Schools (Green Valley) – The Green Valley System has a generation capacity of 101.2kW. The System is located in Denver, Colorado and sells power directly to the Denver Public Schools under a 20-year fixed rate PPA which started at $0.027/kWh and grows annually at 3%. The System also sells SORECs to Xcel Energy under a 20-year fixed price contract at a rate of $0.115/kWh.

 

  12. Denver Public Schools (Rachel B. Noel) – The Rachel B. Noel System has a generation capacity of 101.2 kW. The System is located in Denver, Colorado, and sells power directly to the Denver Public Schools under a 20-year fixed rate PPA which started at $0.027/kWh and grows annually at 3%. The System also sells SORECs to Xcel Energy under a 20-year fixed price contract at a rate of $0.115/kWh.
     
  13. Denver Public Schools (Greenwood) – The Greenwood System has a generation capacity of 101.2 kW. The System is located in Denver, Colorado, and sells power directly to Denver Public Schools under a 20-year fixed rate PPA which started at $0.027/kWh and grows annually at 3%. The System also sells SORECs to Xcel Energy under a 20-year fixed price contract at a rate of $0.115/kWh.

 

Separately, the company owns two additional operating solar PV systems, each with approximately 1.0 MW in power generation and together comprising a total of 2.05 MW, located in Gainesville, Florida (the “Gainesville Solar” facilities). Details of Gainesville Solar, which are included in the East to West Solar Portfolio, are as follows:

 

  1. MLH2 - The MLH2 System has a generation capacity of 1,000 kW. The System is located in Gainesville, Florida, on land now owned by the company, and sells power to the Gainesville Regional Utility (GRU), which is rated Aa2 by Moody’s, under a 20 year fixed rate PPA at a price of $0.19/kWh. The System was placed in service on September 27, 2012.

 

  2. MLH3 – The MLH3 System has a generation capacity of 1,050 kW. The System is located in Gainesville, Florida and sells power to the GRU under a 20 year fixed rate PPA at a price of $0.15/kWh. The System was placed in service on November 22, 2013.

 

Most recently, the company acquired two additional operating solar PV systems in December 2015 comprising a total of 7.621 MW (the “NC Tar Heel Portfolio”) located in North Carolina through an equity investment of approximately $8,400,000 plus working capital.

 

Details of the NC Tar Heel Portfolio, which was added to the East to West Solar Portfolio, are as follows:

 

1. Person County Solar Park 2 (PCIP) – The PCIP System has a generation capacity of 1,250 kW. The System is located in Timberlake, North Carolina and sells power to the utility, Duke Energy (Progress Energy) under a 20-year PPA at a current price of $0.130/kWh which escalates at a rate of 2% per year. The System was placed in service in November 2011.

 

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2. South Robeson – The South Robeson System has a generation capacity of 6,371kW. The System is located in Rowland, North Carolina and sells power to the utility, Duke Energy (Progress Energy), under a 15-year fixed rate PPA at a price of $.083/kWh. The System also sells RECs to Duke Energy (Progress Energy) under a 15-year contract at a price of $0.005/kWh. The System was placed in service in June 2012.

 

Green Maple Portfolio

 

In the fourth quarter of 2014, the company committed to construct five solar power facilities, (the “Green Maple Portfolio”). During 2015, contracts were executed to construct an additional four solar power facilities. As of June 30, 2016, all of the Green Maple Portfolio facilities are operational and generating power. The company entered into separate loan agreements for seven facilities with the Vermont Economic Development Authority (“VEDA”) for a total loan commitment of approximately $5,183,000, of which approximately $5,060,000 is outstanding as of June 30, 2016.

 

A brief summary of each project is as follows:

 

  1. Charter Hill Solar – Constructed in Rutland, Vermont, this 1.044MW DC system has a PPA with Green Mountain Power, an investment grade utility, to sell 100% of the power generated over a 25 year period.

 

  2. Williamstown Solar – Constructed in Williamstown, Vermont, this 732 kW DC system has an SSA in place with a commercial entity to purchase 100% of the energy generated by the system for 20 years.

 

  3. GLC Chester Solar – Constructed in Chester Township, Vermont, this 732 kW DC system has SSAs in place with various municipal entities to purchase 100% of the energy generated by the system for 20 years.

 

  4. Pittsford Solar – Constructed in Pittsford Township, Vermont, this 686 kW DC system has SSAs in place with various commercial entities to purchase 100% of the energy generated by the system for 20 years.

 

  5. Novus Royalton Solar – Constructed in Royalton, Vermont, this 686 kW DC system has SSAs in place with various municipal entities to purchase 100% of the energy generated by the system for 20 years
  6.

Proctor GLC Solar LLC - Constructed in Proctor, Vermont, this 708.75 kW DC system has SSAs in place with a municipal entities to purchase 100% of the energy generated by the system for 20 years.

 

  7.

Hartford Solarfield LLC - Constructed in Hartford, Vermont on the town landfill, this 748.44 kW DC system has an SSA in place with a municipal entities to purchase 100% of the energy generated by the system for 20 years.

 

  8. 46 Precision Drive LLC – Currently being constructed in North Springfield, Vermont, this 748.44 kW DC system has an SSA in place with a municipal entities to purchase 100% of the energy generated by the system for 20 years.

 

  9. City Garden Solar LLC – Currently being constructed in Rutland, Vermont, this 1.0 MW DC system has a PPA with Green Mountain Power, an investment grade utility, to sell 100% of the power generated over a 25 year period.

 

Magnolia Sun Portfolio

 

The company owns four solar facilities in Tennessee, with a total generation capacity of 3.0 MW. The four assets which are owned within the Magnolia Sun Portfolio (named “Powerhouse One”), consist of commercial grade, ground mounted solar systems located on leased property within a five mile radius in Fayetteville, Tennessee. Electricity produced by the portfolio is sold under long term PPAs with two investment grade counterparties; the Tennessee Valley Authority and Fayetteville Public Utilities. The PPAs have an average remaining contract life of approximately 15.5 years.

 

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On January 19, 2016, the company acquired an additional 721,828 kW of operating solar power facilities located on three sites in the states of California and Massachusetts, for a total purchase price of approximately $250,000 (the “CaMa Solar Portfolio”). The largest off-taker is Santa Cruz City Schools, rated Aa2, followed by Petaluma City Schools of Sonoma County, rated A2, which are both based in California. The third off-taker is the WGBH Educational Foundation, a non-profit, which has a rating of Aaa on its revenue bonds and is located in Boston, MA.

 

On March 24, 2016, the company acquired eleven solar facilities in Tennessee, with a total generation capacity of 1.75 MW, for a total purchase price of approximately $3,100,000 (named “SolaVerde”). Included in the Magnolia Sun Portfolio, SolaVerde consists of ground and roof mounted solar systems located on leased property near Fayetteville Sneedville and Tazewell, Tennessee. Electricity produced by the portfolio is sold under long term PPAs with the Tennessee Valley Authority, an investment grade utility and two North Carolina municipal entities. The PPAs have an average remaining contract life of approximately 16.5 years.

 

Canadian Northern Lights Portfolio

 

The company acquired a portfolio in November 2014, of forty-five (45) rooftop solar photovoltaic systems (the “Canadian Northern Lights Portfolio”). The assets are located within a 60 mile radius of Toronto, Ontario, Canada and comprise approximately 275 kilowatts of generation capacity. In November 2015, the company acquired an additional thirty-five (35) residential, rooftop photovoltaic systems in the province of Ontario, Canada comprising an additional 306.4 kilowatts of generation capacity. As part of both acquisitions, the individual local distribution company and Ontario Power Authority (“OPA”) contracts were transferred from the seller to Canadian Northern Lights Corp, a wholly owned, indirect subsidiary of the company.

 

There is a standardized lease that is signed with each of the home / building owners that allows the system to be generally operated and maintained during the term of each OPA contract. The lease has been designed to survive the sale of the home / building and there is a non-disturbance provision which will allow the owner of the system, the company, to operate the system for the entirety of the term. The home / building owner receives a modest rental payment for use of the rooftop which is paid annually.

 

The Canadian Northern Lights Portfolio produces revenue from the sale of electricity measured in kilowatt hours (kWh) to the OPA, the sole off taker for all 80 solar systems. The price of electricity sold, based upon the rate contained in the OPA contract, is between CAD $0.549 and CAD $0.802 per kWh. On average, the 80 OPA contracts have a remaining life of approximately 16.5 years unless terminated earlier by either party pursuant to the terms of each contract.

 

Six States Solar Portfolio

 

The company currently leases 6.233 MW of operating solar power facilities located on 23 sites in the states of Arizona, California, Colorado, Connecticut, Florida and Indiana under a master lease agreement. During the term of the lease, which is approximately 18 years, there is the potential for the company to purchase these assets directly upon agreement and consent of the parties. With over 82% of the contracted revenues from investment grade counterparties, the average remaining life of the PPA is approximately 17.5 years.

 

The Six States Solar Portfolio (the “SSS Portfolio”) consists of ground and roof mounted solar units located on municipal and commercial properties as follows:

 

  1. Newington Public Schools - Newington Public Schools (“Newington”) is the off-taker for the Town of Newington project, which comprises approximately 2.5% of revenue in the SSS Portfolio. Located in Newington, Connecticut, Newington encompasses seven schools, which are accredited by the New England Association of Schools & Colleges. The off-taker serves approximately 4,200 students from kindergarten through 12th grade.

 

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  2. Northwestern Regional School District #7 - Northwestern Regional School District (“Northwestern”) is the off-taker for the Regional School District #7 project, which comprises approximately 7.4% of revenue in the SSS Portfolio. Located in Winsted, Connecticut, Northwestern is a comprehensive public Middle School-High School. The off-taker serves the total Regional Community with emphasis on middle school and high school students.

 

  3. City of Winters - The City of Winters (“Winters”) is the off-taker for the City of Winters project, which comprises approximately 8.4% of revenue in the SSS Portfolio. Located in Winters, California, the city is part of the Sacramento-Arden-Arcade-Yuba City, California-Nevada region. The city’s population totaled 6,624 as of the 2010 census.

 

  4. Denver Public Schools - Denver Public Schools (“DPS”) is the off-taker for the 13 Denver Public Schools projects, which comprises approximately 15.5% of revenue in the SSS Portfolio, with 4.0% coming from PPA revenue and 11.6% from RECs with Xcel Energy. Located in Denver, Colorado, DPS encompasses 185 schools serving 90,150 students. Both DPS and Xcel Energy maintain investment grade credit ratings.

 

  5. Adams State College - Adams State College (“Adams”) is the off-taker for the Adams State College project, which comprises approximately 5.3% of revenue in the SSS Portfolio, with 1.5% coming from PPA revenue and 3.9% from RECs with Xcel Energy. Located in Alamosa, Colorado, Adams is a state-supported liberal arts university established in 1921. Both Adams and Xcel Energy maintain investment grade credit ratings.

 

  6. Sacramento County Water Agency - Sacramento County Water Agency (“SCWA”) is the off-taker for the Sacramento County Waste Authority project, which comprises approximately10.6% of revenue in the SSS Portfolio, with 9.5% coming from PPA revenue and 1.1% coming from performance-based incentives with Sacramento Municipality Utility District (“SMUD”). Located in Sacramento, California, SCWA commits to providing safe and reliable drinking water to over 55,000 homes and businesses. SCWA was established in 1952 with the passage of the Sacramento County Water Agency Act. Both SCWA and SMUD maintain investment grade credit ratings.

 

  7. Tanque Verde School District - Tanque Verde School District (“TVSD”) is the off-taker for the four Tanque Verde School District projects, which comprise approximately 21.9% of revenue in the SSS Portfolio, with 8.4% coming from PPA revenue and 13.5% coming from RECs with Tuscan Electric Power. Located in Tucson, Arizona, TVSD encompasses four schools. Both TVSD and Tuscan Electric Power maintain investment grade credit ratings.

 

  8. Northern Indiana Public Service Company - Northern Indiana Public Service Company (“NIPSCO”) is the off-taker for the three NIPSCO projects, which comprise approximately 17.0% of revenue in the SSS Portfolio. The projects are located in Goshen, Milford, and Topeka, Indiana. NIPSCO is Indiana’s largest natural gas distributor and second-largest distributor of electricity serving more than one million customers. The off-taker maintains an investment grade credit rating.

 

  9. South Adams County Water and Sanitation District - The South Adams County Water and Sanitation District (“South Adams”) is the off-taker for the South Adams project, which comprises approximately 4.1% of revenue in the SSS Portfolio with 1.5% coming from the PPA and 3.9% coming from RECs sold to Xcel Energy. Located in Commerce City, Colorado, South Adams was formed in 1953 under the State of Colorado Special District provisions to serve Commerce City. South Adams is the largest combined Water and Sanitation District in the state of Colorado serving nearly 50,000 customers. The off-taker maintains an investment grade credit rating.

 

Sunny Mountain Portfolio

 

On August 28, 2014, the company acquired a portfolio of 22 commercial and residential rooftop and ground mounted solar systems comprising approximately 860 kW of generation capacity for a purchase price of $880,000 plus closing costs. The company sold one of the locations in June 2016 for $40,000.

 

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Greenbacker Residential Solar Portfolio

 

In March 2016, the company made an initial $50,000 investment in the Greenbacker Residential Solar Portfolio to fund due diligence expenses related to the potential acquisition of the large residential solar asset portfolio. On August 8, 2016 the company purchased a controlling interest in a 12.1 MW portfolio of 1,611 residential rooftop solar systems from a subsidiary of OneRoof Energy, Inc. for approximately $19,750,000. The systems are located across seven states including California, New Jersey, Massachusetts, Maryland, New York, Hawaii and Connecticut. All of the energy generated by the systems has been sold under twenty year power purchase agreements to the various residential customers which on average have a FICO Score Rating of Very Good.

 

 

With the inclusion of owned and leased assets, the company operates approximately 40 MW of operating solar power facilities throughout the United States and Canada as of June 30, 2016.

  

Greenbacker Wind Portfolio

 

The company owns a total of 10.0 MW of operating wind power facilities, using four 1.7 MW and two 1.6 MW General Electric wind turbines, located in Teton County, Montana (the “Fairfield Wind Portfolio”). The project sells power directly to the local public utility, NorthWestern Energy, an investment grade rated utility.

 

The Fairfield Wind Portfolio has a 20-year fixed-rate PPA, with pricing based on a $0.05444/kWh off peak rate and a $0.09087/kWh on peak rate for the contract period. The system has historically performed in line with production estimates. With the original in-service date being May 1, 2014, there is approximately 18 years remaining on the current PPA. The Fairfield Wind Portfolio also has a contract to sell renewable energy credits to NorthWestern Energy priced at $0.0069/kWh and escalating at 2.5% with a $0.0099/kWh cap.

 

This investment represents the company’s first wind asset and complements our already diversified solar portfolio. It also represents the company’s first investment in Montana and provides a unique asset in that it generates the majority of its cash flows during the winter months.

 

Energy Efficiency Loans and Leases

 

The company maintains three capital leases with AEC-LEDF, LLC related to the ownership of energy efficient lighting fixtures in three commercial locations in Puerto Rico, United States. The combined value of capital leases as of June 30, 2016 is approximately $540,300. The lease period under each of the master lease agreements correspond with underlying equipment service agreements between LED Funding LLC, the seller of the equipment to GREC Energy Efficiency Portfolio, and the owners of the commercial locations.  The equipment service agreement terms range from seven to ten years. At the end of each of the lease terms, ownership of the fixtures is retained by the owners of the commercial locations.

 

In September 2015, the company entered into a secured loan agreement with Renew AEC One, LLC to fund the installation and purchase of energy efficiency lighting in a warehouse in Pennsylvania. The loan, which is valued at approximately $838,900 as of June 30, 2016, bears an interest rate of 10.25% per annum. The principal is amortized over ten years ending in February 2025.

 

LED Funding LLC and Renew AEC One LLC (the “AEC Companies”) are considered related parties as the members of these entities own an indirect, non-controlling ownership interest in the company’s advisor. The loans outstanding between the AEC Companies and the company were negotiated at an arm’s length and contain standard terms and conditions that would be included in third party lending agreements including required security and collateral, interest rates based upon risk of the specific loan, and term of the loan. As of June 30, 2016, all loans were considered current per their terms.

 

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Greenfield Secured Turbine Loan

 

On June 23, 2016, the company provided a Turbine Supply Loan in the amount of approximately $25.9 million (the “Loan”) to Greenfield Wind Manager, LLC (the “Borrower”) to support the construction of a 25 MW wind generation facility located in Teton County, Montana (the “Project”). The Project was developed by Foundation Windpower LLC (“FWP”) in partnership with a local developer, the counterparty from which Greenbacker purchased the Fairfield Wind Project in December 2015. The term of the loan is the earlier to occur of the project achieving its Commercial Operation Date, expected to occur in October 2016, or December 31, 2016, with an interest rate of 9.5% per annum, payable monthly in arrears, plus an application and commitment fee which is being amortized over the expected life of the loan.

 

Collateral for the loan includes (i) 100% of FWP’s interest in the Borrower and (ii) security over the turbines purchased as part of the construction of the wind farm. All obligations of the Borrower are also fully guaranteed by FWP. When construction is completed, the facility will consist of 13 General Electric 2.3 megawatt wind turbines that produce an estimated 94,300,000 KWH of power.

 

Investment Summary

 

The following table presents the purchases of new or existing investments for the six months ended June 30, 2016 and June 30, 2015:

 

   For the six months
ended June 30, 2016
   For the six months
ended June 30, 2015
 
Alternative Energy - Solar          
Canadian Northern Lights Portfolio  $   $10,000 
East to West Solar Portfolio   200,000    10,900,000 
Green Maple Portfolio   3,100,000    3,350,000 
Magnolia Sun Portfolio   3,225,000     
Greenbacker Residential Solar Portfolio   50,000     
Secured Loans - Other          
Greenfield Secured Turbine Loan   25,887,755     
Total  $32,462,755   $14,260,000 

 

The composition of the company’s investments as of June 30, 2016, at cost and fair value, were as follows:

 

   Investments
at Cost
   Investments at
Fair Value
   Fair Value
Percentage of
Total Portfolio
 
Alternative Energy - Solar               
Sunny Mountain Portfolio  $884,578   $1,400,245    1.7%
East to West Solar Portfolio   19,800,000    20,266,527    24.5 
Green Maple Portfolio   12,600,000    10,234,193    12.4 
Magnolia Sun Portfolio   10,775,000    11,714,543    14.2 
Canadian Northern Lights Portfolio   1,603,136    1,853,581    2.2 
Six States Solar Portfolio   2,300,000    2,714,736    3.3 
Greenbacker Residential Solar Portfolio   50,000    49,614    0.1 
Alternative Energy - Wind               
Greenbacker Wind Portfolio   6,750,000    7,081,465    8.6 
Energy Efficiency               
GREC Energy Efficiency LLC Portfolio   531,129    540,318    0.7 
Renew AEC One, LLC   838,871    838,871    1.0 
Secured Loans  - Other               
Greenfield Secured Turbine Loan   25,887,755    25,887,755    31.3 
Total  $82,020,469   $82,581,848    100.0%

 

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The composition of the company’s investments as of December 31, 2015, at cost and fair value, were as follows:

 

   Investments
at Cost
   Investments at
Fair Value
   Fair Value
Percentage of
Total Portfolio
 
Alternative Energy - Solar               
Sunny Mountain Portfolio  $920,000   $1,329,803    2.6%
Canadian Northern Lights Portfolio   1,603,136    1,562,967    3.0 
East to West Solar Portfolio   19,765,000    20,005,027    38.9 
Green Maple Portfolio   9,500,000    9,577,290    18.6 
Magnolia Sun Portfolio   7,550,000    7,542,723    14.7 
Six States Solar Portfolio   2,300,000    2,685,597    5.2 
Alternative Energy - Wind               
Greenbacker Wind Portfolio   6,750,000    7,093,750    13.8 
Energy Efficiency               
GREC Energy Efficiency LLC Portfolio   451,705    474,114    0.9 
LED Funding – Universidad Project   97,787    97,787    0.2 
Renew AEC One, LLC   1,085,508    1,085,508    2.1 
Total  $50,023,136   $51,454,566    100.0%

 

The composition of the company’s investments as of June 30, 2016 by industry, at cost and fair value, were as follows:

 

   Investments
 at Cost
   Investments at
 Fair Value
   Fair Value
Percentage of
 Total Portfolio
 
             
Alternative Energy - Solar  $48,012,714   $48,233,439    58.4%
Alternative Energy - Wind   32,637,755    32,969,220    39.9 
Energy Efficiency – Lighting Replacement   1,370,000    1,379,189    1.7 
Total  $82,020,469   $82,581,848    100.0%

 

The composition of the company’s investments as of December 31, 2015 by industry, at cost and fair value, were as follows:

 

   Investments
at Cost
   Investments at
 Fair Value
   Fair Value
Percentage of
 Total Portfolio
 
Alternative Energy - Solar  $41,638,136   $42,703,407    83.0%
Alternative Energy - Wind   6,750,000    7,093,750    13.8 
Energy Efficiency – Lighting Replacement   1,635,000    1,657,409    3.2 
Total  $50,023,136   $51,454,566    100.0%

 

Results of Operations

 

A discussion of the results of operations for the three and six months ended June 30, 2016 and 2015 are as follows:

 

Revenues. Dividend income for the three and six months ended June 30, 2016 totaled $1,522,713 and $2,169,698, respectively, while interest income earned on our cash, cash equivalents and secured loans (including the amortization of origination and other fees) amounted to $122,578 and $132,159, respectively. Dividend income for the three and six months ended June 30, 2015 totaled $632,500 and $690,000, respectively, while interest income earned on our cash and cash equivalents amounted to $1,146 and $1,861, respectively.

 

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The increase in dividend income from the prior year three and six month periods ended June 30, 2015 was primarily attributable to the acquisition of renewable energy projects throughout 2016 along with the inclusion of a full year of dividends from investments made in 2015. As new projects were purchased by the company, the volume of overall electricity generated by our project investments increased which increased net income available for distribution to the company. In addition, due to the seasonality of solar generation throughout the year, a significantly greater amount of electricity was generated for the three months ended June 30, 2016 than during the quarter ended March 31, 2016. We would expect this seasonality to continue whereby the second and third quarters of each year will possess higher solar production, which translates into greater revenues, than the first and fourth quarter.

 

As the majority of our assets consist of equity investments in renewable energy projects, the majority of our revenue is generated in the form of dividend income. Dividend income from our privately held, equity investments are recognized when received. The other major component of our revenue is interest income earned on our debt investments, including loans to developers and loans made directly or indirectly to renewable energy projects.

 

Expenses. For the three and six months ended June 30, 2016, the company incurred $763,295 and $1,441,072 in operating expenses, including the management fees earned by the advisor. Since January 1, 2015, the advisor elected to limit the company’s operating expenses to no higher than 5% annually of the company’s average net assets for the period. Since average annual expenses (as defined in the expense reimbursement agreement) were less than 5% for the three and six months ended June 30, 2016, the company recorded a net $327,150 and $506,040, respectively, payable to the advisor as reimbursement for assumption of past operating expenses. Thus, total expenses, net of expense waiver and reimbursement, for the three and six months ended June 30, 2016 was $1,090,445 and $1,947,112, respectively.

 

For the three and six months ended June 30, 2015, the company incurred $416,866 and $658,593 in operating expenses, respectively, including the management fees earned by the advisor. While the advisor has assumed responsibility for all of the company’s operating expenses under the expense reimbursement agreement above the Maximum Rate. During the six months ended June 30, 2015, the advisor elected to limit the company’s operating expenses to no higher than 5% annually of the company’s average net assets for the period, (reduced the maximum rates), which amounted to an expense reimbursement of $117,137 and $182,166 for the three and six months ended June 30, 2015, respectively.

 

For the three and six months ended June 30, 2016, the advisor earned $429,063 and $759,778, respectively, in management fees. While there was an incentive allocation of $916 earned to date by the advisor, the consolidated financial statements reflect a $46,258 decrease in incentive allocation for the three months ended June 30, 2016 and a $173,067 decrease in incentive allocation for the six months ended June 30, 2016, based primarily upon net unrealized depreciation.

 

For the three and six months ended June 30, 2015, the advisor earned $102,020 and $164,303 in management fees, respectively. While there were no incentive allocations earned to date by the advisor, the financial statements reflect a $9,280 decrease in incentive allocation for the three months ended June 30, 2015, based upon unrealized depreciation, and $67,819 incentive allocation for the six months ended June 30, 2015, based upon net unrealized appreciation.

 

For the three and six months ended June 30, 2016, Greenbacker Administration, LLC invoiced the company $55,978 and $80,002, respectively, for expenses, at cost, for services related to asset management and accounting services related to the company’s investments.

 

Lastly, for the three and six months ended June 30, 2016, the company incurred an increase in deferred tax benefits from operations in the amount of $977,234 and $1,257,899, respectively, which was offset by franchise tax expense on various solar facilities of $12,431 and $69,863, respectively. Thus, for the three and six months ended June 30, 2016, the net investment income was $1,519,649 and $1,542,781, respectively, or $0.15 and $0.17, respectively, per share.

 

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Going forward, we expect our primary expenses to be the payment of asset management fees under our advisory agreement with the advisor. We will bear other expenses, which are expected to include, among other things:

 

  · organization expenses relating to offerings of units, subject to limitations included in our advisory agreement;

 

  · the cost of calculating our net asset value, including the related fees and cost of retaining third-party valuation services;

 

  · the cost of effecting sales and repurchases of units;

 

  · fees payable to third parties relating to, or associated with our financial and legal affairs, making investments, and valuing investments, including fees and expenses associated with performing due diligence reviews of prospective investments and sub-advisors;

 

  · fees payable to our advisor;

 

  · interest payable on debt, if any, incurred to finance our investments;

 

  · transfer agent and custodial fees;

 

  · fees and expenses associated with marketing efforts;

 

  · federal and state registration fees;

 

  · costs of board meetings, unitholders’ reports and notices and any proxy statements;

 

  · directors and officers errors and omissions liability insurance and other types of insurance;

 

  · direct costs, including those relating to printing of unitholder reports and advertising or sales materials, mailing, long distance telephone and staff;

 

  · fees and expenses associated with independent audits and outside legal costs, including compliance with the Sarbanes-Oxley Act of 2002 and applicable federal and state securities laws; and

 

  · all other expenses incurred by us or the advisor or sub-advisors in connection with administering our investment portfolio, including expenses incurred by our advisor in performing certain of its obligations under the advisory agreement.

 

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments and Translation of Assets and Liabilities Denominated in Foreign Currencies. Net realized and unrealized gains and losses from our investments and net realized and unrealized foreign currency gains and losses on translation of assets and liabilities denominated in foreign currencies are reported separately on the consolidated statements of operations. We measure realized gains or losses as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. We recognized a $4,578 realized gain on the sale of a small solar asset for the three and six months ended June 30, 2016, a net change of $236,004 and $870,051 of unrealized depreciation, respectively, was recorded of which $244,944 and $967,054 of unrealized depreciation, related to change in value of investments and $8,940 and $97,003 of unrealized appreciation, respectively, related to change in value based upon changes in foreign currency exchange rates. The net change in unrealized depreciation on investments is primarily attributable to the acquisition of investments where the fair value of the investment purchased was in excess of the cost to acquire the investment. While we recognized no realized gains or losses for the three and six months ended June 30, 2015, a net change in unrealized depreciation on investments of $46,396 and a net change in unrealized appreciation on investments of $339,094, respectively, was recorded of which $60,884 of unrealized depreciation and $411,227 of unrealized appreciation, related to change in value of investments and $14,488 of unrealized appreciation and $72,133 of unrealized depreciation, respectively, related to change in value based upon changes in foreign currency exchange rates.

 

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Changes in Net Assets from Operations. For the three and six months ended June 30, 2016, we recorded a net increase in net assets resulting from operations of $3,126,515 and $4,400,935, respectively. For the three and six months ended June 30, 2015, we recorded a net increase in net assets resulting from operations of $287,521 and $554,528, respectively.

 

Changes in Net Assets, Net Asset Value and Offering Prices. Based on the net asset value for the quarter ended December 31, 2015, the offering price of our shares has changed effective February 5, 2016. Effective as of that date, the company commenced selling shares on a continuous basis at a price of $10.048 per Class A share, $9.621 per Class C share and $9.230 per Class I share. Based on the net asset value for the quarter ended March 31, 2016, the offering price of our shares has changed effective May 6, 2016. Effective as of that date, the company commenced selling shares on a continuous basis at a price of $10.068 per Class A share, $9.640 per Class C share, $9.9248 per Class I share, $9.589 per Class P-A share and $8.808 per Class P-I share. Based on the net asset value for the quarter ended June 30, 2016, the offering price of our shares has changed effective August 4, 2016. Effective as of that date, the company commenced selling shares on a continuous basis at a price of $10.227 per Class A share, $9.791 per Class C share, $9.394 per Class I share, $9.739 per Class P-A share and $8.946 per Class P-I share.

 

Liquidity and Capital Resources

 

As of June 30, 2016 and December 31, 2015, we had $12,436,986 and $5,889,030 in cash and cash equivalents, respectively. We use our cash to fund the acquisition, construction and operation of renewable energy and energy efficiency and sustainable development projects, make investments in renewable energy businesses, repay principal and interest on our borrowings, make distributions to our members and fund our operations. Our primary sources of cash generally consist of:

 

  · the net proceeds of this offering;

 

  · dividends, fees, and interest earned from our portfolio of investments, as a result of, among other things, cash flows from a project’s power sales;

 

  · proceeds from sales of assets and capital repayments from investments;

 

  · financing fees, retainers and structuring fees;

 

  · incentives and payments from federal, state and/or municipal governments; and

 

  · potential borrowing capacity under current and future financing sources.

 

Operating entities of the company, which are accounted for as investments using fair value in the company’s consolidated financial statements under ASC 820, had approximately $10,005,000 and $5,060,000 in outstanding notes payable collateralized by certain solar assets and membership interests in limited liability companies included in the East to West Solar and Green Maple Portfolios, respectively, as of June 30, 2016. The company and GREC provided an unsecured guarantee on the repayment of these loans.

 

Operating entities of the company, which are accounted for as investments using fair value in the company’s consolidated financial statements under ASC 820, had approximately $10,239,000 and $3,449,000 in outstanding notes payable collateralized by certain solar assets and membership interests in limited liability companies included in the East to West Solar and Green Maple Portfolios, respectively, as of December 31, 2015. The company and GREC provided an unsecured guarantee on the repayment of these loans. During March 2015, the company renegotiated interest rates on all of its outstanding bank loans with interest rates greater than 6.25% to reset the rates at 6.25%, prospectively.

 

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As of June 30, 2016, Williamstown Old Town Road LLC, Novus Royalton LLC, GLC Chester Community Solar LLC, Charter Hill Solar LLC., Pittsford GLC Solar LLC, Hartford Solarfield LLC, and Proctor GLC Solar LLC, all indirect, wholly owned subsidiaries included in the Green Maple Portfolio, individually entered in loan agreements with the VEDA. As of June 30, 2016, the funded amount of the VEDA loans amounted to approximately $5,183,000. The terms of all the loans include 1) a term of one hundred and forty seven (147) months with principal repayments commencing in the fourth month; and 2) interest thereon at a variable rate, tied to VEDAs prime rate (2.25% as of June 30, 2016). While the individual subsidiaries of Green Maple LLC have pledged all their assets as collateral, Green Maple LLC, GREC and the company have individually provided an unsecured guaranty on these loans.

 

As part of the acquisition of Fairfield Wind Manager LLC (“FWM LLC”) by Greenbacker Wind LLC, an indirect, wholly owned subsidiary of the company, the company is indirectly responsible for approximately $12,060,000 in outstanding notes payable collateralized by wind assets held by Fairfield Wind Owner, LLC (“FWO LLC”), an entity which FWM LLC owns 50.01%. The loan earns interest at a variable base rate plus the applicable margin (3.76% as of June 30, 2016), as such terms are defined in the financing agreement.

 

Since the company maintains operating control over this entity, we have included the total amount of the debt outstanding in the below table summarizing notes payable associated with the company’s operating subsidiaries.

 

The weighted average interest rate on all notes payable outstanding at the company’s operating entities was 5.24% as of June 30, 2016.

 

The following table summarizes the notes payable balances of the company’s operating entities as of June 30, 2016, in addition to committed but undrawn funds on notes payable:  

 

   Interest Rates       
   Range  Weighted
Average
   Maturity Dates  June 30, 2016 
Fixed rate notes payable  5.50% - 6.25%  6.01%  02/10/2018 - 03/31/2021  $10,005,000 
Floating rate notes payable  2.25% – 5.86%  4.79%  06/02/2021- 05/12/2028   17,119,000 
              $27,124,000 

 

The principal payments due on the notes payable for each of the next five years ending December 31 and thereafter, are as follows:

 

Year ending December 31:  Principal Payments 
2016  $712,000 
2017   1,549,000 
2018   2,650,000 
2019   1,587,000 
2020   1,662,000 
Thereafter   18,964,000 
   $27,124,000 

 

On July 11, 2016, the company, through an newly formed, indirect, wholly owned subsidiary, GREC Entity HoldCo LLC (the “Borrower”), entered into a Credit Agreement by and among the Borrower, the lenders party thereto and Fifth Third Bank, as administrative agent, as well as swap counterparty. The new credit facility consists of an initial term loan of $4,300,000 (the “Facility 1 Term Loan”) as well as a revolving credit facility in the aggregate principal amount of up to $33,250,000 (the “Revolver"), with $15,950,000 immediately available, that will convert to an additional term loan facility, based upon the amount outstanding on the conversion date, in July 2017 (the “Facility 2 Term Loan”) (collectively, the “Credit Facility”). Both the Facility 1 Term Loan and the Facility 2 Term Loan mature in July 2021.

 

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The company will use the net proceeds of borrowings under the Credit Facility to repay amounts outstanding under a previously existing project loan, for investment in additional alternative energy power generation assets and other general corporate purposes. Loans made under the Credit Facility bear interest at 3.5% in excess of one-month LIBOR. Commitment fees on the average daily unused portion of the Revolver are payable at a rate per annum of 0.25%.

 

Interest on the Credit Facility is payable on the last day of each month starting as of August 31, 2016. Principal on the Facility 1 Term Loan is payable at a fixed amount of $23,888.89 on the last day of each month based upon a fifteen-year amortization. The Revolver is interest only for the first twelve months. Thereafter, principal will be due monthly with amortization based upon the weighted average power purchase agreement life remaining on the date of conversion to a term loan. Borrowings under the credit facility are secured by the assets, cash, agreements and equity interests in the Borrower and its subsidiaries. The company and its wholly owned subsidiary, Greenbacker Renewable Energy Corporation, are guarantors of the Borrower's obligations under the Credit Facility.

 

If an event of default shall occur and be continuing under the Credit Facility, the commitments under the Credit Facility may be terminated and the principal amount outstanding under the Credit Facility, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable.

 

In the future, we expect that our ongoing sources of financing will be through corporate-level credit facilities or other secured and unsecured borrowings. In addition, we expect to use other financing methods at the project level as necessary, including joint venture structures, construction loans, property mortgages, letters of credit, sale and leaseback transactions, other lease transactions and other arrangements, any of which may be unsecured or may be secured by mortgages or other interests in our assets. In addition, other sources of capital may include tax equity financings, whereby an investor receives an allocation of tax benefits as well as cash distribution and governmental grants. 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. Depending on the arrangement, until the tax equity investors achieve their agreed upon rate of return, they may be entitled to substantially all of the applicable project’s operating cash flow, as well as substantially all of the project’s ITCs, accelerated depreciation and taxable income or loss. Typically, tax equity financing transactions are structured so that the tax equity investors reach their target return between 5 and 10 years after the applicable project achieves commercial operation. As a result, a tax equity financing may substantially reduce the cash distributions from the applicable project available for debt service and the period during which the tax equity investors receive most of the cash distributions may last longer than expected if the portfolio company’s energy projects perform below our expectations. While the terms of a tax equity financing may cause cash to be diverted away from the company to the tax equity investor for certain periods specified in the financing arrangement (often five to ten years, measured from commencement of the tax equity financing), then we expect to couple investments where cash is so restrained with other cash flowing investments so as to provide cash for distributions to investors. Our investment strategy will involve a combination of different types of investments, so as to maintain a mix of cash flowing and non-cash flowing investments.

 

Hedging Activities

 

We may seek to stabilize our financing costs as well as any potential decline in our investments by entering into derivatives (including swaps) or other financial products in an attempt to hedge our interest rate risk. In connection with the FWO LLC note payable, FWO LLC entered into two interest rate swap agreements with a total notional amount of $12,411,801 to swap the floating rate interest payments under the note payable agreement for corresponding fixed payments. The swap agreements have an effective interest rate of 2.86% and 5.075%, respectively, and an outstanding total notional balance that matches the principal of the loan agreement. The value of the swap agreements as of June 30, 2016 was a total liability in the amount of $2,855,647. FWO LLC did not designate the derivative as a hedge for accounting purposes and, accordingly, accounts for the interest rate swap at fair value, with adjustments to fair value recorded as interest expense.

 

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In regard to the Credit Facility, we have entered in an interest rate swap agreement, effective July 29, 2016, with a total notional amount of $4,300,000 to swap the floating rate interest payments on the Facility 1 Term Loan for a corresponding fixed payment. The fixed swap rate is 1.11% with an all-in rate of 4.61% on the Facility 1 Term Loan.

 

In regard to our investment in the Canadian Northern Lights Portfolio, with 80 solar assets located in and around Toronto, Ontario, Canada, we have foreign currency risk related to our revenue and operating expenses which are denominated in the Canadian Dollars as opposed to the U.S. Dollars. While we are currently of the opinion that the currency fluctuation between the Canadian and U.S. Dollar will not have a material impact on our operating results, we may in the future enter into derivatives or other financial instruments in an attempt to hedge our foreign currency exchange risk if we believe not doing so would have a material impact our results of operations.

 

Contractual Obligations

 

While the company does not include a contractual obligations table herein as all obligations of the company are short-term, we have included the following information related to commitments of the company to further assist investors in understanding our outstanding commitments.

 

Advisory Agreement - GCM, a private firm that is registered as an investment adviser under the Advisers Act serves as our advisor. Under the direction of our board of directors, GCM manages our day-to-day operations and provides advisory and management services to us. The advisory agreement was previously approved by our board of directors and became effective on April 25, 2014. Unless earlier terminated, the advisory agreement will remain in effect for successive one-year periods if approved annually by a majority of our independent directors. The advisory agreement was re-approved in March 2015 and February 2016, for the one-year period commencing April 25, 2015 and April 25, 2016, respectively.

 

Pursuant to the advisory agreement, GCM is authorized to retain one or more sub-advisors with expertise in our target assets to assist GCM in fulfilling its responsibilities under the advisory agreement. However, GCM will be required to monitor any sub-advisor to ensure that material information discussed by management of any sub-advisor is communicated to our board of directors, as appropriate. If GCM retains any sub-advisor, our advisor will pay such sub-advisor a portion of the fees that it receives from us. We will not pay any additional fees to a sub-advisor. While our advisor will oversee the performance of any sub-advisor, our advisor will remain primarily liable to us to perform all of its duties under the advisory agreement, including those delegated to any sub-advisor. As of June 30, 2016, no sub-advisors have been retained by GCM.

 

We pay GCM a fee for advisory and management services. The base management fee is calculated at a monthly rate of 0.167% (2.00% annually) of our gross assets (including amounts borrowed). The Special Unitholder, an entity affiliated with our advisor, will hold the special unit in our company entitling it to an incentive allocation and distribution. Pursuant to our LLC Agreement, the incentive allocation and distribution, or incentive distribution, will have three parts as follows: the Income Incentive Distribution, Capital Gains Incentive Distribution and the Liquidation Incentive Distribution.

 

Administration Agreement - Greenbacker Administration, LLC, a Delaware limited liability company and an affiliate of our advisor, will serve as our Administrator. As of June 30, 2016, Greenbacker Administration, LLC has delegated certain of its administrative functions to U.S. Bancorp Fund Services, LLC. Greenbacker Administration, LLC may enter into similar arrangements with other third party administrators, including with respect to cash management and fund accounting services. In the future, Greenbacker Administration, LLC may perform certain asset management and oversight services, as well as asset accounting and administrative services, for the company. It is anticipated, however, that Greenbacker Administration, LLC will delegate such administrative functions to third parties in order to recognize certain operational efficiencies for the benefit of the company.

 

Pledge of Collateral and Unsecured Guarantee of Loans to Subsidiaries: Pursuant to various loan agreements between operating subsidiaries of the East to West Solar portfolio and various financial institutions, East to West Solar LLC, a wholly owned subsidiary of GREC, has pledged all of its solar operating assets as well as the membership interests in various operating subsidiaries as collateral for the term loans which expire on dates through 2021. In addition, East to West Solar LLC, GREC and the company have provided an unsecured guaranty on approximately $10,005,000 of term loans as of June 30, 2016.

 

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Pursuant to various loan agreements between operating subsidiaries of the Green Maple portfolio and VEDA, Green Maple LLC, a wholly owned subsidiary of GREC, has pledged all solar operating assets as well as the membership interests in various operating subsidiaries as collateral for the term loans which expire on dates through 2027. In addition, Green Maple LLC, GREC and the company have provided an unsecured guaranty on the outstanding principal of term loans, which is approximately $5,060,000 as of June 30, 2016.

 

Renewable Energy Credits: For certain solar power systems in the Green Maple Portfolio, the company has received incentives in the form of RECs. Green Maple LLC has entered into multiple five year binding contractual arrangements whereby Green Maple LLC agreed to sell a fixed amount of RECs at a fixed price over the term of the agreement. REC revenue will be recognized by Green Maple LLC at the time it has transferred a REC pursuant to an executed contract relating to the sale of the RECs to a third party. If production does not occur on the systems for which we have sale contracts for our RECs, we may have to purchase RECs on the spot market or pay specified contractual damages. Based upon current projections of electricity production, we do not expect a requirement to purchase RECs to fulfill our current REC sales contracts.

 

Recording of a sale of RECs under GAAP is accounted for under Accounting Standards Codification Topic 605, Revenue Recognition. There are no differences in the process and related revenue recognition between REC sales to utilities and non-utility customers. Revenue is recorded in our wholly owned, single member LLCs when all revenue recognition criteria are met, including that: there is persuasive evidence that an arrangement exists (typically through a contract), services rendered through the production of electricity, pricing is fixed and determinable under the contract and collectability is reasonably assured. The accounting policy adopted by our wholly owned, single member LLC’s related to RECs is that the revenue recognition criteria are met when the energy is produced and a REC is generated and transferred to a third party.

 

Agreement to Purchase Membership Interests in Greenfield Wind Manager: Pursuant to a purchase and sale agreement dated June 24, 2016, the company has committed to purchase Greenfield Wind Manager, LLC (“GWM”), which is in the process of constructing a 25MW wind farm in Teton County, Montana, subject to significant contingencies including, but not limited to, having the wind farm placed in service by December 31, 2016, receipt of certifications from various independent experts on engineering, insurance, environmental and title matters, and evidence of certain tax elections filed. If these conditions are not met by December 31, 2016, the company’s commitment expires. GWM is the borrower on the $25.9 million Turbine Supply Loan issued by the company on June 23, 2016. With the repayment of the turbine supply loan expected to be coincident with the closing of the GWM purchase, the company’s net commitment for additional funds is approximately $11,200,000.

 

If any of our contractual obligations discussed above are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we expect to receive under our advisory agreement.

 

We currently have no off-balance sheet arrangements, including any risk management of commodity pricing or other hedging practices.

 

Distributions

 

Subject to the board of directors’ review and approval and applicable legal restrictions, we intend to authorize and declare distributions on a quarterly basis and pay distributions on a monthly basis. We will calculate each member’s specific distribution amount for the period using record and declaration dates, and each member’s distributions will begin to accrue on the date we accept each member’s subscription for shares. From time to time, we may also pay interim special distributions in the form of cash or shares, with the approval of our board of directors.

 

Distributions will be made on all classes of our shares at the same time. The cash distributions with respect to the Class C shares will be lower than the cash distributions with respect to Class A and Class I shares because of the distribution fee relating to Class C shares, which will be allocated as a Class C specific charge. Amounts distributed to each class will be allocated among the holders of our shares in such class in proportion to their shares.

 

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The company is building its asset base by purchasing individual operating assets or portfolios of operating assets as gross offering proceeds are raised and cash becomes available. Cash distributions were funded from the following sources for the periods noted below:

 

    For the three
months ended
June 30, 2016
   For the six
 months ended
June 30, 2016
   For the three
months ended
June 30, 2015
   For the six
months ended
June 30, 2015
 
Cash from operations  $546,993   $546,993   $161,356   $161,356 
Offering proceeds   169,897    681,117        102,424 
Total Cash Distributions  $716,890   $1,228,110   $161,356   $263,780 

 

The company expects to continue to fund distributions from a combination of cash from operations as well as offering proceeds until a minimum of $150 million in net assets is reached as well as being fully invested in operating assets. We expect distributions to continue at the current level once we achieve this minimum and we do not anticipate significant changes in the level of distributions in future periods.

 

Inflation

 

We do not anticipate that inflation will have a significant effect on our results of operations. However, in the event of a significant increase in inflation, interest rates could rise and our projects and investments may be materially adversely affected.

 

Seasonality

 

Certain types of renewable power generation may exhibit seasonal behavior. For example, wind power generation is generally stronger in winter than in summer as wind speed tends to be higher when the weather is colder. In contrast, solar power generation is typically stronger in the summer than in the winter. This is primarily due to the brighter sunshine, longer days and shorter nights of the summer months, which generally result in the highest power output of the year for solar power. Because these seasonal variations are relatively predictable for these types of assets, we factor in the effects of seasonality when analyzing a potential investment in these target assets. Therefore, the impact that seasonality may have on our business, including the cash flows from our investments in our target assets, will depend on the diversity of our investments in renewable energy, energy efficiency and other sustainability related projects in our overall portfolio at such time as we have fully invested the proceeds from this offering. However, in the early stages of our operations, or to the extent our initial investments are concentrated in either solar or wind power, we expect our business to be seasonal based on the type of investment, as discussed above.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

The following qualitative disclosures regarding our market risk exposures — except for (i) those disclosures that are statements of historical fact and (ii) the descriptions of how we, along with our advisor, manage our primary market risk exposures, constitute forward- looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Our primary market risk exposures as well as the strategies used and to be used by the advisor managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of our risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to our risk exposures and risk management strategies. There can be no assurance that our current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short or long term. Investors must be prepared to lose all or substantially all of their investment in the shares.

 

 62 

 

 

We anticipate that our primary market risks will be related to commodity prices, the credit quality of our counterparties and project companies and market interest rates. We will seek to manage these risks while, at the same time, seeking to provide an opportunity to member’s to realize attractive returns through ownership of our shares.

 

Commodity price risk. Investments in renewable energy and energy efficiency projects and businesses expose us to volatility in the market prices of electricity. In an effort to stabilize our revenue, we generally expect our projects will have power purchase agreements with local utilities and off-takers that ensure that all or most of electricity generated by each project will be purchased at the contracted price. In the event any electricity is not purchased by the off-taker or the energy produced exceeds the off-taker’s capacity, we generally will sell that excess energy to the local utility or other suitable counterparty, which would potentially ensure revenue is generated for all electricity produced. We may be exposed to the risk that the off-taker will fail to perform under the power purchase agreement, with the result that we will have to sell our electricity at the market price, which could be disadvantageous.

 

In regard to the market price of oil, our investments are little effected by the volatility in this market as most oil consumed in the U.S. today is used for transportation infrastructure and not for the generation of electricity.

 

Credit risk. Through our investments in our target assets, we expect to be indirectly exposed to credit risk relating to counterparties to the electricity sales agreements (including power purchase agreements) for our projects as well as the businesses in which we invest. If counterparties to the electricity sales agreements for our projects or the businesses in which we invest are unable to make payments to us when due, or at all, our financial condition and results of operations could be materially adversely effected. GCM will seek to mitigate this risk by deploying a comprehensive review and asset selection process and careful ongoing monitoring of acquired assets. In addition, we expect our projects will seek to have contracts with high credit quality counterparties. Nevertheless, unanticipated credit losses could occur which could adversely impact our operating results.

 

Changes in market interest rates. With respect to our proposed business operations, general increases in interest rates over time may cause the interest expense associated with our borrowings to increase, and the value of our debt investments to decline. Conversely, general decreases in interest rates over time may cause the interest expense associated with our borrowings to decrease, and the value of our debt investments to increase.

 

Changes in government incentives. Retrospective changes in the levels of government incentives may have a negative impact on current investments. Prospective changes in the levels of government incentives may impact the relative attractiveness of future investments in various renewable energy projects, which could make it difficult for GCM to find suitable investments in the sector.

 

Item 4. Controls and Procedures

 

Disclosure Controls

 

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that the disclosure controls and procedures are effective. Our disclosure controls and procedures are designed to provide reasonable assurance that information we are required to disclose in the reports that we file or submit under the Exchange Act are recorded, processed and summarized and reported within the time period specified in the applicable rules and forms.

 

 63 

 

 

Change in Internal Control Over Financial Reporting

 

No change occurred in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) during the period ended June 30, 2016, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

Limitations on the Effectiveness of Controls

 

Any control system, no matter how well designed and operated, can only provide reasonable (but not absolute) assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

 

None of us, GCM, or the Administrator, is currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us, or against GCM or the Administrator.

 

Item 1A. Risk Factors

 

There have been no material changes from the risk factors disclosed under the heading “Risk Factors” in the LLC’s annual report on Form 10-K/A for the year ended December 31, 2015.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

Not applicable.

 

Item 3. Defaults Upon Senior Securities

 

Not applicable.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other information

 

Not applicable.

 

Item 6. Exhibits

 

Exhibit
Number
  Description of Document
     
3.1*   Certificate of Formation of Greenbacker Renewable Energy Company LLC (Incorporated by reference from Exhibit 3.1 of Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form S-1 (File No. 333- 178786-01) filed on December 11, 2012)  
     
3.2*   Third Amended and Restated Limited Liability Company Operating Agreement of Greenbacker Renewable Energy Company LLC dated June 27, 2014 (Incorporated by reference from Exhibit 3.2 of the Registrant’s Annual Report on Form 10-K (File No. 333-178786-01) filed on March 20, 2015)  
     
10.1*   Form of Participating Broker-Dealer Agreement between SC Distributors, LLC and the participating dealers (Incorporated by reference from Exhibit 10.1 of the Registrant’s Pre-Effective Amendment No. 5 to the Registration Statement on Form S-1 (File No. 333-178786-01) filed on July 11, 2013)  

 

 64 

 

 

10.2*   Amended and Restated Advisory Agreement between Registrant, Greenbacker Renewable Energy Corporation and Greenbacker Capital Management LLC dated October 9, 2013 (Incorporated by reference from Exhibit 10.2 of the Registrant’s Post-Effective Amendment No. 1 to the Registration Statement on Form S-1 (File No. 333-178786-01) filed on October 9, 2013)
     
10.3*   Form of Dealer Management Agreement by and among Registrant, Greenbacker Capital Management LLC and SC Distributors, LLC (Incorporated by reference from Exhibit 10.3 of the Registrant’s Pre-Effective Amendment No. 5 to the Registration Statement on Form S-1 (File No. 333-178786-01) filed on July 11, 2013)
     
10.4*   Form of Administration Agreement by and among Registrant, Greenbacker Renewable Energy Corporation and Greenbacker Administration, LLC (Incorporated by reference from Exhibit 10.5 of the Registrant’s Pre-Effective Amendment No. 5 to the Registration Statement on Form S-1 (File No. 333-178786-01) filed on July 11, 2013)
     
10.5*   Form of Expense Assumption and Reimbursement Agreement by and among Registrant, Greenbacker Renewable Energy Corporation and Greenbacker Capital Management, LLC (Incorporated by reference from Exhibit 10.6 of the Registrant’s Form 10-Q (File No. 333-178786-01) filed on August 11, 2014)
     
10.6*   Credit Agreement among GREC Entity Holdco LLC, as Borrower, Greenbacker Renewable Energy Corporation, as Intermediate Holdco, Greenbacker Renewable Energy Company LLP, as Parent, the lenders named therein, and Fifth Third Bank, as Administrative Agent, dated July 11, 2016 (Incorporated by reference from Exhibit 10.1 of the Registrant’s Form 8-K (File No. 333-178786-01) filed on July 14, 2016)
     
24.1*   Power of attorney
     
31.1**   Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended 
     
31.2**   Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended  
     
32.1**   Certification of Chief Executive Officer pursuant to section 906 of the Sarbanes- Oxley Act of 2002  
     
32.2**   Certification of Chief Financial Officer pursuant to section 906 of the Sarbanes- Oxley Act of 2002  
     
101   The following materials from Greenbacker Renewable Energy Company LLC’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed on August X, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Assets and Liabilities, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Changes in Net Assets, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Schedules of Investments and (vi) Notes to the Consolidated Financial Statements

  

* Filed previously.

 

** Filed herewith.

 

 65 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: August 12, 2016 By  /s/ Charles Wheeler
    Charles Wheeler
    Chief Executive Officer and Director
    (Principal Executive Officer)
    Greenbacker Renewable Energy Company LLC
     
Date: August 12, 2016 By  /s/ Richard C. Butt
    Richard C. Butt
    Chief Financial Officer and Principal Accounting Officer
    (Principal Financial and Accounting Officer)
    Greenbacker Renewable Energy Company LLC

 

 66 

EX-31.1 2 s103832_ex31-1.htm EXHIBIT 31-1

 

Exhibit 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT
OF 2002

 

I, Charles Wheeler, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Greenbacker Renewable Energy Company LLC;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 12, 2016

 

  /s/ Charles Wheeler
  Charles Wheeler
  Chief Executive Officer and Director
  (Principal Executive Officer)
  Greenbacker Renewable Energy Company LLC

 

 

EX-31.2 3 s103832_ex31-2.htm EXHIBIT 31-2

 

Exhibit 31.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT
OF 2002

 

I, Richard C. Butt, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Greenbacker Renewable Energy Company LLC;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 12, 2016

 

  /s/ Richard C. Butt
  Richard C. Butt
  Chief Financial Officer and Principal Accounting Officer
  (Principal Financial and Accounting Officer)
  Greenbacker Renewable Energy Company LLC

 

 

EX-32.1 4 s103832_ex32-1.htm EXHIBIT 32-1

 

Exhibit 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE
OFFICER PURSUANT TO 18 U.S.C. SECTION

1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Charles Wheeler, Chief Executive Officer, in connection with the Quarterly Report of Greenbacker Renewable Energy Company LLC (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

  1. The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

  2. The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the company.

 

Date: August 12, 2016

 

  /s/ Charles Wheeler
  Charles Wheeler
  Chief Executive Officer and Director
  (Principal Executive Officer)
  Greenbacker Renewable Energy Company LLC

 

 

EX-32.2 5 s103832_ex32-2.htm EXHIBIT 32-2

 

Exhibit 32.2

 

CERTIFICATION OF CHIEF FINANCIAL

OFFICER PURSUANT TO 18 U.S.C. SECTION

1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Richard C. Butt , Chief Financial Officer, in connection with the Quarterly Report of Greenbacker Renewable Energy Company LLC (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

  1. The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

  2. The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the company.

 

Date: August 12, 2016

 

  /s/ Richard C. Butt
  Richard C. Butt
  Chief Financial Officer and Principal Accounting Officer
  (Principal Financial and Accounting Officer)
  Greenbacker Renewable Energy Company LLC

 

 

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Actual results could differ from those estimates, assumptions, and judgments. Significant items subject to such estimates will include determining the fair value of investments, revenue recognition, income tax uncertainties, and other contingencies. The consolidated financial statements of the company include the accounts of the LLC and its consolidated subsidiary, GREC. All intercompany accounts and transactions have been eliminated.</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 22pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 22pt"><font style="font: 10pt Times New Roman, Times, Serif">The company&#146;s consolidated financial statements are prepared using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial Services&#151;Investment Companies (&#147;ASC Topic 946&#148;). 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Schedule of earnings (loss) per share Schedule of composition of company's investments Schedule of investments by geographic region Schedule of investments by industry Schedule of fair value measurements of investments, by major class Schedule of reconciliation of beginning and ending balances for investments and secured borrowings Schedule of quantitative information about level 3 fair value measurements Schedule of shares issued and outstanding Schedule of distributions declared Financial Highlights Tables Schedule of financial highlights of company's income and expense Dollar value of shares offering Sale price of per share (in dollars per share) Commencement of operations Earnings Per Share [Abstract] Basic and diluted Net increase in net assets attributed to common stockholders Net increase in net assets attributed to common stockholders per share (in dollars per share) Limit of offering costs reimbursement to advisor Target offering expense ratio Percentage of reimbursement out of gross offering proceeds Organization and offering cost incurred Organization and offering costs reimbursed Gross proceeds to be received for reimbursement by the entity Organization and offering cost payable Capital gains incentive distribution allocation Amount owed Deferred sales commissions Description of control investment Investment Holdings [Table] Investment Holdings [Line Items] Investments at Cost Investments at Fair Value Fair Value Percentage of Total Portfolio Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table] Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] Investments at fair value Net change in unrealized appreciation (depreciation) on investments Net realized gains on investments Translation of assets and liabilities denominated in foreign currencies Purchases and other adjustments to cost Sales and Repayments of investments Transfer in Transfers out Investments at fair value Valuation Techniques Unobservable Inputs Fair value Rate Fair value Assumption Expected term Percentage of selling commision Percentage of dealer manager fees Description of distribution fee Base management fees payable, monthly rate Base management fees payable, annual rate Hurdle rate, quarterly Hurdle rate, annualized Percentage of incentive distribution Percentage of capital gains incentive distribution Percentage of liquidation incentive distribution Liquidation arrears period Percentage of operating expense Operating expense, reimbursement period Operating expenses including the management fees earned by the advisor Past operating expenses assumed by the adviser Expense reimbursement from advisor Management fees Incentive allocation Incentive allocation expense Due from advisor/dealer manager Expense reimbursement to advisor Payment for dealer manager fees Payments for selling commission Asset management and accounting services costs Shares issued Shares Outstanding, beginning Shares Issued During the Period Shares Repurchased During the Period Shares Outstanding, ending Proceeds from Shares Sold Proceeds from Shares Issued through Reinvestment of Distributions Schedule of Stock by Class [Table] Class of Stock [Line Items] Total number of shares authorized Common stock of class A, C and I, shares authorized Preferred stock, shares authorized Shares allocated for use in the DRP Shares issued under the DRP Minimum written notice period for termination Description of share repurchase program Share repurchase program repurchase limit Share repurchase program repurchase limit in the prior four fiscal quarters Share repurchased Total purchase price Distributions Made to Limited Liability Company (LLC) Member [Table] Distribution Made to Limited Liability Company (LLC) Member [Line Items] Paid in Cash Value of Shares Issued under DRP Total Cash from operations Offering proceeds Total Cash Distributions Distribution announcement date Cash distributions announced per unit and per day Fund distributions Other Commitments [Table] Other Commitments [Line Items] Term loans Loan commitments Per share data attributed to common shares: Net Asset Value at beginning of period Net investment income Net unrealized depreciation on investments Change in translation of assets and liabilities denominated in foreign currencies Change in benefit from deferred taxes on unrealized appreciation on investments Net increase in net assets resulting from operations Shareholder distributions Offering costs and deferred sales commissions Other Net increase in members' equity attributed to common shares Net asset value for common shares at end of period Total return attributed to common shares based on net asset value Common shareholders' equity at end of period Common shares outstanding at end of period Ratio/Supplemental data for common shares (annualized): Ratio of net investment income (loss) to average net assets Ratio of operating expenses to average net assets Portfolio turnover rate Financial Highlights Details 1 Net investment income and realized loss on foreign currency translation Net unrealized appreciation on investments Weighted average common shares outstanding Return on investment ratio Aggregate principal amount Amount available at close Maturity date Description of interest rate Percent of commitment fees payable for unused facility Interest rate Aggreegate cost Discripion of financial highlights. Discripion of net asset value. Discripion of net realized gains or losses on investment. Discripion of payment-in-kind (PIK) interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. Discripion of distributions to members, if any amount will be authorized and declared by company's board of directors quarterly in advance paid on a monthly basis. Discripion of organization and offering costs (&amp;#8220;O&amp;amp;O costs&amp;#8221;), other than sales commissions and the dealer manager fee, are initially being paid by our advisor on behalf of the company. These O&amp;amp;O costs include all costs to be paid by the company in connection with its formation and the offering, including legal, accounting, printing, mailing and filing fees, charges of the company&amp;#8217;s escrow holder, due diligence expense reimbursements to participating broker-dealers included in detailed and itemized invoices and costs in connection with administrative oversight of the offering and marketing process, and preparing supplemental sales materials, holding educational conferences, and attending retail seminars conducted by broker-dealers. Discripion of capital gain incentive allocation and distribution policy. Discripion of indefinite lived intangible assets. Discripion of investments measured at fair value. Discripion of number of shares issued and outstanding and carrying amount. Discripion of financial highlights. Classification of common stock representing ownership interest in a corporation. It represents to the amount due from shareholder. Carrying amount of the unpaid portion of the fee payable to the director. Amount of repurchase of common stock as on the balance sheet. Represents the information about Deferred sales commission payble amount. Represents the amount of capital contribution from advisor as of the balance sheet date. Represents the amount of net realised gain on investment. It represents to the amount of audit fees in the given financial period. It represents to the amount of organization expenses in the given financial period. Total aggregate amount of all noninterest operating expense before expense waiver and reimbursement. A reduction of expenses assumed by the adviser above the legally agreed to expense cap. It represents to the amount of net Investment Income loss before deferred tax in the given financial period. Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. The amount of tax expense (benifit) related to the franchise. It represents to the amount of net Investment Income Loss in the given financial period. The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of investments and foreign currency transaction unrealized gain (loss) recognized in the income statement. Refers to amount of change in benefit from deferred taxes on unrealized appreciation on investments during the period. It represents to the amount of changes in special unit ownership interest in the given financial period. It represents to the amount of net increase decrease in net assets resulting from operations to common stockholders in the given financial period. The cash outflow associated with the purchase of all investments (debt, security, other) during the period. It represents the amount of increase decrease in management fee payable in the given financial period. The increase (decrease) during the reporting period in the obligations dueto directors. It represents the amount of due to advisor offering costs in the given financial period. It represents the amount of shareholder distribution payable in the given financial period. Represents the amount of shareholder receivable from sale of common stock. Represents information related to capital contribution from advisor. Accumulated other comprehensive income (loss) resulting from the appreciation (depreciation) in value of securities attributable to the parent. It represents to the equity components as common stockholders' equity. It represents to the equity components as special unit holder. It refers to the distribuion reinvestment plan type. Classification of common stock representing ownership interest in a corporation. Classification of common stock representing ownership interest in a corporation. It represents to the value of shares offering in the given financial period. It refers to the related party. It refers to the related party. It refers to the related party transaction. Limit of organization and offering costs reimbursement to advisor, which is measured as a percentage of offering proceeds. The target ratio of O&amp;amp;amp;amp;amp;amp;amp;amp;O costs (other than selling commissions and dealer manager fees) it has incurred on the company's behalf, measured as percentage of gross offering proceeds. Refers to percentage of reimbursement out of gross offering proceeds. It represents the amount of organization and offering costs in the given financial period. Represents the amount of organization and offering costs reimbursed by the entity in the given financial period. Refers to the amount of gross proceeds to be received for reimbursement by the entity in the given financial period. It refers to the amount of organization and offering costs payable. It refers to the investment type. It refers to the investment type. It refers to the investment type. It refers to the investment type. It refers to the investment type. It refers to the investment type. Refers to the investment sector. Refers to the investment sector. Refers to the investment sector. Refers to the investment sector. It refers to the investment type. Refers to the investment sector. It refers to the investment type. Collateralized debt obligation backed by, for example, but not limited to, pledge, mortgage or other lien on the entity's assets. Refers to the investment sector. It refers to the investment type. It refers to the investment geographic region. It refers to the investment geographic region. It refers to the investment geographic region. It refers to the investment geographic region. It refers to the investment geographic region. It refers to the investment geographic region. Capital stock held by shareholders. It represents to the amount of purchase adjustments on cost of investments in the given financial period. Amount of cash inflow (outflow) related to repayments of investments during the period. Amount of cash inflow (outflow) related to transfer of investments during the period. Amount of cash inflow (outflow) related to transfer of investments during the period. Refers to the investment sector. It represents to the percentage of assumed annual degradation in production, used as an input to measure fair value in the given financial period. It refers to the related party as scenario. It refers to the related party as scenario. Percentage of selling commission for issuance of shares. Refers to the dealer manager fees percentage per share for issuance of shares. Description of distribution fee paid to the dealer manager on a monthly basis. Base management fees payable to GCM, monthly rate, calculated at a percentage of gross assets (including amounts borrowed). Base management fee payable to GCM, annual rate, calculated at an annual rate of gross assets (including amounts borrowed). Refers to the quarterly hurdle rate. Refers to the annual hurdle rate. Incentive distribution to which the Special Unitholder may be entitled, calculated and payable quarterly in arrears based on a percentage of the pre-incentive distribution net investment income for the immediately preceding fiscal quarter. The capital gains incentive distribution determined and payable to the Special Unitholder in arrears as of the end of each fiscal quarter (or upon termination of the advisory agreement, as of the termination date) to the Special Unitholder, calculated as a percentage of the company's realized capital gains, if any, on a cumulative basis from inception through the end of each fiscal quarter, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any capital gain incentive distributions. Liquidation incentive distribution payable to the Special Unitholder, calculated as a percentage of the net proceeds from a liquidation of the company (other than in connection with a listing, as described below) in excess of adjusted capital, as measured immediately prior to liquidation. Represents the period of liquidation arrears. Operating expenses calculated as a percentage of average net assets of such class for any calculation period for Class A Class C and Class I shares. The period of time company shall reimburse advisor upon delivery of a request in proper form for such expenses, in ''PnYnMnDTnHnMnS'' format, for example, ''P1Y5M13D'' represents the reported fact of one year, five months, and thirteen days. It represents to the amount of assumed operating expenses in the given financial period. Information pertaining to additional reduction of expenses assumed by the adviser above the legally agreed to expense cap. Represent information about the allocation of incentive. A reduction of expenses assumed by the adviser above the legally agreed to expense cap. It represents to the amount of cash outflow for dealer manager fees incurred in the given financial period. It represents to the amount of cash outflow for selling commission incurred in the given financial period. The maximum total number of shares permitted to be issued by an entity''s charter and bylaws, including both common shares, preferred shares and special unit. It represents to the aggregate number of shares allocated for use in the DRP (Distribution Reinvestment Plan). Determines the period of minimum written notice period For termination. Describes the share repurchase program. Share repurchase program, repurchase limit, measured as percentage of the weighted average number of outstanding shares in any 12-month period. Share repurchase program, repurchase limit in the prior four fiscal quarters, measured as percentage of the weighted average number of shares outstanding. It refers to the report date. It refers to the report date. It refers to the report date. It refers to the report date. It refers to the report date. It refers to the report date. It refers to the report date. It refers to the report date. It refers to the report date. It refers to the report date. It refers to the report date. It refers to the report date. It represents to the value of share issued under DRP in the given financial period. It represents to the total amount of distributions paid or payable in cash or with the distribution reinvestment plan in the given financial period. Represent information about the cash distribution from operations. Represent information about the proceeds from shares sold during the period. Represent information about the proceeds from shares issued through investment. Information about the entity. Refers the amount of loan commitment due to business combination. Represents the per share of net asset value. Represents the unrealized offering costs per share. Represents the net change in translation of assets and liabilities denomination in foreign currencies. Represents the net change deferred taxes on unrealized appreciation on investments. Refers to the net increase decrease in net assets resulting from operations. The per share amount of a dividend declared, but not paid during the reporting period. Represent information about the offering costs and deferred sales commissions per share during the period. Refers to the other investments per share. Refers to the net increase decrease in members equity per share. Percentage of return attributed to common shares based on net asset value. It represents to the percentage of net investment income loss to average net assets. It represents to the percentage of operating expenses to average net assets. Represents the percentage of portfolio turnover. It refers to the related party transaction. It represents to the percentage of return on investment. Information by category of arrangement. Information by type of credit facility. Information by name of investment. It represents as a line of credit facility available. Represents as a line of credit facility expiration date. Information represents as a percent of commitment fees payable for unused facility. It refers to the investment geographic region as limited Liability company member interests - not readily marketable. Refers to the investment sector. Refers to the investment sector. Information about wind portfolio. It refers to the investment type. Information about energy efficiency portfolio. It refers to the investment geographic region as Energy Efficiency Secured Loans &amp;#8211; Lighting Replacement. Information by second categorization of investments, which may include, but is not limited to industry. Investment owned commitment fees. Amount of maximum commitment on mautrity of the loan. Refers to the percentage of investment ownership. Refers to amount of ownership principal as on balance sheet date. Discripion of updated footnote. It refers to the related party. AlternativeEnergy1Member AlternativeEnergySolarMember GreenMaplePortfolioMember GreenbackerWindPortfolioMember EnergyEfficiencyLightingReplacementMember Assets Liabilities Liabilities and Equity Interest and Dividend Income, Operating ExpenseReimbursementFromAdvisor Noninterest Expense DeferredIncomeTaxExpenseBenefit1 FranchiseTaxExpense Shares, Outstanding Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs PurchaseOfInvestments Payments for (Proceeds from) Investments Increase (Decrease) in Interest and Dividends Receivable Increase (Decrease) in Accounts Receivable, Related Parties Increase (Decrease) in Deferred Income Taxes Increase (Decrease) in Other Operating Assets IncreaseDecreaseInManagementFeePayable Increase (Decrease) in Accounts Payable and Accrued Liabilities IncreaseDecreaseInDirectorsFePayable Deferred Revenue, Revenue Recognized Net Cash Provided by (Used in) Operating Activities, Continuing Operations Payments of Stock Issuance Costs Payments for Repurchase of Common Stock Net Cash Provided by (Used in) Financing Activities, Continuing Operations Cash and Cash Equivalents, Period Increase (Decrease) Stock Issued InvestmentOwnershipPrincipal FinancialHighlightsTextBlock Unrealized Gain (Loss) on Investments NetAssetValue ChangeInBenefitFromDeferredTaxesOnUnrealizedAppreciationOnInvestments1 DividendsAmountPerShare NetIncreaseDecreaseInMembersEquityPerShare EX-101.PRE 11 ck0001563922-20160630_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.5.0.2
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2016
Aug. 08, 2016
Document And Entity Information    
Entity Registrant Name Greenbacker Renewable Energy Co LLC  
Entity Central Index Key 0001563922  
Document Type 10-Q  
Document Period End Date Jun. 30, 2016  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity a Well-known Seasoned Issuer No  
Entity a Voluntary Filer No  
Entity's Reporting Status Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Common Stock, Shares Outstanding   11,951,645
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2016  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (unaudited) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
ASSETS    
Investments, at fair value (cost of $82,020,469 and $50,023,136, respectively) $ 82,581,848 $ 51,454,566
Cash and cash equivalents 12,436,986 5,889,030
Interest receivable 13,862
Shareholder receivable 171,938 190,725
Due from advisor, net 26,636
Deferred tax assets, net of allowance 5,631,526 650,000
Other assets 37,700 77,518
Total assets 100,873,860 58,288,475
LIABILITIES    
Management fee payable 150,837 91,863
Accounts payable and accrued expenses 364,745 327,799
Shareholder distributions payable 270,113 156,985
Directors fees payable 23,750
Due to advisor/dealer manager 346,618
Payable for repurchases of common stock 735,589
Unearned revenue 1,312,935
Deferred sales commission payable 189,985
Total liabilities 3,370,822 600,397
MEMBERS' EQUITY (NET ASSETS)    
Preferred stock, par value, $.001 per share, 50,000,000 authorized; none issued and outstanding
Common stock, par value, $.001 per share, 350,000,000 authorized; 11,224,048 and 6,721,967 shares issued and outstanding, respectively 11,224 6,722
Paid-in capital in excess of par value 95,664,616 57,520,925
Capital contribution from advisor 193,000 193,000
Accumulated deficit (2,782,401) (1,591,014)
Accumulated net realized gain on investments 4,578
Accumulated unrealized appreciation on investments and foreign currency translation, net of deferred taxes 4,298,829 1,272,186
Total common stockholders' equity 97,389,846 [1] 57,401,819
Special unitholder's equity 113,192 286,259
Total members' equity (net assets) 97,503,038 57,688,078
Total liabilities and equity (net assets) 100,873,860 58,288,475
Total common stockholders' equity 97,389,846 [1] 57,401,819
Common Class A [Member]    
MEMBERS' EQUITY (NET ASSETS)    
Total common stockholders' equity [2] 74,013,171  
Net assets 74,013,171 46,289,968
Total common stockholders' equity [2] 74,013,171  
Common Class C [Member]    
MEMBERS' EQUITY (NET ASSETS)    
Total common stockholders' equity [2] 6,087,628  
Net assets 6,087,628 2,121,675
Total common stockholders' equity [2] 6,087,628  
Common Class I [Member]    
MEMBERS' EQUITY (NET ASSETS)    
Total common stockholders' equity [2] 17,289,047  
Net assets 17,289,047 $ 8,990,176
Total common stockholders' equity [2] $ 17,289,047  
[1] The per share data was derived by using the weighted average shares outstanding during the three months ended March 31, 2016 and March 31, 2015, which was 7,865,104 and 1,474,248, respectively.
[2] The per share data for Class A Shares, Class C Shares and Class I Shares were derived by using the weighted average shares outstanding during the six months ended June 30, 2016, which was 7,063,450, 500,288 and 1,538,324, respectively.
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (unaudited) (Parenthetical) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Investments at fair value, cost $ 82,020,469 $ 50,023,136
Preferred stock, par value (in dollars per share) $ .001 $ .001
Preferred stock, authorized 50,000,000 50,000,000
Preferred stock, issued 0 0
Preferred stock, outstanding 0 0
Common stock, par value (in dollars per share) $ .001 $ .001
Common stock, authorized 350,000,000 350,000,000
Common stock, issued 11,224,048 6,721,967
Common stock, outstanding 11,224,048 6,721,967
Common Class A [Member]    
Common stock, outstanding 8,512,969 [1] 5,420,728
Common Class C [Member]    
Common stock, outstanding 722,499 [1] 248,456
Common Class I [Member]    
Common stock, outstanding 1,988,580 [1] 1,052,783
[1] The per share data for Class A Shares, Class C Shares and Class I Shares were derived by using the weighted average shares outstanding during the six months ended June 30, 2016, which was 7,063,450, 500,288 and 1,538,324, respectively.
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Investment income:        
Dividend income $ 1,522,713 $ 632,500 $ 2,169,698 $ 690,000
Interest income 122,578 1,146 132,159 1,861
Total investment income 1,645,291 633,646 2,301,857 691,861
Operating expenses:        
Management fee expense 429,063 102,020 759,778 164,303
Audit expense 112,563 56,964 206,047 110,162
General and administration expenses 94,998 64,245 188,103 94,944
Legal expenses 65,769 77,447 132,311 89,578
Directors fees and expenses 24,117 23,501 48,234 46,751
Insurance expense 20,310 22,514 40,619 44,592
Organizational expenses 50,073 35,188 75,075
Other expenses 16,475 20,102 30,792 33,188
Operating expenses before expense waiver and reimbursement 763,295 416,866 1,441,072 658,593
Expense reimbursement from advisor 327,150 (117,137) 506,040 (182,166)
Total expenses, net of expense waiver and reimbursement 1,090,445 299,729 1,947,112 476,427
Net investment income before taxes 554,846 333,917 354,745 215,434
Deferred tax benefit 977,234 1,257,899
Franchise tax expense (12,431) (69,863)
Net investment income 1,519,649 333,917 1,542,781 215,434
Net change in realized and unrealized gain (loss) on investments, foreign currency translation and deferred tax assets:        
Net realized gain on investments 4,578 4,578
Net change in unrealized appreciation (depreciation) on investments (244,944) (60,884) (967,054) 411,227
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies 8,940 14,488 97,003 (72,133)
Change in benefit from deferred taxes on unrealized appreciation on investments 1,838,292 3,723,627
Net increase in net assets resulting from operations 3,126,515 287,521 4,400,935 554,528
Net increase (decrease) in net assets attributed to special unitholder 46,258 9,280 173,067 (67,819)
Net increase in net assets attributed to common stockholders $ 3,172,773 $ 296,801 $ 4,574,002 $ 486,709
Common stock per share information - basic and diluted:        
Net investment income (in dollars per share) $ 0.15 $ 0.14 $ 0.17 $ 0.11 [1],[2]
Net increase in net assets attributed to common stockholders (in dollars per share) $ 0.31 $ 0.12 $ 0.50 $ 0.25
Weighted average common shares outstanding (in shares) 10,339,058 2,383,753 9,102,063 1,931,513
[1] Does not reflect any incentive fees that may be payable to the Special Unitholder.
[2] The per share data was derived by using the weighted average shares outstanding during the six months ended June 30, 2015, which was 1,931,513.
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CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Common Stockholders [Member]          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Balances at beginning     $ 6,722 $ 1,236 $ 1,236
Balances at beginning (in shares)     6,721,967 1,236,345 1,236,345
Proceeds from issuance of common stock, net     $ 4,439 $ 1,713  
Proceeds from issuance of common stock, net (in shares)     4,438,523 1,712,426  
Issuance of common stock under distribution reinvestment plan     $ 153 $ 30  
Issuance of common stock under distribution reinvestment plan (in shares)     153,537 29,741  
Repurchases of common stock     $ (90)    
Repurchases of common stock (in shares)     (89,979)    
Balances at end $ 11,224 $ 2,979 $ 11,224 $ 2,979 $ 6,722
Balances at end (in shares) 11,224,048 2,978,512 11,224,048 2,978,512 6,721,967
Paid-in capital in excess of par value [Member]          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Balances at beginning     $ 57,520,925 $ 10,609,460 $ 10,609,460
Proceeds from issuance of common stock, net     39,983,535 15,452,990  
Issuance of common stock under distribution reinvestment plan     1,392,778 268,382  
Repurchases of common stock     (817,298)    
Offering costs     (2,415,324) (824,008)  
Balances at end $ 95,664,616 $ 25,506,824 95,664,616 25,506,824 57,520,925
Capital contribution from advisor [Member]          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Balances at beginning     193,000 193,000 193,000
Balances at end 193,000 193,000 193,000 193,000 193,000
Accumulated Deficit [Member]          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Balances at beginning     (1,591,014) (340,406) (340,406)
Shareholder distributions     (2,734,168) (570,782)  
Net investment income     1,542,781 215,434  
Balances at end (2,782,401) (695,754) (2,782,401) (695,754) (1,591,014)
Accumulated net realized gain on investments [Member]          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net realized gain on investments     4,578    
Balances at end 4,578   4,578    
Accumulated Unrealized Appreciation (depreciation) On Investments And Foreign Currency Translation, Net Of Deferred Taxes[Member]          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Balances at beginning     1,272,186 39,519 39,519
Net unrealized depreciation on investments     (793,987) 343,408  
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies     97,003 (72,133)  
Change in benefit from deferred taxes on unrealized appreciation on investments     3,723,627    
Balances at end 4,298,829 310,794 4,298,829 310,794 1,272,186
Common Stockholders' Equity [Member]          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Balances at beginning     57,401,819 10,502,809 10,502,809
Proceeds from issuance of common stock, net     39,987,974 15,454,703  
Issuance of common stock under distribution reinvestment plan     1,392,931 268,412  
Repurchases of common stock     (817,388)    
Offering costs     (2,415,324) (824,008)  
Shareholder distributions     (2,734,168) (570,782)  
Net investment income     1,542,781 215,434  
Net realized gain on investments     4,578    
Net unrealized depreciation on investments     (793,987) 343,408  
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies     97,003 (72,133)  
Change in benefit from deferred taxes on unrealized appreciation on investments     3,723,627    
Balances at end 97,389,846 25,317,843 97,389,846 25,317,843 57,401,819
Special Unitholder's Equity [Member]          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Balances at beginning     286,259 9,846 9,846
Net unrealized depreciation on investments     (173,067) 67,819  
Balances at end 113,192 77,665 113,192 77,665 286,259
Balances at beginning     57,688,078 10,512,655 $ 10,512,655
Proceeds from issuance of common stock, net     $ 39,987,974 15,454,703  
Proceeds from issuance of common stock, net (in shares)     4,592,060   5,500,622
Issuance of common stock under distribution reinvestment plan     $ 1,392,931 268,412  
Repurchases of common stock     $ 817,388    
Repurchases of common stock (in shares)     (89,979)   (15,000)
Offering costs     $ (2,415,324) (824,008)  
Shareholder distributions     (2,734,168) (570,782)  
Net investment income 1,519,649 333,917 1,542,781 215,434  
Net realized gain on investments 4,578 4,578  
Net unrealized depreciation on investments (244,944) (60,884) (967,054) 411,227  
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies 8,940 14,488 97,003 (72,133)  
Change in benefit from deferred taxes on unrealized appreciation on investments 1,838,292 3,723,627  
Balances at end $ 97,503,038 $ 25,395,508 $ 97,503,038 $ 25,395,508 $ 57,688,078
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) - USD ($)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities:    
Net increase (decrease) in net assets from operations $ 4,400,935 $ 554,528
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:    
Purchase of investments (32,247,755) (14,260,000)
Proceeds from principal payments and sales of investments 255,000
Net realized gain on investments (4,578)
Net change in unrealized (appreciation) depreciation on investments 967,054 (411,227)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities denominated in foreign currencies (97,003) 72,133
(Increase) decrease in other assets:    
Interest receivable (13,862)
Due from advisor, net 26,636 (21,911)
Deferred tax assets, net of allowance (4,981,526)
Other assets 39,818 (7,714)
Increase (decrease) in other liabilities:    
Management fee payable 58,974 23,654
Accounts payable and accrued expenses 36,946 (15,486)
Directors fees payable (23,750)
Unearned revenue 1,312,935
Net cash used in operating activities (30,270,176) (14,066,023)
Financing activities:    
Proceeds from issuance of shares of common stock, net 40,196,747 15,539,477
Distributions paid (1,228,110) (263,780)
Offering costs (2,415,324) (824,008)
Repurchases of common stock (81,799)
Due to advisor/dealer manager re: Offering costs 346,618 53,132
Proceeds from capital contribution from advisor 193,000
Net cash provided by financing activities 36,818,132 14,697,821
Net increase in cash and cash equivalents 6,547,956 631,798
Cash and cash equivalents, beginning of period 5,889,030 7,567,061
Cash and cash equivalents, end of period 12,436,986 8,198,859
Supplemental disclosure of cash flow information:    
Shareholder distribution payable 270,113 69,502
Shareholder distributions reinvested in common stock 1,392,931 268,412
Payable for repurchases of common stock 735,589
Non cash financial activities    
Shareholder receivable from sale of common stock $ 171,938 $ 163,416
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Cost $ 82,020,469 $ 50,023,136
Fair Value $ 82,581,848 $ 51,454,566
Percentage of Net Assets 100.00% 100.00%
OTHER ASSETS IN EXCESS OF LIABILITIES, Fair Value $ 14,921,190 $ 6,233,512
OTHER ASSETS IN EXCESS OF LIABILITIES, Percentage of Net Assets 15.30% [1] 10.80% [2]
TOTAL NET ASSETS $ 97,503,038 $ 57,688,078
Investment [Member]    
Cost 82,020,469 50,023,136
Fair Value $ 82,581,848 $ 51,454,566
Percentage of Net Assets 84.70% [1] 89.20% [2]
Alternative Energy - Wind [Member]    
Cost $ 6,750,000 $ 6,750,000
Fair Value $ 7,081,465 $ 7,093,750
Percentage of Net Assets 8.60% 13.80%
Total United States [Member]    
Cost $ 80,417,333 $ 48,420,000
Fair Value $ 80,728,267 $ 49,891,599
Percentage of Net Assets 82.80% [1] 86.50% [2]
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member]    
Cost $ 53,690,707 $ 47,236,705
Fair Value $ 54,001,641 $ 48,708,304
Percentage of Net Assets 55.30% [1] 84.40% [2]
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Alternative Energy - Solar [Member] | Sunny Mountain Portfolio [Member]    
Shares or Principal Amount 100.00% 100.00%
Cost $ 884,578 $ 920,000
Fair Value $ 1,400,245 $ 1,329,803
Percentage of Net Assets 1.40% [1] 2.30% [2]
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Alternative Energy - Solar [Member] | East To West Solar Portfolio [Member]    
Shares or Principal Amount 100.00% 100.00%
Cost $ 19,800,000 $ 19,765,000
Fair Value $ 20,266,527 $ 20,005,027
Percentage of Net Assets 20.80% [1] 34.70% [2]
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Alternative Energy - Solar [Member] | Green Maple Portfolio [Member]    
Shares or Principal Amount 100.00% 100.00%
Cost $ 12,600,000 $ 9,500,000
Fair Value $ 10,234,193 $ 9,577,290
Percentage of Net Assets 10.40% [1] 16.60% [2]
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Alternative Energy - Solar [Member] | Magnolia Sun Portfolio [Member]    
Shares or Principal Amount 100.00% 100.00%
Cost $ 10,775,000 $ 7,550,000
Fair Value $ 11,714,543 $ 7,542,723
Percentage of Net Assets 12.00% [1] 13.10% [2]
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Alternative Energy - Solar [Member] | Six States Solar Portfolio [Member]    
Shares or Principal Amount 100.00% 100.00%
Cost $ 2,300,000 $ 2,300,000
Fair Value $ 2,714,736 $ 2,685,597
Percentage of Net Assets 2.80% [1] 4.70% [2]
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Alternative Energy - Solar [Member] | Greenbacker Residential Solar Portfolio [Member]    
Shares or Principal Amount 100.00%  
Cost $ 50,000  
Fair Value $ 49,614  
Percentage of Net Assets [1] 0.10%  
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Alternative Energy - Wind [Member] | Greenbacker Wind Portfolio [Member]    
Shares or Principal Amount 100.00% 100.00%
Cost $ 6,750,000 $ 6,750,000
Fair Value $ 7,081,465 $ 7,093,750
Percentage of Net Assets 7.30% [1] 12.30% [2]
Total United States [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Energy Efficiency - Lighting Replacement [Member] | GREC Energy Efficiency Portfolio [Member]    
Shares or Principal Amount 100.00% 100.00%
Cost $ 531,129 $ 451,705
Fair Value $ 540,318 $ 474,114
Percentage of Net Assets 0.50% [1] 0.70% [2]
Total United States [Member] | Energy Efficiency Secured Loans - Not Readily Marketable [Member]    
Cost $ 838,871 $ 1,183,295
Fair Value $ 838,871 $ 1,183,295
Percentage of Net Assets 0.90% [1] 2.10% [2]
Total United States [Member] | Energy Efficiency Secured Loans - Not Readily Marketable [Member] | Energy Efficiency - Lighting Replacement [Member] | 10.25% Renew AEC One, LLC Due 2025-02-24 [Member]    
Fees [3]   0.00%
Maximum Commitment   $ 1,100,000
Shares or Principal Amount $ 838,871 1,085,508
Cost 838,871 1,085,508
Fair Value $ 838,871 $ 1,085,508
Percentage of Net Assets 0.90% [1],[4] 1.90% [2],[5]
Total United States [Member] | Energy Efficiency Secured Loans - Not Readily Marketable [Member] | Energy Efficiency - Lighting Replacement [Member] | 10% LED Funding - Universidad Project Due 2015-12-31 [Member]    
Fees [3]   2.00%
Maximum Commitment   $ 185,000
Shares or Principal Amount   97,787
Cost   97,787
Fair Value   $ 97,787
Percentage of Net Assets [2]   0.20%
Total United States [Member] | Secured Loans - Other - Not Readily Marketable [Member] | Alternative Energy - Wind [Member]    
Cost $ 25,887,755  
Fair Value $ 25,887,755  
Percentage of Net Assets [1] 26.60%  
Total United States [Member] | Secured Loans - Other - Not Readily Marketable [Member] | Alternative Energy - Wind [Member] | 9.50% Greenfield Secured Turbine Loan Due 2016-12-31 [Member]    
Fees [6]  
Maximum Commitment $ 916,633  
Shares or Principal Amount 25,887,755  
Cost 25,887,755  
Fair Value $ 25,887,755  
Percentage of Net Assets [1] 26.60%  
Canada [Member]    
Cost $ 1,603,136 $ 1,603,136
Fair Value $ 1,853,581 $ 1,562,967
Percentage of Net Assets 1.90% [1] 2.70% [2]
Canada [Member] | Limited Liability Company Member Interests - Not Readily Marketable [Member] | Alternative Energy - Solar [Member] | Canadian Northern Lights Portfolio [Member]    
Shares or Principal Amount 100.00% 100.00%
Cost $ 1,603,136 $ 1,603,136
Fair Value $ 1,853,581 $ 1,562,967
Percentage of Net Assets 1.90% [1] 2.70% [2]
[1] Percentages are based on net assets of $97,503,038 as of June 30, 2016.
[2] Percentages are based on net assets of $57,688,078 as of December 31, 2015.
[3] Commitment fees payable on maturity of the loan.
[4] Per the loan agreement, interest commenced on January 24, 2016.
[5] Interest commences the earlier of the Operational Date or January 24, 2016.
[6] Application and commitment fees of $916,633 are being amortized over the term of the loan.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Organization and Operations of the Company
6 Months Ended
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Operations of the Company

Note 1. Organization and Operations of the Company

 

Greenbacker Renewable Energy Company LLC (the “LLC”), a Delaware limited liability company, is an externally managed energy company that acquires and manages income-generating renewable energy and energy efficiency projects, and other energy-related businesses, as well as finances the construction and/or operation of these and sustainable development projects and businesses. The LLC plans to conduct substantially all of its operations through its wholly-owned subsidiary, Greenbacker Renewable Energy Corporation (“GREC”). GREC is a Maryland corporation formed in November 2011 and the LLC currently holds all of the outstanding shares of capital stock of GREC. The LLC and GREC (collectively “we”, “us”, “our”, and the “company”) are externally managed and advised by Greenbacker Capital Management LLC (the “advisor” or “GCM”), a renewable energy, energy efficiency and sustainability related project acquisition, consulting and development company. The LLC’s fiscal year end is December 31.

 

Pursuant to a Registration Statement on Form S-1 (File No. 333-178786-01), the company is offering on a continuous basis up to $1,500,000,000 in shares of limited liability company interests, or the shares, including up to $250,000,000 of shares pursuant to the distribution reinvestment plan, on a “best efforts” basis through SC Distributors, LLC, the dealer manager, meaning it is not required to sell any specific number or dollar amount of shares. The company is publicly offering three classes of shares, Class A shares, Class C shares and Class I shares, in any combination with a dollar value up to the maximum offering amount. In addition, the company is privately offering two classes of shares, Class P-A shares and Class P-I shares. The share classes have different selling commissions, dealer manager fees and there is an ongoing distribution fee with respect to Class C shares. The company has adopted a distribution reinvestment plan pursuant to which a shareholder may elect to have the full amount of cash distributions reinvested in additional shares. The company reserves the right to reallocate the shares offered between Class A, Class C and Class I shares and between its public offering and the distribution reinvestment plan.

 

Since the initial closing on April 25, 2014 and through November 4, 2015, the company sold shares, pursuant to a Registration Statement on Form S-1 (File No. 333-178786-01), on a continuous basis at a price of $10.00 per Class A share, $9.576 per Class C share and $9.186 per Class I share. For the period from November 5, 2015 through February 4, 2016, the company sold shares on a continuous basis at a price of $10.024 per Class A share, $9.599 per Class C share and $9.208 per Class I share. For the period from February 5, 2016 through May 5, 2016, the company sold shares on a continuous basis at a price of $10.048 per Class A share, $9.621 per Class C share and $9.230 per Class I share. From May 6, 2016 through August 3, 2016, the company sold shares on a continuous basis at a price of $10.068 per Class A share, $9.640 per Class C share, $9.248 per Class I share, $9.589 per Class P-A share and $8.808 per Class P-I share. Since August 4, 2016, the company has been selling shares on a continuous basis at a price of $10.227 per Class A share, $9.791 per Class C share, $9.394 per Class I share, $9.739 per Class P-A share and $8.946 per Class P-I share.

 

Each quarter, our advisor, utilizing the services of an independent valuation firm when necessary, reviews and approves the net asset value for each class of shares, subject to the oversight of the company’s board of directors. The company expects such determination will ordinarily be made within 30 days after each such completed fiscal quarter. To the extent that the net asset value per share on the most recent valuation date increases above or decreases below the net proceeds per share, the company will adjust the offering prices of all classes of shares. The adjustments to the per share offering prices, which will become effective five business days after such determination is published, will ensure that after the effective date of the new offering prices, the offering prices per share, after deduction of selling commissions, dealer manager fees and organization and offering expenses, are not above or below net asset value per share as of the most recent valuation date. The purchase price per share to be paid by each investor will be equal to the price that is in effect on the date such investor submits his or her completed subscription agreement to the dealer manager. The company’s shares are offered in the primary offering at a price based on the most recent valuation, plus related selling commissions, dealer manager fees and organization and offering expenses. Five days after the completion of each quarter end valuation, shares will be offered pursuant to the distribution reinvestment plan at a price equal to the current offering price per each class of shares, less the sales selling commissions and dealer manager fees associated with that class of shares in the primary offering.

 

An inability to raise substantial funds would increase our fixed operating expenses as a percentage of gross revenue and income, and our flexibility to implement the company’s business plans as well as our ability to diversify the company’s investments and to make distributions could be adversely affected.

 

We have initially focused on solar energy and wind energy projects as well as energy efficiency projects. We believe solar energy projects generally offer more predictable power generation characteristics, due to the relative predictability of sunlight over the course of time compared to other renewable energy classes and therefore we expect they will provide more stable income streams. However, technological advances in wind turbines and other energy generation technologies, as well as government incentives, make wind energy and other types of projects attractive as well. Solar energy projects provide maximum energy production during the middle of the day and in the summer months when days are longer and nights shorter. Generally, the demand for power in the United States tends to be higher at those times due to the use of air conditioning and as a result energy prices tend to be higher. Solar energy projects tend to have minimal environmental impact enabling such projects to be developed close to areas of dense population where electricity demand is highest. Solar technology is scalable and well-established and it is a relatively simple process to integrate new acquisitions and projects into our portfolio. Unlike solar energy projects, maximum wind power energy generation generally occurs in the winter months as the occurrence of wind is usually greater than in the summer months. Over time, we expect to broaden our strategy to include other types of renewable energy projects and energy efficiency projects and businesses, which may include hydropower assets, geothermal plants, biomass and biofuel assets, combined heat and power technology assets, fuel cell assets and other energy efficiency assets, among others, and to the extent we deem an opportunity attractive, other energy and sustainability related assets and businesses.

 

As of June 30, 2016, the company has made solar, wind and energy efficiency investments in nine portfolios, eight domiciled in the United States and one in Canada, as well as one energy efficiency secured loan and one loan secured by wind turbines in the United States (See Note 3). As of December 31, 2015, the company had made solar and wind investments in seven portfolios, six domiciled in the United States and one in Canada, as well as certain energy efficiency secured loans and leases in the United States.

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Significant Accounting Policies
6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Significant Accounting Policies

Note 2. Significant Accounting Policies

 

Basis of Presentation

 

The company’s consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Actual results could differ from those estimates, assumptions, and judgments. Significant items subject to such estimates will include determining the fair value of investments, revenue recognition, income tax uncertainties, and other contingencies. The consolidated financial statements of the company include the accounts of the LLC and its consolidated subsidiary, GREC. All intercompany accounts and transactions have been eliminated.

 

The company’s consolidated financial statements are prepared using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial Services—Investment Companies (“ASC Topic 946”). In accordance with this specialized accounting guidance, the company recognizes and carries all of its investments at fair value with changes in fair value recognized in earnings. Additionally, the company will not apply the consolidation or equity method of accounting to its investments. The company carries its liabilities at amounts payable, net of unamortized premiums or discounts. The company does not currently plan to elect to carry its non-investment liabilities at fair value. Net assets are calculated as the carrying amounts of assets, including the fair value of investments, less the carrying amounts of its liabilities.

 

The financial information associated with the June 30, 2016 consolidated financial statements has been prepared by management and, in the opinion of management, contains all adjustments and eliminations, consisting of only normal recurring adjustments, necessary for a fair presentation in accordance with GAAP. The June 30, 2016 financial information has not been audited by the independent registered public accounting firm and they do not express an opinion thereon.

 

Cash and Cash Equivalents

 

Cash consists of demand deposits at a financial institution. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The company has not experienced any losses in any such accounts.

 

The company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Short-term investments that are cash equivalents are stated at cost, which approximates fair value. There are no restrictions on the use of the company’s cash as of June 30, 2016 and December 31, 2015.

 

Foreign Currency Translation

 

The accounting records of the company are maintained in U.S. Dollars. The fair value of investments and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. Dollars using the exchange rate at the end of each reporting period. Amounts related to the purchases and sales of investments, investment income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions.

 

Net unrealized currency gains and losses arising from valuing foreign currency denominated assets and liabilities at the current exchange rate are reflected as part of net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies.

 

Valuation of Investments at Fair Value

 

Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures (formerly Statement of Financial Accounting Standards No. 157, Fair Value Measurements) (“ASC Topic 820”) defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value. The company recognizes and accounts for its investments at fair value. The fair value of the investments does not reflect transaction costs that may be incurred upon disposition of the investments.

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is an exchange price notion under which fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability.

 

The advisor has established procedures to estimate the fair value of its investments which the company’s board of directors has reviewed and approved. The company will use observable market data to estimate the fair value of investments to the extent that market data is available. In the absence of quoted market prices in active markets, or quoted market prices for similar assets or in markets that are not active, the company will use the valuation methodologies described below with unobservable data based on the best available information in the circumstances, which incorporates the company’s assumptions about the factors that a market participant would use to value the asset.

 

For investments for which quoted market prices are not available, which will comprise most of our investment portfolio, fair value will be estimated by using the income or market approach. The income approach is based on the assumption that value is created by the expectation of future benefits discounted to a current value and the fair value estimate is the amount an investor would be willing to pay to receive those future benefits. The market approach compares recent comparable transactions to the investment. Adjustments are made for any dissimilarity between the comparable transactions and the investments. These valuation methodologies involve a significant degree of judgment on the part of our advisor.

 

In determining the appropriate fair value of an investment using these approaches, the most significant information and assumptions may include, as applicable: available current market data, including relevant and applicable comparable market transactions, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the investment’s ability to make payments, its earnings and discounted cash flows, the markets in which the project does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, the principal market and enterprise values, environmental factors, among other factors.

 

The estimated fair values will not necessarily represent the amounts that may be ultimately realized due to the occurrence or nonoccurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of the valuation of the investments, the estimate of fair values may differ significantly from the value that would have been used had a broader market for the investments existed.

 

The authoritative accounting guidance prioritizes the use of market-based inputs over entity-specific inputs and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation. The three levels of valuation hierarchy are defined as follows:

 

  Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date. Valuation adjustments and block discounts are not applied to Level 1 measurements;

 

  Level 2: Valuations based on quoted prices in less active, dealer or broker markets. Fair values are primarily obtained from third-party pricing services or broker quotes for identical or comparable assets or liabilities;

 

  Level 3: Valuations derived from other valuation methodologies, including pricing models, discounted cash flow models and similar techniques, and not based on market, exchange, dealer, or broker-traded transactions. Level 3 valuations incorporate certain assumptions and projections that are not observable in the market and significant professional judgment in determining the fair value assigned to such assets or liabilities.

 

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls will be determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment.

 

Calculation of Net Asset Value

 

Net asset value by class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. Net asset value per share is calculated by dividing net asset value for each class by the total number of outstanding common shares for that class on the reporting date.

 

Earnings (Loss) per Share

 

In accordance with the provisions of ASC Topic 260 — Earnings per Share (“ASC Topic 260”), basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.

 

The following information sets forth the computation of the weighted average basic and diluted net increase in net assets attributed to common stockholders per share for the three and six months ended June 30, 2016 and June 30, 2015:

 

    For the three
months ended
June 30, 2016
    For the three
months ended
June 30, 2015
    For the six
months ended
June 30, 2016
    For the six
months ended
June 30, 2015
 
Basic and diluted                                
Net increase in net assets attributed to common stockholders   $ 3,172,773     $ 296,801     $ 4,574,002     $ 486,709  
Weighted average common shares outstanding     10,339,058       2,383,753       9,102,063       1,931,513  
Net increase in net assets attributed to common stockholders per share   $ 0.31     $ 0.12     $ 0. 50     $ 0.25  

 

Revenue Recognition

 

Interest income is recorded on an accrual basis to the extent the company expects to collect such amounts. Interest receivable on loans and debt securities is not accrued for accounting purposes if there is reason to doubt an ability to collect such interest. Original issue discounts, market discounts or market premiums are accreted or amortized using the effective interest method as interest income. Prepayment premiums on loans and debt securities are recorded as interest income when received. Any application, origination or other fees earned by the company in arranging or issuing debt are amortized over the expected term of the loan.

 

Loans are placed on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are generally restored to accrual status when past due and principal and interest is paid and, in management’s judgment, is likely to remain current.

 

Dividend income is recorded (1) on the ex-dividend date for publicly issued securities and (2) when received from private investments.

 

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments

 

Realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

 

Payment-in-Kind Interest

 

For loans and debt securities with contractual payment-in-kind (“PIK”) interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible.

  

Distribution Policy

 

Distributions to members, if any, will be authorized and declared by our board of directors quarterly in advance and paid on a monthly basis. From time to time, we may also pay interim special distributions in the form of cash or shares, with the approval of our board of directors. Distributions will be made on all classes of shares at the same time. The cash distributions with respect to the Class C shares will be lower than the cash distributions with respect the company’s other publicly offered share classes because of the distribution fee associated with the Class C shares, which is allocated specifically to Class C net assets. Amounts distributed to each class is allocated amongst the holders of the shares in such class in proportion to their shares. Distributions declared by our board of directors are recognized as distribution liabilities on the ex-dividend date.

 

Organization and Offering Costs

 

Organization and offering costs (“O&O costs”), other than sales commissions and the dealer manager fee, are initially being paid by our advisor and/or dealer manager on behalf of the company. These O&O costs include all costs to be paid by the company in connection with its formation and the offering of its shares pursuant to a Registration Statement on Form S-1 (File No. 333-178786-01), including legal, accounting, printing, mailing and filing fees, charges of the company’s escrow holder, transfer agent fees, due diligence expense reimbursements to participating broker-dealers included in detailed and itemized invoices and costs in connection with administrative oversight of the offering and marketing process, and preparing supplemental sales materials, holding educational conferences, and attending retail seminars conducted by broker-dealers. While the total O&O costs shall be reasonable and shall in no event exceed an amount equal to 15% of the gross proceeds of this offering and the distribution reinvestment plan, the company is currently targeting no more than 4.0% of the gross proceeds for O&O costs other than sales commissions and dealer manager fees. The company anticipates that it will be obligated to reimburse our advisor for O&O costs that it may incur on behalf of the company, in accordance with the advisory agreement, but only to the extent that the reimbursement would not cause the selling commissions, the dealer manager fee and the other organization and offering expenses borne by the company to exceed 15% of gross offering proceeds as of the date of reimbursement.

 

The costs incurred by our advisor and/or dealer manager are recognized as a liability of the company to the extent that the company is obligated to reimburse our advisor and/or dealer manager, subject to the 15% of gross offering proceeds limitation described above. When recognized by the company, organizational costs will be expensed and offering costs, excluding selling commissions and dealer manager fees, will be recognized as a reduction of the proceeds from the offering.

 

As of June 30, 2016 and December 31, 2015, the advisor and the dealer manager incurred approximately $6,841,000 and $5,913,000, respectively, of O&O costs on behalf of the company of which approximately $5,760,000 and $3,577,000 had been reimbursed to the advisor and the dealer manager as of June 30, 2016 and December 31, 2015, respectively. As of June 30, 2016, the company owed the advisor and the dealer manager approximately $347,000. The remaining difference between amount incurred and amount paid or payable, or approximately $734,000, is a contingent liability of the company subject to payment only upon adequate gross offering proceeds being raised during our continuous offering. The O&O costs include $1,250,000 for formation services due to an affiliate of the advisor of which $250,000 was included in O&O costs at June 30, 2016 and December 31, 2015, respectively, but is not payable until the completion of the public offering. 

 

Debt Issuance Costs

 

Debt issuance costs related to debt liabilities incurred by the company, GREC or any wholly-owned, holding company formed specifically to be a credit agreement counterparty are presented on the consolidated statements of assets and liabilities as a direct deduction from the carrying amount of that debt liability.

 

Capital Gains Incentive Allocation and Distribution

 

Pursuant to the terms of the LLC’s amended and restated limited liability company agreement, a capital gains incentive distribution will be earned by an affiliate of our advisor on realized gains from the sale of investments from the company’s portfolio during operations prior to a liquidation of the company. While the terms of the advisory agreement neither include nor contemplate the inclusion of unrealized gains in the calculation of the capital gains incentive distribution, pursuant to an interpretation of an American Institute for Certified Public Accountants Technical Practice Aid for investment companies, the company will include unrealized gains in the calculation of the capital gains incentive distribution expense and related capital gains incentive fee payable. This amount reflects the incentive distribution that would be payable if the company’s entire portfolio was liquidated at its fair value as of the consolidated statements of assets and liabilities date even though the advisor is not entitled to an incentive distribution with respect to unrealized gains unless and until such gains are actually realized. Thus on each date that net asset value is calculated, the company calculates for the capital gains incentive distribution by calculating such distribution as if it were due and payable as of the end of such period. As of June 30, 2016 and December 31, 2015, a capital gains incentive distribution allocation in the amount of $113,192 and $286,259, respectively, was recorded based primarily upon unrealized gains.

 

Deferred Sales Commissions

 

The company defers certain costs, principally sales commissions and related compensation, which are paid to the dealer manager and may be reallowed to financial advisors and broker/dealers in the future in connection with the sale of Class C shares sold with a reduced front-end load sales charge. The costs expected to be incurred at the time of the sale of Class C shares are recorded as a liability on date of sale and are amortized on a straight-line basis over the period beginning on the time of sale and ending on the date which approximates an expected liquidity event for the company. Prior to June 30, 2016, the company did not record a liability at time of the sale for expected deferred sales commissions. As of June 30, 2016, the company has recorded a liability for deferred sales commissions in the amount of $189,985.

 

Reclassifications

 

Certain prior year amounts have been reclassified to conform with current year presentation.

 

Derivative Instruments

 

The company may utilize interest rate swaps to modify interest rate characteristics of certain liabilities to manage its exposure to interest rate fluctuations. Changes in the fair value of the interest rate swaps during the period are recognized in the accompanying consolidated statements of operations where the company, GREC or any wholly-owned, holding company formed specifically to be a credit agreement counterparty is the counterparty and in the change in fair value of investments if a subsidiary of the company is the counterparty.

 

While we are currently of the opinion that the currency fluctuation between the Canadian and U.S. Dollar will not have a material impact on our operating results, we may in the future enter into derivatives or other financial instruments in an attempt to hedge our foreign currency exchange risk if we believe not doing so would have a material impact our results of operations.

 

Income Taxes

 

The LLC intends to operate so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code. As such, it will not be subject to any U.S. federal and state income taxes. In any particular year it is possible that the LLC will not meet the qualifying income exception and will not qualify to be treated as a partnership. If the LLC does not meet the qualifying income exception, the members would then be treated as stockholders in a corporation and the company would become taxable as a corporation for U.S. federal income tax purposes under the Internal Revenue Code. The LLC would be required to pay income tax at corporate rates on its net taxable income. Distributions to members from the LLC would constitute dividend income taxable to such members, to the extent of the company’s earnings and profits and the payment of the distributions would not be deductible by the LLC.

 

The LLC plans to conduct substantially all of its operations through its wholly-owned subsidiary, GREC, which is a corporation that is subject to U.S. federal, state and local income taxes. Accordingly, most of its operations will be subject to U.S. federal, state and local income taxes.

 

Income taxes are accounted for under the assets and liabilities method. Deferred tax assets and liabilities are recorded for the estimated future tax consequences attributable to differences between items that are recognized in the consolidated financial statements and tax returns in different years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. For income tax benefits to be recognized including uncertain tax benefits, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of the benefit that is more likely than not to be realized upon ultimate settlement. A valuation allowance is established against net deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties associated with income taxes, if any, will be recognized in general and administrative expense.

 

The company does not consolidate its investments for financial statements, rather it accounts for its investments at fair value under the specialized accounting of ASC Topic 946. The tax attributes of the individual investments will be considered and incorporated in the company’s fair value estimates for those investments. The amounts recognized in the consolidated financial statements for unrealized appreciation and depreciation will result in a difference between the consolidated financial statements and the cost basis of the assets for tax purposes. These differences will be recognized as deferred tax assets and liabilities. Generally, the entities that hold the company’s investments will be included in the consolidated tax return of GREC and the differences between the amounts recognized for financial statement purposes and the tax return will be recognized as additional deferred tax assets and liabilities.

 

The company follows the authoritative guidance on accounting for uncertainty in income taxes and concluded it has no material uncertain tax positions to be recognized at this time.

 

The company assessed its tax positions for all open tax years as of June 30, 2016 for all U.S. federal and state tax jurisdictions for the years 2012 through 2015. The results of this assessment are included in the company’s tax provision and deferred tax assets as of June 30, 2016.

 

Recently Issued Accounting Pronouncements

 

Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. The company is choosing not to take advantage of the extended transition period for complying with new or revised accounting standards.

 

In August 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance that requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments provide a definition of the term ‘substantial doubt’ and include principles for considering the mitigating effect of management’s plans. The amendments also require an evaluation every reporting period, including interim periods for a period of one year after the date that the financial statements are issued (or available to be issued), and certain disclosures when substantial doubt is alleviated or not alleviated. The amendments in this update are effective for reporting periods ending after December 15, 2016. Management is of the opinion that adopting this new accounting guidance will not have any material effect on the company’s consolidated financial statements.

 

Updated Footnote Disclosure

 

Certain footnote disclosures have been updated to enhance information presented pertaining to the value of shares sold and shares issued through the reinvestment of distributions. The impact of these additional disclosures is not material to the previously issued consolidated financial statements as of and for the three and six months ended June 30, 2015.

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
Investments
6 Months Ended
Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Investments

Note 3. Investments

 

The composition of the company’s investments as of June 30, 2016, at cost and fair value, were as follows:

 

    Investments
at Cost
    Investments at
Fair Value
    Fair Value
Percentage of
Total Portfolio
 
Alternative Energy - Solar:                        
Sunny Mountain Portfolio   $ 884,578     $ 1,400,245       1.7 %
East to West Solar Portfolio     19,800,000       20,266,527       24.5  
Green Maple Portfolio     12,600,000       10,234,193       12.4  
Magnolia Sun Portfolio     10,775,000       11,714,543       14.2  
Canadian Northern Lights Portfolio     1,603,136       1,853,581       2.2  
Six States Solar Portfolio     2,300,000       2,714,736       3.3  
Greenbacker Residential Solar Portfolio     50,000       49,614       0.1  
Subtotal   $ 48,012,714     $ 48,233,439       58.4 %
Alternative Energy - Wind:                        
Greenbacker Wind Portfolio   $ 6,750,000     $ 7,081,465       8.6 %
Subtotal   $ 6,750,000     $ 7,081,465       8.6 %
Energy Efficiency:                        
GREC Energy Efficiency LLC Portfolio   $ 531,129     $ 540,318       0.7 %
Renew AEC One, LLC     838,871       838,871       1.0  
Subtotal   $ 1,370,000     $ 1,379,189       1.7 %
Secured Loans  - Other:                        
Greenfield Secured Turbine Loan   $ 25,887,755     $ 25,887,755       31.3 %
Subtotal   $ 25,887,755     $ 25,887,755       31.3 %
Total   $ 82,020,469     $ 82,581,848       100.0 %

 

The composition of the company’s investments as of December 31, 2015, at cost and fair value, were as follows:

 

    Investments
at Cost
    Investments at
Fair Value
    Fair Value
Percentage of
Total Portfolio
 
Alternative Energy - Solar:                        
Sunny Mountain Portfolio   $ 920,000     $ 1,329,803       2.6 %
East to West Solar Portfolio     19,765,000       20,005,027       38.9  
Green Maple Portfolio     9,500,000       9,577,290       18.6  
Magnolia Sun Portfolio     7,550,000       7,542,723       14.7  
Canadian Northern Lights Portfolio     1,603,136       1,562,967       3.0  
Six States Solar Portfolio     2,300,000       2,685,597       5.2  
Subtotal   $ 41,638,136     $ 42,703,407       83.0 %
Alternative Energy - Wind:                        
Greenbacker Wind Portfolio   $ 6,750,000     $ 7,093,750       13.8 %
Subtotal   $ 6,750,000     $ 7,093,750       13.8 %
Energy Efficiency:                        
GREC Energy Efficiency LLC Portfolio   $ 451,705     $ 474,114       0.9 %
LED Funding – Universidad Project     97,787       97,787       0.2  
Renew AEC One, LLC     1,085,508       1,085,508       2.1  
Subtotal   $ 1,635,000     $ 1,657,409       3.2 %
Total   $ 50,023,136     $ 51,454,566       100.0 %

 

The counterparty to all the energy efficiency investments held by the company as of June 30, 2016 and December 31, 2015 is a related party (See Note 5).

 

The composition of the company’s investments as of June 30, 2016 by geographic region, at cost and fair value, were as follows:

 

    Investments at
Cost
    Investments at
Fair Value
    Fair Value
Percentage
of Total Portfolio
 
United States:                        
South Region   $ 27,007,803     $ 28,253,421       34.2 %
East Region     14,178,414       11,877,714       14.4  
Mountain Region     36,169,924       37,192,831       45.0  
West Region     2,192,747       2,439,097       3.0  
Mid-West Region     868,445       965,204       1.2  
Total United States   $ 80,417,333     $ 80,728,267       97.8 %
Canada:     1,603,136       1,853,581       2.2  
Total   $ 82,020,469     $ 82,581,848       100.0 %

 

The composition of the company’s investments as of December 31, 2015 by geographic region, at cost and fair value, were as follows:

 

    Investments at
Cost
    Investments at
Fair Value
    Fair Value
Percentage
of Total Portfolio
 
United States:                        
South Region   $ 24,919,749     $ 25,139,147       48.9 %
Northeast Region     11,124,945       11,268,268       21.9  
Mountain Region     10,259,953       11,133,946       21.6  
West Region     1,247,582       1,396,242       2.7  
Mid-West Region     867,771       953,996       1.9  
Total United States   $ 48,420,000     $ 49,891,599       97.0 %
Canada:     1,603,136       1,562,967       3.0  
Total   $ 50,023,136     $ 51,454,566       100.0 %

 

The composition of the company’s investments as of June 30, 2016 by industry, at cost and fair value, were as follows:

 

    Investments at Cost     Investments at Fair
Value
    Fair Value
Percentage
of Total Portfolio
 
Alternative Energy - Solar   $ 48,012,714     $ 48,233,439       58.4 %
Alternative Energy - Wind     32,637,755       32,969,220       39.9  
Energy Efficiency - Lighting Replacement     1,370,000       1,379,189       1.7  
Total   $ 82,020,469     $ 82,581,848       100.0 %

 

The composition of the company’s investments as of December 31, 2015 by industry, at cost and fair value, were as follows:

  

    Investments at Cost     Investments at Fair
Value
    Fair Value
Percentage
of Total Portfolio
 
Alternative Energy - Solar   $ 41,638,136     $ 42,703,407       83.0 %
Alternative Energy - Wind     6,750,000       7,093,750       13.8  
Energy Efficiency - Lighting Replacement     1,635,000       1,657,409       3.2  
Total   $ 50,023,136     $ 51,454,566       100.0 %

 

Investments held as of June 30, 2016 and December 31, 2015 are considered Control Investments, which is defined as investments in companies in which the company owns 25% or more of the voting securities of such company, have greater than 50% representation on such company’s board of directors or investments in limited liability companies for which the company serves managing member.

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair Value Measurements - Investment
6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Fair Value Measurements - Investment

Note 4. Fair Value Measurements - Investment

 

The following table presents fair value measurements of investments, by major class, as of June 30, 2016, according to the fair value hierarchy:

 

    Valuation Inputs  
    Level 1     Level 2     Level 3     Fair Value  
Limited Liability Company Member Interests   $     $     $ 54,001,641     $ 54,001,641  
Capital Stock                 1,853,581       1,853,581  
Energy Efficiency – Secured Loans                 838,871       838,871  
Secured Loans - Other                 25,887,755       25,887,755  
Total   $     $     $ 82,581,848     $ 82,581,848  

 

The following table presents fair value measurements of investments, by major class, as of December 31, 2015, according to the fair value hierarchy:

 

    Valuation Inputs  
    Level 1     Level 2     Level 3     Fair Value  
Limited Liability Company Member Interests   $     $     $ 48,708,304     $ 48,708,304  
Capital Stock                 1,562,967       1,562,967  
Energy Efficiency – Secured Loans                 1,183,295       1,183,295  
Total   $     $     $ 51,454,566     $ 51,454,566  

 

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2016: 

 

    Balance as of
December 31, 2015
    Net change in unrealized
appreciation
(depreciation) on
investments
    Realized
gain
    Translation of assets
and liabilities
denominated in foreign
currencies
    Purchases and other
adjustments to cost (1)
    Sales and Repayments
of investments (2)
    Transfers in     Transfers out     Balance as of
June 30, 2016
 
Limited Liability Company Member Interests   $ 48,708,304     $ (1,160,665 )   $ 4,578     $ -     $ 6,360,000     $ (205,000 )   $ 294,424     $ -     $ 54,001,641  
Capital Stock     1,562,967       193,611       -       97,003       -       -       -       -       1,853,581  
Energy Efficiency - Secured Loans     1,183,295       -       -       -       -       (50,000 )     -       (294,424 )     838,871  
Secured Loans - Other     -       -       -       -       25,887,755       -       -       -       25,887,755  
Total   $ 51,454,566     $ (967,054 )   $ 4,578     $ 97,003     $ 32,247,755     $ (255,000 )   $ 294,424     $ (294,424 )   $ 82,581,848  

 

  (1) Includes purchases of new investments, capitalized deal costs, effects of purchase price adjustments, return of capital and additional investments in existing investments, if any.
  (2) Includes principal repayments on loans.

 

The total change in unrealized depreciation included in the consolidated statements of operations within net change in unrealized depreciation on investments for the three and six months ended June 30, 2016 attributable to Level 3 investments still held at June 30, 2016 was $244,944 and $967,054, respectively. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of the Level 3 as of the beginning of the period which the reclassifications occur.

 

Net change in unrealized depreciation on investments at fair value for the three and six months ended June 30, 2016 was $244,944 and $967,054, respectively, included within net change in unrealized depreciation on investments in the consolidated statements of operations. Net realized gains on investments for the three and six months ended June 30, 2016 was $4,578.

 

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2015:

 

    Balance as of
December 31,
2014
    Net change in
unrealized
appreciation
on investments
    Translation of
assets and
liabilities
denominated in
foreign
currencies
    Purchases and
other
adjustments
to cost (1)
    Repayments of
investments
    Balance as of
June 30, 2015
 
Limited Liability Company Member Interests   $ 1,688,792     $ 256,269     $     $ 14,250,000     $     $ 16,195,061  
Capital Stock     1,048,709       154,958       (72,133 )     10,000               1,141,534  
Total   $ 2,737,501     $ 411,227     $ (72,133 )   $ 14,260,000     $     $ 17,336,595  

 

  (1) Includes purchases of new investments, capitalized deal costs and effects of purchase price adjustments, if any.

 

The total change in unrealized appreciation (depreciation) included in the consolidated statements of operations within net change in unrealized appreciation (depreciation) on investments for the three and six months ended June 30, 2015 attributable to Level 3 investments still held at June 30, 2015 was ($60,884) and $411,227, respectively. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of the Level 3 as of the beginning of the period which the reclassifications occur. There were no transfers among Levels 1, 2 and 3 during the six months ended June 30, 2015.

 

Net change in unrealized appreciation (depreciation) on investments at fair value for the three and six months ended June 30, 2015 was ($60,884) and $411,227, respectively, included within net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations. There were no net realized gains or losses on investments at fair value for the three and six months ended June 30, 2015.

 

As of June 30, 2016, all of the company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the company’s investments as of June 30, 2016:

 

    Fair Value     Valuation
Techniques
  Unobservable
Inputs
  Rates/Assumptions
Alternative Energy - Solar   $ 48,233,439     Income, cost and market approach   Discount rate,
future kWh Production,
and estimated remaining useful life
  7.0% - 8.30%,
0.50% annual
degradation in production,
31.7 years
Alternative Energy – Wind   $ 7,081,465     Income and cost approach   Discount rate,
future kWh Production,
and estimated remaining useful life
  7.75%, 0.50% annual
degradation in production,
33.3 years
Energy Efficiency- Secured Loans and Leases– Lighting Replacement   $ 1,379,189     Income and collateral based approach   Market yields
and value of collateral
  10.25% - 21.31%
Secured Loans– Other   $ 25,887,755     Cost Approach   Value of collateral   9.5%

  

As of December 31, 2015, all of the company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the company’s investments as of December 31, 2015:

 

    Fair Value     Valuation
Techniques
  Unobservable
Inputs
  Rates/Assumptions
Alternative Energy - Solar   $ 42,703,407     Income, cost and market approach   Discount rate,
future kWh Production,
and estimated remaining useful life
  7.0% - 8.30%,
0. 50% annual
degradation in production,
31.7 years
Alternative Energy – Wind   $ 7,093,750     Cost approach    
Energy Efficiency- Secured Loans and Leases – Lighting Replacement   $ 1,657,409     Income and collateral based approach   Market yields
and value of collateral
  10.25% - 12.0%

  

The significant unobservable inputs used in the fair value measurement of the company’s limited liability company member interests are discount rates and estimates related to the future production of electricity. Significant increases in the discount rate used or actual kilowatt hour (“kWh”) production meaningfully less than projected production would result in a significantly lower fair value measurement.

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related Party Agreements And Transactions Agreements
6 Months Ended
Jun. 30, 2016
Related Party Transactions [Abstract]  
Related Party Agreements And Transactions Agreements

Note 5. Related Party Agreements And Transactions Agreements

 

The company has executed advisory and administration agreements with the advisor and Greenbacker Administration, LLC, our administrator, respectively, as well as a dealer manager agreement with the dealer manager, which entitles the advisor, certain affiliates of the advisor, and the dealer manager to specified fees upon the provision of certain services with regard to the offering of the company’s shares and the ongoing management of the company as well as reimbursement of O&O costs incurred by the advisor and the dealer manager on behalf of the company (as discussed in Note 2) and certain other operating costs incurred by the advisor on behalf of the company. The term “Special Unitholder” refers to GREC Advisors, LLC, a Delaware limited liability company, which is a subsidiary of our advisor and “special unit”, refers to the special unit of limited liability company interest in GREC entitling the Special Unitholder to an incentive allocation and distribution. In addition, the company and the advisor entered into an expense reimbursement agreement whereby the advisor agrees to reimburse the company for certain expenses above certain limits and be repaid when the company’s expenses are reduced below that threshold. The fees and reimbursement obligations are as follows:

  

Type of Compensation and Recipient   Determination of Amount
Selling Commissions — Dealer Manager   7% of gross offering proceeds from the sale of Class A and Class P-A shares and up to 3% of gross offering proceeds from the sale of Class C shares. No selling commission will be paid with respect to Class I or Class P-I shares or for sales pursuant to the dividend reinvestment plan. All of its selling commissions are expected to be re-allowed to participating broker- dealers.
     
Dealer Manager Fee — Dealer Manager   2.75% of gross offering proceeds from the sale of Class A, Class P-A and Class C shares, and 1.75% of gross offering proceeds from the sale of Class I and Class P-I  shares. No dealer manager fee will be paid for sales pursuant to the dividend reinvestment plan. The dealer manager may re-allow a portion of its dealer manager fee to selected broker- dealers.
     
Distribution Fee — Dealer Manager   With respect to Class C shares only, the company will pay the dealer manager a distribution fee that accrues daily in an amount equal to 1/366th of 0.80% of the amount of the net asset value for the Class C shares for such day on a continuous basis from year to year. The company will stop paying distribution fees at the earlier of a listing of the Class C shares on a national securities exchange, following the completion of this offering, total underwriting compensation in this offering equals 10% of the gross proceeds from the primary offering or Class C shares are no longer outstanding. The dealer manager may re-allow all or a portion of the distribution fee to participating broker-dealers and servicing broker dealers. Commencing as of June 30, 2016, the company estimates the amount of distribution fees expected to be paid and records that liability at time of sale.
     
O&O costs — Advisor   The company reimburses the advisor for the O&O costs (other than selling commissions and dealer manager fees) it has incurred on the company’s behalf only to the extent that the reimbursement would not cause the selling commissions, dealer manager fee and the other O&O costs borne by the company to exceed 15.0% of the gross offering proceeds as the amount of proceeds increases. While the company has currently targeted an offering expense ratio of 4.0% for O&O costs over the term of the public offering, 5.0% has been charged since inception.

 

Base Management Fees — Advisor   The base management fee payable to GCM will be calculated at a monthly rate of 0.167% (2.00% annually) of our gross assets (including amounts borrowed). For services rendered under the advisory agreement, the base management fee will be payable monthly in arrears. The base management fee will be calculated based on the average of the values of our gross assets for each day of the prior month. Base management fees for any partial period will be appropriately pro-rated. The base management fee may be deferred or waived, in whole or part, at the election of the advisor. All or any part of the deferred base management fee not taken as to any period shall be deferred without interest and may be taken in any period prior to the occurrence of a liquidity event as the advisor shall determine in its sole discretion.
     
Incentive Allocation and Distribution — Special Unitholder   The incentive distribution to which the Special Unitholder is entitled to will be calculated and payable quarterly in arrears based on the pre-incentive distribution net investment income for the immediately preceding fiscal quarter. For this purpose, pre-incentive distribution net investment income means interest income, dividend and distribution income from equity investments (excluding that portion of distributions that are treated as return of capital) and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive, but excluding any fees for providing managerial assistance) accrued during the fiscal quarter, minus the operating expenses for the fiscal quarter (including the base management fee, expenses payable under the administration agreement with the company’s Administrator, and any interest expense and distributions paid on any issued and outstanding indebtedness and preferred units of limited liability company interest, but excluding the incentive distribution). Pre-incentive distribution net investment income does not include any realized capital gains, realized capital losses, unrealized capital appreciation or depreciation or any accrued income taxes and other taxes including, but not limited to, franchise, property, and sales taxes.

 

    Pre-incentive distribution net investment income, expressed as a rate of return on the value of the company’s average adjusted capital at the end of the immediately preceding fiscal quarter, will be compared to a “hurdle rate” of 1.75% per fiscal quarter (7.00% annualized). Adjusted capital shall mean: cumulative gross proceeds before sales and commission and dealer fees, generated from sales of the company’s shares and preferred units of limited liability company interests (including the DRP) reduced for distributions to members of proceeds from non-liquidation dispositions of asset and amount paid for share repurchases pursuant to the Share Repurchase Program. Average adjusted capital shall mean: the average value of the adjusted capital for the two most recently completed fiscal quarters. The Special Unitholder shall receive an incentive distribution with respect to the pre-incentive distribution net investment income in each fiscal quarter as follows:

 

         no incentive distribution in any fiscal quarter in which the pre-incentive distribution net investment income does not exceed the “hurdle rate” of 1.75%;
     
         100% of the pre-incentive distribution net investment income with respect to that portion of such pre-incentive distribution net investment income, if any, that exceeds the hurdle but is less than 2.1875% in any fiscal quarter (8.75% annualized with a 7% annualized hurdle rate). The company refers to this portion of the pre-incentive distribution net investment income (which exceeds the hurdle but is less than 2.1875%) as the “catch-up.” The “catch-up” is meant to provide the advisor with 20% of the pre-incentive distribution net investment income as if a hurdle did not apply if the net investment income exceeds 2.1875% in any fiscal quarter; and
     
         20% of the amount of the pre-incentive distribution net investment income, if any, that exceeds 2.1875% in any fiscal quarter (8.75% annualized with a 7% annualized hurdle rate) is payable to the Special Unitholder (once the hurdle is reached and the catch-up is achieved, 20% of all pre-incentive distribution investment income thereafter is allocated to the Special Unitholder).
     
Capital Gains Incentive Distribution — Special Unitholder   The capital gains incentive distribution will be determined and payable to the Special Unitholder in arrears as of the end of each fiscal quarter (or upon termination of the advisory agreement, as of the termination date) to the Special Unitholder, and will equal 20.0% of the company’s realized capital gains, if any, on a cumulative basis from inception through the end of each fiscal quarter, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any capital gain incentive distributions.

 

Liquidation Incentive Distribution — Special Unitholder   The liquidation incentive distribution payable to the Special Unitholder will equal 20.0% of the net proceeds from a liquidation of the company (other than in connection with a listing, as described below) in excess of adjusted capital, as measured immediately prior to liquidation. Adjusted capital shall mean: cumulative gross proceeds generated from sales of shares (including the DRP) reduced for distributions to members of proceeds from non-liquidation dispositions of our assets and amounts paid for share repurchases pursuant to the Share Repurchase Program. In the event of any liquidity event that involves a listing of the company’s shares, or a transaction in which the company’s members receive shares of a company that is listed, on a national securities exchange, the liquidation incentive distribution will equal 20% of the amount, if any, by which the company’s listing value following such liquidity event exceeds the adjusted capital, as calculated immediately prior to such listing (the “listing premium”). Any such listing premium and related liquidation incentive distribution will be determined and payable in arrears 30 days after the commencement of trading following such liquidity event.

 

Operating Expense and Expense Assumption and Reimbursement Agreement   The company will reimburse the advisor’s cost of providing administrative services, legal, accounting and printing. The company will not reimburse the advisor for the salaries and benefits to be paid to the named executive officers. For the period beginning with the company’s breaking of escrow and beginning operations on April 25, 2014, and ending December 31, 2014, advisor assumed operating expenses for the company in an amount sufficient to keep total annual operating expenses (exclusive of interest, taxes dividend expense, borrowing costs, organizational and extraordinary expenses) of the company (“Expenses”) at percentages of average net assets of such class for any calculation period no higher than 5.0% for Class A Class C and Class I shares (the “Maximum Rates”), and (ii) the company shall reimburse advisor, within 30 days of delivery of a request in proper form, for such Expenses, provided that such repayments do not cause the total Expenses attributable to a share class during the year of repayment to exceed the Maximum Rates. The expense reimbursement agreement was amended in December 2014 and again in November 2015 to continue until the earlier of December 31, 2016 or the end of the  company’s continuous public offering. No repayments by the company to advisor shall be permitted after the earlier of (i) the company’s offering has expired or is terminated or (ii) December 31, 2016. Furthermore, if the advisory agreement is terminated or not renewed, the advisor will have no further obligation to limit expenses per the expense reimbursement agreement and the company will not have any further obligation to reimburse the advisor for expenses not reimbursed as of the date of the termination.

 

For the three and six months ended June 30, 2016, the company incurred $763,295 and $1,441,072, respectively, in operating expenses, including the management fees earned by the advisor. For the three and six months ended June 30, 2015, the company incurred $416,866 and $658,593, respectively, in operating expenses, including the management fees earned by the advisor. Since January 1, 2015, the advisor has elected to limit the company’s operating expenses to no higher than 5% annually of the company’s average net assets. While the advisor has assumed responsibility for $872,006 of the company’s operating expenses under the expense reimbursement agreement since inception, as of June 30, 2016, the company had reimbursed the advisor $700,000 of previously assumed expenses, subject to the restrictions of the Maximum Rates. Since average annual expenses were less than 5% for the three and six months ended June 30, 2016, the company recorded a net payable to the advisor of $327,150 and $506,040, respectively, as reimbursement for assumption of past operating expenses. For the three and six months ended June 30, 2015, the advisor assumed responsibility for $117,137 and $182,166 of the company’s operating expenses under the expense reimbursement agreement.

 

For the three and six months ended June 30, 2016, the advisor earned $429,063 and $759,778, respectively, in management fees. For the three and six months ended June 30, 2015, the advisor earned $102,020 and $164,303, respectively, in management fees. While there was an incentive allocation of $916 earned to date by the advisor, the consolidated financial statements reflect a $46,258 decrease in incentive allocation for the three months ended June 30, 2016 and a $173,067 decrease in incentive allocation for the six months ended June 30, 2016, based primarily upon unrealized depreciation on investments. The consolidated financial statements reflect a $9,280 decrease in incentive allocation for the three months ended June 30, 2015, based upon net unrealized depreciation, and $67,819 incentive allocation for the six months ended June 30, 2015, based upon net unrealized appreciation.

  

As of June 30, 2016, due to advisor/dealer manager on the consolidated statements of assets and liabilities in the amount of $346,618 is solely comprised of a payable to the advisor/dealer manager for reimbursable Organization and Offering Costs. As of December 31, 2015, due from advisor on the consolidated statements of assets and liabilities in the amount of $26,636 is comprised of $106,044 due from the advisor in connection with the expense reimbursement agreement combined with a payable to the advisor for reimbursable Organization and Offering Costs in the amount of $79,408. As of December 31, 2015, there were no amounts due to the dealer manager. The company, dealer manager and advisor plan to cash settle any amounts due to / from advisor/dealer manager on a quarterly basis.

 

For the three and six months ended June 30, 2016, the company paid $340,832 and $744,875, respectively, in dealer manager fees and $1,211,063 and $2,659,497, respectively, in selling commission to the company’s dealer manager, SC Distributors. For the three and six months ended June 30, 2015, the company paid $169,068 and $254,210 in dealer manager fees and $686,522 and $917,302, respectively, in selling commission to the company’s dealer manager, SC Distributors. These fees and commissions were paid in connection with the sales of the company’s shares to investors and, as such, were recorded against the proceeds from the issuance of shares and are not reflected in the company’s consolidated statements of operations.

  

For the three and six months ended June 30, 2016, Greenbacker Administration, LLC invoiced the company $55,978 and $80,002, respectively, for expenses, at cost, for services related to asset management and accounting services related to the company’s investments.

 

As of June 30, 2016, the company has issued 22,698 Class A shares to its advisor and 166,808 Class A shares to an affiliate of the advisor. As of December 31, 2015, the company issued 21,959 Class A shares to its advisor and 185,721 Class A shares to an affiliate of its advisor.

 

Transactions

  

The company entered into secured loans to finance the purchase and installation of energy efficient lighting with LED Funding LLC and Renew AEC One, LLC (“AEC Companies”). All of the loans with LED Funding LLC, an AEC Company, converted to an operating lease on the day the energy efficiency upgrades became operational. AEC Companies are considered related parties as the members of these entities own an indirect, non-controlling ownership interest in the company’s advisor. The loans outstanding between the AEC Companies and the company, and the subsequent operating leases, were negotiated at an arm’s length and contain standard terms and conditions that would be included in third party lending agreements including required security and collateral, interest rates based upon risk of the specific loan, and term of the loan. As of June 30, 2016, all loans and operating leases are considered current per their terms.

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
Members' Equity
6 Months Ended
Jun. 30, 2016
Equity [Abstract]  
Members' Equity

Note 6. Members’ Equity

  

General

  

Pursuant to the terms of the LLC Agreement, the LLC may issue up to 400,000,000 shares, of which 350,000,000 shares are designated as Class A, Class C, and Class I shares (collectively, common shares), and 50,000,000 are designated as preferred shares and one special unit. Each class of common shares will have the same voting rights.

 

The following are the commissions and fees for each common share class in connection with the company’s continuous public offering pursuant to a Registration Statement on Form S-1 (File No. 333-178786-01) as well as the private offering of certain share classes.

  

Class A and Class P-A: Each Class A and Class P-A share will be subject to a selling commission of up to 7.00% per share and a dealer manager fee of up to 2.75% per share. No selling commissions or dealer manager fees will be paid for sales pursuant to the dividend reinvestment plan.

 

Class C: Each Class C share issued in the primary offering will be subject to a selling commission of up to 3.00% per share and a dealer manager fee of up to 2.75% per share. In addition, with respect to Class C shares, the company will pay the dealer manager on a monthly basis a distribution fee, or “distribution fee”, that accrues daily equal to 1/366th of 0.80% of the amount of the daily net asset value for the Class C shares on a continuous basis from year to year. No selling commissions or dealer manager fees will be paid for sales pursuant to the dividend reinvestment plan.

 

Class I and Class P-I: No selling commission or distribution fee will be paid for sales of any Class I and Class P-1 shares. Each Class I and Class P-I share will be subject to a dealer manager fee of up to 1.75% per share.

  

The following table is a summary of the shares issued and repurchased during the period and outstanding as of June 30, 2016:

 

    Shares Outstanding as
of December 31, 2015
    Shares Issued
 During the 
Period
    Shares Repurchased
During the Period
    Shares Outstanding as
of June 30, 2016
 
Class A shares     5,420,728       3,173,199       (80,958 )     8,512,969  
Class C shares     248,456       474,043             722,499  
Class I shares     1,052,783       944,818       (9,021 )     1,988,580  
Total     6,721,967       4,592,060       (89,979 )     11,224,048  

 

The following table is a summary of the shares issued during the period and outstanding as of December 31, 2015:

 

    Shares Outstanding as
of December 31, 2014
    Shares Issued
 During the Period
    Shares Repurchased
During the Period
    Shares Outstanding as
of December 31, 2015
 
Class A shares     1,097,844       4,337,884       (15,000 )     5,420,728  
Class C shares     84,964       163,492             248,456  
Class I shares     53,537       999,246             1,052,783  
Total     1,236,345       5,500,622       (15,000 )     6,721,967  

 

There were no Class P-A or Class P-I shares outstanding as of June 30, 2016, December 31, 2015 or December 31, 2014.

 

The proceeds from shares sold and the value of shares issued through the reinvestment of distributions for each class of shares for the six months ended June 30, 2016 and 2015 were as follows: 

 

    Class A Shares     Class C Shares     Class I Shares     Total  
For the six months ended June 30, 2016:                                
Proceeds from Shares Sold   $ 27,740,361     $ 4,140,330     $ 8,297,268     $ 40,177,959  
Proceeds from Shares Issued through Reinvestment of Distributions   $ 1,035,075     $ 90,046     $ 267,810     $ 1,392,931  
For the six months ended June 30, 2015:                                
Proceeds from Shares Sold   $ 10,253,926     $ 601,315     $ 4,599,462     $ 15,454,703  
Proceeds  from Shares  Issued through Reinvestment of Distributions   $ 214,509     $ 23,269     $ 30,634     $ 268,412  

  

 

 As of June 30, 2016 and December 31, 2015, none of the LLC’s preferred shares were issued and outstanding.

  

The LLC Agreement authorizes the board of directors, without approval of any of the members, to increase the number of shares the company is authorized to issue and to classify and reclassify any authorized but unissued class or series of shares into any other class or series of shares having such designations, preferences, right, power and duties as may be specified by the board of directors. The LLC Agreement also authorizes the board of directors, without approval of any of the members, to issue additional shares of any class or series for the consideration and on the terms and conditions established by the board of directors. In addition, the company may also issue additional limited liability company interests that have designations, preferences, right, powers and duties that are different from, and may be senior to, those applicable to the common shares. The Special Unitholder will hold the special unit in the company. Refer to Note 5 for the terms of the special unit.

  

Distribution Reinvestment Plan

 

The company adopted a distribution reinvestment plan (“DRP”) through which the company’s Class A, Class C and Class I shareholders may elect to purchase additional shares with distributions from the company rather than receiving the cash distributions. The board of directors may reallocate the shares between the offering and the DRP. Shares issued pursuant to the DRP will have the same voting rights as shares offered pursuant to the offering. As of June 30, 2016 and December 31, 2015, 50,000,000 in shares were allocated for use in the DRP. During this offering, the purchase price of shares purchased through the DRP will be at a price equal to the then current net offering price per share. No dealer manager fees, selling commissions or other sales charges will be paid with respect to shares purchased pursuant to the DRP except for distribution fees on Class C shares issued under the DRP. At its discretion, the board of directors may amend, suspend, or terminate the DRP. A participant may terminate participation in the DRP by written notice to the plan administrator, received by the plan administrator at least 10 days prior to the distribution payment date.

  

As of June 30, 2016 and December 31, 2015, 272,494 and 118,957 shares, respectively, were issued under the DRP.

 

Share Repurchase Program

  

During the quarter ended September 30, 2015, the company commenced a share repurchase program, or “share repurchase program”, pursuant to which quarterly share repurchases will be conducted, on up to approximately 5% of the weighted average number of outstanding shares in any 12-month period, to allow members who hold Class A, Class C or Class I shares to sell shares back to the company at a price equal to the then current offering price less the selling commissions and dealer manager fees associated with that class of shares. The company is not obligated to repurchase shares and the board of directors may terminate the share repurchase program at its sole discretion. The share repurchase program includes numerous restrictions that will limit a shareholders ability to sell shares. Unless the board of directors determines otherwise, the company limits the number of shares to be repurchased during any calendar year to the number of shares the company can repurchase with the proceeds received from the sale of shares under the DRP. At the sole discretion of the board of directors, the company may also use cash on hand, cash available from borrowings and cash from liquidation of investments to repurchase shares. In addition, the company plans to limit repurchases in each fiscal quarter to 1.25% of the weighted average number of shares outstanding in the prior four fiscal quarters. For the six months ended June 30, 2016, the company repurchased 89,979 shares at a total purchase price of $817,388, pursuant to the company’s share repurchase program, including 25,170 shares from an affiliate of the advisor.

 

We have received an order for our repurchase program from the SEC under Rule 102(a) of Regulation M under the Exchange Act. In addition, our repurchase program is substantially similar to repurchase programs for which the SEC has stated it will not recommend enforcement action under Rule 13e-4 and Regulation 14E under the Exchange Act.

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
Distributions
6 Months Ended
Jun. 30, 2016
Distributions Made to Members or Limited Partners [Abstract]  
Distributions

Note 7. Distributions

  

On April 1, 2016, with the authorization of the company’s board of directors, the company declared distributions on each outstanding Class A, C and I share. These distributions were calculated based on shareholders of record for each day in an amount equal to $0.00165512 per share per day (less the distribution fee with respect to Class C shares).

 

On May 31, 2016 and June 30, 2016, with the authorization of the company’s board of directors, the company declared distributions on each outstanding Class A, C and I share. These distributions were calculated based on shareholders of record for each day in an amount equal to $0.00166172 per share per day (less the distribution fee with respect to Class C shares).

  

The following table reflects the distributions declared during the six months ended June 30, 2016:

  

Pay Date   Paid in Cash     Value of Shares
Issued under DRP
    Total  
February 1, 2016   $ 171,410     $ 185,680     $ 357,090  
March 1, 2016     182,825       195,193       378,018  
April 1, 2016     221,088       221,729       442,817  
May 2, 2016     234,799       241,934       476,733  
June 1, 2016     261,003       271,362       532,365  
July 1, 2016     270,112       277,033       547,145  
Total   $ 1,341,237     $ 1,392,931     $ 2,734,168  

 

The following table reflects the distributions declared during the six months ended June 30, 2015:

 

Pay Date   Paid in Cash     Value of Shares
Issued under DRP
    Total  
February 2, 2015   $ 35,820     $ 30,024     $ 65,844  
March 2, 2015     35,691       30,341       66,032  
April 1, 2015     46,720       38,120       84,840  
May 1, 2015     53,139       46,808       99,947  
June 1, 2015     61,499       57,380       118,879  
July 1, 2015     69,501       65,739       135,240  
Total   $ 302,370     $ 268,412     $ 570,782  

 

All distributions paid for the six months ended June 30, 2016 are expected to be reported as a return of capital to stockholders for tax reporting purposes and all distributions paid for the six months ended June 30, 2015 were reported as a return of capital to stockholders for tax purposes.

 

Cash distributions were funded from the following sources for the periods noted below:

 

     For the three
months ended
June 30, 2016
    For the six
 months ended
June 30, 2016
    For the three
months ended
June 30, 2015
    For the six
months ended
June 30, 2015
 
Cash from operations   $ 549,485     $ 549,485     $ 161,356     $ 161,356  
Offering proceeds     167,405       678,625             102,424  
Total Cash Distributions   $ 716,890     $ 1,228,110     $ 161,356     $ 263,780  

 

 The company expects to continue to fund distributions from a combination of cash from operations as well as offering proceeds until a minimum of $150 million in net assets is reached as well as being fully invested in operating assets.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
Commitments and Contingencies
6 Months Ended
Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 8. Commitments and Contingencies

 

Commitments: Pursuant to a purchase and sale agreement dated June 24, 2016, the company has committed to purchase Greenfield Wind Manager, LLC (“GWM”), which is in the process of constructing a 25MW wind farm in Teton County, Montana, subject to significant contingencies including, but not limited to, having the wind farm placed in service by December 31, 2016, receipt of certifications from various independent experts on engineering, insurance, environmental and title matters, and evidence of certain tax elections filed. If these conditions are not met by December 31, 2016, the company’s commitment expires. GWM is the borrower on the $25.9 million Turbine Supply Loan issued by the company on June 23, 2016. With the repayment of the turbine supply loan expected to be coincident with the closing of the GWM purchase, the company’s net commitment for additional funds is approximately $11,200,000.

  

Legal proceedings: The company may become involved in legal proceedings, administrative proceedings, claims and other litigation that arise in the ordinary course of business. Individuals and interest groups may sue to challenge the issuance of a permit for a renewable energy project or seek to enjoin construction of a wind energy project. In addition, we may be subject to legal proceedings or claims contesting the construction or operation of our renewable energy projects. In defending ourselves in these proceedings, we may incur significant expenses in legal fees and other related expenses, regardless of the outcome of such proceedings. Unfavorable outcomes or developments relating to these proceedings, such as judgments for monetary damages, injunctions or denial or revocation of permits, could have a material adverse effect on our business, financial condition and results of operations. In addition, settlement of claims could adversely affect our financial condition and results of operations. As of June 30, 2016, management is not aware of any legal proceedings that might have a significant adverse impact on the company.

  

Pledge of collateral and unsecured guarantee of loans to subsidiaries: Pursuant to loan agreements between the operating subsidiaries of East to West Solar LLC, Green Maple LLC and Greenbacker Wind LLC and various lenders (financial institutions and the Vermont Economic Development Authority), the operating entities have pledged all solar operating assets as well as the membership interests in various operating subsidiaries as collateral for the term loans with maturity dates ranging from February 2018 through March 2028. In addition to GREC and the company, East to West Solar LLC and Green Maple LLC (the “Guarantors”) have provided an unsecured guaranty on approximately $10,005,000 and $5,060,000, respectively, of the term loans as of June 30, 2016. The guarantors would only have to perform under the guarantee if the cash flow or the liquidation of collateral at the operating subsidiaries was inadequate to fully liquidate the remaining loan balance.

 

See Note 1 – Organization and Operations of the Company and Note 5 – Related Party Agreements and Transactions Agreements for an additional discussion of the company’s commitments and contingencies.

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Financial Highlights
6 Months Ended
Jun. 30, 2016
Financial Highlights  
Financial Highlights

Note 9. Financial Highlights

 

The following is a schedule of financial highlights of the company attributed to Class A shares, Class C shares and Class I shares for the six months ended June 30, 2016

 

    Class A Shares     Class C Shares     Class I Shares  
    For the six
months ended
June 30, 2016
    For the  six
months ended
June 30, 2016
    For the  six
months ended
June 30, 2016
 
Per share data attributed to common shares (1):                        
Net Asset Value at beginning of period   $ 8.54     $ 8.54       8.54  
Net investment income (4)     0.17       0.17       0.17  
Net unrealized depreciation on investments     (0.11 )     (0.11 )     (0.11 )
Change in translation of assets and liabilities denominated in foreign currencies     0.01       0.01       0.01  
Change in benefit from deferred taxes on unrealized appreciation on investments     0.41       0.41       0.41  
Net increase in net assets resulting from operations     0.48       0.48       0.48  
Shareholder distributions     (0.30 )     (0.30 )     (0.30 )
Offering costs and deferred sales commissions           (0.26 )      
Other (2)     (0.03 )     (0.03 )     (0.03 )
Net increase in members’ equity attributed to common shares     0.15       (0.11 )     0.15  
Net asset value for common shares at end of period   $ 8.69     $ 8.43       8.69  
Total return attributed to common shares based on net asset value (3)     5.21 %     2.05 %     5.21 %
Common shareholders’ equity at end of period   $ 74,013,171     $ 6,087,628     $ 17,289,047  
Common shares outstanding at end of period     8,512,969       722,499       1,988,580  
Ratio/Supplemental data for common shares (annualized) (3):                        
Ratio of net investment income to average net assets (5)(6)     4.03 %     3.98 %     4.02 %
Ratio of operating expenses to average net assets (5)(6)     4.99 %     4.92 %     4.97 %
Portfolio turnover rate     0.54 %     0.54 %     0.54 %

 

     
  (1) The per share data for Class A Shares, Class C Shares and Class I Shares were derived by using the weighted average shares outstanding during the six months ended June 30, 2016, which was 7,063,450, 500,288 and 1,538,324, respectively.
  (2) Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and organizational costs which are not included in operating expenses nor subject to the expense reimbursement agreement and the impact of shares at a price other than the net asset value.
  (3) Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2016, prior to the effect of the expense reimbursement agreement for Class A Shares were 5.77%, 5.34% and 3.68%, respectively. Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2016, prior to the effect of the expense reimbursement agreement for Class C Shares were 2.52%, 5.27% and 3.63%, respectively. Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2016, prior to the effect of the expense reimbursement agreement for Class I Shares were 5.74%, 5.32% and 3.66%, respectively. Allocation of net assets to special unitholder has not been included in determining net investment income or operating expenses used in the ratio calculations.
  (4) Does not reflect any incentive fees that may be payable to the Special Unitholder.
  (5) The company’s ratio of net investment income to average net assets and ratio of operating expenses to average net assets have been annualized for the six months ended June 30, 2016 assuming consistent results over a full fiscal year.
  (6) Organizational expenses included within the ratio are not annualized.

 

 

The following is a schedule of financial highlights of the company attributed to common stockholders for the six months ended June 30, 2015. The company’s income and expense was allocated pro-rata across the outstanding Class A shares, Class C shares and Class I shares as applicable, and, therefore, the financial highlights are equal for each of the outstanding classes, for the six months ended June 30, 2015. 

 

    For the  six
months ended
June 30, 2015
 
Per share data attributed to common shares (1):        
Net Asset Value at beginning of period     8.50  
Net investment income and realized loss on foreign currency translation (4)     0.11  
Net unrealized appreciation on investments     0.21  
Change in translation of assets and liabilities denominated in foreign currencies     (0.03 )
Net increase in net assets resulting from operations     0.29  
Shareholder distributions     (0.30 )
Other (2)     0.01  
Net increase in members’ equity attributed to common shares      
Net asset value for common shares at end of period   $ 8.50  
Total return attributed to common shares based on net asset value (3)     3.40 %
Common shareholders’ equity at end of period   $ 25,317,843  
Common shares outstanding at end of period     2,978,512  
Ratio/Supplemental data for common shares (annualized) (3):        
Ratio of net investment income to average net assets (5)(6)     3.14 %
Ratio of operating expenses to average net assets (5)(6)     5.44 %
Portfolio turnover rate     N/A  

 

     
  (1) The per share data was derived by using the weighted average shares outstanding during the six months ended June 30, 2015, which was 1,931,513.
  (2) Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and organizational costs which are not included in operating expenses nor subject to the expense reimbursement agreement and the impact of shares at a price other than the net asset value.
  (3) Total return, ratio of net investment loss and ratio of operating expenses to average net assets for the six months ended June 30, 2015, prior to the effect of the expense assumption and reimbursement agreement and the management fee waiver were 2.66%, 0.88% and 7.69%, respectively. Allocation of net assets to special unitholder has not been included in determining net investment income or operating expenses used in the ratio calculations.
  (4) Does not reflect any incentive fees that may be payable to the Special Unitholder.
  (5) The company’s ratio of net investment income to average net assets and ratio of operating expenses to average net assets have been annualized for the six months ended June 30, 2015 assuming consistent results over a full fiscal year.
  (6) Organizational expenses included within the ratio are not annualized.
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Subsequent Events
6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events

Note 10. Subsequent Events

  

The company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in the consolidated financial statements or would be required to be recognized in the consolidated financial statements as of and for the six months ended June 30, 2016 (unaudited), except as discussed below.

 

On July 11, 2016, the company, through an indirect, wholly owned subsidiary, GREC Entity HoldCo LLC (the “Borrower”), entered into a Credit Agreement by and among the company, the lenders party thereto and Fifth Third Bank, as administrative agent, as Sole Lead Arranger and Sole Lead Bookrunner as well as interest rate swap counterparty. The new credit facility consists of an initial term loan of $4,300,000 (the “Facility 1 Term Loan”) as well as a revolving credit facility in the aggregate principal amount of up to $33,250,000 (the “Revolver"), with $15,950,000 immediately available at close, that will convert to an additional term loan facility, based upon the amount outstanding on the conversion date, in July 2017 (the “Facility 2 Term Loan”) (collectively, the “Credit Facility”). Both the Facility 1 Term Loan and the Facility 2 Term Loan mature in July 2021.

 

Loans made under the Credit Facility bear interest at 3.5% in excess of one-month LIBOR. Commitment fees on the average daily unused portion of the Revolver are payable at a rate per annum of 0.25%. In addition to the Credit Facility, the Borrower entered into an interest rate swap to hedge the variable rate interest risk on the Facility 1 Term Loan. The fixed swap rate is 1.11% with an all-in interest rate of 4.61%.

 

On August 8, 2016 the company purchased a controlling interest in a 12.1 MW portfolio of 1,611 residential rooftop solar systems from a subsidiary of OneRoof Energy, Inc. for approximately $19,750,000. The systems are located across seven states including California, New Jersey, Massachusetts, Maryland, New York, Hawaii and Connecticut. All of the energy generated by the systems has been sold under twenty year power purchase agreements to the various residential customers who on average have a FICO Score Rating of Very Good. 

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Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The company’s consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Actual results could differ from those estimates, assumptions, and judgments. Significant items subject to such estimates will include determining the fair value of investments, revenue recognition, income tax uncertainties, and other contingencies. The consolidated financial statements of the company include the accounts of the LLC and its consolidated subsidiary, GREC. All intercompany accounts and transactions have been eliminated.

 

The company’s consolidated financial statements are prepared using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial Services—Investment Companies (“ASC Topic 946”). In accordance with this specialized accounting guidance, the company recognizes and carries all of its investments at fair value with changes in fair value recognized in earnings. Additionally, the company will not apply the consolidation or equity method of accounting to its investments. The company carries its liabilities at amounts payable, net of unamortized premiums or discounts. The company does not currently plan to elect to carry its non-investment liabilities at fair value. Net assets are calculated as the carrying amounts of assets, including the fair value of investments, less the carrying amounts of its liabilities.

 

The financial information associated with the June 30, 2016 consolidated financial statements has been prepared by management and, in the opinion of management, contains all adjustments and eliminations, consisting of only normal recurring adjustments, necessary for a fair presentation in accordance with GAAP. The June 30, 2016 financial information has not been audited by the independent registered public accounting firm and they do not express an opinion thereon.

Cash and Cash Equivalents

Cash and Cash Equivalents

 

Cash consists of demand deposits at a financial institution. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The company has not experienced any losses in any such accounts.

 

The company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Short-term investments that are cash equivalents are stated at cost, which approximates fair value. There are no restrictions on the use of the company’s cash as of June 30, 2016 and December 31, 2015.

Foreign Currency Translation

Foreign Currency Translation

 

The accounting records of the company are maintained in U.S. Dollars. The fair value of investments and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. Dollars using the exchange rate at the end of each reporting period. Amounts related to the purchases and sales of investments, investment income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions.

 

Net unrealized currency gains and losses arising from valuing foreign currency denominated assets and liabilities at the current exchange rate are reflected as part of net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies.

Valuation of Investments at Fair Value

Valuation of Investments at Fair Value

 

Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures (formerly Statement of Financial Accounting Standards No. 157, Fair Value Measurements) (“ASC Topic 820”) defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value. The company recognizes and accounts for its investments at fair value. The fair value of the investments does not reflect transaction costs that may be incurred upon disposition of the investments.

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is an exchange price notion under which fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability.

 

The advisor has established procedures to estimate the fair value of its investments which the company’s board of directors has reviewed and approved. The company will use observable market data to estimate the fair value of investments to the extent that market data is available. In the absence of quoted market prices in active markets, or quoted market prices for similar assets or in markets that are not active, the company will use the valuation methodologies described below with unobservable data based on the best available information in the circumstances, which incorporates the company’s assumptions about the factors that a market participant would use to value the asset.

 

For investments for which quoted market prices are not available, which will comprise most of our investment portfolio, fair value will be estimated by using the income or market approach. The income approach is based on the assumption that value is created by the expectation of future benefits discounted to a current value and the fair value estimate is the amount an investor would be willing to pay to receive those future benefits. The market approach compares recent comparable transactions to the investment. Adjustments are made for any dissimilarity between the comparable transactions and the investments. These valuation methodologies involve a significant degree of judgment on the part of our advisor.

 

In determining the appropriate fair value of an investment using these approaches, the most significant information and assumptions may include, as applicable: available current market data, including relevant and applicable comparable market transactions, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the investment’s ability to make payments, its earnings and discounted cash flows, the markets in which the project does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, the principal market and enterprise values, environmental factors, among other factors.

 

The estimated fair values will not necessarily represent the amounts that may be ultimately realized due to the occurrence or nonoccurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of the valuation of the investments, the estimate of fair values may differ significantly from the value that would have been used had a broader market for the investments existed.

 

The authoritative accounting guidance prioritizes the use of market-based inputs over entity-specific inputs and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation. The three levels of valuation hierarchy are defined as follows:

 

  Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date. Valuation adjustments and block discounts are not applied to Level 1 measurements;

 

  Level 2: Valuations based on quoted prices in less active, dealer or broker markets. Fair values are primarily obtained from third-party pricing services or broker quotes for identical or comparable assets or liabilities;

 

  Level 3: Valuations derived from other valuation methodologies, including pricing models, discounted cash flow models and similar techniques, and not based on market, exchange, dealer, or broker-traded transactions. Level 3 valuations incorporate certain assumptions and projections that are not observable in the market and significant professional judgment in determining the fair value assigned to such assets or liabilities.

 

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls will be determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment.

Calculation of Net Asset Value

Calculation of Net Asset Value

 

Net asset value by class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. Net asset value per share is calculated by dividing net asset value for each class by the total number of outstanding common shares for that class on the reporting date.

Earnings (Loss) per Share

Earnings (Loss) per Share

 

In accordance with the provisions of ASC Topic 260 — Earnings per Share (“ASC Topic 260”), basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.

 

The following information sets forth the computation of the weighted average basic and diluted net increase in net assets attributed to common stockholders per share for the three and six months ended June 30, 2016 and June 30, 2015:

 

    For the three
months ended
June 30, 2016
    For the three
months ended
June 30, 2015
    For the six
months ended
June 30, 2016
    For the six
months ended
June 30, 2015
 
Basic and diluted                                
Net increase in net assets attributed to common stockholders   $ 3,172,773     $ 296,801     $ 4,574,002     $ 486,709  
Weighted average common shares outstanding     10,339,058       2,383,753       9,102,063       1,931,513  
Net increase in net assets attributed to common stockholders per share   $ 0.31     $ 0.12     $ 0. 50     $ 0.25  
Revenue Recognition

Revenue Recognition

 

Interest income is recorded on an accrual basis to the extent the company expects to collect such amounts. Interest receivable on loans and debt securities is not accrued for accounting purposes if there is reason to doubt an ability to collect such interest. Original issue discounts, market discounts or market premiums are accreted or amortized using the effective interest method as interest income. Prepayment premiums on loans and debt securities are recorded as interest income when received. Any application, origination or other fees earned by the company in arranging or issuing debt are amortized over the expected term of the loan.

 

Loans are placed on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are generally restored to accrual status when past due and principal and interest is paid and, in management’s judgment, is likely to remain current.

 

Dividend income is recorded (1) on the ex-dividend date for publicly issued securities and (2) when received from private investments.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments

 

Realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Payment-in-Kind Interest

Payment-in-Kind Interest

 

For loans and debt securities with contractual payment-in-kind (“PIK”) interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible.

Distribution Policy

Distribution Policy

 

Distributions to members, if any, will be authorized and declared by our board of directors quarterly in advance and paid on a monthly basis. From time to time, we may also pay interim special distributions in the form of cash or shares, with the approval of our board of directors. Distributions will be made on all classes of shares at the same time. The cash distributions with respect to the Class C shares will be lower than the cash distributions with respect the company’s other publicly offered share classes because of the distribution fee associated with the Class C shares, which is allocated specifically to Class C net assets. Amounts distributed to each class is allocated amongst the holders of the shares in such class in proportion to their shares. Distributions declared by our board of directors are recognized as distribution liabilities on the ex-dividend date.

Organization and Offering Costs

Organization and Offering Costs

 

Organization and offering costs (“O&O costs”), other than sales commissions and the dealer manager fee, are initially being paid by our advisor and/or dealer manager on behalf of the company. These O&O costs include all costs to be paid by the company in connection with its formation and the offering of its shares pursuant to a Registration Statement on Form S-1 (File No. 333-178786-01), including legal, accounting, printing, mailing and filing fees, charges of the company’s escrow holder, transfer agent fees, due diligence expense reimbursements to participating broker-dealers included in detailed and itemized invoices and costs in connection with administrative oversight of the offering and marketing process, and preparing supplemental sales materials, holding educational conferences, and attending retail seminars conducted by broker-dealers. While the total O&O costs shall be reasonable and shall in no event exceed an amount equal to 15% of the gross proceeds of this offering and the distribution reinvestment plan, the company is currently targeting no more than 4.0% of the gross proceeds for O&O costs other than sales commissions and dealer manager fees. The company anticipates that it will be obligated to reimburse our advisor for O&O costs that it may incur on behalf of the company, in accordance with the advisory agreement, but only to the extent that the reimbursement would not cause the selling commissions, the dealer manager fee and the other organization and offering expenses borne by the company to exceed 15% of gross offering proceeds as of the date of reimbursement.

 

The costs incurred by our advisor and/or dealer manager are recognized as a liability of the company to the extent that the company is obligated to reimburse our advisor and/or dealer manager, subject to the 15% of gross offering proceeds limitation described above. When recognized by the company, organizational costs will be expensed and offering costs, excluding selling commissions and dealer manager fees, will be recognized as a reduction of the proceeds from the offering.

 

As of June 30, 2016 and December 31, 2015, the advisor and the dealer manager incurred approximately $6,841,000 and $5,913,000, respectively, of O&O costs on behalf of the company of which approximately $5,760,000 and $3,577,000 had been reimbursed to the advisor and the dealer manager as of June 30, 2016 and December 31, 2015, respectively. As of June 30, 2016, the company owed the advisor and the dealer manager approximately $347,000. The remaining difference between amount incurred and amount paid or payable, or approximately $734,000, is a contingent liability of the company subject to payment only upon adequate gross offering proceeds being raised during our continuous offering. The O&O costs include $1,250,000 for formation services due to an affiliate of the advisor of which $250,000 was included in O&O costs at June 30, 2016 and December 31, 2015, respectively, but is not payable until the completion of the public offering.

Debt Issuance Costs

Debt Issuance Costs

 

Debt issuance costs related to debt liabilities incurred by the company, GREC or any wholly-owned, holding company formed specifically to be a credit agreement counterparty are presented on the consolidated statements of assets and liabilities as a direct deduction from the carrying amount of that debt liability.

Capital Gains Incentive Allocation and Distribution

Capital Gains Incentive Allocation and Distribution

 

Pursuant to the terms of the LLC’s amended and restated limited liability company agreement, a capital gains incentive distribution will be earned by an affiliate of our advisor on realized gains from the sale of investments from the company’s portfolio during operations prior to a liquidation of the company. While the terms of the advisory agreement neither include nor contemplate the inclusion of unrealized gains in the calculation of the capital gains incentive distribution, pursuant to an interpretation of an American Institute for Certified Public Accountants Technical Practice Aid for investment companies, the company will include unrealized gains in the calculation of the capital gains incentive distribution expense and related capital gains incentive fee payable. This amount reflects the incentive distribution that would be payable if the company’s entire portfolio was liquidated at its fair value as of the consolidated statements of assets and liabilities date even though the advisor is not entitled to an incentive distribution with respect to unrealized gains unless and until such gains are actually realized. Thus on each date that net asset value is calculated, the company calculates for the capital gains incentive distribution by calculating such distribution as if it were due and payable as of the end of such period. As of June 30, 2016 and December 31, 2015, a capital gains incentive distribution allocation in the amount of $113,192 and $286,259, respectively, was recorded based primarily upon unrealized gains.

Deferred Sales Commissions

Deferred Sales Commissions

 

The company defers certain costs, principally sales commissions and related compensation, which are paid to the dealer manager and may be reallowed to financial advisors and broker/dealers in the future in connection with the sale of Class C shares sold with a reduced front-end load sales charge. The costs expected to be incurred at the time of the sale of Class C shares are recorded as a liability on date of sale and are amortized on a straight-line basis over the period beginning on the time of sale and ending on the date which approximates an expected liquidity event for the company. Prior to June 30, 2016, the company did not record a liability at time of the sale for expected deferred sales commissions. As of June 30, 2016, the company has recorded a liability for deferred sales commissions in the amount of $189,985.

Reclassifications

Reclassifications

 

Certain prior year amounts have been reclassified to conform with current year presentation.

Derivative Instruments

Derivative Instruments

 

The company may utilize interest rate swaps to modify interest rate characteristics of certain liabilities to manage its exposure to interest rate fluctuations. Changes in the fair value of the interest rate swaps during the period are recognized in the accompanying consolidated statements of operations where the company, GREC or any wholly-owned, holding company formed specifically to be a credit agreement counterparty is the counterparty and in the change in fair value of investments if a subsidiary of the company is the counterparty.

 

While we are currently of the opinion that the currency fluctuation between the Canadian and U.S. Dollar will not have a material impact on our operating results, we may in the future enter into derivatives or other financial instruments in an attempt to hedge our foreign currency exchange risk if we believe not doing so would have a material impact our results of operations.

Income Taxes

Income Taxes

 

The LLC intends to operate so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code. As such, it will not be subject to any U.S. federal and state income taxes. In any particular year it is possible that the LLC will not meet the qualifying income exception and will not qualify to be treated as a partnership. If the LLC does not meet the qualifying income exception, the members would then be treated as stockholders in a corporation and the company would become taxable as a corporation for U.S. federal income tax purposes under the Internal Revenue Code. The LLC would be required to pay income tax at corporate rates on its net taxable income. Distributions to members from the LLC would constitute dividend income taxable to such members, to the extent of the company’s earnings and profits and the payment of the distributions would not be deductible by the LLC.

 

The LLC plans to conduct substantially all of its operations through its wholly-owned subsidiary, GREC, which is a corporation that is subject to U.S. federal, state and local income taxes. Accordingly, most of its operations will be subject to U.S. federal, state and local income taxes.

 

Income taxes are accounted for under the assets and liabilities method. Deferred tax assets and liabilities are recorded for the estimated future tax consequences attributable to differences between items that are recognized in the consolidated financial statements and tax returns in different years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. For income tax benefits to be recognized including uncertain tax benefits, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of the benefit that is more likely than not to be realized upon ultimate settlement. A valuation allowance is established against net deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties associated with income taxes, if any, will be recognized in general and administrative expense.

 

The company does not consolidate its investments for financial statements, rather it accounts for its investments at fair value under the specialized accounting of ASC Topic 946. The tax attributes of the individual investments will be considered and incorporated in the company’s fair value estimates for those investments. The amounts recognized in the consolidated financial statements for unrealized appreciation and depreciation will result in a difference between the consolidated financial statements and the cost basis of the assets for tax purposes. These differences will be recognized as deferred tax assets and liabilities. Generally, the entities that hold the company’s investments will be included in the consolidated tax return of GREC and the differences between the amounts recognized for financial statement purposes and the tax return will be recognized as additional deferred tax assets and liabilities.

 

The company follows the authoritative guidance on accounting for uncertainty in income taxes and concluded it has no material uncertain tax positions to be recognized at this time.

 

The company assessed its tax positions for all open tax years as of June 30, 2016 for all U.S. federal and state tax jurisdictions for the years 2012 through 2015. The results of this assessment are included in the company’s tax provision and deferred tax assets as of June 30, 2016.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

 

Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. The company is choosing not to take advantage of the extended transition period for complying with new or revised accounting standards.

 

In August 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance that requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments provide a definition of the term ‘substantial doubt’ and include principles for considering the mitigating effect of management’s plans. The amendments also require an evaluation every reporting period, including interim periods for a period of one year after the date that the financial statements are issued (or available to be issued), and certain disclosures when substantial doubt is alleviated or not alleviated. The amendments in this update are effective for reporting periods ending after December 15, 2016. Management is of the opinion that adopting this new accounting guidance will not have any material effect on the company’s consolidated financial statements.

Updated Footnote Disclosure

Updated Footnote Disclosure

 

Certain footnote disclosures have been updated to enhance information presented pertaining to the value of shares sold and shares issued through the reinvestment of distributions. The impact of these additional disclosures is not material to the previously issued consolidated financial statements as of and for the three and six months ended June 30, 2015.

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Significant Accounting (Tables)
6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Schedule of earnings (loss) per share

The following information sets forth the computation of the weighted average basic and diluted net increase in net assets attributed to common stockholders per share for the three and six months ended June 30, 2016 and June 30, 2015:

 

    For the three
months ended
June 30, 2016
    For the three
months ended
June 30, 2015
    For the six
months ended
June 30, 2016
    For the six
months ended
June 30, 2015
 
Basic and diluted                                
Net increase in net assets attributed to common stockholders   $ 3,172,773     $ 296,801     $ 4,574,002     $ 486,709  
Weighted average common shares outstanding     10,339,058       2,383,753       9,102,063       1,931,513  
Net increase in net assets attributed to common stockholders per share   $ 0.31     $ 0.12     $ 0. 50     $ 0.25  
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Investments (Tables)
6 Months Ended
Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Schedule of composition of company's investments

The composition of the company’s investments as of June 30, 2016, at cost and fair value, were as follows:

 

    Investments
at Cost
    Investments at
Fair Value
    Fair Value
Percentage of
Total Portfolio
 
Alternative Energy - Solar:                        
Sunny Mountain Portfolio   $ 884,578     $ 1,400,245       1.7 %
East to West Solar Portfolio     19,800,000       20,266,527       24.5  
Green Maple Portfolio     12,600,000       10,234,193       12.4  
Magnolia Sun Portfolio     10,775,000       11,714,543       14.2  
Canadian Northern Lights Portfolio     1,603,136       1,853,581       2.2  
Six States Solar Portfolio     2,300,000       2,714,736       3.3  
Greenbacker Residential Solar Portfolio     50,000       49,614       0.1  
Subtotal   $ 48,012,714     $ 48,233,439       58.4 %
Alternative Energy - Wind:                        
Greenbacker Wind Portfolio   $ 6,750,000     $ 7,081,465       8.6 %
Subtotal   $ 6,750,000     $ 7,081,465       8.6 %
Energy Efficiency:                        
GREC Energy Efficiency LLC Portfolio   $ 531,129     $ 540,318       0.7 %
Renew AEC One, LLC     838,871       838,871       1.0  
Subtotal   $ 1,370,000     $ 1,379,189       1.7 %
Secured Loans  - Other:                        
Greenfield Secured Turbine Loan   $ 25,887,755     $ 25,887,755       31.3 %
Subtotal   $ 25,887,755     $ 25,887,755       31.3 %
Total   $ 82,020,469     $ 82,581,848       100.0 %

 

The composition of the company’s investments as of December 31, 2015, at cost and fair value, were as follows:

 

    Investments
at Cost
    Investments at
Fair Value
    Fair Value
Percentage of
Total Portfolio
 
Alternative Energy - Solar:                        
Sunny Mountain Portfolio   $ 920,000     $ 1,329,803       2.6 %
East to West Solar Portfolio     19,765,000       20,005,027       38.9  
Green Maple Portfolio     9,500,000       9,577,290       18.6  
Magnolia Sun Portfolio     7,550,000       7,542,723       14.7  
Canadian Northern Lights Portfolio     1,603,136       1,562,967       3.0  
Six States Solar Portfolio     2,300,000       2,685,597       5.2  
Subtotal   $ 41,638,136     $ 42,703,407       83.0 %
Alternative Energy - Wind:                        
Greenbacker Wind Portfolio   $ 6,750,000     $ 7,093,750       13.8 %
Subtotal   $ 6,750,000     $ 7,093,750       13.8 %
Energy Efficiency:                        
GREC Energy Efficiency LLC Portfolio   $ 451,705     $ 474,114       0.9 %
LED Funding – Universidad Project     97,787       97,787       0.2  
Renew AEC One, LLC     1,085,508       1,085,508       2.1  
Subtotal   $ 1,635,000     $ 1,657,409       3.2 %
Total   $ 50,023,136     $ 51,454,566       100.0 %
Schedule of investments by geographic region

The composition of the company’s investments as of June 30, 2016 by geographic region, at cost and fair value, were as follows:

 

    Investments at
Cost
    Investments at
Fair Value
    Fair Value
Percentage
of Total Portfolio
 
United States:                        
South Region   $ 27,007,803     $ 28,253,421       34.2 %
East Region     14,178,414       11,877,714       14.4  
Mountain Region     36,169,924       37,192,831       45.0  
West Region     2,192,747       2,439,097       3.0  
Mid-West Region     868,445       965,204       1.2  
Total United States   $ 80,417,333     $ 80,728,267       97.8 %
Canada:     1,603,136       1,853,581       2.2  
Total   $ 82,020,469     $ 82,581,848       100.0 %

 

The composition of the company’s investments as of December 31, 2015 by geographic region, at cost and fair value, were as follows:

 

    Investments at
Cost
    Investments at
Fair Value
    Fair Value
Percentage
of Total Portfolio
 
United States:                        
South Region   $ 24,919,749     $ 25,139,147       48.9 %
Northeast Region     11,124,945       11,268,268       21.9  
Mountain Region     10,259,953       11,133,946       21.6  
West Region     1,247,582       1,396,242       2.7  
Mid-West Region     867,771       953,996       1.9  
Total United States   $ 48,420,000     $ 49,891,599       97.0 %
Canada:     1,603,136       1,562,967       3.0  
Total   $ 50,023,136     $ 51,454,566       100.0 %
Schedule of investments by industry

The composition of the company’s investments as of June 30, 2016 by industry, at cost and fair value, were as follows:

 

    Investments at Cost     Investments at Fair
Value
    Fair Value
Percentage
of Total Portfolio
 
Alternative Energy - Solar   $ 48,012,714     $ 48,233,439       58.4 %
Alternative Energy - Wind     32,637,755       32,969,220       39.9  
Energy Efficiency - Lighting Replacement     1,370,000       1,379,189       1.7  
Total   $ 82,020,469     $ 82,581,848       100.0 %

 

The composition of the company’s investments as of December 31, 2015 by industry, at cost and fair value, were as follows:

  

    Investments at Cost     Investments at Fair
Value
    Fair Value
Percentage
of Total Portfolio
 
Alternative Energy - Solar   $ 41,638,136     $ 42,703,407       83.0 %
Alternative Energy - Wind     6,750,000       7,093,750       13.8  
Energy Efficiency - Lighting Replacement     1,635,000       1,657,409       3.2  
Total   $ 50,023,136     $ 51,454,566       100.0 %
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair Value Measurements - Investment (Tables)
6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Schedule of fair value measurements of investments, by major class

The following table presents fair value measurements of investments, by major class, as of June 30, 2016, according to the fair value hierarchy:

 

    Valuation Inputs  
    Level 1     Level 2     Level 3     Fair Value  
Limited Liability Company Member Interests   $     $     $ 54,001,641     $ 54,001,641  
Capital Stock                 1,853,581       1,853,581  
Energy Efficiency – Secured Loans                 838,871       838,871  
Secured Loans - Other                 25,887,755       25,887,755  
Total   $     $     $ 82,581,848     $ 82,581,848  

 

The following table presents fair value measurements of investments, by major class, as of December 31, 2015, according to the fair value hierarchy:

 

    Valuation Inputs  
    Level 1     Level 2     Level 3     Fair Value  
Limited Liability Company Member Interests   $     $     $ 48,708,304     $ 48,708,304  
Capital Stock                 1,562,967       1,562,967  
Energy Efficiency – Secured Loans                 1,183,295       1,183,295  
Total   $     $     $ 51,454,566     $ 51,454,566  
Schedule of reconciliation of beginning and ending balances for investments and secured borrowings

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2016:

  

    Balance as of
December 31, 2015
    Net change in unrealized
appreciation
(depreciation) on
investments
    Realized
gain
    Translation of assets
and liabilities
denominated in foreign
currencies
    Purchases and other
adjustments to cost (1)
    Sales and Repayments
of investments (2)
    Transfers in     Transfers out     Balance as of
June 30, 2016
 
Limited Liability Company Member Interests   $ 48,708,304     $ (1,160,665 )   $ 4,578     $ -     $ 6,360,000     $ (205,000 )   $ 294,424     $ -     $ 54,001,641  
Capital Stock     1,562,967       193,611       -       97,003       -       -       -       -       1,853,581  
Energy Efficiency - Secured Loans     1,183,295       -       -       -       -       (50,000 )     -       (294,424 )     838,871  
Secured Loans - Other     -       -       -       -       25,887,755       -       -       -       25,887,755  
Total   $ 51,454,566     $ (967,054 )   $ 4,578     $ 97,003     $ 32,247,755     $ (255,000 )   $ 294,424     $ (294,424 )   $ 82,581,848  

 

  (1) Includes purchases of new investments, capitalized deal costs, effects of purchase price adjustments, return of capital and additional investments in existing investments, if any.
  (2) Includes principal repayments on loans.

 

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2015:

 

    Balance as of
December 31,
2014
    Net change in
unrealized
appreciation
on investments
    Translation of
assets and
liabilities
denominated in
foreign
currencies
    Purchases and
other
adjustments
to cost (1)
    Repayments of
investments
    Balance as of
June 30, 2015
 
Limited Liability Company Member Interests   $ 1,688,792     $ 256,269     $     $ 14,250,000     $     $ 16,195,061  
Capital Stock     1,048,709       154,958       (72,133 )     10,000               1,141,534  
Total   $ 2,737,501     $ 411,227     $ (72,133 )   $ 14,260,000     $     $ 17,336,595  

 

  (1) Includes purchases of new investments, capitalized deal costs and effects of purchase price adjustments, if any.
Schedule of quantitative information about level 3 fair value measurements

The following table presents the quantitative information about Level 3 fair value measurements of the company’s investments as of June 30, 2016:

 

    Fair Value     Valuation
Techniques
  Unobservable
Inputs
  Rates/Assumptions
Alternative Energy - Solar   $ 48,233,439     Income, cost and market approach   Discount rate,
future kWh Production,
and estimated remaining useful life
  7.0% - 8.30%,
0.50% annual
degradation in production,
32.3 years
Alternative Energy – Wind   $ 7,081,465     Income and cost approach   Discount rate,
future kWh Production,
and estimated remaining useful life
  7.75%, 0.50% annual
degradation in production,
31.7 years
Energy Efficiency- Secured Loans and Leases– Lighting Replacement   $ 1,379,189     Income and collateral based approach   Market yields
and value of collateral
  10.25% - 21.31%
Secured Loans– Other   $ 25,887,755     Cost Approach   Value of collateral   9.5%

  

The following table presents the quantitative information about Level 3 fair value measurements of the company’s investments as of December 31, 2015:

 

    Fair Value     Valuation
Techniques
  Unobservable
Inputs
  Rates/Assumptions
Alternative Energy - Solar   $ 42,703,407     Income, cost and market approach   Discount rate,
future kWh Production,
and estimated remaining useful life
  7.0% - 8.30%,
0. 50% annual
degradation in production,
31.7 years
Alternative Energy – Wind   $ 7,093,750     Cost approach    
Energy Efficiency- Secured Loans and Leases – Lighting Replacement   $ 1,657,409     Income and collateral based approach   Market yields
and value of collateral
  10.25% - 12.0%
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
Members' Equity (Tables)
6 Months Ended
Jun. 30, 2016
Equity [Abstract]  
Schedule of shares issued and outstanding

The following table is a summary of the shares issued and repurchased during the period and outstanding as of June 30, 2016:

 

    Shares Outstanding as
of December 31, 2015
    Shares Issued
 During the 
Period
    Shares Repurchased
During the Period
    Shares Outstanding as
of June 30, 2016
 
Class A shares     5,420,728       3,173,199       (80,958 )     8,512,969  
Class C shares     248,456       474,043             722,499  
Class I shares     1,052,783       944,818       (9,021 )     1,988,580  
Total     6,721,967       4,592,060       (89,979 )     11,224,048  

 

The following table is a summary of the shares issued during the period and outstanding as of December 31, 2015:

 

    Shares Outstanding as
of December 31, 2014
    Shares Issued
 During the Period
    Shares Repurchased
During the Period
    Shares Outstanding as
of December 31, 2015
 
Class A shares     1,097,844       4,337,884       (15,000 )     5,420,728  
Class C shares     84,964       163,492             248,456  
Class I shares     53,537       999,246             1,052,783  
Total     1,236,345       5,500,622       (15,000 )     6,721,967  

 

There were no Class P-A or Class P-I shares outstanding as of June 30, 2016, December 31, 2015 or December 31, 2014.

 

The proceeds from shares sold and the value of shares issued through the reinvestment of distributions for each class of shares for the six months ended June 30, 2016 and 2015 were as follows: 

 

    Class A Shares     Class C Shares     Class I Shares     Total  
For the six months ended June 30, 2016:                                
Proceeds from Shares Sold   $ 27,740,361     $ 4,140,330     $ 8,297,268     $ 40,177,959  
Proceeds from Shares Issued through Reinvestment of Distributions   $ 1,035,075     $ 90,046     $ 267,810     $ 1,392,931  
For the six months ended June 30, 2015:                                
Proceeds from Shares Sold   $ 10,253,926     $ 601,315     $ 4,599,462     $ 15,454,703  
Proceeds  from Shares  Issued through Reinvestment of Distributions   $ 214,509     $ 23,269     $ 30,634     $ 268,412  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Distributions (Tables)
6 Months Ended
Jun. 30, 2016
Distributions Made to Members or Limited Partners [Abstract]  
Schedule of distributions declared

The following table reflects the distributions declared during the six months ended June 30, 2016:

  

Pay Date   Paid in Cash     Value of Shares
Issued under DRP
    Total  
February 1, 2016   $ 171,410     $ 185,680     $ 357,090  
March 1, 2016     182,825       195,193       378,018  
April 1, 2016     221,088       221,729       442,817  
May 2, 2016     234,799       241,934       476,733  
June 1, 2016     261,003       271,362       532,365  
July 1, 2016     270,112       277,033       547,145  
Total   $ 1,341,237     $ 1,392,931     $ 2,734,168  

 

The following table reflects the distributions declared during the six months ended June 30, 2015:

 

Pay Date   Paid in Cash     Value of Shares
Issued under DRP
    Total  
February 2, 2015   $ 35,820     $ 30,024     $ 65,844  
March 2, 2015     35,691       30,341       66,032  
April 1, 2015     46,720       38,120       84,840  
May 1, 2015     53,139       46,808       99,947  
June 1, 2015     61,499       57,380       118,879  
July 1, 2015     69,501       65,739       135,240  
Total   $ 302,370     $ 268,412     $ 570,782  

 

Cash distributions were funded from the following sources for the periods noted below:

 

     For the three
months ended
June 30, 2016
    For the six
 months ended
June 30, 2016
    For the three
months ended
June 30, 2015
    For the six
months ended
June 30, 2015
 
Cash from operations   $ 549,485     $ 549,485     $ 161,356     $ 161,356  
Offering proceeds     167,405       678,625             102,424  
Total Cash Distributions   $ 716,890     $ 1,228,110     $ 161,356     $ 263,780  
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
Financial Highlights (Tables)
6 Months Ended
Jun. 30, 2016
Financial Highlights  
Schedule of financial highlights of company's income and expense

The following is a schedule of financial highlights of the company attributed to Class A shares, Class C shares and Class I shares for the six months ended June 30, 2016.

 

    Class A Shares     Class C Shares     Class I Shares  
    For the six
months ended
June 30, 2016
    For the  six
months ended
June 30, 2016
    For the  six
months ended
June 30, 2016
 
Per share data attributed to common shares (1):                        
Net Asset Value at beginning of period   $ 8.54     $ 8.54       8.54  
Net investment income (4)     0.17       0.17       0.17  
Net unrealized depreciation on investments     (0.11 )     (0.11 )     (0.11 )
Change in translation of assets and liabilities denominated in foreign currencies     0.01       0.01       0.01  
Change in benefit from deferred taxes on unrealized appreciation on investments     0.41       0.41       0.41  
Net increase in net assets resulting from operations     0.48       0.48       0.48  
Shareholder distributions     (0.30 )     (0.30 )     (0.30 )
Offering costs and deferred sales commissions           (0.26 )      
Other (2)     (0.03 )     (0.03 )     (0.03 )
Net increase in members’ equity attributed to common shares     0.15       (0.11 )     0.15  
Net asset value for common shares at end of period   $ 8.69     $ 8.43       8.69  
Total return attributed to common shares based on net asset value (3)     5.21 %     2.05 %     5.21 %
Common shareholders’ equity at end of period   $ 74,013,171     $ 6,087,628     $ 17,289,047  
Common shares outstanding at end of period     8,512,969       722,499       1,988,580  
Ratio/Supplemental data for common shares (annualized) (3):                        
Ratio of net investment income to average net assets (5)(6)     4.03 %     3.98 %     4.02 %
Ratio of operating expenses to average net assets (5)(6)     4.99 %     4.92 %     4.97 %
Portfolio turnover rate     0.54 %     0.54 %     0.54 %

 

     
  (1) The per share data for Class A Shares, Class C Shares and Class I Shares were derived by using the weighted average shares outstanding during the six months ended June 30, 2016, which was 7,063,450, 500,288 and 1,538,324, respectively.
  (2) Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and organizational costs which are not included in operating expenses nor subject to the expense reimbursement agreement and the impact of shares at a price other than the net asset value.
  (3) Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2016, prior to the effect of the expense reimbursement agreement for Class A Shares were 5.77%, 5.34% and 3.68%, respectively. Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2016, prior to the effect of the expense reimbursement agreement for Class C Shares were 2.52%, 5.27% and 3.63%, respectively. Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2016, prior to the effect of the expense reimbursement agreement for Class I Shares were 5.74%, 5.32% and 3.66%, respectively. Allocation of net assets to special unitholder has not been included in determining net investment income or operating expenses used in the ratio calculations.
  (4) Does not reflect any incentive fees that may be payable to the Special Unitholder.
  (5) The company’s ratio of net investment income to average net assets and ratio of operating expenses to average net assets have been annualized for the six months ended June 30, 2016 assuming consistent results over a full fiscal year.
  (6) Organizational expenses included within the ratio are not annualized.

 

The following is a schedule of financial highlights of the company attributed to common stockholders for the six months ended June 30, 2015. The company’s income and expense was allocated pro-rata across the outstanding Class A shares, Class C shares and Class I shares as applicable, and, therefore, the financial highlights are equal for each of the outstanding classes, for the six months ended June 30, 2015. 

 

    For the  six
months ended
June 30, 2015
 
Per share data attributed to common shares (1):        
Net Asset Value at beginning of period     8.50  
Net investment income and realized loss on foreign currency translation (4)     0.11  
Net unrealized appreciation on investments     0.21  
Change in translation of assets and liabilities denominated in foreign currencies     (0.03 )
Net increase in net assets resulting from operations     0.29  
Shareholder distributions     (0.30 )
Other (2)     0.01  
Net increase in members’ equity attributed to common shares      
Net asset value for common shares at end of period   $ 8.50  
Total return attributed to common shares based on net asset value (3)     3.40 %
Common shareholders’ equity at end of period   $ 25,317,843  
Common shares outstanding at end of period     2,978,512  
Ratio/Supplemental data for common shares (annualized) (3):        
Ratio of net investment income to average net assets (5)(6)     3.14 %
Ratio of operating expenses to average net assets (5)(6)     5.44 %
Portfolio turnover rate     N/A  

 

     
  (1) The per share data was derived by using the weighted average shares outstanding during the six months ended June 30, 2015, which was 1,931,513.
  (2) Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and organizational costs which are not included in operating expenses nor subject to the expense reimbursement agreement and the impact of shares at a price other than the net asset value.
  (3) Total return, ratio of net investment loss and ratio of operating expenses to average net assets for the six months ended June 30, 2015, prior to the effect of the expense assumption and reimbursement agreement and the management fee waiver were 2.66%, 0.88% and 7.69%, respectively. Allocation of net assets to special unitholder has not been included in determining net investment income or operating expenses used in the ratio calculations.
  (4) Does not reflect any incentive fees that may be payable to the Special Unitholder.
  (5) The company’s ratio of net investment income to average net assets and ratio of operating expenses to average net assets have been annualized for the six months ended June 30, 2015 assuming consistent results over a full fiscal year.
  (6) Organizational expenses included within the ratio are not annualized.
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
Organization and Operations of the Company (Details Narrative) - USD ($)
6 Months Ended
Jun. 30, 2016
Aug. 04, 2016
Aug. 03, 2016
May 05, 2016
Feb. 04, 2016
Nov. 04, 2015
Commencement of operations Apr. 25, 2014          
Common Class A [Member]            
Sale price of per share (in dollars per share)       $ 10.048 $ 10.024 $ 10.00
Common Class A [Member] | Subsequent Event [Member]            
Sale price of per share (in dollars per share)   $ 10.227 $ 10.068      
Common Class C [Member]            
Sale price of per share (in dollars per share)       9.621 9.599 9.576
Common Class C [Member] | Subsequent Event [Member]            
Sale price of per share (in dollars per share)   9.791 9.640      
Common Class I [Member]            
Sale price of per share (in dollars per share)       $ 9.230 $ 9.208 $ 9.186
Common Class I [Member] | Subsequent Event [Member]            
Sale price of per share (in dollars per share)   9.394 9.248      
Common Class P-A [Member] | Subsequent Event [Member]            
Sale price of per share (in dollars per share)   9.739 9.589      
Common Class P-I [Member] | Subsequent Event [Member]            
Sale price of per share (in dollars per share)   $ 8.946 $ 8.808      
Maximum [Member] | Distribution Reinvestment Plan [Member]            
Dollar value of shares offering $ 250,000,000          
Limited Liability Company [Member] | Maximum [Member]            
Dollar value of shares offering $ 1,500,000,000          
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
Significant Accounting Policies (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Basic and diluted        
Net increase in net assets attributed to common stockholders $ 3,172,773 $ 296,801 $ 4,574,002 $ 486,709
Weighted average common shares outstanding (in shares) 10,339,058 2,383,753 9,102,063 1,931,513
Net increase in net assets attributed to common stockholders per share (in dollars per share) $ 0.31 $ 0.12 $ 0.50 $ 0.25
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
Significant Accounting Policies (Details Narrative) - USD ($)
6 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Capital gains incentive distribution allocation $ 113,192 $ 286,259
Deferred sales commissions $ 189,985  
Greenbacker Capital Management LLC [Member]    
Limit of offering costs reimbursement to advisor 15.00%  
Target offering expense ratio 4.00%  
Percentage of reimbursement out of gross offering proceeds 15.00%  
Organization and offering cost incurred $ 6,841,000 5,913,000
Organization and offering costs reimbursed 5,760,000 3,577,000
Gross proceeds to be received for reimbursement by the entity 734,000  
Amount owed 347,000  
Greenbacker Capital Management LLC [Member] | Formation Services [Member]    
Organization and offering cost incurred 1,250,000 1,250,000
Organization and offering cost payable 250,000 $ 250,000
Greenbacker Capital Management LLC And SC Distributors, LLC [Member]    
Amount owed $ 347,000  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
Investments (Details Narrative)
6 Months Ended 12 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]    
Description of control investment

Investments held as of March 31, 2016 and December 31, 2015 are considered Control Investments, which is defined as investments in companies in which the company owns 25% or more of the voting securities of such company or have greater than 50% representation on such company’s board of directors.

Investments held as of March 31, 2016 and December 31, 2015 are considered Control Investments, which is defined as investments in companies in which the company owns 25% or more of the voting securities of such company or have greater than 50% representation on such company’s board of directors.

XML 40 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
Investments (Details) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Investment Holdings [Line Items]    
Investments at Cost $ 82,020,469 $ 50,023,136
Investments at Fair Value $ 82,581,848 $ 51,454,566
Fair Value Percentage of Total Portfolio 100.00% 100.00%
Alternative Energy - Solar [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 48,012,714 $ 41,638,136
Investments at Fair Value $ 48,233,439 $ 42,703,407
Fair Value Percentage of Total Portfolio 58.40% 83.00%
Alternative Energy - Solar [Member] | Sunny Mountain Portfolio [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 884,578 $ 920,000
Investments at Fair Value $ 1,400,245 $ 1,329,803
Fair Value Percentage of Total Portfolio 1.70% 2.60%
Alternative Energy - Solar [Member] | East To West Solar Portfolio [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 19,800,000 $ 19,765,000
Investments at Fair Value $ 20,266,527 $ 20,005,027
Fair Value Percentage of Total Portfolio 24.50% 38.90%
Alternative Energy - Solar [Member] | Green Maple Portfolio [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 12,600,000 $ 9,500,000
Investments at Fair Value $ 10,234,193 $ 9,557,290
Fair Value Percentage of Total Portfolio 12.40% 18.60%
Alternative Energy - Solar [Member] | Magnolia Sun Portfolio [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 10,775,000 $ 7,550,000
Investments at Fair Value $ 11,714,543 $ 7,542,723
Fair Value Percentage of Total Portfolio 14.20% 14.70%
Alternative Energy - Solar [Member] | Canadian Northern Lights Portfolio [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 1,603,136 $ 1,603,136
Investments at Fair Value $ 1,853,581 $ 1,562,967
Fair Value Percentage of Total Portfolio 2.20% 3.00%
Alternative Energy - Solar [Member] | Six States Solar Portfolio [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 2,300,000 $ 2,300,000
Investments at Fair Value $ 2,714,736 $ 2,685,597
Fair Value Percentage of Total Portfolio 3.30% 5.20%
Alternative Energy - Solar [Member] | Greenbacker Residential Solar Portfolio [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 50,000  
Investments at Fair Value $ 49,614  
Fair Value Percentage of Total Portfolio 0.10%  
Alternative Energy - Wind [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 6,750,000 $ 6,750,000
Investments at Fair Value $ 7,081,465 $ 7,093,750
Fair Value Percentage of Total Portfolio 8.60% 13.80%
Alternative Energy - Wind [Member] | Greenbacker Wind Portfolio [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 6,750,000 $ 6,750,000
Investments at Fair Value $ 7,081,465 $ 7,093,750
Fair Value Percentage of Total Portfolio 8.60% 13.80%
Energy Efficiency - Lighting Replacement [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 1,370,000 $ 1,635,000
Investments at Fair Value $ 1,379,189 $ 1,657,409
Fair Value Percentage of Total Portfolio 1.70% 3.20%
Energy Efficiency - Lighting Replacement [Member] | GREC Energy Efficiency LLC Portfolio [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 531,129 $ 451,705
Investments at Fair Value $ 540,318 $ 474,114
Fair Value Percentage of Total Portfolio 0.70% 0.90%
Energy Efficiency - Lighting Replacement [Member] | 10.25% Renew AEC One, LLC Due 2025-02-24 [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 838,871 $ 1,085,508
Investments at Fair Value $ 838,871 $ 1,085,508
Fair Value Percentage of Total Portfolio 1.00% 2.10%
Energy Efficiency - Lighting Replacement [Member] | 10% LED Funding - Universidad Project Due 2015-12-31 [Member]    
Investment Holdings [Line Items]    
Investments at Cost   $ 97,787
Investments at Fair Value   $ 97,787
Fair Value Percentage of Total Portfolio   0.20%
Secured Loans - Other [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 25,887,755  
Investments at Fair Value $ 25,887,755  
Fair Value Percentage of Total Portfolio 31.30%  
Secured Loans - Other [Member] | Greenfield Secured Turbine Loan [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 25,887,755  
Investments at Fair Value $ 25,887,755  
Fair Value Percentage of Total Portfolio 31.30%  
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
Investments (Details 1) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Investment Holdings [Line Items]    
Investments at Cost $ 82,020,469 $ 50,023,136
Investments at Fair Value $ 82,581,848 $ 51,454,566
Fair Value Percentage of Total Portfolio 100.00% 100.00%
Total United States [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 80,417,333 $ 48,420,000
Investments at Fair Value $ 80,728,267 $ 49,891,599
Fair Value Percentage of Total Portfolio 97.80% 97.00%
Canada [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 1,603,136 $ 1,603,136
Investments at Fair Value $ 1,853,581 $ 1,562,967
Fair Value Percentage of Total Portfolio 2.20% 3.00%
South Region [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 27,007,803 $ 24,919,749
Investments at Fair Value $ 28,253,421 $ 25,139,147
Fair Value Percentage of Total Portfolio 34.20% 48.90%
East Region [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 14,178,414  
Investments at Fair Value $ 11,877,714  
Fair Value Percentage of Total Portfolio 14.40%  
Mountain Region [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 36,169,924 $ 10,259,953
Investments at Fair Value $ 37,192,831 $ 11,133,946
Fair Value Percentage of Total Portfolio 45.00% 21.60%
West Region [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 2,192,747 $ 1,247,582
Investments at Fair Value $ 2,439,097 $ 1,396,242
Fair Value Percentage of Total Portfolio 3.00% 2.70%
Mid-West Region [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 868,445 $ 867,771
Investments at Fair Value $ 965,204 $ 953,996
Fair Value Percentage of Total Portfolio 1.20% 1.90%
Northeast Region [Member]    
Investment Holdings [Line Items]    
Investments at Cost   $ 11,124,945
Investments at Fair Value   $ 11,268,268
Fair Value Percentage of Total Portfolio   21.90%
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
Investments (Details 2) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Investment Holdings [Line Items]    
Investments at Cost $ 82,020,469 $ 50,023,136
Investments at Fair Value $ 82,581,848 $ 51,454,566
Fair Value Percentage of Total Portfolio 100.00% 100.00%
Alternative Energy - Solar [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 48,012,714 $ 41,638,136
Investments at Fair Value $ 48,233,439 $ 42,703,407
Fair Value Percentage of Total Portfolio 58.40% 83.00%
Alternative Energy - Wind [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 6,750,000 $ 6,750,000
Investments at Fair Value $ 7,081,465 $ 7,093,750
Fair Value Percentage of Total Portfolio 8.60% 13.80%
Energy Efficiency - Lighting Replacement [Member]    
Investment Holdings [Line Items]    
Investments at Cost $ 1,370,000 $ 1,635,000
Investments at Fair Value $ 1,379,189 $ 1,657,409
Fair Value Percentage of Total Portfolio 1.70% 3.20%
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair Value Measurements - Investment (Details) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2015
Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value $ 82,581,848 $ 51,454,566    
9.5% Secured Turbine Supply Loan (Greenfield Wind LLC) [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value 25,887,755 1,183,295    
10.25% Renew AEC One, LLC Due 2025-02-24 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value 838,871      
Capital Stock [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value 1,853,581 1,562,967    
Limited Liability Company [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value 54,001,641 48,708,304    
Fair Value, Inputs, Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value    
Fair Value, Inputs, Level 1 [Member] | 9.5% Secured Turbine Supply Loan (Greenfield Wind LLC) [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value    
Fair Value, Inputs, Level 1 [Member] | 10.25% Renew AEC One, LLC Due 2025-02-24 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value      
Fair Value, Inputs, Level 1 [Member] | Capital Stock [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value    
Fair Value, Inputs, Level 1 [Member] | Limited Liability Company [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value    
Fair Value, Inputs, Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value    
Fair Value, Inputs, Level 2 [Member] | 9.5% Secured Turbine Supply Loan (Greenfield Wind LLC) [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value    
Fair Value, Inputs, Level 2 [Member] | 10.25% Renew AEC One, LLC Due 2025-02-24 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value      
Fair Value, Inputs, Level 2 [Member] | Capital Stock [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value    
Fair Value, Inputs, Level 2 [Member] | Limited Liability Company [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value    
Fair Value, Inputs, Level 3 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value 82,581,848 51,454,566 $ 17,336,595 $ 2,737,501
Fair Value, Inputs, Level 3 [Member] | 9.5% Secured Turbine Supply Loan (Greenfield Wind LLC) [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value 25,887,755    
Fair Value, Inputs, Level 3 [Member] | 10.25% Renew AEC One, LLC Due 2025-02-24 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value 838,871 1,183,295    
Fair Value, Inputs, Level 3 [Member] | Capital Stock [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value 1,853,581 1,562,967 1,141,534 1,048,709
Fair Value, Inputs, Level 3 [Member] | Limited Liability Company [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investments at Fair Value $ 54,001,641 $ 48,708,304 $ 16,195,061 $ 1,688,792
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair Value Measurements - Investment (Details 1) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Investments at fair value     $ 51,454,566  
Translation of assets and liabilities denominated in foreign currencies $ 8,940 $ 14,488 97,003 $ (72,133)
Investments at fair value 82,581,848   82,581,848  
9.5% Secured Turbine Supply Loan (Greenfield Wind LLC) [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Investments at fair value     1,183,295  
Investments at fair value 25,887,755   25,887,755  
10.25% Renew AEC One, LLC Due 2025-02-24 [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Investments at fair value 838,871   838,871  
Capital Stock [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Investments at fair value     1,562,967  
Investments at fair value 1,853,581   1,853,581  
Limited Liability Company [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Investments at fair value     48,708,304  
Investments at fair value 54,001,641   54,001,641  
Fair Value, Inputs, Level 3 [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Investments at fair value     51,454,566 2,737,501
Net change in unrealized appreciation (depreciation) on investments 244,944 (60,884) (967,054) 411,227
Net realized gains on investments 4,578   4,578  
Translation of assets and liabilities denominated in foreign currencies     97,003 (72,133)
Purchases and other adjustments to cost     32,247,755 [1] 14,260,000 [2]
Sales and Repayments of investments     (255,000) [3]
Transfer in     294,424  
Transfers out     (294,424)  
Investments at fair value 82,581,848 17,336,595 82,581,848 17,336,595
Fair Value, Inputs, Level 3 [Member] | 9.5% Secured Turbine Supply Loan (Greenfield Wind LLC) [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Investments at fair value      
Net change in unrealized appreciation (depreciation) on investments      
Net realized gains on investments      
Translation of assets and liabilities denominated in foreign currencies      
Purchases and other adjustments to cost [1]     25,887,755  
Sales and Repayments of investments [3]      
Transfer in      
Transfers out      
Investments at fair value 25,887,755   25,887,755  
Fair Value, Inputs, Level 3 [Member] | 10.25% Renew AEC One, LLC Due 2025-02-24 [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Investments at fair value     1,183,295  
Net change in unrealized appreciation (depreciation) on investments      
Net realized gains on investments      
Translation of assets and liabilities denominated in foreign currencies      
Purchases and other adjustments to cost [1]      
Sales and Repayments of investments [3]     (50,000)  
Transfer in      
Transfers out     (294,424)  
Investments at fair value 838,871   838,871  
Fair Value, Inputs, Level 3 [Member] | Capital Stock [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Investments at fair value     1,562,967 1,048,709
Net change in unrealized appreciation (depreciation) on investments     193,611 154,958
Net realized gains on investments      
Translation of assets and liabilities denominated in foreign currencies     97,003 (72,133)
Purchases and other adjustments to cost     [1] 10,000 [2]
Sales and Repayments of investments [3]      
Transfer in      
Transfers out      
Investments at fair value 1,853,581 1,141,534 1,853,581 1,141,534
Fair Value, Inputs, Level 3 [Member] | Limited Liability Company [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Investments at fair value     48,708,304 1,688,792
Net change in unrealized appreciation (depreciation) on investments     (1,160,665) 256,269
Net realized gains on investments     4,578  
Translation of assets and liabilities denominated in foreign currencies    
Purchases and other adjustments to cost     6,360,000 [1] 14,250,000 [2]
Sales and Repayments of investments     (205,000) [3]
Transfer in     294,424  
Transfers out      
Investments at fair value $ 54,001,641 $ 16,195,061 $ 54,001,641 $ 16,195,061
[1] Includes purchases of new investments, capitalized deal costs, effects of purchase price adjustments, return of capital and additional investments in existing investments, if any.
[2] Includes principal repayments on loans.
[3] Includes purchases of new investments, capitalized deal costs, effects of purchase price adjustments, return of capital and additional investments in existing investments, if any.
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair Value Measurements - Investment (Details 2) - USD ($)
6 Months Ended 12 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2015
Dec. 31, 2014
Investments at Fair Value $ 82,581,848 $ 51,454,566    
Fair Value, Inputs, Level 3 [Member]        
Investments at Fair Value 82,581,848 51,454,566 $ 17,336,595 $ 2,737,501
Fair Value, Inputs, Level 3 [Member] | Energy Efficiency - Lighting Replacement [Member]        
Investments at Fair Value $ 1,379,189 $ 1,657,409    
Valuation Techniques

Income and collateral based approach.

Income and collateral based approach.

   
Unobservable Inputs

Market yields and value of collateral.

Market yields and value of collateral.

   
Fair Value, Inputs, Level 3 [Member] | Energy Efficiency - Lighting Replacement [Member] | Minimum [Member]        
Fair value Rate 10.25% 10.25%    
Fair Value, Inputs, Level 3 [Member] | Energy Efficiency - Lighting Replacement [Member] | Maximum [Member]        
Fair value Rate 21.31% 12.00%    
Fair Value, Inputs, Level 3 [Member] | Greenfield Secured Turbine Loan [Member]        
Investments at Fair Value $ 25,887,755      
Valuation Techniques

Cost Approach

     
Unobservable Inputs

Value of collateral

     
Fair value Rate 9.50%      
Fair Value, Inputs, Level 3 [Member] | Alternative Energy - Solar [Member]        
Investments at Fair Value $ 48,233,439 $ 42,703,407    
Valuation Techniques

Income, cost  and market approach.

Income, cost  and market approach.

   
Unobservable Inputs

Discount rate, future kWh Production, and estimated remaining useful life.

Discount rate, future kWh Production, and estimated remaining useful life.

   
Fair value Assumption 0.50% 0.50%    
Expected term 31 years 8 months 12 days 31 years 8 months 12 days    
Fair Value, Inputs, Level 3 [Member] | Alternative Energy - Solar [Member] | Minimum [Member]        
Fair value Rate 7.00% 7.00%    
Fair Value, Inputs, Level 3 [Member] | Alternative Energy - Solar [Member] | Maximum [Member]        
Fair value Rate 8.30% 8.30%    
Fair Value, Inputs, Level 3 [Member] | Alternative Energy - Wind [Member]        
Investments at Fair Value $ 7,081,465 $ 7,093,750    
Valuation Techniques

Income and cost approach

Cost approach

   
Unobservable Inputs

Discount rate, future kWh Production, and estimated remaining useful life.

     
Fair value Rate 7.75%      
Fair value Assumption 0.50%    
Expected term 33 years 3 months 18 days      
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair Value Measurements - Investment (Details Narrative) - Fair Value, Inputs, Level 3 [Member] - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Net change in unrealized appreciation (depreciation) on investments $ 244,944 $ (60,884) $ (967,054) $ 411,227
Net realized gains on investments $ 4,578   $ 4,578  
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related Party Agreements And Transactions Agreements (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Operating expenses including the management fees earned by the advisor $ 763,295 $ 416,866 $ 1,441,072 $ 658,593  
Management fees 429,063 102,020 759,778 164,303  
Net increase (decrease) in net assets attributed to special unitholder 46,258 9,280 173,067 (67,819)  
Due from advisor/dealer manager     $ 26,636
Due to advisor/dealer manager $ 346,618   $ 346,618  
Special Unitholder's Equity [Member]          
Hurdle rate, quarterly 1.75%   1.75%    
Hurdle rate, annualized 7.00%   7.00%    
Percentage of capital gains incentive distribution 20.00%   20.00%    
Percentage of liquidation incentive distribution 20.00%   20.00%    
Liquidation arrears period     30 days    
Due to advisor/dealer manager $ 346,618   $ 346,618   106,044
SC Distributors, LLC [Member]          
Payment for dealer manager fees 340,832 169,068 744,875 254,210  
Payments for selling commission 1,211,063 686,522 2,659,497 917,302  
Asset management and accounting services costs $ 55,978   $ 80,002    
SC Distributors, LLC [Member] | Common Class A [Member] | Maximum [Member]          
Percentage of selling commision 7.00%   7.00%    
Percentage of dealer manager fees 2.75%   2.75%    
SC Distributors, LLC [Member] | Common Class P-A [Member] | Maximum [Member]          
Percentage of selling commision 7.00%   7.00%    
Percentage of dealer manager fees 2.75%   2.75%    
SC Distributors, LLC [Member] | Common Class C [Member]          
Description of distribution fee    

With respect to Class C shares only, the company will pay the dealer manager a distribution fee that accrues daily in an amount equal to 1/366th  of 0.80% of the amount of the net asset value for the Class C shares for such day on a continuous basis from year to year.

   
SC Distributors, LLC [Member] | Common Class C [Member] | Maximum [Member]          
Percentage of selling commision 3.00%   3.00%    
Percentage of dealer manager fees 2.75%   2.75%    
SC Distributors, LLC [Member] | Common Class I [Member] | Maximum [Member]          
Percentage of dealer manager fees 1.75%   1.75%    
SC Distributors, LLC [Member] | Common Class P-I [Member] | Maximum [Member]          
Percentage of dealer manager fees 1.75%   1.75%    
Greenbacker Capital Management LLC [Member]          
Limit of offering costs reimbursement to advisor 15.00%   15.00%    
Target offering expense ratio 4.00%   4.00%    
Percentage of reimbursement out of gross offering proceeds     15.00%    
Base management fees payable, monthly rate 0.167%   0.167%    
Base management fees payable, annual rate 2.00%   2.00%    
Percentage of operating expense 5.00%   5.00%    
Operating expense, reimbursement period     30 days    
Operating expenses including the management fees earned by the advisor $ 763,295 416,866 $ 1,441,072 658,593  
Past operating expenses assumed by the adviser 327,150 117,137 506,040 182,166  
Expense reimbursement from advisor     872,006    
Management fees 429,063 102,020 759,778 164,303  
Incentive allocation     916    
Incentive allocation expense $ 46,258 $ 9,280 $ 173,067 $ 67,819  
Due to advisor/dealer manager         26,636
Expense reimbursement to advisor         $ 79,408
Greenbacker Capital Management LLC [Member] | Common Class A [Member]          
Shares issued 22,698   22,698   21,959
Special Unitholder's Equity [Member] | Investment Income Exceeds 2.1875% Quarterly [Member]          
Percentage of incentive distribution 20.00%   20.00%    
Special Unitholder's Equity [Member] | Investment Income Exceeds The Hurdle Rate Less Than 2.1875% Quarterly [Member]          
Hurdle rate, quarterly 8.75%   8.75%    
Hurdle rate, annualized 7.00%   7.00%    
Percentage of incentive distribution 100.00%   100.00%    
Special Unitholder's Equity [Member] | Special Unitholder's Equity [Member] | Investment Income Exceeds 2.1875% Quarterly [Member]          
Hurdle rate, quarterly 8.75%   8.75%    
Hurdle rate, annualized 7.00%   7.00%    
Percentage of incentive distribution 20.00%   20.00%    
Affiliated Entity [Member] | Common Class A [Member]          
Shares issued 166,808   166,808   185,721
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.5.0.2
Members' Equity (Details ) - shares
6 Months Ended 12 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Shares Outstanding, beginning 6,721,967 1,236,345 1,236,345
Shares Issued During the Period 4,592,060   5,500,622
Shares Repurchased During the Period (89,979)   (15,000)
Shares Outstanding, ending 11,224,048 2,978,512 [1] 6,721,967
Common Class A [Member]      
Shares Outstanding, beginning 5,420,728 1,097,844 1,097,844
Shares Issued During the Period 3,173,199   4,337,884
Shares Repurchased During the Period (80,958)   (15,000)
Shares Outstanding, ending 8,512,969 [2]   5,420,728
Common Class C [Member]      
Shares Outstanding, beginning 248,456 84,964 84,964
Shares Issued During the Period 474,043   163,492
Shares Repurchased During the Period  
Shares Outstanding, ending 722,499 [2]   248,456
Common Class I [Member]      
Shares Outstanding, beginning 1,052,783 53,537 53,537
Shares Issued During the Period 944,818   999,246
Shares Repurchased During the Period (9,021)  
Shares Outstanding, ending 1,988,580 [2]   1,052,783
[1] The per share data was derived by using the weighted average shares outstanding during the six months ended June 30, 2015, which was 1,931,513.
[2] The per share data for Class A Shares, Class C Shares and Class I Shares were derived by using the weighted average shares outstanding during the six months ended June 30, 2016, which was 7,063,450, 500,288 and 1,538,324, respectively.
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.5.0.2
Members' Equity (Details 1) - USD ($)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Proceeds from Shares Sold $ 40,177,959 $ 15,454,703
Proceeds from Shares Issued through Reinvestment of Distributions 1,392,931 268,412
Common Class A [Member]    
Proceeds from Shares Sold 27,740,361 10,253,926
Proceeds from Shares Issued through Reinvestment of Distributions 1,035,075 214,509
Common Class C [Member]    
Proceeds from Shares Sold 4,140,330 601,315
Proceeds from Shares Issued through Reinvestment of Distributions 90,046 23,269
Common Class I [Member]    
Proceeds from Shares Sold 8,297,268 4,599,462
Proceeds from Shares Issued through Reinvestment of Distributions $ 267,810 $ 30,634
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.5.0.2
Members' Equity (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Sep. 30, 2015
Jun. 30, 2016
Dec. 31, 2015
Class of Stock [Line Items]      
Total number of shares authorized   400,000,000  
Common stock of class A, C and I, shares authorized   350,000,000 350,000,000
Preferred stock, shares authorized   50,000,000 50,000,000
Description of share repurchase program

Quarterly share repurchases will be conducted, on up to approximately 5% of the weighted average number of outstanding shares in any 12-month period, to allow members who hold shares to sell shares back to the company at a price equal to the then current offering price less the selling commissions and dealer manager fees associated with that class of shares.

   
Share repurchase program repurchase limit   5.00%  
Share repurchase program repurchase limit in the prior four fiscal quarters   1.25%  
Share repurchased   (89,979) (15,000)
Total purchase price   $ 817,388  
Distribution Reinvestment Plan [Member]      
Class of Stock [Line Items]      
Shares allocated for use in the DRP   50,000,000 50,000,000
Shares issued under the DRP   272,494 118,957
Minimum written notice period for termination   10 days  
Common Class A [Member]      
Class of Stock [Line Items]      
Share repurchased   (80,958) (15,000)
Common Class C [Member]      
Class of Stock [Line Items]      
Share repurchased  
Common Class I [Member]      
Class of Stock [Line Items]      
Share repurchased   (9,021)
SC Distributors, LLC [Member] | Common Class A [Member] | Maximum [Member]      
Class of Stock [Line Items]      
Percentage of selling commision   7.00%  
Percentage of dealer manager fees   2.75%  
SC Distributors, LLC [Member] | Common Class P-A [Member] | Maximum [Member]      
Class of Stock [Line Items]      
Percentage of selling commision   7.00%  
Percentage of dealer manager fees   2.75%  
SC Distributors, LLC [Member] | Common Class C [Member]      
Class of Stock [Line Items]      
Description of distribution fee  

With respect to Class C shares only, the company will pay the dealer manager a distribution fee that accrues daily in an amount equal to 1/366th  of 0.80% of the amount of the net asset value for the Class C shares for such day on a continuous basis from year to year.

 
SC Distributors, LLC [Member] | Common Class C [Member] | Maximum [Member]      
Class of Stock [Line Items]      
Percentage of selling commision   3.00%  
Percentage of dealer manager fees   2.75%  
SC Distributors, LLC [Member] | Common Class I [Member] | Maximum [Member]      
Class of Stock [Line Items]      
Percentage of dealer manager fees   1.75%  
SC Distributors, LLC [Member] | Common Class P-I [Member] | Maximum [Member]      
Class of Stock [Line Items]      
Percentage of dealer manager fees   1.75%  
Greenbacker Capital Management LLC [Member]      
Class of Stock [Line Items]      
Total purchase price   $ 25,170  
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.5.0.2
Distributions (Details) - USD ($)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Distribution Made to Limited Liability Company (LLC) Member [Line Items]    
Paid in Cash $ 1,341,237 $ 302,370
Value of Shares Issued under DRP 1,392,931 268,412
Total 2,734,168 570,782
February 1, 2016 [Member]    
Distribution Made to Limited Liability Company (LLC) Member [Line Items]    
Paid in Cash 171,410  
Value of Shares Issued under DRP 185,680  
Total 357,090  
March 1, 2016 [Member]    
Distribution Made to Limited Liability Company (LLC) Member [Line Items]    
Paid in Cash 182,825  
Value of Shares Issued under DRP 195,193  
Total 378,018  
April 1, 2016 [Member]    
Distribution Made to Limited Liability Company (LLC) Member [Line Items]    
Paid in Cash 221,088  
Value of Shares Issued under DRP 221,729  
Total 442,817  
May 2, 2016 [Member]    
Distribution Made to Limited Liability Company (LLC) Member [Line Items]    
Paid in Cash 234,799  
Value of Shares Issued under DRP 241,934  
Total 476,733  
June 1, 2016 [Member]    
Distribution Made to Limited Liability Company (LLC) Member [Line Items]    
Paid in Cash 261,003  
Value of Shares Issued under DRP 271,362  
Total 532,365  
July 1, 2016 [Member]    
Distribution Made to Limited Liability Company (LLC) Member [Line Items]    
Paid in Cash 270,112  
Value of Shares Issued under DRP 277,033  
Total $ 547,145  
February 2, 2015 [Member]    
Distribution Made to Limited Liability Company (LLC) Member [Line Items]    
Paid in Cash   35,820
Value of Shares Issued under DRP   30,024
Total   65,844
March 2, 2015 [Member]    
Distribution Made to Limited Liability Company (LLC) Member [Line Items]    
Paid in Cash   35,691
Value of Shares Issued under DRP   30,341
Total   66,032
April 1, 2015 [Member]    
Distribution Made to Limited Liability Company (LLC) Member [Line Items]    
Paid in Cash   46,720
Value of Shares Issued under DRP   38,120
Total   84,840
May 1, 2015 [Member]    
Distribution Made to Limited Liability Company (LLC) Member [Line Items]    
Paid in Cash   53,139
Value of Shares Issued under DRP   46,808
Total   99,947
June 1, 2015 [Member]    
Distribution Made to Limited Liability Company (LLC) Member [Line Items]    
Paid in Cash   61,499
Value of Shares Issued under DRP   57,380
Total   118,879
July 1, 2015 [Member]    
Distribution Made to Limited Liability Company (LLC) Member [Line Items]    
Paid in Cash   69,501
Value of Shares Issued under DRP   65,739
Total   $ 135,240
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.5.0.2
Distributions (Details 1) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Distributions Made to Members or Limited Partners [Abstract]        
Cash from operations $ 549,485 $ 161,356 $ 549,485 $ 161,356
Offering proceeds 167,405 678,625 102,424
Total Cash Distributions $ 716,890 $ 161,356 $ 1,228,110 $ 263,780
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.5.0.2
Distributions (Details Narrative) - USD ($)
2 Months Ended
Jun. 30, 2016
May 31, 2016
Apr. 02, 2016
Jun. 30, 2016
Mar. 31, 2016
Distribution Made to Limited Liability Company (LLC) Member [Line Items]          
Distribution announcement date Jun. 30, 2016 May 31, 2016 Apr. 01, 2016    
Fund distributions $ 150,000,000     $ 150,000,000  
Cash Distribution [Member]          
Distribution Made to Limited Liability Company (LLC) Member [Line Items]          
Cash distributions announced per unit and per day       $ 0.00166172 $ 0.00165512
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.5.0.2
Commitments and Contingencies (Details Narrative) - USD ($)
Jun. 30, 2016
Jun. 23, 2016
Green Maple Portfolio [Member]    
Other Commitments [Line Items]    
Term loans $ 5,060,000  
East To West Solar Portfolio [Member]    
Other Commitments [Line Items]    
Term loans $ 10,005,000  
Greenfield Wind Manager LLC [Member]    
Other Commitments [Line Items]    
Term loans   $ 25,900,000
Loan commitments   $ 11,200,000
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.5.0.2
Financial Highlights (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Dec. 31, 2014
Per share data attributed to common shares:            
Net Asset Value at beginning of period [1]       $ 8.50    
Net investment income $ 0.15 $ 0.14 $ 0.17 0.11 [1],[2]    
Net unrealized depreciation on investments [1]       0.11    
Change in translation of assets and liabilities denominated in foreign currencies [1]       (0.03)    
Net increase in net assets resulting from operations [1]       0.29    
Shareholder distributions [1]       (0.30)    
Other [1],[3]       0.01    
Net increase in members' equity attributed to common shares [1]          
Net asset value for common shares at end of period [1]   $ 8.50   $ 8.50    
Total return attributed to common shares based on net asset value [1],[4]       3.40%    
Common shareholders' equity at end of period $ 97,389,846 [5] $ 25,317,843 [1] $ 97,389,846 [5] $ 25,317,843 [1]    
Common shares outstanding at end of period 11,224,048 2,978,512 [1] 11,224,048 2,978,512 [1] 6,721,967 1,236,345
Ratio/Supplemental data for common shares (annualized):            
Ratio of net investment income (loss) to average net assets [1],[4],[6]       3.14%    
Ratio of operating expenses to average net assets [1],[4],[6]       5.44%    
Portfolio turnover rate [4]          
Common Class A [Member]            
Per share data attributed to common shares:            
Net Asset Value at beginning of period [7]     $ 8.54      
Net investment income [2],[7]     0.17      
Net unrealized depreciation on investments [7]     (0.11)      
Change in translation of assets and liabilities denominated in foreign currencies [7]     0.01      
Change in benefit from deferred taxes on unrealized appreciation on investments [7]     0.41      
Net increase in net assets resulting from operations [7]     0.48      
Shareholder distributions [7]     (0.30)      
Offering costs and deferred sales commissions [7]          
Other [3],[7]     (0.03)      
Net increase in members' equity attributed to common shares [7]     0.15      
Net asset value for common shares at end of period [7] $ 8.69   $ 8.69      
Total return attributed to common shares based on net asset value [7],[8]     5.21%      
Common shareholders' equity at end of period [7] $ 74,013,171   $ 74,013,171      
Common shares outstanding at end of period 8,512,969 [7]   8,512,969 [7]   5,420,728 1,097,844
Ratio/Supplemental data for common shares (annualized):            
Ratio of net investment income (loss) to average net assets [8],[9],[10]     4.03%      
Ratio of operating expenses to average net assets [8],[9],[10]     4.99%      
Portfolio turnover rate [8]     0.54%      
Common Class C [Member]            
Per share data attributed to common shares:            
Net Asset Value at beginning of period [7]     $ 8.54      
Net investment income [2],[7]     0.17      
Net unrealized depreciation on investments [7]     (0.11)      
Change in translation of assets and liabilities denominated in foreign currencies [7]     0.01      
Change in benefit from deferred taxes on unrealized appreciation on investments [7]     0.41      
Net increase in net assets resulting from operations [7]     0.48      
Shareholder distributions [7]     (0.30)      
Offering costs and deferred sales commissions [7]     (0.26)      
Other [3],[7]     (0.03)      
Net increase in members' equity attributed to common shares [7]     (0.11)      
Net asset value for common shares at end of period [7] $ 8.43   $ 8.43      
Total return attributed to common shares based on net asset value [7],[8]     2.05%      
Common shareholders' equity at end of period [7] $ 6,087,628   $ 6,087,628      
Common shares outstanding at end of period 722,499 [7]   722,499 [7]   248,456 84,964
Ratio/Supplemental data for common shares (annualized):            
Ratio of net investment income (loss) to average net assets [8],[9],[10]     3.98%      
Ratio of operating expenses to average net assets [8],[9],[10]     4.92%      
Portfolio turnover rate [8]     0.54%      
Common Class I [Member]            
Per share data attributed to common shares:            
Net Asset Value at beginning of period [7]     $ 8.54      
Net investment income [2],[7]     0.17      
Net unrealized depreciation on investments [7]     (0.11)      
Change in translation of assets and liabilities denominated in foreign currencies [7]     0.01      
Change in benefit from deferred taxes on unrealized appreciation on investments [7]     0.41      
Net increase in net assets resulting from operations [7]     0.48      
Shareholder distributions [7]     (0.30)      
Offering costs and deferred sales commissions [7]          
Other [3],[7]     (0.03)      
Net increase in members' equity attributed to common shares [7]     0.15      
Net asset value for common shares at end of period [7] $ 8.69   $ 8.69      
Total return attributed to common shares based on net asset value [7],[8]     5.21%      
Common shareholders' equity at end of period [7] $ 17,289,047   $ 17,289,047      
Common shares outstanding at end of period 1,988,580 [7]   1,988,580 [7]   1,052,783 53,537
Ratio/Supplemental data for common shares (annualized):            
Ratio of net investment income (loss) to average net assets [8],[9],[10]     4.02%      
Ratio of operating expenses to average net assets [8],[9],[10]     4.97%      
Portfolio turnover rate [8]     0.54%      
[1] The per share data was derived by using the weighted average shares outstanding during the six months ended June 30, 2015, which was 1,931,513.
[2] Does not reflect any incentive fees that may be payable to the Special Unitholder.
[3] Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and organizational costs which are not included in operating expenses nor subject to the expense reimbursement agreement and the impact of shares at a price other than the net asset value.
[4] Total return, ratio of net investment loss and ratio of operating expenses to average net assets for the six months ended June 30, 2015, prior to the effect of the expense assumption and reimbursement agreement and the management fee waiver were 2.66%, 0.88% and 7.69%, respectively. Allocation of net assets to special unitholder has not been included in determining net investment income or operating expenses used in the ratio calculations.
[5] The per share data was derived by using the weighted average shares outstanding during the three months ended March 31, 2016 and March 31, 2015, which was 7,865,104 and 1,474,248, respectively.
[6] The company's ratio of net investment income to average net assets and ratio of operating expenses to average net assets have been annualized for the six months ended June 30, 2015 assuming consistent results over a full fiscal year.
[7] The per share data for Class A Shares, Class C Shares and Class I Shares were derived by using the weighted average shares outstanding during the six months ended June 30, 2016, which was 7,063,450, 500,288 and 1,538,324, respectively.
[8] Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2016, prior to the effect of the expense reimbursement agreement for Class A Shares were 5.77%, 5.34% and 3.68%, respectively. Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2016, prior to the effect of the expense reimbursement agreement for Class C Shares were 2.52%, 5.27% and 3.63%, respectively. Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2016, prior to the effect of the expense reimbursement agreement for Class I Shares were 5.74%, 5.32% and 3.66%, respectively. Allocation of net assets to special unitholder has not been included in determining net investment income or operating expenses used in the ratio calculations.
[9] Organizational expenses included within the ratio are not annualized.
[10] The company's ratio of net investment income to average net assets and ratio of operating expenses to average net assets have been annualized for the six months ended June 30, 2016 assuming consistent results over a full fiscal year.
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.5.0.2
Financial Highlights (Details 1) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Dec. 31, 2014
Per share data attributed to common shares:            
Net Asset Value at beginning of period [1]       $ 8.50    
Net investment income and realized loss on foreign currency translation $ 0.15 $ 0.14 $ 0.17 0.11 [1],[2]    
Net unrealized appreciation on investments [1]       0.11    
Change in translation of assets and liabilities denominated in foreign currencies [1]       (0.03)    
Net increase in net assets resulting from operations [1]       0.29    
Shareholder distributions [1]       (0.30)    
Other [1],[3]       0.01    
Net increase in members' equity attributed to common shares [1]          
Net asset value for common shares at end of period [1]   $ 8.50   $ 8.50    
Total return attributed to common shares based on net asset value [1],[4]       3.40%    
Common shareholders' equity at end of period $ 97,389,846 [5] $ 25,317,843 [1] $ 97,389,846 [5] $ 25,317,843 [1]    
Common shares outstanding at end of period 11,224,048 2,978,512 [1] 11,224,048 2,978,512 [1] 6,721,967 1,236,345
Ratio/Supplemental data for common shares (annualized):            
Ratio of net investment income (loss) to average net assets [1],[4],[6]       3.14%    
Ratio of operating expenses to average net assets [1],[4],[6]       5.44%    
Portfolio turnover rate [4]          
[1] The per share data was derived by using the weighted average shares outstanding during the six months ended June 30, 2015, which was 1,931,513.
[2] Does not reflect any incentive fees that may be payable to the Special Unitholder.
[3] Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and organizational costs which are not included in operating expenses nor subject to the expense reimbursement agreement and the impact of shares at a price other than the net asset value.
[4] Total return, ratio of net investment loss and ratio of operating expenses to average net assets for the six months ended June 30, 2015, prior to the effect of the expense assumption and reimbursement agreement and the management fee waiver were 2.66%, 0.88% and 7.69%, respectively. Allocation of net assets to special unitholder has not been included in determining net investment income or operating expenses used in the ratio calculations.
[5] The per share data was derived by using the weighted average shares outstanding during the three months ended March 31, 2016 and March 31, 2015, which was 7,865,104 and 1,474,248, respectively.
[6] The company's ratio of net investment income to average net assets and ratio of operating expenses to average net assets have been annualized for the six months ended June 30, 2015 assuming consistent results over a full fiscal year.
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.5.0.2
Financial Highlights (Details Narrative) - shares
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Weighted average common shares outstanding 10,339,058 2,383,753 9,102,063 1,931,513
Ratio of net investment income (loss) to average net assets [1],[2],[3]       3.14%
Ratio of operating expenses to average net assets [1],[2],[3]       5.44%
Common Class A [Member]        
Weighted average common shares outstanding     7,063,450  
Ratio of net investment income (loss) to average net assets [4],[5],[6]     4.03%  
Ratio of operating expenses to average net assets [4],[5],[6]     4.99%  
Common Class C [Member]        
Weighted average common shares outstanding     500,288  
Ratio of net investment income (loss) to average net assets [4],[5],[6]     3.98%  
Ratio of operating expenses to average net assets [4],[5],[6]     4.92%  
Common Class I [Member]        
Weighted average common shares outstanding     1,538,324  
Ratio of net investment income (loss) to average net assets [4],[5],[6]     4.02%  
Ratio of operating expenses to average net assets [4],[5],[6]     4.97%  
Prior To Expense Assumption And Reimbursement Agreement [Member]        
Return on investment ratio       2.66%
Ratio of net investment income (loss) to average net assets       0.88%
Ratio of operating expenses to average net assets       7.69%
Prior To Expense Assumption And Reimbursement Agreement [Member] | Common Class A [Member]        
Return on investment ratio     5.77%  
Ratio of net investment income (loss) to average net assets     5.34%  
Ratio of operating expenses to average net assets     3.68%  
Prior To Expense Assumption And Reimbursement Agreement [Member] | Common Class C [Member]        
Return on investment ratio     2.52%  
Ratio of net investment income (loss) to average net assets     5.27%  
Ratio of operating expenses to average net assets     3.63%  
Prior To Expense Assumption And Reimbursement Agreement [Member] | Common Class I [Member]        
Return on investment ratio     5.74%  
Ratio of net investment income (loss) to average net assets     5.32%  
Ratio of operating expenses to average net assets     3.66%  
[1] The company's ratio of net investment income to average net assets and ratio of operating expenses to average net assets have been annualized for the six months ended June 30, 2015 assuming consistent results over a full fiscal year.
[2] The per share data was derived by using the weighted average shares outstanding during the six months ended June 30, 2015, which was 1,931,513.
[3] Total return, ratio of net investment loss and ratio of operating expenses to average net assets for the six months ended June 30, 2015, prior to the effect of the expense assumption and reimbursement agreement and the management fee waiver were 2.66%, 0.88% and 7.69%, respectively. Allocation of net assets to special unitholder has not been included in determining net investment income or operating expenses used in the ratio calculations.
[4] Organizational expenses included within the ratio are not annualized.
[5] The company's ratio of net investment income to average net assets and ratio of operating expenses to average net assets have been annualized for the six months ended June 30, 2016 assuming consistent results over a full fiscal year.
[6] Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2016, prior to the effect of the expense reimbursement agreement for Class A Shares were 5.77%, 5.34% and 3.68%, respectively. Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2016, prior to the effect of the expense reimbursement agreement for Class C Shares were 2.52%, 5.27% and 3.63%, respectively. Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2016, prior to the effect of the expense reimbursement agreement for Class I Shares were 5.74%, 5.32% and 3.66%, respectively. Allocation of net assets to special unitholder has not been included in determining net investment income or operating expenses used in the ratio calculations.
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($)
Jul. 11, 2016
Aug. 08, 2016
12.1 MW Portfolio of 1,611 Residential Rooftop Solar Systems [Member]    
Aggreegate cost   $ 19,750,000
GREC Entity HoldCo LLC [Member] | Credit Agreement [Member]    
Amount available at close $ 15,950,000  
Description of interest rate

3.5% in excess of one-month LIBOR.

 
Percent of commitment fees payable for unused facility 0.25%  
GREC Entity HoldCo LLC [Member] | Credit Agreement [Member] | Facility 1 Term Loan [Member]    
Aggregate principal amount $ 4,300,000  
Maturity date 2021-07  
Interest rate 4.61%  
GREC Entity HoldCo LLC [Member] | Credit Agreement [Member] | Facility 1 Term Loan [Member] | Interest Rate Swap [Member]    
Interest rate 1.11%  
GREC Entity HoldCo LLC [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member]    
Aggregate principal amount $ 33,250,000  
Maturity date 2021-07  
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