Greenbacker Capital Highlights Growth in Renewable Portfolio

While expanding its renewable energy holdings and revenue base, the company grappled with rising costs and project delays.

April 01, 2025

Expanding Energy Production and Portfolio Reach

Greenbacker Renewable Energy ended 2023 with strong momentum in its core business—scaling renewable energy projects across the U.S. The company brought more solar and wind capacity online, expanded its geographic footprint, and pushed forward with a development pipeline that continues to grow. These moves translated into higher energy production and a broader base of long-term contracted revenues.

Throughout the year, Greenbacker added new solar and wind assets to its fleet and turned more of its pipeline into operational projects. It didn’t just increase capacity—it delivered more megawatt-hours to the grid, fueling top-line growth. New projects came online across multiple states, as the company leaned into utility-scale investments and started to bring battery storage into the mix.

Revenue Growth Through Contracted Cash Flows

Revenue followed suit. With more assets generating power under long-term agreements, the company posted a notable year-over-year increase in operating income. Most of that came from contracted sales, but newer streams—like battery storage and renewable energy credits—also contributed. Greenbacker’s focus on stable, recurring cash flows continues to anchor its strategy.

Cost Pressures and Project Delays

At the same time, challenges in project execution and rising costs created pressure on the bottom line. Delays in permitting and interconnection pushed some projects further out than expected. Higher interest rates and inflation added to financing and construction costs. As a result, net income dipped into the red, even with revenue climbing.

Maintaining Capital Access

To keep building, Greenbacker tapped new sources of capital. It raised equity and refinanced debt to support its pipeline, while maintaining flexibility through credit facilities. The company finished the year with solid liquidity and enough dry powder to stay on offense in 2024.

Looking Ahead

Looking ahead, Greenbacker is keeping its focus on execution. Several delayed projects are expected to reach commercial operation in the months ahead. The company also plans to grow its exposure to battery storage and hybrid energy systems—adding resilience and optionality to its portfolio. While macro headwinds remain, Greenbacker’s diversified strategy and contracted revenue base give it a platform to keep scaling renewable infrastructure across the country.