Greenbacker Delivers First Quarter Results
- May 23, 2022 1:58 pm GMT
Key Takeaways - Operational capacity almost doubled, supporting substantial production and revenue increases. - Fleet expanded by more than 100 new assets, representing an additional 1.5 gigawatts. - Investments nearly doubled in value. - Company’s net assets reached a record high, surpassing
Operational capacity almost doubled, supporting substantial production and revenue increases The power-generation capacity of Greenbacker’s operating fleet nearly doubled, growing 85% on a year-over-year basis. The Company added 504 megawatts (MW) of operational assets, moving under-construction projects into commercial operation and acquiring new operating projects.
This capacity growth enabled the Company’s fleet of clean energy projects to produce over half a million megawatt-hours (MWh) of total power during the first quarter of 2022, representing a 56% year-over-year increase.
Greenbacker’s total quarterly revenue from the sale of renewable energy and renewable energy credits topped
Fleet expanded by more than 100 new assets, representing an additional 1.5 gigawatts Since the end of the first quarter of 2021, Greenbacker added 111 net new assets to its fleet of renewable energy projects, expanding the Company’s total project count to over 400.2
These assets added over 1.2 gigawatts (GW) of clean power–generating capacity to the fleet, which now exceeds 2.6 GW, an increase of 94%. (This figure includes both operating and pre-operational assets.)
The new projects also expanded Greenbacker’s geographical footprint, with assets in six additional states:
Investments nearly doubled in value The fair value3 of Greenbacker’s investments4 increased 94% year over year, topping
The Company deployed
Company’s net assets reached a record high, surpassing
Acquisitions expanded energy storage portfolio into a new segment: battery assets in development During the quarter, GREC announced it had closed an acquisition that included three portfolios: one pre-operational energy storage portfolio in
At least 50% of the customer base for the 12 MW community solar portfolio in
The three solar projects in the
Company’s investments continued to support carbon abatement, water conservation, and green jobs Greenbacker’s investment activities continued to deliver on ESG metrics. As of
The Company’s renewable energy projects have saved over 2.8 billion gallons of water,7 compared to the amount of water needed to produce the same amount of power from burning coal. The business activities of the fleet will sustain over 4,700 green jobs.8
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