New York, NY, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Greenbacker Renewable Energy Company LLC (the “Company”) announced that its Board of Directors on November 7, 2019 approved the September 30, 2019 net asset value per share for Class A and I shares of common stock of $8.62, respectively, an increase of $0.14 per share and the net asset value for Class C shares of common stock of $8.44, also an increase of $0.14 per share, over the prior quarter.
Commenting on these changes, Charles Wheeler, CEO of Greenbacker said, “We are very pleased by the solid performance of our assets which has led to an increase in GREC’s net asset value. Our portfolio of solar and wind farms is operating in-line with expectations and several strategic decisions that we made in prior periods are now starting to yield tangible results as well. In particular we are beginning to capture the value associated with acquiring pre-operational assets and taking them through to operation. As noted in prior communications, the initial impact of the strategy was to depress current income due to the fact that pre-operational assets do not generate revenue until they are completed and put in service. However, once the assets commence operation, not only do we generally see an increase in value, we also start to enjoy the yield pickup as electricity is generated and sold under contract.” Mr. Wheeler went on to say, “The renewable energy industry continues to experience very positive tailwinds with increasing state-based renewable energy mandates, falling costs for new equipment, declining costs of operations and continued expectations for historically low interest rates.”
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly registered, non-traded limited liability company that acquires and manages income -generating renewable energy and energy efficiency projects, and other energy-related businesses. The projects in which we invest, such as solar and wind facilities, sell power under long-term contract to high credit worthy counterparties such as Utilities, Municipalities, and Corporations. For more information, please visit www.greenbackercapital.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. The Company undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in the Company‘s expectations.
Contacts:
Joseph Kuo/ Chris Clemens
Haven Tower Group
424.317.4851 | 424.317.4854
Mediarelations@greenbackercapital.com