Greenbacker Group
Greenbacker Group is a New York-based multi-strategy investment manager and independent power producer that owns and operates 3.3 GW of solar, wind, and battery storage assets across 30+ U.S. states, managing $3.1B in assets for institutional and individual investors pursuing clean energy investments.
- Company typePrivate
- Founded2011
- HeadquartersNew York, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Greenbacker Group does
Greenbacker Group is a multi-strategy investment manager and independent power producer (IPP) founded in 2011 and headquartered in New York. The company operates two integrated business segments: Greenbacker Capital Management (GCM), an SEC-registered investment adviser that manages energy-transition focused strategies for individual and institutional investors, and Greenbacker IPP, which acquires, owns, and operates clean energy infrastructure assets including solar farms, wind projects, and battery energy storage systems. As of early 2026, Greenbacker manages approximately $3.1 billion in assets and operates about 3.3 GW of clean energy capacity across more than 30 U.S. states plus Washington D.C., with the company's project fleet having cumulatively produced over 17 million MWh of clean power since 2016.
The company's underlying technology is its physical and financial infrastructure: utility-scale solar (Cider 674 MWdc, Appaloosa 240 MWdc, Graphite 104 MWdc, Turquoise 61 MW), wind generation (Weaver 73 MW, Altamont 57 MW, Hawkeye, Community Wind South), and standalone battery storage (Holtville BESS 30 MW/120 MWh). Greenbacker has developed several proprietary financing architectures, including a first-of-its-kind parametric wind proxy hedge with kWh Analytics and Munich Re, the first sale-leaseback structure utilizing the IRA domestic content bonus for wind repower, and tax credit transfer bridge loans for solar PTC monetization. The portfolio includes 16 backed companies spanning distributed energy resources (Lightshift Energy, Nexus PMG, Relevate Power, Revolv) and grid-scale developers.
Greenbacker generates revenue through three primary streams: long-term power purchase agreement (PPA) revenue from selling electricity to investment-grade utilities, municipalities, and corporate buyers; asset management fees from institutional investment vehicles; and tax credit monetization through PTC and ITC transfers. The go-to-market model is sales-led and direct, targeting institutional investors, utilities, municipalities, and corporate entities through industry conferences and relationship-driven outreach. Revenue is highly contracted and recurring over multi-decade PPAs, with Q3 2025 operating revenue of $52.2 million (3% YoY growth) implying an annual run rate of approximately $205-210 million.
Greenbacker Group firmographics
Firmographics- Name
- Greenbacker Group
- Legal name
- Greenbacker Renewable Energy Company LLC
- Website
- https://greenbackercapital.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Greenbacker Group is a New York-based multi-strategy investment manager and independent power producer that owns and operates 3.3 GW of solar, wind, and battery storage assets across 30+ U.S. states, managing $3.1B in assets for institutional and individual investors pursuing clean energy investments.
- Ownership category
- akta.pro rank
Greenbacker Group industry classification
Industry- Product category
- Renewable Energy Investment Management
- NAICS
- Wind Electric Power Generation (221115), Solar Electric Power Generation (221114)
- SIC
- Electric, Gas & Sanitary Services (4900)
- akta.pro primary industry
- Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations) (EUACAFAF)
- akta.pro secondary industry
- Renewable Energy Infrastructure (FSAAAKAG)
Keywords
Where Greenbacker Group is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Greenbacker Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Supply Chain, Marketing or Sales
Revenue model
- Power Purchase Agreement Revenue: Long-term contracted revenue from selling electricity under multi-decade power purchase agreements to utilities, municipalities, and corporations. This is the primary revenue driver from owned clean energy assets.
- Asset Management Fees: Management fees earned from overseeing clean energy assets under management on behalf of institutional investors and fund clients.
- Tax Credit Monetization: Revenue generated through transfer and monetization of production tax credits (PTCs) and investment tax credits (ITCs) associated with clean energy project development.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Greenbacker Group product offering
Product offeringCore offering
Greenbacker Group is a multi-strategy investment manager and independent power producer that acquires, owns, and operates clean energy infrastructure assets including utility-scale solar, wind, and battery storage projects across the United States. The firm simultaneously manages investment vehicles that channel individual and institutional investor capital into sustainable infrastructure, generating revenue through long-term power purchase agreements and asset management / investment fees. Its operations span project development, construction, ownership, and ongoing asset management under two principal affiliates — Greenbacker Capital Management and Greenbacker IPP.
Product overview
Greenbacker Group operates as a multi-strategy investment manager and independent power producer (IPP) with two primary business segments: Greenbacker Capital Management (GCM) for investment management services, and Greenbacker IPP for owning and operating clean energy infrastructure. The company offers multiple investment strategies including Sustainable Infrastructure, Private Equity, and Qualified Opportunity Zones. GCM manages investment vehicles for individual and institutional investors deploying capital into real assets across the sustainability class. The IPP business acquires, owns, and operates renewable energy assets including solar farms (Cider, Appaloosa Solar, Graphite, Turquoise), wind projects (Hawkeye, Altamont, Community Wind South, Weaver Wind), and battery storage systems (Holtville BESS, Rawhide Prairie). The portfolio spans projects across multiple U.S. states with diverse power sources and capacity sizes, generating revenue through long-term power purchase agreements. Notable affiliated strategies include GDEV Management for distributed energy resources and portfolio companies such as Revolv for EV fleet services.
Differentiator
Problem solved
Functional benefit
Brands
- Greenbacker Capital Management (GCM): Investment management segment offering direct investments to individual and institutional investors with full suite of capital raising, marketing, and investor services capabilities
- Greenbacker IPP
- GDEV Management
- Cider
- Hawkeye
- Elk
- Community Wind South
- Appaloosa Solar
- Holtville BESS
- Rawhide Prairie
Products and services
- Greenbacker Capital Management Asset management and investment services that manage capital from individual and institutional investors across multiple clean energy and infrastructure strategies; for investors seeking exposure to renewable infrastructure.
- Greenbacker IPP (Independent Power Production) Independent power production services that own and operate utility-scale solar, wind, and battery storage assets and sell the generated power under long-term contracts; for utilities, municipalities, and corporate offtakers.
- Sustainable Infrastructure Strategy Private investment vehicle providing exposure to a diversified portfolio of contracted renewable energy and infrastructure assets; for institutional and individual investors.
- Private Equity Strategy Private equity investment vehicle deploying capital into clean energy and infrastructure opportunities; for institutional and individual qualified investors.
- Qualified Opportunity Zones (QOZ) Strategy Qualified Opportunity Zone investment vehicle that channels capital into clean energy and infrastructure projects located in designated QOZ geographies, providing tax-advantaged exposure; for qualified investors.
Quantifiable outcome
- 3.1 GW of clean energy capacity under management
- +2 more outcomes
Companies that use Greenbacker Group
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles2 records
Greenbacker Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Greenbacker Group partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- Hecate EnergycoreDevelopment partner for the Cider Solar project, one of the largest solar-plus-storage projects in the Southeast US. Hecate Energy contributed development expertise and the project reached financial close with $700M+ financing.
- CleanCapitalminorAsset purchaser acquiring a 51 MW distributed solar portfolio from Greenbacker, representing a secondary market transaction for mature operating assets.
- Altus PowerminorStrategic asset purchaser acquiring a 237 MW portfolio of solar projects from Greenbacker, representing one of the largest secondary solar transactions.
- American Farmland TrustminorPartnership focused on smart solar development practices, ensuring solar projects are sited responsibly on agricultural land and support farmland preservation.
- kWh AnalyticscoreDevelopment partner for parametric wind proxy hedge product, the first-of-its-kind wind energy revenue protection product providing coverage against wind resource variability.
- Bedrock Renewables LLCcoreDevelopment partner for wind repower projects, collaborating on strategic turbine replacement projects that incorporate domestic content requirements.
- ZenobēminorStrategic acquirer of Revolv distributed energy storage company from Greenbacker portfolio, representing successful exit from storage investment.
Scale indicators10 records
Recent moves10 records
Expansion highlights6 records
Greenbacker Group competitors and assessment
Company assessmentBroad incumbents
- Brookfield Renewable Partners: One of the world's largest publicly traded renewable power platforms with ~30 GW of operating capacity across hydro, wind, solar, and storage. Highly comparable to Greenbacker as a vertically integrated renewable IPP, though operating at vastly greater scale and with a global footprint.
- Blackstone Energy Partners: Mega-cap private equity platform investing across the energy transition including renewables, storage, and grid infrastructure. Broad incumbent competitor for institutional capital and prime assets, though operating at substantially larger scale than Greenbacker.
Direct peers
- NextEra Energy Partners: Yieldco affiliated with NextEra Energy that owns contracted renewable generation assets in North America. Direct peer to Greenbacker IPP given its focus on long-term PPA-backed wind, solar, and storage assets, with comparable capital recycling via secondary market sales.
- Hannon Armstrong Sustainable Infrastructure Capital: Public investment manager focused on climate infrastructure investments across renewable energy, energy efficiency, and storage. Closely comparable to Greenbacker Capital Management's strategy of deploying institutional capital into sustainable infrastructure with similar tax equity and project finance expertise.
- Clearway Energy: Owns and operates contracted renewable generation assets including wind, solar, and battery storage across the U.S. Direct IPP peer to Greenbacker with a comparable business model centered on long-term PPAs and asset rotation.
- Atlantica Sustainable Infrastructure: Owns and operates a diversified portfolio of sustainable infrastructure assets including renewable energy generation in North America and Europe. Comparable business model to Greenbacker's contracted renewable asset platform with similar revenue visibility from PPAs.
- D.E. Shaw Renewable Investments (DESRI): Private renewable energy developer and operator with a 10+ GW operating and development pipeline across solar and storage. Direct peer founded by CEO Daniel de Boer prior to Greenbacker; identical strategy of utility-scale solar and storage development with institutional capital.
- Altus Power: Independent power producer specializing in commercial and industrial-scale solar and storage. Direct peer that also serves as a secondary-market counterparty to Greenbacker (acquired 237 MW portfolio in 2025), making it both a competitor and transaction partner.
- Onyx Renewable Partners: Renewable energy developer and operator with distributed and utility-scale solar/storage portfolio. Direct peer established by Greenbacker CEO Daniel de Boer within Blackstone Energy Partners — overlapping leadership lineage and operating model.
- CleanCapital: Independent power producer specializing in distributed clean energy assets. Direct peer that acquired Greenbacker's 51 MW distributed portfolio in 2025, indicating overlapping focus on small-to-mid-scale commercial and industrial solar.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Greenbacker Group social profiles
Digital presenceGreenbacker Group compliance and trust
Trust signalCompliance2 records
Greenbacker Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Greenbacker Group leadership team
Management profileNumber of profiles
Profiles3 records
Greenbacker Group subsidiaries and ownership
Company hierarchySubsidiaries6 records
Greenbacker Group funding detail
Funding detailFunding overview
Funding rounds5 records
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Greenbacker Group M&A and investment
M&A and investmentM&A1 record
Investments13 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Greenbacker Group
What does Greenbacker Group do?
Greenbacker Group is a multi-strategy investment manager and independent power producer that acquires, owns, and operates clean energy infrastructure assets including utility-scale solar, wind, and battery storage projects across the United States. The firm simultaneously manages investment vehicles that channel individual and institutional investor capital into sustainable infrastructure, generating revenue through long-term power purchase agreements and asset management / investment fees. Its operations span project development, construction, ownership, and ongoing asset management under two principal affiliates — Greenbacker Capital Management and Greenbacker IPP.
Is Greenbacker Group a public or private company?
Greenbacker Group is a private company. It is classified as venture growth investor backed and is currently operating.
When was Greenbacker Group founded?
Greenbacker Group was founded in 2011. It employs 101 to 250 people.
Where is Greenbacker Group based?
Greenbacker Group is headquartered in New York, United States, in the North America region.
How does Greenbacker Group make money?
Three revenue lines are on record. Power Purchase Agreement Revenue is the primary driver. The others are asset Management Fees and tax Credit Monetization.
Who are Greenbacker Group's main competitors?
Broad incumbents on record are Brookfield Renewable Partners and Blackstone Energy Partners. Direct peers are NextEra Energy Partners, Hannon Armstrong Sustainable Infrastructure Capital, Clearway Energy, Atlantica Sustainable Infrastructure, D.E. Shaw Renewable Investments (DESRI), Altus Power, Onyx Renewable Partners and CleanCapital.
Does Greenbacker Group have an API?
No public API is recorded for Greenbacker Group.
What industry is Greenbacker Group in?
Greenbacker Group's product category is Renewable Energy Investment Management. Its primary akta.pro industry code is EUACAFAF, Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations), with a secondary code of FSAAAKAG, Renewable Energy Infrastructure. Its NAICS code is 221115 and its SIC code is 4900.