Greenbacker Group

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.

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

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

• Clean energy investing
• Renewable infrastructure
• Independent power production
• Sustainable investment management
• Battery energy storage

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. 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.
2. Asset Management Fees: Management fees earned from overseeing clean energy assets under management on behalf of institutional investors and fund clients.
3. 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

Core 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

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Hecate EnergycoreStrategic or Co-development PartnerDevelopment 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.
• CleanCapitalminorStrategic or Co-development PartnerAsset purchaser acquiring a 51 MW distributed solar portfolio from Greenbacker, representing a secondary market transaction for mature operating assets.
• Altus PowerminorStrategic or Co-development PartnerStrategic asset purchaser acquiring a 237 MW portfolio of solar projects from Greenbacker, representing one of the largest secondary solar transactions.
• American Farmland TrustminorStrategic or Co-development PartnerPartnership focused on smart solar development practices, ensuring solar projects are sited responsibly on agricultural land and support farmland preservation.
• kWh AnalyticscoreStrategic or Co-development PartnerDevelopment 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 LLCcoreStrategic or Co-development PartnerDevelopment partner for wind repower projects, collaborating on strategic turbine replacement projects that incorporate domestic content requirements.
• ZenobēminorStrategic or Co-development PartnerStrategic 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

Broad 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

• Xx.com/GreenbackerGrp
• LinkedInlinkedin.com/company/greenbacker-group-llc
• Facebookfacebook.com/greenbackergroup

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries6 records

Funding overview

Funding rounds5 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments13 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greenbacker Group