Greenbacker Capital Management’s renewable energy company recorded $181m operating revenue in 2023, driven by a 38% rise in solar power generation.
The company said that new solar assets brought online helped drive total annual clean energy production across its portfolio to 2.5MWh, representing a 7% year-on-year increase.
The company’s total operating capacity was increased by 292MW in 2023, a year-on-year increase of 24% that included bringing online Greenbacker’s second (the 103.7MW MTSun solar farm in Yellowstone County, Montana) and third (99MW Fall River solar farm in Fall River, South Dakota) largest operating assets to date.
The fleet’s production growth was constrained by three wind assets taken offline by Greenbacker to repower with new equipment. These projects are now back online and are expected to contribute $24.2m to annual operating revenue in 2024 (up from $14.6m in 2023).
Total operating revenue was driven by $134.6m from the company’s long-term PPAs. Funds from operations was a loss of $11.5m representing the $31.8m Adjusted EBITDA less cash interest expense and distributions to tax equity investors.
The net loss attributable to Greenbacker was approximately $79.5m, driven by non-cash depreciation, amortization and impairment charges recorded during the period.
This compares to a net loss of $724,000 for the period May 19 2022-Dec 31 2022.