Non-traded limited liability company, Greenbacker Renewable Energy, LLC (Greenbacker), recently announced cash distributions of $0.0016438 per share, per day, on each outstanding Class A, C, and I share of common stock.
Formed in 2012, Greenbacker seeks to acquire and monitor a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects, and other sustainable development investments.
Greenbacker expects to focus on investing in wind and solar energy projects at first because solar energy projects tend to offer more stable power generation than other forms of renewable energy. In addition, advances in wind turbines and government incentives make wind energy projects appealing. Eventually Greenbacker plans to invest in other types of renewable energy assets and projects, such as hydropower assets, geothermal plants, biomass and biofuel assets, combined heat and power technology assets, fuel cell assets, and other energy efficiency assets.
The distribution was approved by the company’s board of directors on June 30, 2014 and will commence on the closing date of the Company’s first renewable energy or energy efficiency investment and will end on September 30, 2014.
The distributions will be payable on August 1, 2014 to shareholders of record as of July 31, 2014 and on September 2, 2014 for shareholders of record as of August 29, 2014 and on October 1, 2014 to shareholders of record as of September 30, 2014. This timeline assumes that the company’s first investment occurred prior to the record date in each month.
The annualized distribution rates for each share class are as follows; Class A shares have an annualized distribution rate of 6.0% at $10.00 per share, Class C shares have an annualized distribution rate of 6.27% at $9.576 per share, and Class I shares have an annualized distribution rate of 6.53% at $9.186 per share.
The $1.5 billion offering is distributed through SC Distributors, Greenbacker’s dealer-manager.
RCS Capital Corporation agreed to purchase SC Distributor’s parent company, Validus Strategic Capital Partners, in May of this year.