The Board of Greenbacker Renewable Energy Company LLC, a publicly registered, non-traded limited liability company, has approved the June 30, 2016 net asset values for class A, class I, and class C shares of common stock.
Class A and class I shares of common stock are valued at $8.69 each, which is an increase of $0.13 per share from the prior quarter end’s valuation.
Class C shares of common stock have a net asset value of $8.43 each, a decrease of $0.13 per share from the prior quarter. The company noted that the decrease is primarily due to a change in accounting for the distribution fee paid on the class C shares, and without this change, the net asset value for the shares would have increased by $0.13 per share.
Due to the changes in net asset value per share, the company revised its offering prices effective August 4, 2016.
Class A shares will now be sold for $10.227 each, class C shares will be sold for $9.791, and class I shares will be sold for $9.394.
Since February 5, 2016, the company has been selling shares at a price of $10.048 per class A share, $9.621 per class C share, and $9.230 per class I share.
Due to the change in the share offering prices, the company’s board authorized an increase in cash distributions payable on September 1, 2016 and October 1, 2016 to shareholders of record of class A, C and I shares as of August 31, 2016 and September 30, 2016, respectively. The new distribution will equal $0.00167656 per share, per day to maintain the current annual distribution rates.
Greenbacker Renewable Energy Company invests in income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. The company commenced its initial public offering in April 2014, and raised approximately $109.5 million in investor equity, as of June 22, 2016, according to a recent filing with the Securities and Exchange Commission.