Greenbacker Renewable Energy Company LLC, a publicly registered non-traded limited liability company that invests in renewable energy assets, plans to terminate its $1.5 billion public offering of securities on January 31, 2019.
“We have been pleased with the steady increase in overall investor subscriptions as well as the performance of our investment portfolio. As was contemplated in our offering prospectus, the company expected to achieve a certain scale before beginning the process of seeking strategic alternatives that will hopefully benefit our investors,” said CEO Charles Wheeler.
He added, “At the direction of our board, and consistent with our opinion it is in the best interests of our investors, we will cease raising capital through our public offering while continuing to work with institutional investors to position the company for the best overall outcome.”
Greenbacker Renewable Energy Company owns and operates a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. The company’s investment portfolio includes 114 commercial solar assets, five wind farms and nearly 4,600 residential solar installations located in 20 U.S. states or Canadian provinces. As of the second quarter of 2018, the company raised approximately $292 million in investor equity.