Greenbacker Renewable Energy August 2026 Update

We want to provide a clear update on your investment in Greenbacker Renewable Energy Company. The investment has declined significantly in value over time, and Greenbacker is now in the process of being acquired by MN8 Energy. This is understandably frustrating. Our goal is to make the situation clear, identify what is known today, and help you make an informed decision when the transaction materials arrive.

Greenbacker invested in solar, wind, and other renewable-energy projects. Those projects continued to produce power and generate revenue, but the economics behind owning them became more difficult. Higher interest rates raised borrowing and required-return assumptions; construction, insurance, and operating costs increased; and updated estimates for energy production reduced the projected value of certain projects. In late 2024, Greenbacker reduced its stated net asset value from $7.81 to $5.03 per share—a 35.5% reduction—following a broad review of its asset values.[greenbackercapital]

This is an important distinction: the company’s projects did not become worthless or cease operating. In fact, Greenbacker continued to report operating revenue and power generation from its solar and wind fleet. But the value available to owners after debt, expenses, tax-equity arrangements, and a higher cost of capital was materially less than earlier projections suggested.[greenbackercapital][greenbackercapital]

In July 2026, Greenbacker entered into a definitive agreement to be acquired by MN8 Energy, another renewable independent power producer. The proposed transaction values Greenbacker consideration at approximately $1.71 per share, paid in a mix of cash and MN8 equity at closing, plus a potential additional contingent payment of up to approximately $0.12 per share if specified commercial milestones are achieved. The contingent amount is not guaranteed.[greenbackercapital]

The transaction is expected to close in the fourth quarter of 2026, but it still requires shareholder approval, MN8-member approval, regulatory clearances, and satisfaction of other closing conditions. Greenbacker shareholders will eventually be asked both to vote and to elect cash, MN8 equity, or a combination of the two. Cash availability is limited and may be prorated if shareholders collectively elect more cash than the agreement permits.[sec]

We will review the definitive proxy and election materials when available, then help you evaluate the practical choices in the context of your overall financial plan:

• The estimated value of your position and your cumulative distributions.
• Your tax basis and potential gain or loss.
• Whether liquidity or continued exposure to MN8 equity better fits your needs.
• The risk that the final consideration, timing, cash allocation, and contingent payment may differ from current estimates.

For now, no action is required. We are monitoring the transaction and will contact you once the final materials and election deadlines are available.[greenbackercapital]

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