Greenbacker Renewable Energy Company LLC Acquires a “To Be Constructed” 25.2 Megawatt Community Solar Project in Colorado from Oak Leaf Energy Partners

NEW YORK–(BUSINESS WIRE)–Greenbacker Renewable Energy Company LLC (the “Company”) announced today
that on April 2, 2018, through a wholly-owned subsidiary, it purchased
the rights to a “to be constructed” 25.2 megawatt portfolio of thirteen
solar projects (“Colorado CSG Portfolio” inclusive of individual
“Projects”) located throughout the state of Colorado from Oak Leaf
Energy Partners (“Oak Leaf”). Initial construction of the first facility
is estimated to start in April 2018 with the last of the facilities
achieving Commercial Operations Date (“COD”) in early 2019. The
transaction is structured such that individual Projects are acquired as
a separate transaction from Oak Leaf as they obtain all necessary
agreements and approvals to be construction ready. As part of the
transaction, the Company and Oak Leaf are negotiating an Engineering,
Procurement and Construction (“EPC”) contract with a third-party EPC
provider. The Company is currently working to arrange construction
financing by the end of June 2018 through a portfolio-level loan which
will convert to a term loan once the Portfolio reaches COD. Furthermore,
the Company is also arranging tax equity financing, with a targeted
close by the end of August 2018. After considering the tax equity
investment and expected term loan, the net investment by the Company in
the Colorado CSG Portfolio is expected to be approximately $7.5 million.
Once operational, the Colorado CSG Portfolio will sell all power
generated to various Colorado municipalities and quasi-municipal
entities through a 20-year escalating price, subscription agreement
(“SA”), with renewable energy credits sold to Xcel Energy during the
term of the SA.

“Working with Oak Leaf to construct a multi-location portfolio of
community solar projects in Colorado is a great new investment
opportunity for Greenbacker,” stated Charles Wheeler, CEO of
Greenbacker. “The Colorado CSG Portfolio is our second investment in the
Colorado community solar project program, which should result in
increasing economies of scale and the ongoing enhancement of the
company’s ability to produce stable and predictable cash flows to our
investors.”

About Greenbacker Renewable Energy Company

Greenbacker Renewable Energy Company is a publicly registered,
non-traded limited liability company that owns and operates a
diversified portfolio of income-producing renewable energy power plants,
energy efficiency projects and other sustainable investments in excess
of 200 megawatts of power generation assets as of March 31, 2018.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements are
not guarantees of future performance and involve known and unknown
risks, uncertainties and other factors that may cause the actual results
to differ materially from those anticipated at the time the
forward-looking statements are made. Although the Company believes the
expectations reflected in such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that the expectations
will be attained or that any deviation will not be material. The Company
undertakes no obligation to update any forward-looking statement
contained herein to conform to actual results or changes in the
Company’s expectations.

Contacts

Media Contact:
Greenbacker Renewable Energy Company LLC
David
Sher
Director
917-309-1234