IMPACTASSETS 50™
An Annual Showcase of Impact Investment Fund Managers

ImpactAssets 50
An Annual Showcase of Impact Investment Fund Managers
Greenbacker Renewable Energy
Company LLC




Firm Overview
Greenbacker Renewable Energy Company is an independent power producer (IPP) and a leading climate-focused investment manager (IM), bringing clean energy opportunities to market so that individual investors can participate in the energy transition. Greenbacker’s IPP business segment acquires, owns, and operates a fleet of over 450 income-producing clean energy infrastructure assets diversified across size and power source (e.g., solar, wind, energy storage) in communities across the country. These projects sell power under long-term contracts to high-credit-quality counterparties, including utilities, municipalities, and corporations. Within Greenbacker’s IM business segment, Greenbacker Capital Management (GCM) provides fund formation, capital raising, asset acquisition, financing, consulting, and development capabilities, and is registered with the Securities and Exchange Commission as an investment adviser. As of 2023, GCM serves as the registered investment adviser to five climate-focused funds, including Greenbacker Development Opportunities Fund I, LP, which provides growth capital and best-in-class guidance for growth-stage clean energy companies.
Years of Operation: 10 years or more
% of Capital from Top 3 Investors: Less than 25%
Greenbacker invests in and operates a portfolio of income-producing renewables and energy transition infrastructure assets and also manages a number of climate-focused investments funds, leading the transition to a clean energy economy.
Greenbacker's objective is to generate attractive risk-adjusted returns consisting of both income and long-term capital appreciation by acquiring, financing, and investing in renewable energy infrastructure projects and other sustainable infrastructure businesses. As an independent power producer (IPP) and investment management business, we function as both long-term owner/operators of our renewable energy assets and financial asset managers of our investments. Our goal is to make direct investments into real assets, specifically sustainability-focused assets and companies, and provide an avenue for investors to access these clean energy businesses that would otherwise only be available at an institutional scale. We pair our best-in-class investment skillset with our world-class technical asset management to ensure that we’re not only investing in the best possible assets but that we then operating them to the highest possible standard and, in turn, produce the greatest amount of renewable energy to power a sustainable future.
1) Greenbacker invests in assets that are small and medium in size, as we believe that US power generation and consumption will continue to move toward a distributed generation model, rather than remaining reliant on singular monolithic power plants that are located far from the end consumer. This greatly cuts our competition. Further, most of our deals are repeat bi-lateral transactions and we have worked with some developers for a number of years, which results in a natural and larger pipeline.
2) Greenbacker’s in-house team of engineers and technical asset management staff provide unique and integral expertise to our origination and ongoing asset management, as well as significant cost savings compared with third-party vendors. This team is involved in the due diligence process and allows our deal team to evaluate a larger pool of deals. This team also provides world-class asset management, monitoring our sites and keeping the fleet performing to a top-tier standard.
Investment Example
Turquoise Solar is a 61 MW ground mounted solar site located in Nevada. Greenbacker acquired this asset in March of 2019 as a pre-operational, shovel ready, asset. Our technical asset management (TAM) team worked with the developer to bring the site online in December 2020. Turquoise Solar sells power to one of Apple's data centers and has a 25 year contract. This asset is a great example of the influence our TAM team has on origination and management of the portfolio. Much of the turquoise project is located on rocky desert terrain with steep slopes. Our team worked with the EPC contractor and design and engineer the site. They determined that it would be safest and most efficient to use a fixed racking system that has ground screw foundations that drill into the difficult terrain. This asset has produced more than forecasted since being turned on.
Leadership and Team
![]() |
David Sher – Co-CEO More Info
David oversees all strategic business development efforts as President of Greenbacker Capital Management. Prior to co-founding the firm in 2011, he was a senior adviser at Prospect Capital, a leading publicly traded business development company. He has been a serial entrepreneur in the financial services industry, having co-founded ESP Technologies—a leading provider of financial software and services to institutional asset managers and hedge funds—as well as two other companies, ElephantX dot com and Lafayette Capital Management. He also worked at Bear Sterns, developing trading strategies for institutional and brokerage correspondent clearing customers. David graduated from Rutgers University with a BA in Political Science and received his MIA from the School of International Public Affairs at Columbia University. |
![]() |
Charles Wheeler – Co-CEO More Info
Charles oversees all strategic business development efforts as CEO of Greenbacker Renewable Energy Company. Prior to joining the company in 2011, he held various senior positions in his 24-year career with Macquarie Group, including Head of Renewables for North America. In that role, he evaluated a wide variety of renewable energy companies and projects across the US in the wind, solar, geothermal, waste-to-energy, and biomass spaces. Before moving to the US in 2007, Charles was a Director in the Financial Products Group in Australia, responsible for the development, distribution, and management of a wide variety of retail financial products. Charles graduated from Sydney University with a Bachelor of Economics and is a member of the Institute of Chartered Accountants of Australia. |
![]() |
Matt Murphy – COO More Info
Matt is the firm’s Chief Operations Officer, overseeing operation and maintenance, fleet performance, and technical due diligence on transactions. He joined the firm in 2016, coming from Borrego Solar, where he served as Director of O&M. In this position, he oversaw a 500-megawatt fleet of solar power plants across 11 states, managed a national O&M team, and was responsible for the highest level of escalation in the department. Prior to that, he worked at the electrical contracting company Peck Electric, where he was instrumental in creating and running Peck’s solar photovoltaics (PV) division. While there, Matt oversaw the design, developments, construction, and maintenance of solar PV capacity totaling over 5 megawatts. Matt also has five years of experience teaching PV construction and troubleshooting to electricians in several states and is certified by the North American Board of Certified Energy. |
Financial Performance
Impact Performance
Percentage of Total Assets Under
Management that are Impact Investments: |
100%
|



Greenbacker only invests in renewable energy project companies and sustainable infrastructure development companies. As a result, environmental impact is core to the business model of all target investment assets and companies.
When making investments into renewable energy project companies there is no intrafirm consideration to take place. However, when our private equity structure invests in sustainable developers, the deal seeks to ensure that all portfolio companies comply with all applicable environmental, social, and governance requirements laid out in that fund's ESG policy. DEI is also strongly considered and promoted among portfolio companies. Fair compensation is important to GDEV and the team requires management and employee incentive plans in all equity investments.
Impact Tracking and Monitoring

Learn More
230 Park Ave., New York, NY 10169 USA
Apply for the IA 50 2022
The application period to become an ImpactAssets 50 2022 Fund Manager will open in September 2021!
To stay informed on the application process, sign up here.