Greenbacker Renewable Energy, an energy transition investor focused on solar and wind, and independent power producer, announced its 2024 financial results, posting year-over-year revenue growth but declines in net asset value.

In 2024 Greenbacker’s fleet of clean energy assets generated 2.7 billion kWh, or enough to meet the equivalent power demand of roughly 250,000 homes in the U.S.

Total operating revenue in 2024 increased by 16% year-over-year $210 million. The company’s operating fleet of assets grew by 8% as it added 22 new solar energy facilities in operation representing 117 MW of capacity.

The company posted a net loss of $242 million in 2024, declining 205% from the previous year.

Greenbacker initiated a re-underwriting process for its assets, evaluating the expected future performance and taking into account the current market conditions. As a result, the company adjusted its aggregate net-asset value (NAV) from $7.81 per share to $5.03 per share, a decline of 35.5%.

The company said inflationary pressures, supply chain imbalances and increasing insurance costs led to a significant increase in operating costs. It said that new projects placed in operation and evaluated by independent engineers led to additional insight into expected future performance, decreasing expected output in some cases.

(Read: “U.S. solar facilities lost $5,720 per MW to equipment underperformance in 2024”)

It added that uncertainty around changes to the Inflation Reduction Act and the threat of additional tariffs are also impacting the near-term outlook for renewables.

The company instituted cost-saving measures including reducing 10% of its workforce. It expects to reduce operating expenses by $12 million or 20% by 2026.

Greenbacker posted $185.2 million in revenues from its independent power producer (IPP) business in 2024, about 84% of which came from long-term power purchase agreements. Power production increased 23% year-over-year.

Greenbacker also announced a transition at chief executive officer as Charles Wheeler retired and Dan de Boer assumed the interim CEO position. Robert Brennan was appointed chair of the board.

“Fourteen years ago, with a group of like-minded individuals, I created Greenbacker with the goal of providing an investment vehicle that would enable ordinary American investors to participate in the renewable energy revolution,” said Wheeler. “We’ve built Greenbacker into a business that is contributing to the transition to clean energy with hundreds of projects representing more than 3.6 gigawatts of clean power generation capacity across the country.”

As part of the transition in leadership, the company said it will consider a full range of operational and financial alternatives in order to reduce costs and operate more efficiently.

“We believe current valuations in the renewables sector do not align with the supportive fundamentals driving the energy transition, leading to a compelling inflection point for renewable infrastructure investment,” said de Boer. “In short: we believe this is one of the better times to be investing in the energy transition.”

Despite declining net-asset value, the company continued to execute on securing financing. This included $1 billion in funding for the 674 MW Cider solar facility in New York, among the largest solar projects in the United States. This project, currently under construction, alone adds enough power to meet the demand of 120,000 homes.

At year’s end 2024, the company’s operating fleet represented 1.6 GW across 30 states, territories, districts and provinces.

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