v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Credit Facilities and Loan Agreements
The Company, through its subsidiaries, has entered into various credit facilities and loan agreements. The principal balances payable under all credit facilities are as follows:
(dollars in thousands)December 31, 2025December 31, 2024Interest rateMaturity date
GREC Entity HoldCo LLC
$— $56,049 
Daily SOFR + 1.85%
June 30, 2026
Midway III Manager LLC— 13,260 
3 mo. SOFR + 1.73%
October 31, 2025
Trillium Manager LLC62,975 65,758 
Daily SOFR + 2.10%
June 9, 2027
Greenbacker Wind Holdings II LLC64,414 68,838 
3 mo. SOFR + 2.15%
December 31, 2027
Conic Manager LLC21,076 22,308 
3 mo. SOFR + 1.75%
October 31, 2027
Turquoise Manager LLC— 30,252 
3 mo. SOFR + 1.35%
December 23, 2027
Greenbacker Renewable Energy Corporation (Premium financing agreement)1,699 2,012 
7.15%
April 30, 2026
ECA Finco I, LLC— 17,398 
3 mo. SOFR + 2.60%
February 25, 2028
Gemstone 2025 Manager LLC52,502 — 
3 mo. SOFR + 2.25%
February 25, 2028
GB Solar TE 2020 Manager LLC13,688 17,330 
Daily SOFR + 2.10%
December 31, 2027
Sego Lily Solar Manager LLC121,488 127,829 
3 mo. SOFR + 1.53%
June 30, 2028
Celadon Manager LLC— 72,853 
Daily SOFR + 1.60%
February 18, 2029
GRP II Borealis Solar LLC
38,752 39,429 
Daily Compounded SOFR + 2.26%
June 30, 2027
Ponderosa Manager LLC85,363 87,803 
3 mo. SOFR + 1.40%
October 4, 2029
PRC Nemasket LLC37,486 39,630 
Daily SOFR + 1.25%
November 1, 2029
GREC Holdings 1 LLC67,600 129,594 
1 mo. SOFR +
1.85% - 2.10%
November 29, 2027
Dogwood GB Manager LLC— 58,725 
1 mo. SOFR + 1.73%
March 29, 2030
GREC Warehouse Holdings I LLC89,179 102,334 
3 mo. SOFR + 2.28%
March 30, 2027
Cider Solar Construction Owner LLC
81,000 81,000 
12.25% - 14.00%
July 30, 2028
Cider Solar AcquisitionCo LLC(1)
485,645 1,539 
Various
Various
Pemaquid Manager LLC75,745 76,915 
Daily SOFR + 1.85%
November 13, 2029
Total debt$1,298,612 $1,110,856 
Less: Total unamortized discount and deferred financing costs(26,785)(20,301)
Less: Current portion of long-term debt(2)
(24,056)(88,901)
Total long-term debt, net$1,247,771 $1,001,654 
__________________
(1)Cider Solar AcquisitionCo LLC has construction and ITC bridge loan facilities, with the option to convert the construction loans into Tranche A or Tranche B term loans, which bear interest at daily SOFR plus an applicable margin subject to the interest rates disclosed in the loan agreement. See below for further details.
(2)Adjusted for $4.5 million and $6.3 million of unamortized debt discount and deferred financing costs pertaining to current portion of long-term debt of $28.6 million and $95.2 million as of December 31, 2025 and December 31, 2024, respectively.
The Company, through its subsidiaries, has entered into various credit facilities and loan agreements. The principal balances payable under all credit facilities are as follows:
(dollars in thousands)March 31, 2026December 31, 2025Interest rateMaturity date
Trillium Manager LLC62,669 62,975 
Daily SOFR + 2.10%
June 9, 2027
Greenbacker Wind Holdings II LLC64,414 64,414 
3 mo. SOFR + 2.15%
December 31, 2027
Conic Manager LLC20,934 21,076 
3 mo. SOFR + 1.75%
October 31, 2027
Greenbacker Renewable Energy Corporation (Premium financing agreement)441 1,699 
7.15%
April 30, 2026
Gemstone 2025 Manager LLC52,502 52,502 
3 mo. SOFR + 2.25%
February 25, 2028
GB Solar TE 2020 Manager LLC13,658 13,688 
Daily SOFR + 2.10%
December 31, 2027
Sego Lily Solar Manager LLC119,071 121,488 
3 mo. SOFR + 1.53%
June 30, 2028
GRP II Borealis Solar LLC
38,184 38,752 
Daily Compounded SOFR + 2.26%
June 30, 2027
Ponderosa Manager LLC85,363 85,363 
3 mo. SOFR + 1.40%
October 4, 2029
PRC Nemasket LLC35,706 37,486 
Daily SOFR + 1.25%
November 1, 2029
GREC Holdings 1 LLC72,600 67,600 
1 mo. SOFR +
1.85% - 2.10%
November 29, 2027
GREC Warehouse Holdings I LLC78,240 89,179 
3 mo. SOFR + 2.28%
June 30, 2027
Cider Solar Construction Owner LLC
81,000 81,000 
12.25% - 14.00%
July 30, 2028
Cider Solar Manager LLC(1)
520,879 485,645 
Various
Various
Pemaquid Manager LLC75,745 75,745 
Daily SOFR + 1.85%
November 13, 2029
Total debt$1,321,406 $1,298,612 
Less: Total unamortized discount and deferred financing costs(26,451)(26,785)
Less: Current portion of long-term debt(2)
(25,373)(24,056)
Total long-term debt, net$1,269,582 $1,247,771 
__________________
(1)Cider Solar Manager LLC has construction and ITC bridge loan facilities, with the option to convert the construction loans into Tranche A or Tranche B term loans, which bear interest at daily SOFR plus an applicable margin subject to the interest rates disclosed in the loan agreement. See below for further details.
(2)Adjusted for $2.3 million and $4.5 million of unamortized debt discount and deferred financing costs pertaining to current portion of long-term debt of $27.7 million and $28.6 million as of March 31, 2026 and December 31, 2025, respectively.
Schedule of Components of Interest (Expense) Income Net
The following table shows the components of Interest income (expense), net on the Consolidated Statements of Operations:
Year ended December 31,
(in thousands)202520242023
Loan interest(1)
$56,144 $48,815 $54,615 
Commitment / letter of credit fees
7,841 3,998 2,986 
Amortization of deferred financing fees and discount11,943 6,261 6,690 
Interest on sale-leasebacks(2)
18,221 21,636 — 
Loss (gain) on interest rate swaps, net(3)
(5,485)(1,356)(2,428)
Change in fair value of interest rate swaps, net(3)
26,223 (44,748)(17,763)
Interest capitalized(33,349)(23,651)(23,378)
Total(4)
$81,538 $10,955 $20,722 
__________________
(1)Includes interest rate swap settlements of $18.3 million, $27.9 million, and $26.7 million as a reduction of loan interest for the years ended December 31, 2025, 2024 and 2023, respectively. Refer to Note 12. Derivative Instruments for additional information.
(2)Refer to Other Financing Arrangements for further discussion on the financing obligations and the deferred ITC gain related to the sale-leaseback arrangements.
(3)Refer to Note 12. Derivative Instruments for additional information on the Company’s interest rate swaps.
(4)Total interest expense excludes $1.6 million, $2.1 million and $0.4 million of interest income on cash accounts for the years ended December 31, 2025, 2024 and 2023, respectively, and an immaterial amount, $1.2 million, and nil of interest income on non-bank deposits for the years ended December 31, 2025, 2024 and 2023, respectively.
The following table shows the components of interest on sale-leasebacks included within Interest income (expense), net on the Consolidated Statements of Operations for the periods indicated:
Year ended December 31,
(in thousands)202520242023
Financing interest$11,728 $13,888 $— 
ITC interest6,282 7,549 — 
Amortization of loan origination cost 211 197 — 
Total$18,221 $21,634 $— 
The following table shows the components of Interest expense, net on the Consolidated Statements of Operations:
Three months ended
March 31,
(in thousands)20262025
Loan interest(1)
$15,286 $11,655 
Commitment / letter of credit fees
2,162 2,236 
Amortization of deferred financing fees and discount3,252 2,963 
Interest on sale-leasebacks(2)
4,191 4,520 
Loss (gain) on interest rate swaps, net(3)
42 — 
Change in fair value of interest rate swaps, net(3)
(645)21,741 
Interest capitalized(12,007)(6,176)
Total(4)
$12,281 $36,939 
__________________
(1)Includes interest rate swap settlements of $2.7 million and $4.9 million presented as a reduction of loan interest for the three months ended March 31, 2026 and 2025, respectively. Refer to Note 9. Derivative Instruments for additional information.
(2)Refer to Other Financing Arrangements for further discussion on the financing obligations and the deferred ITC gain related to the sale-leaseback arrangements.
(3)Refer to Note 9. Derivative Instruments for additional information on the Company’s interest rate swaps.
(4)Total interest expense excludes approximately $0.2 million and $0.4 million of interest income on cash accounts and non-bank deposits for the three months ended March 31, 2026 and 2025, respectively.
The following table shows the components of interest on sale-leasebacks included within Interest expense, net on the Consolidated Statements of Operations for the periods indicated:
Three months ended
March 31,
(in thousands)20262025
Financing interest$2,883 $2,911 
ITC interest1,255 1,609 
Amortization of loan origination cost 53 — 
Total$4,191 $4,520 
Schedule of Principal Payments Due on Borrowings
The principal payments due on the Company’s borrowings for each of the next five years and thereafter are as follows:
(in thousands)
Year ended December 31,Principal Payments
2026$28,610 
2027482,890 
2028255,344 
2029189,119 
203011,186 
Thereafter331,463 
Total$1,298,612 
The principal payments due on the Company’s borrowings for each of the next five years and thereafter are as follows:
(in thousands)
Period ended March 31,Principal Payments
2026-2027$27,710 
2027-2028557,067 
2028-2029205,755 
2029-2030188,225 
2030-203111,186 
Thereafter331,463 
Total$1,321,406 
Schedule of Failed Sale Leaseback Transactions
The following table shows the components of Current portion of failed sale-leaseback financing and deferred ITC gain and Failed sale-leaseback financing and deferred ITC gain, net of current portion recorded related to these transactions on the Consolidated Balance Sheets for the periods indicated:
(in thousands)December 31, 2025December 31, 2024
Failed sale-leaseback financing, current$13,390 $13,127 
ITC gains, current32,952 32,951 
Less: origination costs, current211 210 
Current portion of failed sale-leaseback financing and deferred ITC gain$46,131 $45,868 
Failed sale-leaseback financing, net of current portion$109,576 $111,238 
ITC gains, net of current portion66,132 92,802 
Less: origination costs, net of current portion2,221 2,439 
Failed sale-leaseback financing and deferred ITC gain, net of current portion$173,487 $201,601 
The following table shows the components of Current portion of failed sale-leaseback financing and deferred ITC gain and Failed sale-leaseback financing and deferred ITC gain, net of current portion recorded related to these transactions on the Consolidated Balance Sheets for the periods indicated:
(in thousands)March 31, 2026December 31, 2025
Failed sale-leaseback financing, current$13,390 $13,390 
ITC gains, current32,951 32,952 
Less: origination costs, current210 211 
Current portion of failed sale-leaseback financing and deferred ITC gain$46,131 $46,131 
Failed sale-leaseback financing, net of current portion$112,459 $109,576 
ITC gains, net of current portion57,199 66,132 
Less: origination costs, net of current portion2,168 2,221 
Failed sale-leaseback financing and deferred ITC gain, net of current portion$167,490 $173,487 
Schedule of Future Payments on Sale-Leaseback Financing Arrangements
The future payments on failed sale-leaseback financing arrangements, inclusive of the repurchase price, for each of the next five years and thereafter are as follows:
(in thousands)
Year ended December 31,Future Payments
2026$13,390 
202713,572 
202813,580 
202913,648 
203013,773 
Thereafter167,965 
Total lease payments235,928 
Less: Imputed interest(112,963)
Less: Origination costs(2,431)
Present value of lease payments$120,534 
The future payments on failed sale-leaseback financing arrangements, inclusive of the repurchase price, for each of the next five years and thereafter are as follows:
(in thousands)
Period ended March 31,Future Payments
2026-2027$13,390 
2027-202813,572 
2028-202913,580 
2029-203013,648 
2030-203113,773 
Thereafter167,965 
Total lease payments235,928 
Less: Imputed interest(110,080)
Less: Origination costs(2,379)
Present value of lease payments$123,469