v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt
Note 8. Debt
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)
June 30, 2026December 31, 2025Interest rateMaturity date
Trillium Manager LLC61,614 62,975 
Daily SOFR + 2.10%
December 9, 2027
Greenbacker Wind Holdings II LLC62,708 64,414 
3 mo. SOFR + 2.15%
December 31, 2027
Conic Manager LLC20,734 21,076 
3 mo. SOFR + 1.75%
October 31, 2027
Greenbacker Renewable Energy Corporation (Premium financing agreement)349 1,699 
7.15%
January 3, 2027
Gemstone 2025 Manager LLC51,860 52,502 
3 mo. SOFR + 2.25%
February 25, 2028
GB Solar TE 2020 Manager LLC13,406 13,688 
Daily SOFR + 2.10%
December 31, 2027
Sego Lily Solar Manager LLC118,347 121,488 
3 mo. SOFR + 1.53%
June 30, 2028
GRP II Borealis Solar LLC
38,184 38,752 
Daily Compounded SOFR + 2.50%
June 30, 2029
Ponderosa Manager LLC85,363 85,363 
3 mo. SOFR + 1.40%
October 4, 2029
PRC Nemasket LLC34,797 37,486 
Daily SOFR + 1.25%
November 1, 2029
GREC Holdings 1 LLC62,600 67,600 
1 mo. SOFR +
1.85% - 2.10%
November 29, 2027
GREC Warehouse Holdings I LLC79,906 89,179 
3 mo. SOFR + 2.28%
August 20, 2027
Cider Solar Construction Owner LLC
— 81,000 
12.25% - 14.00%
July 30, 2028
Cider Solar Manager LLC(1)
666,078 485,645 
Various
Various
Pemaquid Manager LLC74,459 75,745 
Daily SOFR + 1.85%
November 13, 2029
Total debt$1,370,405 $1,298,612 
Less: Total unamortized discount and deferred financing costs(25,103)(26,785)
Less: Current portion of long-term debt(2)
(25,125)(24,056)
Total long-term debt, net$1,320,177 $1,247,771 
(1)Cider Solar Manager LLC (and Cider Solar AcquisitionCo LLC as co-borrower) 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 $5.4 million and $4.5 million of unamortized debt discount and deferred financing costs pertaining to current portion of long-term debt of $30.5 million and $28.6 million as of June 30, 2026 and December 31, 2025, respectively.
During the six months ended June 30, 2026, the Company entered into new or modified existing debt facilities as noted below:
Trillium Manager LLC
On June 9, 2020, Trillium Manager LLC entered into a loan agreement which provided for certain construction, revolving, and term loans in an amount not to exceed $100.0 million. The revolving loans were available until the borrowing base availability end date, defined as two years after the closing date of June 9, 2020, after which all outstanding revolving loans converted into a term loan. The term loan bears interest at a rate of daily simple SOFR plus an applicable margin, which was 1.98% per annum through the fourth anniversary of the closing date, and 2.10% per annum after the fourth anniversary of the closing date, increasing by 0.13% for each fourth anniversary thereafter. Principal and interest payments are made on the last day of each three-month period through the scheduled maturity date. On June 8, 2026, the Company amended the loan agreement to extend the maturity date from June 9, 2027 to December 9, 2027. In addition, Trillium Manager LLC is party to several letter of credit facility agreements, not to exceed $5.0 million.
Greenbacker Renewable Energy Corporation (Premium financing agreement)
The Company enters into certain insurance premium financing agreements, which are individually immaterial, with a lender in order to finance prepaid insurance policies for certain projects. As of June 30, 2026, the Company had one of these agreements outstanding that was entered into on May 5, 2026. Under the agreement, the Company financed $0.6 million of premiums at a 7.15% annual interest rate. Quarterly payments of $0.2 million, including interest and principal, are due in three installments, from July 3, 2026 through January 3, 2027.
GRP II Borealis Solar LLC
GRP II Borealis Solar LLC is party to an amended and restated financing agreement syndicated with various lenders who agreed to provide a term loan in an amount not to exceed $60.0 million. The term loan bears interest at daily compounded SOFR plus an applicable margin. On July 30, 2026, GRP II Borealis LLC entered into an omnibus amendment to its financing agreement that, among other changes, increased the applicable margin on SOFR borrowings to 2.50% and extended the scheduled term loan maturity date from June 30, 2027 to June 30, 2029. Refer to Note 18. Subsequent Events
GREC Warehouse Holdings I LLC
GREC Warehouse Holdings I LLC maintains a revolving credit facility bearing interest at three-month SOFR plus 2.03% through August 11, 2025, and 2.28% thereafter through the original maturity date of August 11, 2026. On November 7, 2025, the Company amended the facility to extend the maturity date to March 30, 2027, which was accounted for as a modification. On April 29, 2026, the facility was further amended to extend the maturity date to June 30, 2027 and reduce lender commitments to $110.0 million for revolving loans and $15.0 million for letters of credit. On August 7, 2026, the Company executed an additional amendment extending the maturity date to August 20, 2027. Refer to Note 18. Subsequent Events.
Cider Solar Construction Owner LLC
On July 30, 2024, the Company entered into an $81.0 million syndicated loan agreement bearing interest at 9.75% through January 30, 2025 and 12.25% thereafter. Quarterly interest payments were required through the maturity date of July 30, 2028. The Company could prepay the loan, subject to the payment of a prepayment premium calculated using a 22.50% factor applied to aggregate borrowings, reduced by certain cumulative interest and fee payments. On December 24, 2025, the Company amended the loan, pursuant to which the interest rate increased to 14.00% as of April 1, 2026. The Company paid a required fee of $1.7 million on February 28, 2026 which offset future prepayment premiums and reduced outstanding obligations. The amendment was accounted for as a modification. On April 13, 2026, Cider Solar Construction Owner LLC paid an aggregate payoff amount of approximately $80.2 million, consisting of $81.0 million of outstanding principal plus accrued interest through the payoff date, net of the return of unaccrued fees, resulting in the full repayment and termination of the loan. Upon receipt of the payoff, all commitments under the loan agreement were terminated and all related liens on the related project assets were released. The Company recorded a loss of $3.6 million on the debt extinguishment, which is presented within Other income (expense), net on the Consolidated Statements of Operations for the three and six months ended June 30, 2026.
The following table shows the components of Interest expense, net on the Consolidated Statements of Operations:
Three months ended
June 30,		Six months ended
June 30,
(in thousands)
2026202520262025
Loan interest(1)
$14,282 $12,573 $29,568 $24,228 
Commitment / letter of credit fees
885 1,927 3,047 4,163 
Amortization of deferred financing fees and discount2,833 3,002 6,085 5,965 
Interest on sale-leasebacks(2)
4,201 4,640 8,392 9,160 
Loss (gain) on interest rate swaps, net(3)
— (659)42 (659)
Change in fair value of interest rate swaps, net(3)
(6,542)12,381 (7,187)34,122 
Interest capitalized(11,169)(7,491)(23,176)(13,667)
Total(4)
$4,490 $26,373 $16,771 $63,312 
(1)Includes interest rate swap settlements of $2.8 million, $5.5 million, $5.5 million and $10.5 million presented as a reduction of loan interest for the three and six months ended June 30, 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, $0.5 million, $0.4 million and $0.8 million of interest income on cash accounts and non-bank deposits for the three and six months ended June 30, 2026 and 2025, respectively.
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 June 30,Principal Payments
2026-2027$30,477 
2027-2028761,724 
2028-202955,347 
2029-2030185,938 
2030-203110,904 
Thereafter326,015 
Total$1,370,405 
As of June 30, 2026, the fair value of the Company’s long-term debt approximated its carrying value of $1.4 billion. The Company did not have any events of default under its debt agreements.
Other Financing Arrangements
The Company is party to failed sale-leaseback arrangements that provide for the sale of certain assets to a third-party and simultaneous leaseback to the Company. 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)
June 30, 2026December 31, 2025
Failed sale-leaseback financing, current
$13,510 $13,390 
ITC gains, current
32,951 32,952 
Less: origination costs, current
210 211 
Current portion of failed sale-leaseback financing and deferred ITC gain$46,251 $46,131 
Failed sale-leaseback financing, net of current portion
$107,925 $109,576 
ITC gains, net of current portion
58,395 66,132 
Less: origination costs, net of current portion
2,116 2,221 
Failed sale-leaseback financing and deferred ITC gain, net of current portion$164,204 $173,487 
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
June 30,		Six months ended
June 30,
(in thousands)
2026202520262025
Financing interest$2,953 $2,982 $5,836 $5,893 
ITC interest1,195 1,553 2,450 3,162 
Amortization of loan origination cost 52 105 105 105 
Total$4,200 $4,640 $8,391 $9,160 
The calculation of interest expense is based on imputed interest rates within each arrangement for the financing obligations ranging between 7.2% and 11.5% and the IBR within each arrangement for the deferred ITC gain ranging between 4.5% and 5.6%.
For the six months ended June 30, 2026 and 2025, the Company recognized $10.2 million of income from the transfer of tax credits related to the Company’s sale leaseback financings, which is recorded to Income from sale-leaseback transfer of tax benefits in the Consolidated Statements of Operations.
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 June 30,Future Payments
2026-2027$13,510 
2027-202813,611 
2028-202913,584 
2029-203013,708 
2030-203113,834 
Thereafter160,314 
Total lease payments228,561 
Less: Imputed interest(107,127)
Less: Origination costs(2,326)
Present value of lease payments$119,108