v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 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)
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.
Schedule of Components of Interest Expense, Net
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 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 
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)
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 
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)
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 
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)
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