Greenbacker CEO Steps Down; Daniel De Boer Named as Interim CEO
By Staff
Greenbacker Renewable Energy Company, a climate-focused investment manager with a registered investment adviser subsidiary, announced that Charles Wheeler has stepped down as chief executive officer of the company, as chairman of the company’s board of directors, and as a member of the board’s nominating and governance committee. Wheeler has also resigned as a director of the board, effective as of the earlier of Dec. 31, 2025, and the date on which a permanent CEO of the company is appointed.
Greenbacker reported that Wheeler will continue to be a non-executive employee of the company and will be designated as founder and chairman emeritus. In these roles, Wheeler will remain an at-will employee of the company and will supply advice to the company as requested. Wheeler is expected to serve in these roles until April 1, 2026.
Additionally, the board has appointed Greenbacker’s managing director and head of infrastructure, Daniel De Boer, as the company’s interim CEO, effective April 1, 2025. The board appointed current director Robert Brennan as chairman of the board, also effective April 1.
In other news, the company reported that the aggregate net asset value of its common shares as of Dec. 31, 2024, was $1 billion, or $5.03 per share. The company reported that this was determined in accordance with the valuation guidelines as approved by its board.
As of Dec. 31, 2024, the NAV per share for the company’s share classes were $4.669 for share class A; $4.616 for share class C; $4.669 for share class I; $4.969 for share class P-A; $5.129 for share class P-I; $5.139 for share class P-D; $5.037 for share class P-T; $4.967 for share class P-S; and $5.129 for share class EO.
As previously reported by AltsWire, Greenbacker suspended distributions around May 2024 as it sought to double its operating revenue in the next four years.
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides asset management services to other renewable energy investment vehicles. Greenbacker conducts its asset management business through its wholly owned subsidiary, Greenbacker Capital Management LLC.
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