Greenbacker appoints Spencer Mash as CFO
NEW YORK, Aug. 03, 2022 (GLOBE NEWSWIRE) — Greenbacker Renewable Energy Company LLC (“GREEK” or “Greenbacker”), a leading renewable energy investment company and independent power producer, is pleased to announce that Spencer Mash has been promoted to Chief Financial Officer, Secretary and Treasurer, effective August 1, 2022.
Since co-founding Greenbacker in 2011, Mash has been a key member of the company’s leadership team. Previously Executive Vice President of Structured Finance at the firm, he brings to his new role deep fundamental knowledge of Greenbacker’s financial operations, particularly tax equity and debt financing to support asset acquisitions, as well as the industry partnerships he has built over the course of the business. more than a decade of investments in sustainable infrastructure.
During Mash’s tenure, the company’s gross investment value1 has grown to more than $2.04 billion and the clean power generation capacity of its renewable energy project fleet has grown to more than 2.64 gigawatts, with 404 assets in 34 states, districts, territories and provinces.2 In his role on the Greenbacker Executive Committee, he has also contributed to the growth and direction of the Greenbacker organization as a whole.
“I am thrilled to have Spencer Mash step into the role of Chief Financial Officer, Secretary and Treasurer of our company,” said Charles Wheeler, CEO of GREC. “We are extremely fortunate to have Spencer take on these additional responsibilities as it would have been very difficult to find anyone more capable or qualified. His contributions to the growth of Greenbacker and the mutual respect he enjoys throughout our organization are impossible to match. The responsibilities were transferred to Mash by Richard Butt who, in July 2021, informed Greenbacker of his intention to retire as chief financial officer in 2022, after eight years of service in this role.
“The opportunity to see Greenbacker grow from our one-room office beginnings into a thriving renewable energy company driving a countywide clean energy future is indescribably special,” said Mash. “It’s an honor to take on these roles in place of Richard, and I’m excited to be working with people across the Greenbacker organization to continue to make a real impact, building on our growth and momentum, and fulfilling our mission of empowering a sustainable world.”
Mash joined the firm from Deerfield Capital Management, where he served as vice president of the leveraged finance group, performing extensive due diligence and financial analysis, negotiating loan documentation and overseeing the first lien, second lien, mezzanine and one-stop senior secured debt investments. He began his career at Bank of America Merrill Lynch, after graduating magna cum laude from the Wharton School of Business at the University of Pennsylvania with a BS in economics and a concentration in finance and marketing.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a privately held, privately held sustainable infrastructure company that acquires and manages revenue-generating renewable energy and other energy-related businesses, including solar and wind farms. We seek to invest in high-quality projects that sell clean energy under long-term contracts to highly creditworthy counterparties such as utilities, municipalities and businesses. We are long-time owner-operators, striving to be good stewards of the land and responsible members of the communities in which we operate. We believe that our focus on power generation and revenue generation creates value that we can then pass on to our shareholders, while facilitating the transition to a clean energy future. For more information, please visit www.greenbackercapital.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, it cannot guarantee that the expectations will be achieved or that any deviations will not be material. Greenbacker undertakes no obligation to update any forward-looking statements contained herein to conform to actual results or to changes in its expectations.
1 Gross Investment Value (GIV) reflects the fair value of our investments and cash, as disclosed in GREC’s annual and/or quarterly financial statements filed with the SEC, and related project-level debt. to our projects. Quarterly figures are unaudited and subject to change. Data as of March 31, 2022.
2 The GREC portfolio measures presented here are unaudited estimates and subject to change.