Firm Description and Principal Owners Greenbacker Capital Management LLC (the “Advisor,” “GCM,” “we” or “us") is a Delaware limited liability company founded in 2012. GCM is an investment management and renewable energy, energy efficiency and sustainability-related project acquisition, consulting, and development company. All capitalized terms used and not otherwise defined in this Brochure have the meaning set forth in the respective Client’s (as defined below) offering documents. On May 19, 2022, GCM consummated a transaction whereby it became a wholly owned subsidiary of Greenbacker Renewable Energy Corporation (“GREC Corp”), which is in turn a wholly owned subsidiary of Greenbacker Renewable Energy Company LLC (“GREC LLC”). As described more fully in Item 8 below, this ownership may present conflicts of interest in which GCM, as a wholly owned subsidiary of GREC LLC, will be subject to the ownership and control of GREC LLC and could be directed to take actions which may not be in the best interests of the Clients (as defined below) relative to GREC LLC. Further, any decisions that GCM makes on behalf of the Clients will not be on an arm’s length basis. Investors in the Clients will not have the opportunity to approve or disapprove of any investment decisions, including the negotiation of the terms thereof, that GCM may make, which may create a conflict of interest based on GCM’s ownership and control by GREC LLC. Types of Advisory Services GCM provides discretionary investment advisory services to the following advisory clients (the “Clients” or the “Funds”):
• Greenbacker Renewable Energy Company II, LLC. Pursuant to an Advisory Agreement (the “GREC II Advisory Agreement”) between GCM and Greenbacker Renewable Energy Company II, LLC (“GREC II”), a Delaware limited liability company, GCM is the investment advisor to GREC II. GREC II is a non-traded limited liability company that acquires and manages income-generating renewable energy and other energy-related businesses.
• Greenbacker Renewable Opportunity Zone Fund LLC. Pursuant to an Advisory Agreement (the “GROZ Advisory Agreement”) between GCM and Greenbacker Renewable Opportunity Zone Fund LLC (“GROZ”), a Delaware limited liability company, GCM provides investment advisory services to GROZ. GROZ intends to qualify and elect to be treated as a “quality opportunity fund” (a “QOF”) within the meaning of Section 1400Z-2 of the Internal Revenue Code of 1986, as amended (the “Code”), and proposed Treasury Regulations and other U.S. Treasury Department and Internal Revenue Service guidance issued thereunder.
• Greenbacker Development Opportunities Fund I, L.P. Pursuant to an Advisory Agreement (the “GDEV Advisory Agreement”) between GCM, Greenbacker Development Opportunities Fund I, L.P. (“GDEV LP”), a Delaware limited partnership, Greenbacker Development Opportunities Fund I (B), L.P. (“GDEV (B) LP”, and together with GDEV LP “GDEV”), a Delaware limited partnership, and Greenbacker Development Opportunities GP I, LLC (the “GDEV GP”), a Delaware limited liability company, GCM provides investment advisory services to GDEV. GDEV is a private equity fund that invests in sustainable infrastructure and renewable energy development companies across the United States. GDEV (B) LP is a parallel fund of GDEV LP that was formed to accommodate certain specific legal, tax, accounting, financial reporting and regulatory requirements of one or more non-U.S. investors that invests in each portfolio investment of GDEV LP pro rata based on relative capital commitments.
• Greenbacker Development Opportunities Fund II, L.P. Pursuant to an Advisory Agreement (the “GDEV II Advisory Agreement”) between GCM, Greenbacker Development Opportunities Fund II, L.P. (“GDEV II LP”), a Delaware limited partnership, Greenbacker Development Opportunities Fund II (B), L.P. (“GDEV II (B) LP” and together with GDEV II LP, “GDEV II”), a Delaware limited partnership, and Greenbacker Development Opportunities GP II, LLC (the “GDEV II GP”), a Delaware limited liability company, GCM provides investment advisory services to GDEV II. GDEV II is a private equity fund that invests in sustainable infrastructure and renewable energy development companies across the United States. GDEV II (B) LP is a parallel fund of GDEV II LP that was formed to accommodate certain specific legal, tax, accounting, financial reporting and regulatory requirements of one or more non-U.S. investors that invests in each portfolio investment of GDEV II LP pro rata based on relative capital commitments.
• Greenbacker Renewable Energy Company LLC. Pursuant to a Services Agreement (the “GREC LLC Services Agreement”) between GCM, Greenbacker Administration, LLC and GREC LLC, GCM provides investment advisory services to GREC LLC, which invests alongside the Clients. As a result of GREC LLC’s indirect ownership of GCM, a material conflict of interest exists regarding itself, its representatives

and its employees in the provision of investment advice to both GREC LLC and the Clients. The GREC II Advisory Agreement, the GROZ Advisory Agreement, the GDEV Advisory Agreement, and the GDEV II Advisory Agreement are referred to collectively herein as the “Advisory Agreements”. The Advisory Agreements authorize GCM to retain the services of sub-advisors, subject to the Advisor’s oversight, to identify, evaluate, and negotiate the Clients’ investments, and to provide asset management services. As of the date of this Brochure, no such sub-advisors have been retained. GREC II’s main objective is to generate attractive risk-adjusted returns for its members consisting of both current income and long-term capital appreciation. GREC II seeks to accomplish this by acquiring and financing the construction and/or operation of income-generating renewable energy, energy efficiency and sustainable development projects primarily within, but also outside of, North America. GREC II invests in a variety of sectors including, but not limited to, solar and wind power generation, battery storage, electric vehicle (“EV”) mobility infrastructure, energy efficiency, grid modernization and developer lending (with ratings anticipated between CCC and BB). GROZ’s main objective is to generative attractive, risk-adjusted returns for its members consisting of long- term capital appreciation by acquiring, managing and financing the construction and/or operations of renewable energy sustainable development businesses located in the United States that predominantly qualify as QOZ Property, which means “qualified opportunity zone business property,” “qualified opportunity zone stock,” or “qualified opportunity zone partnership interests,” in each case as defined in Section 1400Z-2 of the Code. GDEV’s main objective is to form durable partnerships with sustainable infrastructure developers, allowing them to expand and accelerate their development pipelines of infrastructure opportunities. GDEV makes investments across sustainable infrastructure technologies, with a focus on solar photovoltaic, wind, hydroelectric and battery storage electricity generation. GDEV II’s main objective is to form durable partnerships with growth-stage sustainable infrastructure developers and operators through corporate growth capital investments. GDEV II expects to make investments across sustainable infrastructure technologies, with a focus on solar photovoltaic and hydroelectric power generation, battery storage, energy efficiency, and microgrids. To a lesser extent, GDEV II may consider investments in other industry segments, including but not limited to, electric vehicle charging infrastructure, fleet electrification, renewable fuels, and circular economy businesses. GREC LLC is a renewable energy and investment management company that acquires, constructs and operates renewable energy and energy efficiency projects, as well as finances the construction and/or operation of these and other sustainable development projects and businesses and provides investment management services (through GCM and Greenbacker Administration LLC (“GBA”), its wholly owned subsidiaries) to funds within the sustainable infrastructure and renewable energy industry. GREC LLC invests in solar, wind, biomass, battery storage and other energy efficiency assets domiciled in the United States and in Canada. GCM works with developers, corporations, government agencies and others to build projects or purchase assets which are in development or currently operational that seek to save money, create jobs, limit greenhouse gases and provide compelling and predictable returns to the Clients’ investors. GCM maintains comprehensive renewable energy, project finance, and capital markets databases and has developed proprietary analytical tools and due diligence processes that enable GCM to identify prospective projects and to structure transactions quickly and effectively on behalf of the Clients. GCM’s investment advisory services are limited to renewable energy, energy efficiency and sustainability-related and other operational infrastructure-related initiatives. The Client(s), from time to time, make contributions to charitable initiatives or other non-profit organizations that they believe could, directly or indirectly, enhance the value of the Client’s portfolio assets or otherwise serve a business purpose for, or be beneficial to, the Client’s portfolio assets. Tailored Relationships The Advisor neither tailors its advisory services to the individual needs of investors in the Clients nor does it accept investor- imposed investment restrictions. Wrap Fee Programs GCM does not participate in any wrap free programs. Assets Under Management As of December 31, 2023, GCM managed approximately $3,800,000,000 in Client assets on a discretionary basis. The Advisor does not manage any other assets, whether on a discretionary or non- discretionary basis.