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Greenbacker Capital Management
Greenbacker Capital Management launched in 2011, co-founded by David Sher, who now serves as President.
Greenbacker Capital Management
Greenbacker Capital Management launched in 2011, co-founded by David Sher, who now serves as President. The firm operates through two deliberately linked entities: an investment manager that forms and distributes funds, and Greenbacker IPP, an independent power producer that directly develops and operates the underlying assets. This structure gives the firm an integrated view from capital formation through to the energization of utility-scale and distributed-generation projects. Greenbacker’s deployment targets the full energy-transition capital stack, spanning solar, wind, battery storage and associated sustainable-infrastructure assets. Its buildout exceeds 2 GW across 35 US states, managed by an in-house technical operations team of over 20 professionals (per firm website). Capital flows through multiple channels — institutional vehicles, individual-investor access programs and direct-project ownership — with tax-equity and debt-capital relationships underpinning financing (per firm website). Recent operational volume is substantial: the firm states it has produced gigawatt-hours of clean energy since 2016, though total AUM is not publicly disclosed. The leadership team expanded in 2023 when Dan de Boer — formerly Head of Renewables at Allianz Capital Partners of America — joined as CEO and Head of Infrastructure (per firm website, 2023). Carl Weatherley-White, the CFO and Head of Capital Markets, arrived from a tax-equity platform at Advantage Capital, and General Counsel Claude Vuillieme joined in 2022 after serving as Senior Fund Counsel at Global Infrastructure Partners (per firm website). Greenbacker lists offices in New York, Portland (ME), Montpelier (VT) and Denver (CO), anchoring a distributed model that supports active fleet management and on-the-ground sourcing. The firm’s architecture separates it from a pure-play fund manager: it is an owner-operator that intends to hold and optimize assets while gathering capital. Greenbacker IPP actively repowers wind and solar sites and adds onsite storage, mining existing portfolios for incremental returns rather than simply trading assets, while the investment manager feeds that pipeline for third-party capital.
General information
Firm type
Asset Manager
Year founded
2011
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Additional offices
Portland, ME · Montpelier, VT · Denver, CO
Principals
Dan de Boer
Chief Executive Officer and Head of Infrastructure
David Sher
President of Greenbacker Capital Management
Carl Weatherley-White
Chief Financial Officer and Head of Capital Markets
Benjamin Baker
Managing Partner and Chief Investment Officer of GDEV
Sector focus
Frequently asked questions
How does Greenbacker structure its investment platform?
Greenbacker runs on a dual structure: Greenbacker Capital Management raises and manages institutional and individual investor capital, while Greenbacker IPP — an independent power producer — directly develops, owns and operates the renewable energy projects. That integration gives the firm an owner-operator perspective on sourcing, financing and fleet management, which it uses to originate pipeline for the funds.
Who runs investment decisions at Greenbacker?
CEO and Head of Infrastructure Dan de Boer oversees the investment platform, having joined in 2023 after leading renewable investing at Allianz Capital Partners of America. On the IPP side, Managing Partner and CIO Benjamin Baker runs the GDEV vehicle, which he has led since June 2020, bringing prior experience at Hudson Clean Energy Partners and GE Energy Financial Services.
Which asset classes does Greenbacker target?
The firm deploys capital across utility-scale and distributed-generation solar, wind and battery storage, along with adjacent sustainable-infrastructure assets. Its in-house technical team has managed the construction of over 2 GW of projects, and the firm actively pursues repowers and co-located storage to extract value from existing sites.
Does Greenbacker participate in fund commitments or only direct deals?
Greenbacker operates both channels: it forms and distributes multi-investor vehicles — including its publicly registered renewable energy program — and it commits capital directly through the independent power producer. Tax-equity and project-finance relationships support individual asset-level financing alongside fund-level equity.
Where does Greenbacker’s project portfolio sit geographically?
Its operational fleet and development pipeline span 35 states, with corporate offices in New York, Portland (Maine), Montpelier (Vermont) and Denver (Colorado). This distributed footprint supports local development and hands-on asset management.
What is Greenbacker’s relationship to Allianz Capital Partners or other prior firms?
Greenbacker is independent of Allianz; the link is talent-driven. CEO Dan de Boer formerly led renewables at Allianz Capital Partners of America, and multiple senior hires — such as CFO Carl Weatherley-White and head of asset management Vladimir Shifrin — bring infrastructure-financing backgrounds from firms including Barclays, Advantage Capital and Cypress Creek Renewables.
Does Greenbacker maintain philanthropic structures or an impact mandate?
Greenbacker frames its entire strategy around accelerating the energy transition, and it tracks clean energy production and capacity additions as outcome metrics. The firm does not separately disclose a philanthropic foundation or impact-first carve-out; the environmental result is claimed as a byproduct of the core investment activity.
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