Best Performing Stocks In Renewable Energy 2024

by | Mar 6, 2024 | Renewable Energy

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The world economy is rapidly transitioning to new energy sources. Due to climate change concerns, the globe is shifting away from carbon-based fossil fuels and towards cleaner alternative energy sources, such as renewable energy. Many businesses focus on renewable energy, placing them in a prime position to profit from this investment megatrend. Discover top-performing stocks in renewable energy of 2024 in this article.

Best Performing Stocks in Renewable Energy 2024

Best Performing Stocks In Renewable Energy 2024

1. NextEra Energy

NextEra Energy (NEE 0.27%) is a leading producer of wind and solar energy. It generates power at its Florida utilities and sells electricity to other utilities and large business buyers through power purchase agreements (PPAs). NextEra anticipates roughly 10% yearly dividend growth through at least 2024. Meanwhile, it is expected to have one of the finest balance sheets in the utility industry, providing it the financial freedom to continue developing.

2. Clearway Energy

Clearway Energy (CWEN 0.48%) is a significant owner of renewable energy generation plants in the United States. It supplements its wind and solar energy portfolio with highly efficient natural gas-powered facilities. Clearway also sells its power through PPAs, which provide a consistent cash flow for the company. In 2022, the company sold its thermal business, raising $1.35 billion in cash to fund the expansion of its renewable energy businesses. It has consistently put money to work by purchasing renewable energy assets. The transactions give the corporation more visibility regarding its potential to enhance its dividend.

3. First Solar

First Solar (FSLR 3.11%) designs and manufactures thin-film solar panels that employ their bigger size to produce more electricity than rival technologies. This makes them perfect for utility-scale solar projects. As one of the world’s leading solar panel manufacturers, the firm is in a strong position as demand for solar panels increases. It is actively investing to enhance its ability to manufacture solar panels and meet demand. As of the second quarter of 2023, it has contracts to sell panels through 2030, providing excellent visibility into future revenue.

4. Brookfield Renewable

Brookfield Renewable (BEP 0.85%) is a world leader in renewable energy. It is one of the world’s major producers of hydroelectric electricity, which will account for 50% of its portfolio by 2023. Brookfield has also expanded its wind (onshore and offshore), solar (utility-scale and distributed generating, including rooftop solar), and energy storage capabilities. The majority of the company’s power is sold under long-term power purchase agreements, which create consistent cash flow.

5. SolarEdge Technologies

SolarEdge Technologies (SEDG, 2.46%) designs and manufactures an optimised inverter system. This component maximises the electricity supplied by solar panels, which helps to reduce the system’s energy costs. SolarEdge Technologies, like First Solar, should benefit from the increasing global demand for solar energy. The company has also begun to use its experience in inverters to develop other energy-saving solutions. It has broadened its offerings through a series of acquisitions, gaining technology, knowledge, and products that address a variety of energy market segments, such as solar, storage, electric car charging, batteries, uninterruptible electrical supplies, electric vehicle powertrains, and grid service solutions.

Conclusively, the renewable energy sector has grown dramatically, with standout performers such as Tesla (TSLA), whose creative approach to electric vehicles and energy solutions has driven significant gains, and NextEra Energy (NEE), a leading renewable energy producer, indicating a promising future for investors seeking sustainable and environmentally friendly investments.

Also Read: 10 Best ESG Stocks To Buy In 2024

 

Author

  • Michael Thompson

    Michael Thompson is an esteemed expert in the renewable energy sector, with a profound experience spanning over 25 years. His expertise encompasses various sustainable energy solutions, including solar, wind, hydroelectric, and energy efficiency practices. Michael discusses the latest trends in renewable energy and provides practical advice on energy conservation.

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