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Green Energy Stocks in Canada

by | Sep 14, 2022 | Green Investments

Introduction

The future is green. Green energy stocks in Canada are leading the country to a smooth transition from fossil fuels to renewable energy. The momentum is building up. Today, Canada ranks sixth in terms of renewable energy production. It has 103 GW of installed renewable energy capacity. Green energy stocks in Canada have made significant investments in clean energy. Canada ranked second on the 2021 Global CleanTech Innovation Index.

Renewable energy companies are those that generate electricity from renewable energy sources. These sources are naturally replenished or will never run out. The most ancient and common source of renewable energy is water. Thousands of years ago, humans harnessed power from water through water wheels. Even today, water is one of the most commonly used renewable energy sources. Hydroelectric power accounts for around 67% of Canada’s total production of renewable energy.

 

Renewable sources like solar and wind don’t run out. These resources are enough to provide electricity to the entire planet. Yes, even in its currently over-populated state. But most importantly, renewables don’t hurt the Earth as fossil fuels do.

Some people say that moving from fossil fuels toward renewable energy will damage the energy industry. They say that shifting to green energy will affect the lives and livelihoods of millions of people. But, these events are inevitable. Also, the renewable energy sector will replace some of the jobs provided by the fossil fuels sector. It is better for us humans and the planet that we make the transition to renewable energy soon and smoothly.

Green Energy Stocks in Canada

1. Algonquin Power & Utilities Corp

Today, Algonquin is one of Canada’s best green energy stocks, trading on the market. The company has two main subsidiaries: Liberty power and Liberty utilities. Liberty power owns and operates 35 clean energy production facilities. It includes hydroelectric, solar, and wind energy. On the other hand, Liberty Utilities deals with the distribution of electricity, gas, and wastewater treatment. The company has a renewable energy generation capacity of 4 GW powered by wind, solar, hydro, and thermal energy plants.

2. TransAlta Renewables Stock

TransAlta owns over 44 power generation assets. These include 23 wind, 13 hydro, and 7 natural gas production facilities. The company has a renewable energy production capacity of 2,537 MW of electricity. However, it doesn’t sell the electricity directly to consumers. Instead, it has agreements and contracts with regional industry partners.

3. Northland Power

This company generates electricity from onshore and offshore wind facilities, solar farms, and efficient natural gas. The company’s natural gas, solar, and onshore wind facilities are in Canada. The offshore wind production facilities, however, are in Europe. The company’s total renewable energy production capacity stands at 2.4 GW.

The company’s inception happened 33 years ago, and it has since grown extensively. Today, it is expanding its asset base into Latin America and Asia.

Because it has renewable energy assets almost all over the world, the company reaps excellent profits even when local energy stocks plummet.

4. Innergex Renewable Energy Stock

Innergex owns 80 operational renewable energy production facilities distributed over various countries. 14 of the company’s facilities are currently under construction. The company’s total renewable energy production capacity is 3,852 MW. It powers over 8,50,000 homes. The company boasts of 100% renewable energy generation.

Chile, France, the USA, and Canada are some of the countries that host the company’s energy production facilities. The company believes that this generation’s transition to a carbon-neutral economy is within reach.

Green Energy Stocks in Canada

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5. Boralex Inc

Boralex has been in business for the last 30 years. It operates primarily in Quebec. The company derives electricity from mainly four renewable resources: wind, solar, hydro, and thermal sources. It also owns and operates storage facilities to augment the transmission of the electricity produced.

Solar and wind energy currently dominate the company’s portfolio, with these sources generating a capacity of 16.6 GW and 9 GW, respectively. Boralex hopes to expand its renewable energy production capacity to 73.6 GW by 2028.

Although primarily based in Quebec, it is now expanding its reach to Europe and North America.

6. Polaris Infrastructure

Polaris Infrastructure is a publicly-traded company. The company is Canadian-based. It engages in acquiring, developing, and operating renewable energy projects in Latin America. The projects include hydroelectric, solar, and geothermal energy projects distributed all over Central and South America.

Polaris currently operates a 72 MW geothermal project in Nicaragua. In Peru, it has acquired and is currently operating hydroelectric projects with a production capacity of 33 MW. The company has a few development projects in the works. When completed, the total Peruvian operating capacity will be 189 MW.

Green Energy Stocks in Canada

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7. Canadian Solar

Canadian Solar was founded in 2001. Its mission is to foster sustainable development and build a better, cleaner, and greener Earth for future generations by harnessing the sun’s power and supplying it to millions. Today, the company is one of the biggest solar photovoltaic products and energy solutions providers. It has delivered over 63 GW of solar modules to thousands of customers spread over 160 countries. It meets the green energy needs of 14.9 million households.

Conclusion

Renewable energy sources provide over 20% of Canada’s energy supply.

Hydroelectricity accounts for more than half of Canada’s renewable energy production.

Green energy stocks in Canada provide investors with a stable and reliable cash flow.

The country’s green energy companies have large asset bases and production capacities.

Renewable energy stocks take advantage of innovations in the energy sector.

The Canadian energy sector has traditionally heavily relied on fossil fuel development. Climate change has forced the energy sector to harness energy from more environmentally friendly sources through innovations.

Every investment comes with risks, but our changing climate and Earth warrant that renewable energy stocks are a growing sector.

Investments from the public sector have helped Canada’s clean energy sector compete with the fossil fuel production of coal and oil.

As climate change grows as a devastating environmental issue, Canada’s clean energy industry will continue to receive significant investment and attention.

 

Author

  • The author has done a master's in Environmental science and is currently working as chief Environmental Advisor with New Delhi State Government.

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