The demand in electric, wind, and solar vehicles has caused analysts to project that we will see a peak in oil demand within the next five years. The 2015 Paris Climate Agreement, which was ratified by 159 members of the United Nations, further signaled just how transformative the green-energy revolution is going to be. Many of the largest and most influential automobile companies will have an electric car ready to launch by the early 2020s.
Let’s take a look at some renewable energy stocks that are geared for great potential growth in the midst of this global transformation.
Innergex Renewable Energy Inc.
Innergex Renewable Energy Inc. (TSX:INE) is a Quebec-based developer, owner, and operator of hydro, wind, and solar energy resources in North America. The company released its second-quarter results for 2017 on August 3. Revenues experienced a 25% growth to $109.5 million compared to Q2 2016. The company completed its 31st hydro facility in Canada and purchased two wind farms in France. Net earnings were down due to below-average production compared to 2016.
The stock has increased 4.35% in 2017. It also boasts a dividend of $0.17 per share, representing a 4.5% dividend yield as of offering. This is nice growth add to any portfolio that provides income.
TransAlta Renewables Inc.
TransAlta Renewables Inc. (TSX:RNW) is a Canadian owner and operator of renewable power-generation facilities, including wind, hydro, and gas. It owns and operates facilities and wind farms in Canada as well as holds an economic interest in the Wyoming Wind Farm. The company posted its second-quarter results on August 9. Net earnings increased $37 million for the second quarter. It also entered a syndicated credit agreement, giving it access to $500 million; meanwhile, an existing $350 million credit facility was cancelled.
The stock has seen a decline of 0.63% in 2017 and has fallen 0.49% year over year. It boasts a dividend of $0.08 per share — a dividend yield of 6.6% as of offering. Disappointing earnings have driven the stock down in 2017, but new investment and credit available makes it an interesting buy-low play with a very attractive dividend.
Brookfield Renewable Partners LP
Brookfield Renewable Partners LP (TSX:BEP.UN)(NYSE:BEP) is a Toronto-based limited partnership that owns and operates renewable power assets. Brookfield Asset Management Inc. owns 61% of the company. Brookfield Renewable released its second-quarter earnings on August 4. The company posted revenue of $683 million from $627 million in Q2 2016. Funds from operations grew to $181 million from $105 million in the second quarter of 2016. Its distribution payout has been over 100% for five straight quarters now.
The stock has increased 8.36% in 2017. It last paid out a dividend of $0.59 per share, representing a 5.5% dividend yield. The company possesses very strong financials and a terrific long-term outlook. Combined with an impressive dividend yield, this is a renewable energy stock that you should have in your portfolio.
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Fool contributor Ambrose O'Callaghan has no position in any stocks mentioned. The Motley Fool owns shares of BROOKFIELD ASSET MANAGEMENT INC. CL.A LV. Brookfield Renewable is a recommendation of Dividend Investor Canada.