Should Investors Be Watching These Top Renewable Energy Stocks Now?
For some, renewable energy stocks are among the more interesting sectors to consider in the stock market today. Why? Well, simply put, this part of the energy industry is a new yet necessary one, in theory. Accordingly, this would be due to the ongoing climate crisis. While the coronavirus pandemic may be stealing headlines worldwide still, climate change remains a pressing issue. In an effort to combat this problem, more governments and companies alike are turning to the top renewable energy producers around. Likewise, it would not surprise me to see investors doing the same in the stock market now.
By and large, this would especially be the case as markets continue to stabilize from a bumpy January. Because of this, investors could be looking for stocks with more long-term growth potential. This would be where the increasingly important renewable energy industry comes into play. Take First Solar (NASDAQ: FSLR) and Daqo New Energy (NYSE: DQ) for instance. Both companies are sitting on stock gains of over 100% since their pandemic era lows. Even now, Daqo, in particular, is looking to raise $1.7 billion for a new production facility in Inner Mongolia via its China-listed subsidiary. Overall, renewable energy firms remain hard at work expanding their offerings. Should you be keen to bet on the next frontier of energy generation, here are four top renewable energy stocks to watch in the stock market this week.
Renewable Energy Stocks To Watch Today
- Enphase Energy Inc. (NASDAQ: ENPH)
- Sunrun Inc. (NASDAQ: RUN)
- Brookfield Renewable Partners (NYSE: BEP)
- Plug Power Inc. (NASDAQ: PLUG)
Enphase is a renewable energy company that designs and manufactures home energy solutions. It is a global energy technology company and also the world’s leading supplier of microinverters-based solar storage systems. With its smart and easy-to-use solutions, the company connects solar generation, storage, and energy management into one intelligent platform. Enphase’s semiconductor-based microinverters convert energy at the individual solar module level and bring a system-based approach to solar energy management.
On January 27, 2022, the company announced a partnership with Semper Solaris, one of the nation’s leading home solar and battery contractors. The two companies will focus on deploying Enphase Energy Systems, powered by IQ Microinverters and IQ Batteries across the state of California. Semper Solaris is one of the fastest-growing solar, home battery, and roofing contractors in the U.S. The partnership comes as policymakers increasingly look to curb peak electricity demand through energy tariffs like time-of-use rates and grid services programs. With this piece of news, is ENPH stock worth watching today?
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Following that, we have Sunrun, a provider of residential solar panels and home batteries. The company says that it is building the future of the electric grid. Through Sunrun’s network, consumers will have access to decentralized, decarbonized, democratized affordable clean energy. It also says that the residential solar market is massive & underpenetrated. So much so that there is estimated to be a 15% annual industry growth for the next 10 years.
Recently, the company announced that it has retired its $250 million recourse lending facility and arranged a larger $425 million facility at enhanced terms and longer tenor. “We are pleased to increase the size of our recourse lending facility, to support our continued growth while also enhancing terms to reflect the strength of our asset base and underlying business,” said Tom vonReichbauer, Sunrun’s Chief Financial Officer. “Our continued strong execution in the capital markets allows us to be well-positioned to capitalize on growth opportunities and to deliver value to our customers and financial partners.” With that being said, is RUN stock a watch right now?
Brookfield Renewable Partners
Brookfield Renewable Partners is a renewable energy company that is also one of the world’s largest publicly traded power platforms. Its portfolio is enormous and consists of hydroelectric, wind, solar, and storage facilities across the globe. It has over 50,000 megawatts in the development pipeline. On January 26, 2022, the company announced one exciting piece of news.
Diving in, it announced that it has acquired clean power developer Urban Grid and its high-quality pipeline of projects comprising approximately 13,000 megawatts of utility-scale solar and 7,000 megawatts of energy storage capacity for $650 million. The addition of Urban Grid’s projects approximately triples Brookfield’s U.S. development pipeline to approximately 31,000 megawatts of capacity. All things considered, is BEP stock worth investing in?
When it comes to betting on newer areas in the renewable energy space, investors may want to consider Plug Power. In brief, the company primarily focuses on developing hydrogen fuel cell systems. The likes of which, ideally, serve to replace conventional batteries in electric-powered equipment. For one thing, Plug Power does not seem to be sitting idly by now. Just last month, the company made two notable announcements. For starters, Plug Power is eyeing massive growth on the financial front in 2022. According to CEO Andrew Marsh, Plug Power is targeting revenue totaling $900 million for the year. This would also be in line with the company’s goal to become the largest green hydrogen producer worldwide. Even now, Plug Power is actively growing its presence across global markets, gathering almost 370,000 square feet of manufacturing space.
Not to mention, the company is currently working with some of the biggest names in the retail scene. This includes Walmart (NYSE: WMT), Amazon (NASDAQ: AMZN), and Home Depot (NYSE: HD). Secondly, Plug Power is also working with the state of New York on becoming a hydrogen hub. This would be part of the federal-level infrastructure bill signed into law in 2021. Should things go as planned, Plug Power could get access to the $8 billion set aside to construct hydrogen hubs by President Biden. Seeing as Plug Power has operations near Albany, New York, this would be an ideal setup for the firm. With all this in mind, will you be keeping an eye on PLUG stock?
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