Check Out These Renewable Energy Stocks In The Stock Market Today
As the world transitions from fossil fuels to clean energy, renewable energy stocks could be worth considering in the stock market. After all, these companies could potentially be the ones primarily responsible for providing our daily energy needs in the future. Furthermore, with governments taking initiative to boost the clean energy transition, it is no surprise that many investors have been looking to have a piece of these renewable energy companies in their portfolios.
Take Canadian Solar (NASDAQ: CSIQ) for example. Just recently, its subsidiary Recurrent Energy acquired two standalone energy storage projects from Black Mountain Energy Storage (BMES). The projects, situated in the Electric Reliability Council of Texas (ERCOT) market, claim a storage capacity of 200 MW-hour each. It appears that Canadian Solar is looking to tap into the ERCOT region, which boasts ample wind and solar potential. In short, this would make it a good location for developing solar and wind projects in the future. With that being said, here are four renewable stocks to check out in the stock market today.
Renewable Energy Stocks To Watch Today
- Clearway Energy Inc. (NYSE: CWEN)
- JinkoSolar Holding Co. Ltd. (NYSE: JKS)
- First Solar Inc. (NASDAQ: FSLR)
- NextEra Energy Inc. (NYSE: NEE)
Starting off our list of renewable energy stocks today is Clearway Energy. The company is one of the country’s largest renewable energy owners. Impressively, the company has over 5,000 net megawatts (MW) of installed wind and solar generation projects. On top of that, its 7,500 net MW of assets also include approximately 2,500 net MW of environmentally sound, highly efficient natural gas generation facilities. And to put it simply, its operations can be segmented based on conventional power generation and renewable businesses, which consist of solar and wind.
Last week, the company announced that it has entered into an agreement with Capistrano Wind Partners to acquire its operating wind projects. In detail, Capistrano’s project portfolio consists of five wind projects spread across Texas, Nebraska, and Wyoming, and has a total generating capacity of 413 MW. The total consideration, including the assumption of debts, will be $415 million. It is worth noting that these wind projects would be a perfect fit for Clearway’s current portfolio. This would allow the company to further increase its renewable power generation capability. All in all, the acquisition is expected to close by the end of 2022 and should boost Clearway’s financials from 2023. Given this acquisition, should you invest in CWEN stock?
JinkoSolar is one of the largest solar panel manufacturers in the world. In brief, the company builds a vertically integrated solar product value chain, manufacturing from silicon wafers to solar modules. Some of its notable services include solar power generation and solar system Engineering Procurement Construction. To put into perspective the scale of JinkoSolar’s footprint, chances are, one out of every ten solar modules in the world is produced by JinkoSolar. Since the start of the year, JKS stock has risen nearly 40% in price.
Earlier this month, JinkoSolar kicked off the construction of its latest n-type solar cell and module production plant in Jianshan in China. On this site, the company will produce 11 gigawatts (GW) of n-type cells with an average efficiency of 25%. This would mean that JinkoSolar could be the world’s first 10 GW-scale factory to mass-produce solar cells of above 25% efficiency. Once the plant is completed, it will have a production capacity of around 11 GW of solar cells and 15 GW of modules. Therefore, this will help the company to meet the strong and growing demand for its n-type Tiger Neo panels. With JinkoSolar making these advancements, should you keep an eye out for JKS stock?
Another top solar technology company to note right now would be First Solar. For the most part, the company engages in the manufacture of solar panels and utility-scale photovoltaic (PV) power plants. Besides that, it is a global provider of sustainably produced eco-efficient solar modules. The company’s advanced thin-film photovoltaic (PV) modules represent the next generation of solar technologies. As such, it serves as a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. FSLR stock has been under pressure over the past year. Could things be turning around soon?
Last week, the company inked an agreement to supply 2 GW of its solar modules to National Grid Renewables (NGR), further strengthening its partnership with the company. Accordingly, the modules include First Solar’s advanced Cadmium Telluride (CadTel) thin-film module technology platform. For those unfamiliar, NGR boasts a strong portfolio of solar, wind, and energy storage projects throughout the country. Through this, it would seem that First Solar’s long-standing relationship with NGR exemplifies the capabilities of its products. Therefore, should you add FSLR stock to your portfolio?
Lastly, we have NextEra Energy. It is a renewable energy company that owns the largest rate-regulated electric utility in the U.S., Florida Power & Light Company (FPL). For a sense of reach, FPL serves more than 11 million residents across Florida with clean, reliable, and affordable electricity. It also owns a competitive clean energy business, NextEra Energy Resources (NEER). In fact, NEER is one of the largest generators of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra generates clean, emissions-free electricity from seven commercial nuclear power units in Florida, New Hampshire, and Wisconsin.
Two weeks ago, the company made a move into the U.S. regulated water and wastewater utility industry. Specifically, the renewable energy giant announced that it will be purchasing the wastewater system of Towamencin Township in Montgomery County, Philadelphia. This acquisition will add 7,500 customer accounts for the company. In addition, NextEra’s management recently increased its earnings per share expectations for the 2022 to 2025 period. For the first two years, the company will be bumping its forecast by $0.05, and in 2024, by $0.10. As for 2025, NextEra expects earnings per share to grow in the 6% to 8% range from the updated forecast. Considering the news, is NEE stock worth watching?