The Canadian renewable energy stocks we’ve discovered are expected to have revenue growth of at least 25% over the next three years
SmallCapPower | August 16, 2021: The names on our list today could be some of those companies that help transition our society to a more sustainable one, as they all have producing assets in jurisdictions favourable to green energy and environmental policy. With the passage of the new Biden infrastructure deal, these clean energy stocks may provide environmentally responsible value and growth for your portfolio. Today we have uncovered three top Canadian renewable energy stocks that analysts are expecting to grow their revenues by at least 25% over the next three years.
*Share price data and other metrics are of August 13, 2021
Boralex Inc. (TSX:BLX) – $36.37
Renewable Energy
Boralex, together with its subsidiaries, engages in the development, construction, and operation of renewable energy power facilities primarily in Canada, France, the United Kingdom, and the United States. The Company had interests in 88 wind power stations with an installed capacity of 2,002 megawatts (MW); 16 hydroelectric power stations with a capacity of 181 MW; two thermal power stations with an installed capacity of 47 MW; and 10 solar power stations with an installed capacity of 225 MW. It also operates two hydroelectric power stations on behalf of R.S.P. Énergie Inc. Boralex was founded in 1982 and is headquartered in Kingsey Falls, Canada.
- Market Cap: $3,732.2M
- YTD-Return: -23.0%
- 1-Year Share Price Return: +9.9%
- 30-Day Average Trading Volume: 283,790
- F2020 Revenue: $667.0M
- F2023 Revenue: $836.1M
- 3-Year Revenue Growth: +25.3%
Innergex Renewable Energy Inc. (TSX:INE) – $19.82
Renewable Energy
Innergex Renewable Energy operates as an independent renewable power producer in Canada, the United States, France, and Chile. It acquires, owns, develops, and operates hydroelectric facilities, and wind and solar farms, as well as energy storage facilities. The Company operates through three segments: Hydroelectric Generation, Wind Power Generation, and Solar Power Generation. Innergex owns and operates 75 facilities with a net installed capacity of 2,742 megawatts, which included 37 hydroelectric facilities, 32 wind farms, and six solar farms; and had interests in 10 projects under development, as well as prospective projects at various stages of development. Innergex Renewable Energy was founded in 1990 and is headquartered in Longueuil, Canada.
- Market Cap: $3,564.4M
- YTD-Return: -27.6%
- 1-Year Share Price Return: -10.8%
- 30-Day Average Trading Volume: 557,340
- F2020 Revenue: $690.8M
- F2023 Revenue: $865.9M
- 3-Year Revenue Growth: +25.3%
Algonquin Power & Utilities Corp. (TSX:AQN) – $19.54
Renewable Energy and Utilities
Algonquin Power owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada, the United States, Chile, and Bermuda. It generates and sells electrical energy through non-regulated renewable and clean energy power generation facilities. The Company also owns and operates hydroelectric, wind, solar, and thermal facilities with generating capacity of approximately 2.1 gigawatt; and regulated electric, natural gas, water distribution, and wastewater collection utility systems. It serves approximately 306,000 electric connections; 371,000 natural gas connections; and 409,000 regulated water distribution and wastewater collection utility systems in the states of California, New York, Arizona, Texas, and the Province of New Brunswick. Algonquin was incorporated in 1988 and is headquartered in Oakville, Canada.
- Market Cap: $12,100.4M
- YTD-Return: -6.7%
- 1-Year Share Price Return: +7.0%
- 30-Day Average Trading Volume: 1,519,240
- F2020 Revenue: $2,030.6M
- F2023 Revenue: $2,581.5M
- 3-Year Revenue Growth: +27.1%
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
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