2 High-Powered Stocks to Buy to Cash In on This Unstoppable Force
Demand for renewable energy is growing exponentially. Falling costs and rising climate change concerns are among the many factors driving accelerating growth in new wind, solar, and battery storage capacity additions worldwide. According to a new report by the Rocky Mountain Institute, wind and solar generation will grow by 15% to 20% annually. That has them on track to produce a third of the world's power by the end of the decade, up from the current level of 12%.
As more renewable energy capacity gets deployed, costs will decline even further, creating an unstoppable force for even more deployment. That trend will benefit companies leading the development of renewable energy projects. Brookfield Renewable (NYSE: BEP)(NYSE: BEPC) and NextEra Energy (NYSE: NEE) are two of those leaders. That makes them great stocks to buy for those seeking to capitalize on the high-powered renewable energy megatrend.
Brookfield Renewable operates one of the world's largest publicly traded renewable power platforms. It currently has 32 gigawatts (GW) of operating renewable energy assets, including hydro, wind, utility-scale solar, and distributed generation (i.e., rooftop and community solar). That is equivalent to removing 8.8 million vehicles from the road or offsetting all the annual emissions of a country the size of Belgium. Brookfield sells most of this electricity under long-term power purchase agreements (PPAs) with electric utilities and corporate buyers, providing predictable cash flow.
Source Fool.com
