The world needs to invest trillions of dollars into building new renewable energy-generating capacity over the coming decades. That should drive supercharged growth for companies focused on building and operating renewable energy assets.

However, despite that growth outlook, many renewable energy stocks have lost significant value over the past few years. The main culprit is rising interest rates, which have driven up their cost of capital, making it more expensive for them to fund their growth.

That headwind should fade as the Federal Reserve starts reducing interest rates, which could come later this year. That upside catalyst, along with the sector's strong growth prospects, positions NextEra Energy Partners (NYSE: NEP), Brookfield Renewable (NYSE: BEPC)(NYSE: BEP), and Clearway Energy (NYSE: CWEN)(NYSE: CWEN.A) to soar later this year and beyond.

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Source Fool.com