2 More Reasons This 5.1%-Yielding Dividend Growth Stock Is a Great Buy

TerraForm Power (NASDAQ: TERP) wants to make itself an attractive option to dividend investors. That means not only paying a high yield but also growing its payout by a meaningful annual rate. The renewable-energy company is doing well so far, as it currently yields 5.1%. Meanwhile, it has increased its dividend by 6% since it started paying one again last year.

The company believes it has enough power within its existing portfolio to grow its payout by 5% to 8% per year through at least 2022. However, that hasn't stopped it from seeking out additional growth opportunities, including recently making another needle-moving acquisition. While it doesn't need to make any more deals to support its dividend growth plan, it sees two opportunities up ahead, which could drive accelerated growth in the coming years.

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Source Fool.com