3 Renewable Energy Stocks to Capitalize on the Sustainability Surge

Investor Place
May 17, 2024

The stage has been set for the world to transition into a green energy environment. Global economies have already taken steps to shift to clean energy. Nations are gearing up to meet ambitious climate change targets to address the need to reduce carbon footprint and emissions, making investors start hunting for renewable energy stocks to buy.

According to the Economist, clean energy investments have increased by 40% since 2020. Based on last year’s data alone, this figure could rise as countries push towards meeting these climate goals. The result? Opportunities for investors to ride the growth in this sector.

Today, we’ll look at the renewable energy stocks to buy that exhibit revenue and earnings growth. To come up with the list, I screened for the following criteria:

Must operate within the renewable energy space
Have earnings growth of at least 10%
Revenue growth of at least 10%
Then, I sorted the companies based on the highest earnings growth and presented them in descending order.

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First Solar (FSLR)
First Solar logo on smartphone in front of computer screen with graphs. FSLR stock
Source: IgorGolovniov / Shutterstock.com
The continued growth in solar power as an alternative energy source has made companies like First Solar (NASDAQ:FSLR) an important part of the government’s plan to transition to a green economy.

The company is one of the top producers of photovoltaic cells (PV) used in building CdTe solar modules that transform sunlight into electricity, making it an invaluable component of the solar power production chain. The growing demand for solar energy has led to First Solar’s acquisition of an Ohio facility that serves as its distribution center, enabling it to scale manufacturing.

First Solar reported a very solid 2023. Its full-year net sales grew 26.7% year-over-year (YOY) from $2.6 billion to $3.3 billion. Higher average selling prices and module volumes primarily drove the growth. In addition, the company reported a turnaround net income per diluted share of $7.74, an almost 2,000% jump compared to last year’s net loss of 41 cents.

Looking forward, First Solar expects net income per diluted share to end between $13.00 and $14.00 — almost doubling 2023 results — and net sales to be around $4.4 billion and $4.6 billion for 2024. With the government’s strong push to go green, FSLR has tremendous potential, making it one of the best choices for renewable energy stocks to buy.

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Broadwind (BWEN)
A wind turbine appears in silhouette against a bright orange and blue sky.
Source: Khanthachai C / Shutterstock.com
Broadwind (NASDAQ:BWEN) specializes in wind energy equipment, clean energy structures and clean technology used by different sectors. The company agreed with MarketAxess Holdings (NASDAQ:MKTX) to “sell earned Advanced Manufacturing Production Credits” which will help significantly improve its liquidity profile.

Broadwind’s latest results showcased impressive growth in FY’23. Revenue reached $203.5 million, 15% higher than the previous year’s reported revenue of $176.7 million.

Net income also turned green, from a 48-cent loss per share to a 36-cent profit, representing a 175% change. Broadwind attributes this turnaround to its broad-based demand increases across its Heavy Fabrications and Industrial Solutions segments.

Despite a slight decrease in orders and backlog from last year, Broadwind is still optimistic about future prospects, especially with expectations of accelerating wind development in the latter half of 2024.

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Beam Global (BEEM)
An image of a charging station for an EV on a dark background; EV stock
Source: Marko Aliaksandr / Shutterstock
Beam Global (NASDAQ:BEEM) is a clean technology innovator that designs advanced solutions for energy storage, electric vehicle (EV) charging and energy infrastructures.

Its patented infrastructure product EV ARC (Electric Vehicle Autonomous Renewable Charger) uses integrated battery storage and solar power that provides a power source for electric vehicle charging stations. The company also offers street furniture and street lighting products globally.

Beam Global has received patents for its products from the European Patent Office, including curbside EV charging products and thermal management technology, highlighting its position as one of the top clean technology innovators.

The company finished FY’23 with a record revenue of $67.4 million, a 206% growth compared to last year’s $23 million. Earnings for the year improved to a net loss of $1.30, an increase of 34.6% compared to the previous year’s loss of $1.99. In addition, the company reported positive full-year gross profit and remained debt-free with an unused $100 million line of credit.

Its significant backlog and contracts mean the company should have ample cash flow to fund its future operations.

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The Institute for Sustainability Africa (INŚAF) is an independent multi-disciplinary think tank and research institute founded in Zimbabwe in 2010 with the Vision to advance sustainability initiatives for Africa.