Crop failures, wildfires, and flooding are becoming more common, and governments throughout the world are making increasingly assertive efforts to switch to renewable-energy-based sustainable societies. Even though it is still costly to produce energy from renewable sources, solar and wind power costs have dropped significantly over the past couple of years. From 2019 to 2024, renewable energy capacity is expected to grow by 50%, as per the International Energy Agency (IEA).
Renewable power companies; Plug Power Inc. (PLUG), Canadian Solar Inc. (CSIQ), and Clean Energy Fuels Corp. (CEFC) are all expected to do well soon, according to Wall Street analysts (CLNE). As a result, it could be a good idea to buy these stocks while they are still available.
Plug Power Inc
For the electrical vehicles and conventional gas sectors in North America and Europe, PLUG offers hydrogen fuel cell effective solutions. A 345 MW wind power procurement deal, as well as a clean hydrogen production plant development services agreement, were revealed by PLUG and Apex Clean Energy on July 14, 2021.
Gross billings increased by 75% year-over-year to $126.30 million, while net assets increased by 157.1% to $5.79 billion. PLUG’s earnings per share (EPS) are anticipated to rise by 76.6 percent in the fiscal year 2021. It’s expected to achieve $41.47 soon, which represents a possible 57 percent gain.
Canadian Solar Inc
CSIQ, based in West Guelph, Ontario, plans, analyzes, produces, and distributes solar alloys, wafers, cells, panels, and other solar power equipment. Wholesalers, infrastructure providers, project developers, and configurator firms are the company’s major clients.
A grid storage contract for 150MW/600MWh was made with Pacific Gas and Electric on August 10, 2021. Phase 2 of the Crimson project is expected to commence in the summer of 2022. The sales earnings should grow as a result of this.
CSIQ’s top line rose 105 percent year-over-year to $1.43 billion in the second quarter of fiscal 2021, which concluded on June 30, 2021.
Clean Energy Fuels Corp
Mainly in the United States and Canada, CLNE supplies natural gas to car fleets as an alternative fuel. Additional services include public and private vehicle fleet customer petrol stations, as well as installation and maintenance. In Newport Beach, California, CLNE is a non-profit corporation.
Fleets who are trying to reduce their emissions are converting to RNG as it can deliver quick and large carbon savings,” said Chad Lindholm, vice president of the business. Analysts predict the stock will reach $11 within a year, representing a 40.8 percent gain.