Renewable energy has become an increasingly important component in the way clean energy is produced. From moving water, wind, biomass, solar, geothermal, and ocean energy, renewable energy is defined by Natural Resources Canada (NRA)as “energy obtained from natural resources that can be naturally replenished or renewed within a human lifespan.”
In Canada, NRA states that renewable energy provide roughly 18;.9 percent of the country’s energy supply, with moving water accounting for 59.3 percent of its electricity generation. What’s more, the Financial Post reported that, overall, two thirds of Canada’s electricity comes from renewable energy–and that number is only expected to grow, making it an attractive space for investors to strengthen portfolios. According to Canadian Business, Canada will “continue to deploy” renewable energy to meet the targets of eliminating coal-fired power and reaching 90 percent non-emitting power by 2030.
With that in mind, here the Investing News Network (INN) looks at 7 publicly traded renewable energy stocks on the TSX for investor consideration. The companies below are listed in alphabetical order.
1. Algonquin Power & Utilities (TSX:AQN)
Market cap: $5.43 billion; current share price $14.15
First on our renewable energy stocks TSX list is Algonquin Power & Utilities, whose focus is on investing in hydroelectric wind and solar power facilities, as well as sustainable utility businesses (i.e. water, electricity and natural gas). Algonquin’s operations are done through two subsidiaries: Algonquin Power and Liberty Utilities.
More specifically, Algonquin Power owns an equity interest in over 35 clean energy facilities, including: Wind, solar, hydroelectric and thermal. Liberty Utilities’ has operations in a number of US states, including Arizona, Arkansas, California, Georgia, and Illinois, to name a few, and includes water distribution and wastewater treatments, electricity distributions and natural gas distributions.
2. Alterra Power (TSX:AXY)
Market cap: $319.52 million; current share price: $5.65
Based in Vancouver, British Columbia, Alterra Power manages eight power plants that amount to 825 MW of hydro, wind, geothermal and solar generation in three countries: Canada, the US and Iceland. The company owns 385 MW out of the 825 MW, and generates roughly 1,700 GWH of clean power per year.
Alterra Power also has a number of hydro, pumped-storage, run-of-river and geothermal early-stage assets in Iceland, Canada, Italy and Peru.
3. Boralex (TSX:BLX)
Market cap: $1.66 billion; current share price: $21.92
Next on the renewable energy stocks TSX list is Kingsey Falls, Quebec-based Boralex–a company that develops, constructs and operates renewable energy power stations.
For example, Boralex’s segments comprise of wind, hyydroelectric thermal and solar, and has operations in Canada, France and the Northeastern United States.
4. Capstone Infrastructure (TSX:CSE-A)
Market cap: $38.25 million; current share price: $12.75
Capstone Infrastructure’s portfolio includes investments in gas cogeneration, wind, hydro, biomass and solar power generating facilities–which account for net 505 megawatts of installed capacity.
The company operates through its subsidiary, Capstone Power Development, and is also focussed on developing, acquiring and re-powering clean electricity projects around North America.
5. Innergex Renewable Energy (TSX:INE)
Market cap: $1.56 billion; current share price: $14.44
Fifth on our renewable energy stocks TSX list is Innergex Renewable Energy, who states its mission os to increase production of renewable energy by developing and operating “high quality facilities.” In particular, Innergex Renewable develops, own, and operates run-of-river hydroelectric facilities, wind farms, and solar photovolataic farms with operations in Quebec, Ontario, British Columbia, Idaho and France.
6. Polaris Infrastructure (TSX:PIF)
Market cap: $271.93 million; current share price: $17.70
Based in Toronto, Polaris Infrastructure is in the business of operating, acquiring and developing renewable projects with a focus in Latin America.
Through the company’s subsidiary, Polaris Energy Nicaragua SA, Polaris operates and owns the San Jancinto-Tizate Geothermal Project. The company also operates the Casita project in Nicaragua. In 2013, Polaris was awarded the exploration concession for 25 years, which is currently being negotiated and expected to finalize in 2017.
7. Synex International (TSX:SXI)
Market cap: $14.92 million; current share price: $0.45
Rounding out our renewable energy stocks TSX list is Vancouver-based Synex International, a hydroelectic developer and consultant. The company operates through its subsidiaries: Synex Energy Resources, and Sigma Engineering, and develops and operates electric power facilities together with the provision of consulting engineering and environmental services in water resources–notably hydroelectric.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.