With the importance of renewable energy steadily increasing, here the Investing News Network looks at renewable energy companies listed on the TSX.
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 publicly traded renewable energy stocks on the TSX for investor consideration, according to the TSX’s most recently updated list of cleantech stocks. The companies below fall under the subsectors of renewable energy equipment manufacturing and tech, and renewable energy production and distribution, and have market caps of less than $500 million, with data current as of March 22, 2018 at market close.
1. 5N Plus (TSX:VNP)
Market cap: $244.29 million; current share price: $2.95
5N Plus produces speciality metal and chemical products and manufactures critical 0precursors and key enablers in industries such as clean energy, electronic, pharmaceutical, medical imaging, paint pigments, security and surveillance.
More specifically, 5N’s products and services include: pure metals that are offered for electronic, consumer and industrial applications; semiconductors, also for electronic and industrial applications; chemicals; low melting point alloys; micro powders and recycling.
2. Atlantic Power (TSX:ATP)
Market cap: $314.53 million; current share price: $2.73
Atlantic Power operates 23 power generation assets in nine US states and two Canadian provinces. The projects sell electricity to utilities and other commercial customers that are mostly under long-term power purchase agreements.
As such, the company’s portfolio of assets include: hydro, natural gas, biomass, and coal. In total, Atlantic Power’s 23 projects span cross British Columbia, Ontario, Washington, California, Colorado, Illinois, Michigan, New York, New Jersey, Georgia and Florida.
3. Carmanah Technologies (TSX:CMH)
Market cap: $80.23 million; current share price: $4.24
Based in Victoria, British Columbia, Carmanah Technologies develops and distributes products that are invested in energy optimized solutions for infrastructure.
Carmanah operates its business through two segments: signals and illumination. Signals is geared towards offshore wind, marine, airfield ground lighting, aviation, obstruction, traffic and telematics. Meanwhile, illumination provides solar powered LED outdoor lights for municipal and commercial customers.
4. Polaris Infrastructure (TSX:PIF)
Market cap: $279.23million; current share price: $17.81
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 still being negotiated
5. Synex International (TSX:SXI)
Market cap: $18.66 million; current share price: $0.49
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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This is an update to an article originally published in 2017.
Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.