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 October 12.
1. 5N Plus (TSX:VNP)
Market cap: $269.81 million; current share price: $3.22
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. Alterra Power (TSX:AXY)
Market cap: $293.28 million; current share price: $5.08
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. In September, the company announced it had acquired a California wind project
3. Atlantic Power (TSX:ATP)
Market cap: $367.04 million; current share price: $3.15
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.
4. Carmanah Technologies (TSX:CMH)
Market cap: $113.52 million; current share price: $4.62
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.
5. Polaris Infrastructure (TSX:PIF)
Market cap: $264.13 million; current share price: $16.74
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.
6. Synex International (TSX:SXI)
Market cap: $15.25 million; current share price: $0.46
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.
Don’t forget to follow us @INN_Technology for real-time news updates!
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.