Solar Energy Stocks: 6 Biggest US Companies in 2023

Market cap: US$153.982 billion

NextEra Energy Resources is the top clean energy company in North America, and leads the world in wind and solar energy production. The firm develops, constructs and operates electric power projects, markets electricity to wholesale customers and invests in critical infrastructure for power delivery. NextEra’s operations include more than 150 wind and solar universal energy centers located in 26 states and four provinces in Canada; they generate more than 17,000 megawatts of wind and solar energy.

The diversified energy company recently declared a regular quarterly common stock dividend of US$0.4675 per share, payable on March 15. In 2023's first quarter, the company’s subsidiary Florida Power & Light added nearly 970 megawatts of low-cost solar, bringing its total solar portfolio to nearly 4,600 megawatts.

Market cap: US$19.569 billion

First Solar designs and manufactures solar power systems and uses thin-film semiconductor technology to manufacture solar modules. The company’s supporting services include finance, construction, maintenance and end-of-life panel recycling.

In May 2023, First Solar acquired European thin-film technology leader Evolar for about US$38 million paid at closing and up to an additional US$42 million if certain technical milestones are achieved. The acquisition will help the company fast track the development of commercial-scale thin-film photovoltaics.

Market cap: US$16.681 billion

SolarEdge Technologies bills itself as “a global leader in smart energy technology,” addressing a broad range of energy market segments through its photovoltaic, storage, electric vehicle charging, battery, uninterruptible power supply and grid service solutions. The company has developed the SolarEdge DC optimized inverter solution for managing photovoltaic systems. This smart inverter maximizes power generation while lowering the cost of energy produced by the photovoltaic system.

In early 2023, SolarEdge announced a multi-year agreement that will allow leading US residential solar installer Freedom Forever to supply its customers with SolarEdge’s suite of Home Smart Energy Ecosystem smart energy products and solutions. “We are proud to enter this strategic cooperation with Freedom Forever to provide smarter, more efficient, and more powerful solar and battery solutions to homes across the United States,” said SolarEdge CEO Zvi Lando.

Market cap: US$8.693 billion

Brookfield Renewable Partners is one of the world’s largest publicly traded renewable power companies. It sells the bulk of its power production under long-term, fixed-rate power purchase agreements.

Brookfield Renewable’s expansive asset portfolio includes hydroelectric, wind and solar energy-generation facilities, as well as energy storage assets. This translates into roughly 21,000 megawatts of capacity and nearly 6,000 generating facilities across North America, South America, Europe and Asia. In 2022, Brookfield acquired Scout Clean Energy for US$1 billion and bought Standard Solar for US$540 million. The same year, the company partnered with major uranium producer Cameco( TSX:CCO,NYSE:CCJ) to acquire Westinghouse Electric Company, one of the world’s largest nuclear services businesses.

Market cap: US$6.162 billion

Clearway Energy owns, operates and acquires contracted renewable and conventional energy-generation and thermal infrastructure assets across the US. The electric utility company’s operations include conventional generation, renewables and thermal power.

Clearway Energy, which prides itself as being “built for 21st century energy markets,” provides customers with low-cost clean energy generated from solar and wind installations across North America. The company’s portfolio includes more than 7 GW of wind, solar and energy storage operations.

Market cap: US$3.6 billion

SunRun is one of the leading home solar panel, battery storage and energy services companies in the US. Founded in 2007, the San Francisco-based company provides residential solar electricity via installing, monitoring and maintaining solar panels on homeowners’ rooftops. SunRun is a pioneer in home solar service plans, making local clean energy more accessible with no upfront costs. The company’s Brightbox home battery solution allows customers to access affordable and reliable energy.

SunRun’s purchase of Vivint Solar, at the time the number two company in the US solar energy sector by market share, allowed for the creation of a new solar energy giant in the US residential solar market.