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As the world continues to recognize solar and wind as viable energy sources, the worldwide market for renewable energy is expanding at an exponential rate. In 2023, renewable energy contributed a record 30% of global electricity.
The International Energy Agency (IEA) predicts that by 2025, renewable energy will overtake coal to become the world’s leading source of electricity. Renewable energy stocks have surged strongly as stakeholders across the globe continue to invest trillions of US dollars into clean energy.
The S&P 500 Index’s energy sector has gained 17% this year, becoming the second-best-performing category.
Brookfield Renewable (NYSE:BEP) is a top pick among analysts for the best renewable energy dividend-paying growth stocks to buy in 2024. The Canada-based limited partnership has a market cap of $7.50 billion, making it the world’s eighth-largest renewable energy company.
Brookfield Renewable’s share price has gained 37% since its 52-week low, with most of the gains being made in the last few weeks. The gains are driven by its strong balance sheet, quality partnerships, and a liquidity position of $4.4 billion.
The company recently entered into a $10 billion partnership with Microsoft to provide more than 10.5 gigawatts of renewable energy capacity in Europe and the US from 2026 to 2030.
Brookfield Renewable’s strong fundamentals make it a strong buy for growth and income investors. Despite its massive investment in growth, the stock has paid quarterly dividends since 2020, with an impressive annual dividend growth rate of 6%. Brookfield Renewable has a trailing dividend yield of 5.50% and a forward dividend yield of 5.50%.
The company sells the energy it produces under long-term, fixed-rate power purchase agreements (PPAs), with most sale contracts lasting an average of 13 years. These long-term contracts ensure business sustainability across all market cycles.
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While renewable energy stocks like Brookfield Renewable offer attractive opportunities for growth and income, investors should also consider alternative investments like Basecamp Alpine Notes from EquityMultiple. By diversifying their portfolios with a mix of long-term growth and short-term liquidity, investors can create a more resilient and balanced approach to wealth-building in any market condition.
This article This High-Yield Renewable Energy Stock Offers An Attractive Dividend And Significant Growth Potential originally appeared on Benzinga.com
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