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As the world continues to recognize solar and wind energy as viable energy sources, the global renewable energy market is expanding exponentially. In 2023, renewable energy contributed a record 30% to global electricity production.
The International Energy Agency (IEA) predicts that renewable energy will overtake coal as the world’s leading source of electricity by 2025. Renewable energy stocks have surged as stakeholders around the world continue to invest trillions of dollars in clean energy.
The energy sector of the S&P 500 Index is up 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 Canadian-based limited partnership has a market capitalization of $7.50 billion, making it the eighth largest renewable energy company in the world. .
Brookfield Renewable’s share price has risen 37% since its 52-week low, with most of the gains coming in recent weeks. The gains are due to its strong balance sheet, high-quality partnerships and a liquidity position of $4.4 billion.
The company recently entered into a $10 billion partnership with Microsoft to deliver more than 10.5 gigawatts of renewable energy capacity in Europe and the US between 2026 and 2030.
Brookfield Renewable’s strong fundamentals make it a good buy for growth and income investors. Despite the massive investment in growth, the stock has been paying quarterly dividends since 2020, with an impressive annual dividend growth rate of 6%. Brookfield Renewable has a rolling 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 sales contracts lasting an average of thirteen years. These long-term contracts guarantee the sustainability of the company in all market cycles.
Looking for more high-yield investments? Consider this alternative option
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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 EquityMultiple’s Basecamp Alpine Notes. 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 creation in all market conditions.
This article This High-Yield Renewable Energy Stock Offers an Attractive Dividend and Significant Growth Potential originally appeared on Benzinga.com
