ValueTheMarkets.com News Commentary: The enormous growth of renewable energy capacity and availability is creating a real variety of exciting opportunities for the discerning investor. This article discusses the issue with reference to First Solar (NASDAQ: FSLR), Brookfield Renewable Partners (NYSE: BEP), Ormat Technologies (NYSE: ORA) and Jericho Energy Ventures (TSXV: JEV) (OTC: JROOF).
Renewables are seeing enormous growth. According to the International Energy Agency, 2022 was a record year for renewable electricity capacity additions and this is set to be smashed by an unprecedented level of acceleration this year as new capacity hits 440 GW. This momentum is enormous for green tech stocks and is boosting investor, analyst and corporate confidence. First Solar is adding new manufacturing capacity, Ormat Technologies is upping storage capabilities and Brookfield Renewable Partners is investing heavily across the board.
Renewables growth is fantastic for BUY-rated Jericho Energy Ventures (TSXV: JEV) (OTC: JROOF), which produces zero-emissions tech that relies on renewable hydrogen energy. The company saw its analyst price target upgraded by Atrium Research, jumping from C$0.40 to C$0.50. This boost follows strong news from the clean hydrogen specialist, including several partnership and customer wins. The company won a first order for its unique zero-emissions hydrogen boiler technology from one of America's biggest universities. It's also signed a deal to collaborate with one of the planet's leading alcoholic beverage brands on a decarbonization study, which could lead to sales from a gigantic customer. It seems analysts have recognized that the company is starting to build the kind of momentum that could lead to more major share price growth.
First Solar (NASDAQ: FSLR) is, unsurprisingly, a major player in the solar energy game. The company has just announced plans for a fifth US factory, with this $1.1bn expansion anticipated to grow manufacturing capacity by 3.5 gigawatts (GW) to reach approximately 14 GW in the US and 25 GW globally in 2026. The business is throwing major weight behind expansion, having committed to over $2.8bn in capital investment and 7.9 GW of additional manufacturing capacity in the US over the last year. Its massive confidence in the part solar will play in the green transition has been mirrored to some degree by investors. That's because recent months have seen the company enjoy significant share price growth, with gains of over 30% across the year to date and almost 100% over the last 12 months. As such, the business looks like a key renewable energy player for the future.
Brookfield Renewable Partners (NYSE: BEP) operates a massive array of renewable energy assets. The company's portfolio consists of hydroelectric, wind, solar, distributed energy and sustainable solutions across five continents. Like others in the space, it is splashing out on new green energy acquisitions to bolster its stock of green tech. The company's most high-profile recent acquisition is that of Duke Energy Renewables, a fully integrated developer and operator of renewable power assets, for $1.05bn in equity proceeds. This newly snapped-up business has 5,900 megawatts of operating and under construction wind, utility-scale solar and storage assets, and a 6,100-megawatt development pipeline. The move means that the business will have a total of almost 90,000 megawatts of operating and development assets, making it one of the largest renewable energy powerhouses in the US. It's safe to say that the company is all in on a renewable future.
Geothermal power specialist Ormat Technologies (NYSE: ORA) has broken new ground in the renewable energy game this year, bringing its newest and most advanced power plant project online in May. The impact of the project is significant, with the business claiming it will power 22,000 homes and reduce 3.5 million tons of atmospheric carbon dioxide. In total, the company's second quarter saw it add approximately 100 MW of total capacity in geothermal, solar, and storage assets. More is on the way too, with the company having commenced construction of a 50MW geothermal project in New Zealand, as well as three new energy storage facilities. CEO Doron Blachar has noted "increasing demand globally for geothermal energy" as general interest in renewables accelerates, boosting the company's confidence that it will be able to take advantage of growth opportunities in the coming months.
The massive acceleration of renewable energy availability is leading to major opportunities in many different areas. Brookfield Renewable Partners is backing the sector to broadly succeed, but specialists like Ormat Technologies and First Solar have found niche areas to exploit in the ongoing green revolution. Perhaps most interesting are businesses like Jericho Energy Ventures, which look beyond power generation to bring the revolutionary technologies that are made possible through renewable energy acceleration.
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