• The global renewable energy market was valued at US$881.7 billion in 2020 and is projected to reach US$1,977.6 billion by 2030
  • This new data from Allied Market Research represents a compound annual growth rate (CAGR) of 8.4 per cent from 2021 to 2030
  • Renewable energy is usually derived from natural sources that are constantly replenished
  • Brookfield Renewable Partners L.P. (TSX: BEP.UN),opened trading at C$42.89 per share, Boralex Inc. (TSX:BLX) opened trading at C$38.48 per share, and TransAlta Renewables Inc. (TSX:RNW) opened trading at C$12.69 per share

The global renewable energy market was valued at US$881.7 billion in 2020 and is projected to reach US$1,977.6 billion by 2030.

This new data from Allied Market Research represents a compound annual growth rate (CAGR) of 8.4 per cent from 2021 to 2030.

Often referred to as “clean energy” or “green energy”, renewable energy is usually derived from natural sources that are constantly replenished. There are many companies trading on the Toronto Stock Exchange at the forefront of this industry and over the last three months, several have recorded an increase in their share price.

Brookfield Renewable Partners L.P. (TSX: BEP.UN) is one of the worlds largest owners operators and developers of renewable power with $52 billion of power assets under management. Its portfolio of hydropower wind solar and storage assets extends across North America South America Europe and Asia totalling more than 19,000 megawatts of installed capacity with an 18,000-megawatt development pipeline.

At the beginning of May 2023, the company reported a growth in funds from operations of $275 million for the three months ended March 31, 2023, a 13 per cent increase on a per unit basis over the same period last year. 

Brookfield stock is up 25.61 per cent year to date 14 per cent over the last three months and opened trading at C$42.89 per share.

Boralex Inc. (TSX:BLX) is an electric utility company involved in the development, construction, and operation of renewable energy power facilities. The company controls a portfolio of electricity producing plants that utilize wind, hydroelectric, thermal, and solar fuel sources.

In May, the Montréal-based company reported substantial growth of its project portfolio and a significant increase in production on a combined basis in Q1 2023. Net cash flows related to operating activities were $244 million in the quarter, up $107 million from Q1 2022. Cash flows from operations of $141 million in Q1, $5 million higher than in Q1-2022.

Boralex shares grew 3.4 per cent over the last three months and opened trading at C$38.48 per share.

TransAlta Renewables Inc. (TSX:RNW) is among the largest of any publicly traded renewable independent power producers in Canada.

Its asset platform and economic interests are diversified in terms of geography, generation, and counterparties and consist of interests in 26 wind facilities, 11 hydroelectric facilities, eight natural gas generation facilities, two solar facilities, one natural gas pipeline, and one battery storage project, representing an ownership interest of 2,965 megawatts of owned generating capacity across Canada, the United States, and in Western Australia.

Earlier this month, TransAlta reported that its net earnings attributable to common shareholders increased by $4 million to $45 million for the three months ended March 31, 2023 compared to the same period in 2022.

The company’s stock has risen 5.4 per cent over the last three months and opened trading at C$12.69 per share.

For more news on Canada’s energy sector, click here.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

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