Green Investing 3 Renewable Energy Stocks Ready for Growth in 2024

Moving into the year 2024, the primary concern for global governments is the issue of climate change and the promotion of renewables. Many countries have pledged to transition towards renewable energy sources, a change that will require time to implement. Previously high in demand, solar energy has seen prices drop, and wind energy has yet to hit the mainstream. This has resulted in a lineup of renewable energy stocks for potential purchase. It is anticipated that, over the coming years, renewable energy will be a thriving sector. Numerous renewable energy stocks are currently trading at appealing discounts. Considering this, here are three renewable energy stocks you should consider acquiring in 2024.

NextEra Energy (NEE)
NextEra Energy (NYSE: NEE) is a renewable stock to keep an eye on. This company, being the leading producer of wind and solar renewable energy, is dependable. Although the company has experienced a decrease in revenue and growth this year, its future prospects in the renewable energy sector are promising. The stock is appealing because it combines two businesses, a renewable energy company and a regulated utility company, thus ensuring a steady income from the utilities sector as it expands its renewable segment. Projections for this year are looking positive, with reported EPS growth in all three quarters. With a dividend yield of 3.08% and a quarterly dividend of $0.47, this dividend stock is solid. The company plans on achieving an earnings growth between 6% to 8% through 2026, making it capable of sustaining dividends. Although the stock dipped by 27% over the year, it is still worth considering.

Linde PLC (LIN)
Linde PLC (NASDAQ: LIN) is a reputable stock in the renewable energy sector. Based in the UK, Linde is the world's largest industrial gas company. The company has earned investor confidence with strong figures and increased earnings expectations for the year. With a backlog of $7.8 billion, Linde will have steady cash flow throughout 2024. Linde has also upped earnings guidance three times this year with earnings expected to reach 14% - 15%, an increase from the former projection of 12% - 14%. Additionally, Linde's new agreements in Brazil are set to boost renewable energy activity by over 60%. For a company exchanging at $410, with a dividend yield of 1.24%, this is a safe bet.

Brookfield Renewable Partners (BEP)
Despite not having an ideal 2023 and suffering a 11% loss in value over the past six months, Brookfield Renewable Partners (NYSE: BEP), a leader in renewable energy, remains a potent player. With a diverse portfolio which includes wind, solar, and energy storage services, the company has over $800 billion under management. Growth over the years has been driven by strategic acquisitions, and the management is foreseeing high returns from these. With a dividend yield of 5.14%, the company is profitable and capable of sustaining dividends. With expectations of an annual EPS growth of over 10% through 2028, it has the potential to increase dividend each year. Currently trading at $26.28, the stock's value appears promising, with the potential to rise by at least 50% in the months ahead. The rising demand for renewable energy assures a strong standing for this stock, making it a worthy consideration for those seeking passive income.

The viewpoint in this article represents that of the author, subject to the InvestorPlace.com Publishing Guidelines. At the time of publication, the author, Vandita Jadeja, did not have any direct or indirect holdings in the stocks mentioned.