Earn steady income from green energy

Article Excerpt

The best way to take advantage of the shift to renewable energy is with well-established producers like Innergex and Brookfield. They sell most of their power under guaranteed contracts, which gives them plenty of room to keep raising their dividends. INNERGEX RENEWABLE ENERGY INC. $18 is a buy. The company (Toronto symbol INE; High-Growth Dividend Payer Portfolio, Utilities sector; Shares outstanding: 204.1 million; Market cap: $3.7 billion; Dividend yield 4.0%; Dividend Sustainability Rating: Above Average; www.innergex.com) lets you tap 40 hydroelectric plants, 32 wind farms and 8 solar fields. With the April 2020 payment, the company increased its quarterly dividend by 2.9%, to $0.18 a share from $0.175. The annual rate of $0.72 yields a high 4.0%. However, Innergex has decided to maintain the current rate to preserve cash for its growth plans. For example, in January 2022, Innergex paid $32.7 million for a 50.6-megawatt San Andres solar farm located in the Atacama desert in Northern Chile. This is Innergex’s third solar facility in Chile. The plant…