Their steady expansion pays off for investors

Article Excerpt

With their clean, renewable power, these two companies have strong conceptual appeal for investors. But just as important—especially considering the pandemic—is their diverse mix of hydroelectric, wind and solar power. That diversity, along with their long-term contracts, provide both with stable cash flows. That lets these utility firms continue to build up their operations and add to your distributions. INNERGEX RENEWABLE ENERGY, $17.03, is a #1 Buy for 2022. The power generator (Toronto symbol INE; Shares outstanding: 204.1 million; Market cap: $3.5 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.2%; www.innergex.com) operates 40 hydroelectric plants, 32 wind farms and eight solar power fields. They’re spread across Canada, the U.S., France and Chile. In February 2020, Innergex formed an alliance with Hydro-Quebec to expand their renewable energy businesses. Hydro-Quebec also bought $661 million of Innergex stock for a 19.9% stake in the company. In the quarter ended March 31, 2022, Innergex’s revenue jumped 40.1%, to $188.7 million from $134.7 million a year earlier. Cash flow per share rose…