Tap these two for renewable energy dividends

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. It, along with their long-term contracts, provide them with stable cash flows. That lets these utility firms continue to build up their operations and add to your distributions. INNERGEX RENEWABLE ENERGY, $20.55, is a buy. The power generator (Toronto symbol INE; Shares ooutstanding: 174.8 million; Market cap: $3.8 billion; TSINetwork Rating: Extra Risk; Dividend yield: 3.5%; www.innergex.com) operates 37 hydroelectric plants, 33 wind farms and six solar power fields. They’re spread across Quebec, Ontario, B.C., Texas, Idaho, France and Chile. The company gets 57% of its power from wind, 29% from hydroelectric and 14% from solar. 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 June 30, 2021,…