Best Wind Power Stocks Of May 2024

GE Vernova was recently reformulated via a 2024 spinoff as part of a multi-year restructuring of industrial conglomerate General Electric Co. GEV generates electricity through renewables, including wind turbines, and it has a separate and dedicated segment that manufactures and sells wind turbine blades and related equipment.

The dedicated wind segment of GEV is about 23% of total revenue at present, but it’s hard to get a fixed figure on how much of this separate power segment is attributable to turbines versus solar or other sources.

Therefore, although GEV cannot be called a focused play on wind power, it boasts more than 20 times the market capitalization of the smaller stocks included on this list and regularly trades millions of shares each day.

Also worth noting is uncertainty around the company’s recent spinoff. Given the more limited information, some statistics, such as the company’s debt-to-assets ratio, are muddied.

Despite this uncertainty, GEV is still worth looking at for investors interested in wind power who care about buying an established stock that is easy to trade.

Boralex is another firm that’s primarily engaged with building and operating renewable energy power facilities, with a footprint in its native country of Canada as well as France, the United States and the United Kingdom.

As of its most recent investor filings, the company operates 98 wind farms with a total generating capacity of 2.6 gigawatts. That’s enough to power more than 2 million homes. What’s more, the firm is investing heavily in future growth with a program in place to source 6,000 gigawatts of wind-power generation capacity across Quebec by the year 2035.

This shows that wind isn’t only a bit player in Boralex’s renewable energy mix but a featured component.

EDP Renováveis is headquartered in Madrid but operates in the United States, Mexico, Canada, the European Union, China and Taiwan. The company has ambitious plans to expand its operations even further in the years ahead as it looks to double its installed wind capacity by 2026 versus its 2020 numbers.

The company has already scaled up by adding 1.5 gigawatts of generation via strategic offshore wind farms, and it is investing nearly $10 billion in onshore and offshore wind investment over the next three years.

Keep in mind, however, that this is one of the most thinly traded stocks on the list with an average volume of only about 1,500 shares changing hands each day. That means even a modest influx of investor capital could cause short-term volatility in this stock.

That said, like many utility stocks, EDRVF still offers a lower volatility profile than the average stock on Wall Street. The company currently has a beta of less than 0.6—meaning that if other stocks move 1%, EDRVF will only move 0.6%. You won’t get high octane performance with a low-beta stock like this, but you can get a bit more stability.

Toronto-based Northland Power produces electricity in North America and Europe using renewable resources, including wind, solar, hydropower and biomass.

The wind segment of Northland is the crown jewel, however. Its onshore and offshore facilities produce more than 5,000 gigawatt hours. That’s a huge figure that could realistically power the energy-intensive demands of real-world businesses of all shapes and sizes.

For investors interested in the best wind power stocks that can assist the global economy in its transition to a more sustainable model, the massive scale of Northland’s network makes it an attractive option.

Denmark-based Orsted has a fascinating history, with roots as a state-owned oil and gas company—Danish Oil and Natural Gas. Its current name comes from Hans Christian Ørsted, a Danish physicist who studied electricity and electromagnetism.

This mix of deep roots coupled with constant research and innovation is apparent in DNNGY’s current operations, too. Consider that the firm built the world’s first offshore wind farm back in 1991 and is currently racing toward a goal of 22 gigawatts of offshore wind capacity by 2030. That’s in addition to a current footprint of 3.8 GW of onshore wind assets in the United States and Europe.

Orsted divested its legacy oil and gas business in 2017 to focus entirely on green energy. Therefore, DNNGY is a great example of a wind power stock that is putting its money where its mouth is to invest in a sustainable future beyond fossil fuels.

Although headquartered in London, ReNew is a green power generation company that is focused primarily on the market of India. It operates hydro, wind and solar power projects, and roughly half its commissioned capacity is utility-scale and corporate wind projects that collectively generate about 3.9 gigawatts.

As of its latest annual report, that was good for roughly $430 million in revenue from wind power generation alone—the largest segment driving ReNew’s top line. There is admittedly more risk in an emerging market like India, but there is also big growth potential as the country continues to digitize its economy and evolve its policies to align with sustainability goals.

That makes RNW a unique opportunity to play overseas investment in green energy sources.

Vestas is perhaps the first name in wind power for many investors. It is the biggest by many measures, with the largest market capitalization of any company on this list. It also reported nearly $1.8 billion in top-line revenue for fiscal 2023.

The company is also one of the most respected from a sustainability perspective. Vestas has won recognition as the most sustainable energy company in the world for three years running by trade group Corporate Knights. It has also committed more than $540 million to research to ensure it remains on the cutting edge of a low-carbon economy.

And unlike more diversified names in the energy space, Vestas is fully committed to the manufacturing and installation of turbines and wind-power solutions alone.