Renewable energy plays a crucial role in our transition towards a more sustainable and environmentally friendly energy system. It provides clean, sustainable, and reliable energy alternatives, addresses climate change, creates jobs, enhances energy security, and promotes sustainable development. In this article, we share the top 10 largest renewable energy companies today.
The global renewable energy market is poised for remarkable growth in the coming years, surpassing the $2 trillion mark by 2030, according to Next Move Strategy Consulting. Some reasons why include:
- Increasing concern about climate change: People are more aware of the dangers of climate change and are looking for ways to reduce their carbon footprint. Renewable energy is a clean and sustainable alternative to fossil fuels, and is becoming more affordable as technology improves.
- Government support: Governments around the world are supporting the development of renewable energy through policies such as tax credits, subsidies, and renewable portfolio standards. These policies make renewable energy more attractive to investors and help to drive down costs.
- Declining costs: The cost of renewable energy technologies has been declining steadily in recent years. This is due to a number of factors, including economies of scale, technological innovation, and increased competition. As costs continue to fall, renewable energy will become even more competitive with fossil fuels.
Here, we present a list of the top 10 renewable energy providers based on their total revenue. These companies are leading the way in producing and using sustainable energy.
#10 Algonquin Power & Utilities Corp. (AQN)
- Revenue: $3.3 billion (£2.60bn)
- Renewable Energy Capacity: 4 GW
Kicking off our list of the largest renewable energy companies, Algonquin Power & Utilities Corp. is a Canadian utility company that provides rate-regulated utility and renewable energy services to more than one million consumers across North America. Algonquin also invests in clean and renewable energy sources, including solar, wind, hydro, and thermal.
Over the last year, a number of insiders have significantly increased their holdings in Algonquin Power & Utilities Corp, indicating that the market is optimistic about the company’s prospects.
#9 Daqo New Energy Corp. (DQ)
- Revenue: $4.1 billion (£3.3bn)
Daqo New Energy Corp. is a Chinese polysilicon manufacturer that supplies the solar PV industry.
Founded in 2007, the Company manufactures and sells high-purity polysilicon to photovoltaic product manufactures, who further process the polysilicon into ingots, wafers, cells, and modules for solar power solutions.
#8 Brookfield Renewable Corp. (BEPC)
- Revenue: $4.8 billion (£3.8bn)
- Renewable Energy Capacity: 24 GW
Brookfield Renewable Corp. is a Canadian limited partnership that owns and operates renewable power assets. Brookfield Renewable owns a portfolio of renewable power-generating facilities throughout the world.
Shares of Brookfield Renewable surged 25.5% in March 2023, according to data provided by S&P Global Market Intelligence. Meanwhile, units of its partnership sibling, Brookfield Renewable Partners, jumped more than 20%.
The surge was powered by a deal to acquire Australian energy company Origin Energy. The highly strategic transaction led an analyst to boost their price target on the partnership’s units last month.
#7 Canadian Solar Inc. (CSIQ)
- Revenue: $7 billion (£5.5bn)
- Renewable Energy Capacity: 25GW
Canadian Solar Inc. is a Canadian solar energy company that designs and manufactures solar photovoltaic modules and provides energy solutions. Canadian Solar serves customers in more than 160 countries.
Recently, investment firm Quaero Capital revealed that it has increased its stake in Canadian Solar Inc. by 15.6%. This news has piqued the curiosity of market observers, who are eager to understand the rationale behind Quaero Capital’s increase.
#6 Jinko Solar Holding Co. Ltd. (JKS)
- Revenue: $10.6 billion (£8.3bn)
Jinko Solar Holding Co. Ltd. is a Chinese solar power company that manufactures solar energy products, including silicon ingots and wafers, solar cells, and solar modules. Jinko sells its products to customers in the US, Europe, Asia, Africa, and Latin America.
Earlier this year, the US Department of Homeland Security raided a factory and sales office operated by Jinko Solar Holding Co Ltd. A representative from the Department of Homeland Security’s investigation division confirmed that search warrants were executed in Florida and California as part of a federal probe.
#5 Vestas Wind Systems A/S (VWDRY)
- Revenue: $15 billion (£12.5bn)
- Renewable Energy Capacity: 164 GW
Middling the list of our largest renewable energy companies, Vestas Wind Systems A/S is a Danish wind energy company that develops, manufactures, and installs wind turbines. Vestas has installed wind turbines in scores of countries across the globe.
Despite a tough backdrop for the industry, Vestas reported an unexpected first-quarter profit in May, mantaining its full-year guidance.
#4 NextEra Energy (NEE)
- Revenue: $20 billion (£16bn)
- Renewable Energy Capacity: 25.5 GW
NextEra Energy is an American energy company that is one of the world’s largest wind and solar energy generators. NextEra also operates nuclear power and natural gas plants.
For investors, the company has been a dividend growth juggernaut over the years. It has increased its payout by nearly 350% since its formation in 2014, giving it the power to produce a strong 10.7% average annual total return.
#3 Constellation Energy Corp. (CEG)
- Revenue: $22 billion (£18bn)
- Renewable Energy Capacity: 32 GW
Constellation Energy Corp. is an American energy company that provides a variety of energy sources, including electrical, nuclear, and natural gas services. Constellation is the largest carbon-free energy producer in the United States.
In June, the company announced that it is placing its $1 billion nuclear hydrogen plan on hold – and could be scrapping it completely – as it waits to find out if the US government intends to provide the expected tax credit that would play a vital role in the project
#2 Iberdrola SA (IBDRY)
- Revenue: $53 billion (£42bn)
- Renewable Energy Capacity: 52 GW
Iberdrola SA is a Spanish multinational electric utility company that specializes in clean energy, including onshore and offshore wind, pumped hydro, solar photovoltaic, and battery storage. Iberdrola operates in the US, UK, Spain, Mexico, and Brazil and is Europe’s biggest utility.
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Iberdrola is looking to launch a legal challenge against a “discriminatory” windfall tax imposed by Madrid on Spain’s largest energy companies, following in the footsteps of banks that are fighting a similar levy in the courts.
#1 General Electric Co. (GE)
- Revenue: $75 billion (£57 bn)
- Renewable Energy Capacity: 400 GW
General Electric Co. (GE) is the largest renewable energy company by a significant margin. A multinational conglomerate, GE offers a wide range of products and services, including renewable energy solutions. GE is a leader in the development of wind turbines and energy-efficient software.
In July, a GE Verona study found that Great Britain needs “tangible progress” within the next three years to meet net zero targets. The report suggested the country needs more than £50bn investment and an additional 250 GW of renewable and decarbonised generation, approximately 2.5 times that of existing capacity, will need to be added to the power system.
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