Investors of all stripes should look to get into the green energy space. In December 2021, the International Energy Agency (IEA) forecast that, by 2026, global renewable electricity capacity is forecast to rise by more than 60% from 2020 levels. Better yet, renewables are poised to account for approximately 95% of the increase in global power capacity through 2026.
Northland Power (TSX:NPI) is one of the top green energy stocks Canadian investors should seek out in late January. This Toronto-based company develops, builds, owns, and operates clean and green power projects in North America and around the world. Shares of this green energy stock have dropped 4.7% in 2022 as of mid-afternoon trading on January 28. It has plunged 24% year over year.
The company is set to release its final batch of 2021 earnings in late February. In Q3 2021, Northland saw sales decline 8% year-over-year to $432 million. Meanwhile, adjusted EBITDA also dipped 17% to $211 million. It was negatively impacted by lower than usual wind conditions in the North Sea. Regardless, it is on track to meet its full 2021 guidance.
Shares of this green energy stock are trading in favourable value territory compared to its industry peers. The stock last had an RSI of 36. That puts Northland just outside of technically oversold territory. Moreover, it offers a quarterly dividend of $0.10 per share. This represents a 3.3% yield.
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