The green energy space has increased its share of production over the past decade, exceeding many projections. Investors should continue to seek exposure to this space as governments turn their attention to the climate change question in the 2020s. Today, I want to look at two green energy stocks that offer monthly income.
TransAlta Renewables (TSX:RNW) is a Calgary-based company that develops, owns, and operates renewable power generation facilities. Shares of this green energy stock have dropped 16% in 2021 as of mid-afternoon trading on December 31.
In Q3 2021, the company saw comparable EBITDA increase $6 million year-over-year to $102 million. Meanwhile, revenues in the year-to-date period rose to $332 million compared to $308 million in the previous year. This green energy stock possesses a price-to-earnings ratio of 33, which puts it in favourable value territory relative to its industry peers. Moreover, it offers a monthly dividend of $0.078 per share. That represents a strong 5% yield.
Northland Power (TSX:NPI) is a Toronto-based company that develops, builds, owns, and operates clean and green power projects around the world. This stock has also dropped 16% in the year-to-date period.
Shares of Northland Power last had a P/E ratio of 91, putting it in solid value territory relative to its industry peers. Better yet, it offers a monthly dividend of $0.10 per share. That represents a 3.1% yield.
