This Renewable Energy Stock Continues to Charge Its Dividend Growth Plan

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Clearway Energy (NYSE: CWEN)(NYSE: CWEN-A) supercharged its dividend in 2020, boosting it an eye-popping 59%. But it has plenty more growth ahead after it added several new power sources over the past few months.

It already has enough power to increase its dividend by another 8% next year. Meanwhile, it recently added a new power source that should keep its longer-term dividend growth plan fully charged.

Clearway Energy has agreed to co-invest in a 1.6 gigawatt (GW) portfolio of renewable energy assets developed by its parent, Clearway Energy Group. It’s partnering on the transaction with Hannon Armstrong Sustainable Infrastructure Capital (NYSE: HASI), a real estate investment trust (REIT) focused on investing in climate solutions. Clearway Energy will invest about $214 million through 2022, while Hannon Armstrong is making a preferred equity investment that will total roughly $663 million through 2022.  

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