While alternative energy investments appeal to a lot of investors on an emotional and conceptual level, many offer only limited investment potential. That’s because they may need a long time to move from the research or concept stage to profitability.
However, there are renewable energy stocks that already have established businesses, such as hydroelectric power, that cut the risk of their alternative energy investments.
One of those is INNERGEX RENEWABLE ENERGY (Toronto symbol INE; www.innergex.com), which owns and operates 25 hydroelectric and wind power facilities in Quebec, Ontario, B.C. and Idaho.
Innergex gets about 80% of its power from hydroelectric plants. Wind farms supply the remaining 20%.
Wind power is heavily reliant on politically sensitive government subsidies. To cut its risk, Innergex makes sure it has firm long-term power-purchase contracts in place before it makes acquisitions or starts building new plants.
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Renewable energy stocks: Innergex adds more capacity with key acquisition
In April 2011, Innergex bought Cloudworks Energy for $187 million. That added stakes in six operating hydroelectric plants in B.C. and other projects that are still under development. The company aims to keep increasing its hydroelectric and wind power capacity. And it will start up its first solar power facility later this year.
Before one-time items, Innergex’s earnings per share rose to $0.13 in the three months ended September 30, 2011, from $0.05 a year earlier. Cash flow per share rose 33.3%, to $0.32 from $0.24. Cloudworks’ contribution was the main reason for the gains.
Innergex trades at 7.9 times its forecast 2012 cash flow of $1.30 a share. It yields 5.7%.
In the latest issue of Canadian Wealth Advisor, we look at whether Innergex can continue to manage its growth successfully as it develops 10 new hydroelectric and wind power projects as well as its first solar power facility. We conclude with our clear buy-hold-sell advice.
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