The renewable energy sector, once seen as a niche segment of the energy industry, has now emerged as a crucial power source in numerous regions worldwide.
As organisations strive to achieve net-zero emissions by transitioning away from fossil fuel-based power, they are intensifying their innovation efforts and diversifying their offerings to strengthen their renewable energy capabilities.
In line with this, we present the top 10 renewable energy companies and their initiatives that are propelling the transition to net zero.
Market cap: US$2.74bn
Canadian Solar specialises in the design and manufacturing of solar photovoltaic modules while offering comprehensive energy solutions. The company undertakes the management of solar power projects and provides operation and maintenance services. With a global reach, Canadian Solar serves customers spanning more than 160 countries.
Market cap: US$8.18bn
Founded in 1997 and headquartered in Latham, New York, Plug Power has grown to become a significant player in the hydrogen fuel cell industry. The company has partnerships with major corporations such as Amazon, Walmart, and Home Depot, and its fuel cell technology is used in more than 40,000 vehicles worldwide.
Market cap: $5.16bn
Brookfield Renewable Partners operates renewable power facilities worldwide. The company's electricity generation comes from a diverse range of sources, including hydroelectric, wind, solar, distributed generation, pumped storage, cogeneration and biomass. As a leading player in the renewable energy sector, Brookfield Renewable operates one of the largest publicly traded platforms dedicated solely to renewable power.
Market cap: $5.2bn
Based in Oakville, Ontario, Canada, Algonquin Power & Utilities delivers regulated utility services and renewable energy solutions to a customer base exceeding one million across North America. The company actively invests in a diverse range of clean and renewable energy sources, including solar power, wind energy, hydroelectric power and thermal energy.
Market cap: $12.97
With a presence in over 90 countries, Siemens Gamesa offers a range of equipment and services related to onshore and offshore wind turbines, turbine gearboxes, and off-grid systems. The company has successfully implemented its products and technology on a global scale and has the foresight to envision a future where clean energy can power factories and cities, thereby enhancing air quality.
Market cap: $29.58bn
Based in Denmark, Vestas Wind Systems is a wind energy company that specialises in the design, manufacturing and installation of wind turbines. With a global presence, the company has successfully deployed wind turbines in numerous countries worldwide, by harnessing the collective expertise of 29,000 employees.
Through their sustainable energy solutions, Vestas has already made a substantial impact, preventing the release of 1.5 bn tonnes³ of CO₂ into the atmosphere. Furthermore, their contributions have facilitated the establishment of a more sustainable energy system, with over 145 GW of wind turbines installed across 85 countries.
4. Orsted A/S
Market cap: $36.19bn
Renewable energy company Orsted A/S excels in the development, construction and operation of offshore wind farms. The Danish company holds the prestigious title of being the world's largest developer of offshore wind power, with a total capacity of over 7.5 GW installed and under construction.
Orsted A/S has successfully established offshore wind farms in various nations, including the UK, the US, Germany and Taiwan. Orsted maintains a firm dedication to sustainability and has set formidable objectives to diminish its carbon impact. By striving to achieve carbon neutrality by 2025, the company demonstrates its unwavering commitment to environmental responsibility.
3. Iberdrola SA
Market cap: US$72.67
Multinational electricity utility company Iberdrola SA is of Spanish origin and is headquartered in Bilbao, Spain. It holds a prominent position as one of the largest utility providers globally, operating across more than 40 countries across the globe, with a particular focus on Europe, the Americas and Asia.
Iberdrola primarily engages in the generation, distribution and sale of electricity, and boasts a diverse energy portfolio, encompassing sources such as wind, hydro, nuclear and natural gas.
Market cap: US$147.57bn
Headquartered in Florida, USA, NextEra Energy, Inc., is a prominent provider of environmentally-friendly energy solutions. As one of the largest renewable energy producers in the world, NextEra Energy currently generates a capacity of approximately 30,000 megawatts, largely from wind and solar sources.
NextEra Energy stands out as a prominent American institution, leading the charge in wind and solar energy production. Demonstrating a steadfast commitment to sustainability, the company has established ambitious targets to curtail its carbon dioxide emissions. By 2025, NextEra Energy aims to decrease its carbon dioxide emissions rate by 67% in comparison to 2005 levels.
Market Cap: US$89.02bn
As a Fortune 500 company, General Electric (GE) has been actively engaged in sustainability ventures and is recognised for its innovations in power and renewable energy. The company has made significant strides in the development of green energy solutions and has emerged as a key player in the industry.
GE's commitment to sustainability is reflected in its focus on renewable energy sources, particularly in the development of wind turbines. The company has been at the forefront of wind energy technology, continuously advancing turbine designs and improving efficiency. GE's wind turbines are widely deployed worldwide, contributing to the expansion of clean and renewable energy generation.
In addition to wind power, GE has also invested in other renewable energy technologies, including solar power and hydroelectricity. The company has developed innovative solutions for solar energy generation and has contributed to the growth of solar installations globally.