Most countries still generate most of their energy from fossil fuels and other non-renewable resources. However, the recent spike in oil prices underscores the importance of renewable energy sources such as solar, hydro, and wind power.

From 2026 to 2033, Grand View Research expects the global renewable energy market to expand at a 14.7% CAGR as more industries scramble to reduce their greenhouse gas emissions. To capitalize on that trend, investors should check out these two renewable energy plays: Nextpower (NXT 2.05%) and Brookfield Renewable Corporation (BEPC 12.53%). Both stocks are evergreen plays that could generate big returns over the next few decades.

Nextpower

Nextpower is a solar infrastructure company that produces solar trackers (that tilt solar panels to follow the sun), electrical balance of systems (eBOS) solutions (for moving electricity from solar panels to the grid), robotics systems (for maintaining solar farms), as well as AI-powered software for predicting weather, automating operations, and optimizing performance.

In other words, it’s a “one-stop” shop that supports the construction and entire lifecycle of solar power plants. It still generates most of its revenue from its efficiency-boosting solar trackers — and still controls more than a quarter of that booming market — but it’s aggressively expanded its non-core businesses through several acquisitions over the past two years. It’s set up shop across dozens of countries, but it still generates most of its revenue in North America.

Nextpower

Today’s Change

(-2.05%) $-2.39

Current Price

$114.15

From fiscal 2025 (which ended last March) to fiscal 2028, analysts expect Nextpower’s revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow at CAGRs of 14% and 11%, respectively. That growth should be driven by the rapid expansion of the power-hungry cloud and AI markets, new decarbonization initiatives, and its overseas growth. Its new add-on robotics and AI services could also boost its revenue per customer.

With an enterprise value of $16.3 billion, Nextpower still looks like a bargain at 17 times next year’s adjusted EBITDA. According to Mordor Intelligence, the global solar market’s total volume could expand at a 19.9% CAGR from 2026 to 2031 — and Nextpower’s “picks and shovels” approach could make it a great play on that secular trend.

Brookfield Renewable Corporation

Brookfield Renewable is a more diversified green energy company that builds hydroelectric dams, wind farms, solar power plants, and other green energy projects. At the end of 2025, it had 47 GW of operating renewable capacity and 200 GW of renewable projects in its pipeline. That massive backlog ensures it will grow steadily for the foreseeable future.

Like Nextpower, Brookfield Renewable’s growth is being driven by new decarbonization initiatives and the rapid expansion of its cloud and AI markets. It’s already secured long-term renewable power agreements with hyperscalers like Microsoft and Alphabet’s Google, and it’s locking those customers into “inflation escalators” that allow it to raise its prices to keep pace with inflation. It’s also benefiting from rising sales of electric vehicles (EVs), which are shifting market demand for gas toward electricity, as well as from industrial companies’ reshoring and automating their operations.

Brookfield Renewable

Today’s Change

(-12.53%) $-5.04

Current Price

$35.20

From 2025 to 2028, analysts expect Brookfield Renewable’s revenue and adjusted EBITDA to grow at CAGRs of 22% and 6%, respectively. With an enterprise value of $57.9 billion, it still looks cheap at 14 times next year’s adjusted EBITDA. It also pays a forward yield of 3.9%.

Therefore, Brookfield Renewable is a great stock for income-oriented investors seeking balanced exposure to the growing renewable energy market. However, investors shouldn’t conflate it with Brookfield Renewable Partners (BEP 3.46%) — the older master limited partnership (MLP) that holds the same assets but requires additional tax forms.