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In this article we will take a look at the 15 largest renewable energy companies by market cap. To skip our analysis of the recent market trends, you can go directly to see the 5 Largest Renewable Energy Companies by Market Cap.
Electricity is one of the major sources of energy especially for residential consumers. It plays an important role in the daily lives of individuals all across the world from powering daily use electrical appliances to heating and cooling, depending on the weather conditions. According to the World Energy Outlook 2022 published by the International Energy Agency, electricity accounts for nearly 20% of the world’s final consumption of energy.
According to the World Energy Review 2022 report by Eni, solar and wind share increased by 1 percentage point y-o-y to 10% of total power generation, in 2021. Global installed solar power capacity reached 855 GW, while global wind power capacity reached 823 GW by the end of the year.
The demand for electricity is expected to increase further with the shift toward electric vehicles, and global population, among other factors. Based on the Announced Pledges Scenario presented by the IEA which considers the pledges made by governments and corporations across major nations, the global electricity demand is expected to reach 53,810 TWh by 2030, with global supply reaching 61,268 TWh over the same period. If all the concerned parties fulfill their pledges, renewable energy will account for 80% share of the global supply.
We have picked the top 15 companies based on their market capitalization that are involved in the propagation of renewable energy resources. Some of the companies in this list, such as LONGi Green Energy Technology, Enphase Energy, Inc. (NASDAQ:ENPH), and Tesla, Inc. (NASDAQ:TSLA) are involved in the development of renewable energy technologies such as inverters, silicon wafers, and battery solutions. On the other hand, existing energy and utilities companies such as The Southern Company (NYSE:SO) and Duke Energy Corporation (NYSE:DUK) that are involved in renewable energy generation are also part of this list. More interestingly though fossil fuel giants such as BP Plc (NYSE:BP) also invest heavily in renewable energy and found a place in our list of the largest renewable energy companies in the world.
15 Largest Renewable Energy Companies by Market Cap
15. Orsted AS
Market Capitalization: 34.4 billion
Denmark-based Orsted AS is a leading renewable energy company that develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, renewable hydrogen and green fuels facilities, and bioenergy plants. Formerly known as DONG Energy, the company became Orsted after the divestment of its upstream oil and gas business in September.
Orsted AS plans to increase its installed renewable energy capacity to 50 GW by the end of the decade, with offshore wind power accounting for 30 GW, followed by onshore with 17.5 GW. As of September 2022, its portfolio comprised of renewable energy projects with gross installed capacity of 15 GW including 8.9 GW across offshore wind.
14. Enphase Energy, Inc. (NASDAQ:ENPH)
Market Capitalization: 39.5 billion
Enphase Energy, Inc. (ENPH), based in Fremont, California, is a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems. Founded in 2006, the company has more than 2,800 employees across the world resulting in over 2.7 million deployments of its systems across 145 countries.
The latest offering of Enphase Energy, Inc. (NASDAQ:ENPH), the IQ8 Microinverters, offer microgrid-forming technology that provides Sunlight Backup during grid outages, and the proprietary, intelligent chip makes switching between on or off grid virtually seamless. The company also offers battery solutions and software solutions to manage the generation and utilization of energy.
13. Adani Green Energy Limited
Market Capitalization: 40.9 billion
Based in Ahmedabad, India, and part of the Adani Group, Adani Green Energy Limited is a leading renewable power company in India with a portfolio of 20.4 GW of renewable energy projects including operating, under-construction, awarded and bid projects.
Adani Green Energy Limited develops, builds, owns, operates, and maintains utility-scale grid-connected solar and wind farm projects that supply electricity to central and state government entities and government-backed corporations. It had 5.8 GW of operational capacity across wind and solar energy projects. The company has signed UN Energy Compact committing to develop and operate Renewable Energy Generation Capacity of 25 GW by 2025 and 45 GW by 2030.
12. Eni S.p.A. (NYSE:E)
Market Capitalization: 47.2 billion
Eni S.p.A. (NYSE:E) is an integrated energy company based in Rome, Italy, with nearly 32,000 employees in 69 countries around the world. The company focuses on oil and natural gas exploration, field development and production, as well as the supply, trading and shipping of natural gas, LNG, electricity and fuels.
Eni S.p.A. (NYSE:E) aims to reach more than 2 GW of installed capacity from renewable sources by the end of 2022, scaling up to over 6 GW by 2025 and over 15 GW by 2030. As part of this strategy, the company announced in September that it had agreed to acquire 65% stake in Hergo Renewables S.P.A., a company that holds a portfolio of solar and wind projects in Spain and Italy with a total capacity of 1.5 GW.
11. LONGi Green Energy Technology
Market Capitalization: 53.6 billion
Xi'an, China-based LONGi Green Energy Technology Company Limited, commonly known as LONGi Solar, is a leading solar technology solutions provider. Founded in 2000, the company produces monocrystalline silicon wafers and modules, delivering solutions for distributed and ground mount power station systems, promoting the development of the global PV industry and driving energy transformation.
LONGi Solar is among the largest manufacturers and distributers of monocrystalline silicon wafers and modules with 15 manufacturing bases and more than 30 branches around the world. During the first half of 2022, the company 39.62 GW of mono wafers and 18.02 GW of mono modules.
LONGi Solar plans to further increase its production capabilities with a 46 GW per annum mono ingot and wafer project, 30 GW high-efficiency mono cell project and 5 GW high-efficiency PV module project.
10. Iberdrola SA
Market Capitalization: 62.6 billion
Iberdrola SA, based in Bilbao, Spain, is a leading global energy company. Founded in 1840, the company employs 38,000 personnel and supplies energy to close to 100 million people and carries out its renewable energy, networks and energy commercialization activities in Europe, the United States, Brazil, Mexico, and Australia, and has growth platforms in new European and Asian markets.
Iberdrola SA had an installed renewable energy generation capacity of 39 GW across offshore and onshore wind, hydro, and solar energy, at the end of the first nine months of 2022. The company intends to increase its renewable energy capacity to 60 GW by the end of 2025, and 95 GW by 2030.
9. The Southern Company (NYSE:SO)
Market Capitalization: 68.9 billion
Based in Atlanta, Georgia, The Southern Company (NYSE:SO) is a leading energy company serving 9 million customers across United States. The company provides electricity, natural gas, telecommunications services and operates a fiber optics network. It is one of the largest producers of electricity in the United States
The renewable energy generation portfolio of The Southern Company (NYSE:SO) includes 2.5 GW of wind generating capacity and 2.4 GW of solar generating capacity at 28 facilities. In addition, its electricity subsidiary, Georgia Power, plans to have 5.5 GW of renewable energy resources by the end of 2025.
8. Duke Energy Corporation (NYSE:DUK)
Market Capitalization: 71.8 billion
Charlotte, North Carolina-based Duke Energy Corporation (NYSE:DUK) is one of the largest energy companies in the United States providing electricity to 8.2 million customers in the Carolinas, Florida, Indiana, Ohio and Kentucky, and natural gas to 1.6 million customers.
As of September 30, the renewable energy generation portfolio of Duke Energy Corporation (NYSE:DUK) included total gross generation capacity of 1.7 GW across solar power projects and 3.4 across wind power projects. The company plans to increase its renewable energy capacity to 30 GW by 2035.
7. Enbridge, Inc. (NYSE:ENB)
Market Capitalization: 79.0 billion
Calgary, Canada-based Enbridge, Inc. (NYSE:ENB) is an energy focused on four core businesses: Liquids pipelines, Natural gas pipelines, Gas distribution and storage, and Renewable energy. The renewable energy portfolio of the company have the capacity to generate 5.2 GW of electricity across 23 wind farms, and 17 solar energy operations, among others.
On September 29, Enbridge, Inc. (NYSE:ENB) announced that it had acquired Tri Global Energy, a leading US renewable project developer for $270 million. Tri Global Energy is the largest onshore wind developer in the US with a development portfolio of wind and solar projects representing over 7 GW of generation capacity.
6. BP Plc (NYSE:BP)
Market Capitalization: 101.0 billion
BP Plc (NYSE:BP) is a leading multinational oil and gas company based in London, England. The company intends to transform itself into an integrated energy company with net-zero carbon emissions in the future. It had 2 GW of installed capacity and 31.5 GW of offshore wind and solar renewable energy, as of September 30, 2022.
BP Plc (NYSE:BP) aims to have developed 20 GW of renewable generating capacity by 2025 and 50 GW by 2030. As part of this plan, BP Plc (NYSE:BP) announced in June this year that it had agreed to acquire 40.5% stake in and to become operator of the Asian Renewable Energy Hub (AREH). AREH, located in Western Australia, has plans to develop onshore wind and solar power generation to a total generating capacity of up to 26 GW.
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Disclosure: None. 15 Largest Renewable Energy Companies by Market Cap is originally published on Insider Monkey.
