The Top 15 Wind Energy Stocks in 2022

Wind power is a renewable, clean energy source that doesn’t emit carbon. Although supply chain challenges and cost inflation caused wind stocks to take a hit in 2021, here is a list of the top 15 wind energy stocks that could benefit from the clean energy transition in the future.

SustainFi   Updated November 30th, 2021

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Why invest in wind energy?

According to the IEA, to get to net-zero carbon, up to 70% of the global electricity generation in 2050 needs to come from wind and solar. Wind already provides 7% of the world’s electricity, and its market share should double by 2030, according to IHS Markit. As wind turbines are getting larger and more efficient, costs are coming down, and wind capacity installations are skyrocketing. Onshore wind costs declined by over 45% over the past decade; offshore wind is also much cheaper. 

Wind power’s main problems – seasonality and weather – continue to be challenging. (The energy crisis in Europe has been blamed on wind not blowing as much as usual in the U.K.). But the weather challenges could be solved if green hydrogen, used for energy storage, gets cheaper.

Policy initiatives are also favorable. Although onshore wind still dominates, in the U.S., the Biden administration favors the development of offshore wind, which has so far been hindered by the difficulties in getting permits.

What happened to wind energy stocks in 2021?

Despite these positive trends, wind energy stocks did not have a good year in 2021. The First Trust Global Wind Energy ETF (FAN), the main wind energy stock ETF, declined nearly 15% through the end of November.

First, stocks are getting beat up because of cost inflation, supply chain problems and Covid-related restrictions, which slowed down some development projects. Wind turbine manufacturers need metals like steel, aluminum and copper, which have gone up in price.

Second, transportation costs have increased due to higher oil prices and bottlenecks. On top of that, wind turbines have gotten larger and more expensive and difficult to move.

Third, since 1992, the U.S. government has supported the wind energy industry with federal production tax credits, which were due to expire in 2020. Though they ultimately got renewed until the end of 2021, a lot of wind farms rushed to develop projects in 2020, hurting the 2021 pipeline. Tax credits are yet to be extended into 2022.

But, if these challenges can be overcome, the long-term outlook for wind power is good, and the dip could be a buying opportunity.

The best wind energy stocks

There are two main types of wind energy stocks, turbine (and turbine component) manufacturers and wind farm operators. On the one hand, companies like Vestas and Siemens Gamesa make turbines, which turn wind into electricity. General Electric also makes wind turbines, but the conglomerate is too diversified to be a pure-play wind investment. On the other hand, companies like Orsted and NextEra buy turbines from manufacturers and run wind farms, which produce electricity they can sell.

Wind energy stocks list

Here is a list of 15 wind energy stocks:

  • Vestas Wind Systems (CPH: VWS)
  • Orsted (CPH: ORSTED)
  • China Longyuan Power Group Corporation Limited (OTCMKTS: CLPXY)
  • Siemens Gamesa Renewable Energy (BME: SGRE)
  • TPI Composites (TPIC)
  • Nordex SE (ETR: NDX1)
  • NextEra Energy (NYSE: NEE)
  • Enel S.p.A (BIT: ENEL)
  • Iberdrola SA (BME: IBE)
  • Northland Power Inc (TSE: NPI)
  • Brookfield Renewable Partners LP (NYSE: BEP)
  • Boralex Inc. (TSE: BLX)
  • EDP – Energias de Portugal (ELI: EDP)
  • Neoen SA (EPA: NEOEN)
  • Innergex Renewable Energy Inc (TSE: INE)

Here is the list of the top 15 wind energy companies:

1. Vestas Wind Systems (CPH: VWS)

  • Market capitalization: 224 billion DKK
  • Year-to-date return: -25.5%

Danish company Vestas Wind Systems is the leading onshore wind turbine manufacturer. The market for onshore wind has been around longer, and it’s more stable than the offshore market. Vestas has installed 18% of the world’s wind turbines, more than any other company. It is also a leader in North America, where it has 40 GW in installed capacity. Although market conditions remain challenging due to supply chain disruptions and cost inflation, wind power continues to be critical and the turbine-maker continues to see double-digit sales growth in 2022.

2. Orsted (CPH: ORSTED)

  • Market capitalization: 356 billion DKK
  • Year-to-date return: -36%

Although winds blow stronger offshore than onshore, offshore is only about 5% of the wind power industry. But it is growing much faster, and offshore developers like Orsted should benefit. Orsted is the largest offshore wind developer in the world with a 25% market share. Founded in 1973 as the Danish Oil and Natural Gas Company, Orsted transitioned to renewables in 2017 and aims to be a renewable “supermajor.” Today it runs 26 offshore wind farms, including the two largest offshore wind farms in the world. The company has also entered the onshore wind market.

3. China Longyuan Power Group Corporation Limited (OTCMKTS: CLPXY)

  • Market capitalization: 129 billion HKD
  • Year-to-date return: 37%

China is the world’s largest onshore wind market, so it makes sense to invest in Chinese wind power stocks, too. The top wind power producer in China with over 20 GW in capacity, China Longyuan Power builds and operates wind farms and sells the electricity they generate. China Longyuan pioneered wind power in China in the late 1980s, and its wind farm portfolio spans the country. However, the Hong Kong-listed company also has a coal business, making it less attractive to environmental, social, and governance (ESG) focused investors.

4. Siemens Gamesa Renewable Energy (BME: SGRE)

  • Market capitalization: €16 billion
  • Year-to-date return: -30%

Spain-based Siemens Gamesa Renewable Energy is the market leader in offshore turbines. Two-thirds owned by Siemens Energy AG, the company has installed nearly 118 GW in global capacity and boasts over €10 billion in annual revenue. Although Siemens Gamesa’s onshore business is smaller, it is still the number three player in the global onshore market. Like Vestas, Siemens Gamesa has recently struggled with cost inflation and supply chain bottlenecks. But the long-term outlook for offshore wind energy remains positive.

5. TPI Composites (NASDAQ: TPIC)

  • Market capitalization: $686 million
  • Year-to-date return: -68%

TPI Composites makes blades for wind turbines and provides related services. Blades are an expensive and critical component of a wind turbine, accounting for up to 20% of its cost. Since 2001, the Scottsdale, Arizona-based company has manufactured over 70,000 wind blades. TPIC also sold about one-third of all onshore wind blades in the world ex-China in 2020. Although the near-term turbine manufacturer challenges are also impacting TPIC, the company continues to be excited about the long-term outlook.

6. Nordex SE (ETR: NDX1)

  • Market capitalization: €2.5 billion
  • Year-to-date return: -23%

Nordex is a leading onshore wind turbine manufacturer. The Hamburg, Germany-based company generates over €4.6 billion in sales. Since its foundation in 1985, Nordex has installed over 28 GW in capacity in over 40 countries. They operate production sites in Germany, Spain, Brazil, India, Mexico, and Argentina and also service around 8,400 wind turbines with 21 GW in installed capacity.

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7. NextEra Energy (NYSE: NEE)

  • Market capitalization: $170 billion
  • Year-to-date return: 17%

The U.S. is the world’s second-largest onshore wind market, and Florida-based NextEra Energy is the largest generator of U.S. wind power. NextEra operates over 16 GW of wind energy, making it one of the leading global wind producers, too. In addition to developing renewable energy projects, NextEra still owns the Florida Power & Light Company, the largest regulated electric utility in the U.S., a battery storage division, and seven commercial nuclear power plans. The renewable energy giant boasts over $18 billion in revenue and a market cap that exceeds $170 billion.

8. Enel SpA (BIT: ENEL)

  • Market capitalization: €68 billion
  • Year-to-date return: -21%

Rome, Italy-based Enel SpA is Europe’s largest utility and one of the world’s biggest renewable energy producers. Established in 1962, the company started as a typical energy utility but has since transitioned to renewables. Today, Enel is the world’s largest private renewable player with around 49 GW of global renewable capacity, including 12.5 GW of wind power.

9. Iberdrola SA (BME: IBE)

  • Market capitalization: €63 billion
  • Year-to-date return: -17%

Based in Bilbao, Spain, Iberdrola is another utility that has shifted renewables over the past 20 years. With 19 GW onshore and over 1 GW offshore wind capacity, it is one of the world’s leading wind power producers. Iberdrola sees offshore wind as the key driver behind future growth; it aims to triple its offshore wind capacity by 2025 and grow it 10x by 2030, with investments totaling almost €30 billion. Besides onshore and offshore wind, Iberdrola’s alternative energy portfolio includes solar, hydroelectric, and battery storage.

10. Northland Power Inc (TSE: NPI)

  • Market capitalization: 9 billion CAD
  • Year-to-date return: -16%

Northland Power is a Canadian power producer with assets in onshore and offshore wind, solar, and natural gas. The company operates onshore and offshore wind farms in Canada and Europe, with an annual production of over 5 GW. It is also developing a 1 GW offshore wind project in Taiwan. A popular pick for climate-focused funds, Northland Power has over 2 billion CAD in sales and 8.6 billion CAD in market capitalization.

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11. Brookfield Renewable Partners (NYSE: BEP)

  • Market capitalization: 13 billion CAD
  • Year-to-date return: -18%

Toronto, Canada-headquartered BEP is one of the world’s largest pure-play renewable electricity generators. The company operates nearly 6,000 hydroelectric, solar, and wind facilities with 20 GW in production capacity. Although BEP is not a wind energy pure-play, its wind 5.5 GW wind portfolio is sizeable, spanning North America, South America, Europe, and Asia.

12. Boralex Inc (TSE: BLX)

  • Market capitalization: 4 billion CAD
  • Year-to-date return: -25%

Quebec, Canada-based Boralex produces wind, solar, and hydro energy in Canada, France, and the U.S. It is France’s largest independent producer of onshore wind power. Although Boralex has about 2.5 GW in installed capacity today, capacity has doubled over the past five years. Besides, Boralex is developing a portfolio of over 3 GW in wind and solar projects and nearly 200 MW in storage projects.

13. Energias de Portugal (ELI: EDP)

  • Market capitalization: €19 billion
  • Year-to-date return: -10%

Lisbon, Portugal-based EDP is a Portuguese electric utility that generates almost 90% of its power from renewables, mostly wind and hydro. The company supplies over 65 GW of electricity to nearly 10 million customers in Portugal, Spain, and Brazil. EDP already has about 12 GW in wind capacity today, and it is planning to add 10 GW in onshore and offshore wind capacity by 2025. Finally, EDP plans to exit the legacy coal business by 2025, which should make it more attractive to ESG investors and funds.

14. Neoen SA (EPA: NEOEN)

  • Market capitalization: €4 billion
  • Year-to-date return: -37%

Paris-listed Neoen operates solar and wind farms in 15 countries. Founded in 2008, the company has about 5 GW of renewables capacity in operation and under construction, and they are aiming for more than double that by 2025. Neoen’s current wind capacity exceeds 1.5 GW. Unlike many utilities with legacy fossil fuel businesses, Neoen is exclusively focused on renewables.

15. Innergex Renewable Energy (TSE: INE)

  • Market capitalization: 4 billion CAD
  • Year-to-date return: -32%

Innergex Renewable Energy develops and runs wind energy, solar energy and hydroelectric facilities in North America. The Canadian company’s assets are mostly located in its home province of Quebec, though it also has operations in the U.S., France, and Chile. The company’s portfolio of over 3 GW in capacity includes 32 wind farms, 40 hydroelectric facilities, and seven solar farms.

🔔 Want to invest in ETFs instead of stocks? Check out the list of wind power ETFs.

NOT INVESTMENT ADVICE. The content is for informational purposes only; you should not construe any such information as investment advice.

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Frequently Asked Questions

Who is the top producer of wind energy?

With an installed capacity of over 20 GW, China Longyuan Power is world’s largest wind power producer.

Can I invest in wind turbines?

Yes, publicly traded wind turbine manufacturers include Vestas Wind Systems (VWS), Siemens Gamesa (SGRE), Nordex (NDX1) and General Electric (GE).

What wind energy stocks is Berkshire investing in?

Berkshire Hathaway’s wind energy portfolio includes MidAmerican Energy, PacifiCorp, NV Energy, and BHE Renewables.