Renewable energy is on its way to replacing fossil fuels. Many economies are transitioning to green energy sources, and the United Nations COP28 Summit has encouraged more countries to commit to the cause. Governments are also incentivizing businesses to switch, making the market ripe for green energy expansion. This can be a great opportunity for investors to shop around for renewable energy stocks aimed at growth. 

So, today, I’ll zero in on three companies poised to grow alongside the renewable energy sector. To get the list of stocks, I screened the market using the following criteria: 

• A minimum of a buy rating by analysts,
• Revenue growth of at least 10% in three consecutive years.

I sorted the list based on the latest annual reports’ highest to lowest revenue growth. This lets me focus on the stocks that continuously grow their revenue, have Wall Street’s stamp of approval, and can potentially ride the trend of the growing transition to a greener economy.

Beam Global (BEEM)

The demand for clean energy has continued to grow over the years. Companies like Beam Global (NASDAQ:BEEM) constantly innovate by designing and patenting advanced energy solutions for sustainable products and technology. 

The company has recently deployed additional public ARC solar-powered EVs for the California Department of General Services (DGS) to support sustainable energy practices.

Beem Global started FY’24 strong on a strong footing, with Q1 revenue increasing 12% YOY to $14.6 million. It also reported record gross profits with a 10.2% margin and a 310% increase in EV charging orders. This represents a strong follow-through of FY’23’s results, which reported a 206% YOY revenue growth. 

The company happily announced that it remains debt-free and has a backup plan in the form of a $100 million line of credit, a significant pipeline of $160 million, and a $20 million backlog. Its continued success in executing its strategies has been evident in its continuously growing revenue in the last 3 years, where FY’21 grew 45% and FY’22 grew 144%. 

This consistent revenue growth is a testament to why Wall Street rates it as a strong buy, making BEEM one of the best growth stocks in the renewable energy sector. 

Nextracker (NXT)

As the market for renewable energy grows, so does the need for companies like Nextracker (NASDAQ:NXT) solutions that build software and solar solutions for a more efficient power generation of solar farms. 

The company’s key technology helps solar power plants’ solar panels move to where the sun shines, efficiently harnessing and converting solar power to stored energy. Nextracker’s latest NX Horizon system offers its customers a 35% lower carbon footprint and helps decarbonize solar power. 

Nextracker reported a record-breaking Q4 and FY’24 as annual revenue reached $2.5 billion, representing a 31% YOY growth. Meanwhile, diluted EPS reached $3.37, a massive 16,750% growth from last year’s 2 cents per share. Adjusted EBITDA soared 150% YOY to $521 million and maintained a robust backlog exceeding $4 billion. 

The company seems well-positioned to follow through with its revenue growth in the last 3 fiscal years. For reference, here are the YOY growths for the last two annual reporting periods: 

• FY’22: 22%
• FY’23: 30%

Meanwhile, FY’25 revenue is projected to come in around $2.8 billion and $2.9 billion, continuing the streak and earning it a place among the top renewable energy growth stocks today. It’s no wonder analysts rate NXT stock as a strong buy.

Sunnova Energy International (NOVA)

An industry-leading adaptive energy service to make clean energy more accessible and affordable for homeowners and businesses, Sunnova Energy International (NYSE:NOVA) partners with various dealers and contractors to provide sustainable solutions that provide energy storage and solar energy systems.

The company also provides additional services that help customers switch power sources from the grid to solar panels and into its installed energy storage device for an efficient setup. Sunnova Energy is opening the Sunnova Adaptive Technology Center (ATC), featuring a microgrid system replicating various grid and solar array conditions. 

The company’s FY’23 results highlight significant growth and strategic advancements. In Q4, it expanded its customer base to 419,200, adding over 34,000 new customers. 

Meanwhile, revenue rose to $720.7 million, driven by increased service and direct sales. This represents a 29% year-over-year growth compared to last year’s $557.7 million revenue. Looking further back, Sunnova registered a 50% and 131% growth for FY’21 and FY’22, respectively. 

The company’s focus on cash generation for 2024 through cost reductions and asset sales has left it with substantial cash reserves and strong 2024 guidance. No wonder analysts rate it as a strong buy. As a result, NOVA stock could be a good target if you’re looking for a renewable energy stock meant for growth. 

On the date of publication, Rick Orford did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.