The momentum surrounding renewable energy continues to build. Decarbonization is only part of the story. Renewables are low-cost, which is driving accelerating demand, especially as the world needs more power for emerging technologies like artificial intelligence.

These trends play right into the hands of Brookfield Renewable (NYSE: BEPC)(NYSE: BEP). The leading global renewable energy company is capitalizing on opportunities to develop more projects for customers. That drives its view that it will grow its funds from operations (FFO) by more than 10% this year and beyond. This surge should give it plenty of power to continue increasing its dividend, which yields over 5%.

Brookfield Renewable recently reported strong second-quarter results, showcasing the robust demand for renewables. The company generated $339 million of FFO in the second quarter, a 9% increase from the previous year. Higher power prices, organic development projects, and acquisitions powered the company's strong growth rate.

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Source Fool.com