This High-Yielding Renewable Energy Stock Has the Wind at Its Back
Clearway Energy (NYSE: CWEN) (NYSE: CWEN.A) has had its share of ups and downs in recent years. Its prior sponsor mismanaged the renewable energy company, causing its performance to lag. Meanwhile, one of its largest customers, California utility PG&E (NYSE: PCG), went bankrupt last year, which affected the cash flow it generates from assets tied to that company.
But with a new sponsor taking over in late 2018, Clearway has started turning things around. That's clear with its 2020 outlook, which should see the company grow its cash flow by more than 20%. This optimistic outlook enabled the company to boost its dividend by 5%, pushing the yield up to 4.4%. Those growth trends should continue after the company signed deals to buy several wind power assets from its sponsor.
Image source: Getty Images.
Source Fool.com
