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Renewable energy stocks delivered exceptional returns in 2020. However, most of the top TSX renewable energy stocks reversed some of their gains and have witnessed a healthy pullback in the recent past, providing investors a solid opportunity to buy these high-growth stocks at the current levels.
I see significant upside in renewable energy stocks thanks to the growing emphasis on carbon footprint reduction. Meanwhile, growing adoption, declining costs, capacity expansion, and significant capital investments provide a solid foundation for growth in the future.
Furthermore, top renewable energy companies are known for paying solid dividends, thanks to their contractual arrangements and ability to generate resilient cash flows.