5 Best Solar Energy Stocks to Buy for 2022

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In this article, we discuss the 5 best solar energy stocks to buy for 2022. If you want our detailed analysis of these stocks, go directly to the 10 Best Solar Energy Stocks to Buy for 2022

5. ReNew Energy Global plc (NASDAQ:RNW)

Number of Hedge Fund Holders: 24

ReNew Energy Global plc (NASDAQ:RNW), on November 18, announced its FQ2 2022 results, posting an EPS of $0.27, beating estimates by $0.22. Revenue over the period equaled $287.62 million, outperforming estimates by $27.41 million. 

With a renewable asset base of 10.2 gigawatts, ReNew Energy Global plc (NASDAQ:RNW) is a leading Indian independent power producer that is working towards global green energy transformation. ReNew Energy Global plc (NASDAQ:RNW)’s solar products are used widely by the country’s consumer goods, government, education, manufacturing, and retail sectors, among others. 

Goldman Sachs analyst Vinit Joshi on December 6 initiated coverage of ReNew Energy Global plc (NASDAQ:RNW) with a Buy rating and a $17 price target. The analyst stated that ReNew Energy Global plc (NASDAQ:RNW) is India’s largest renewables developer by installed capacity, with a top 10 positioning globally. The upside drivers for ReNew Energy Global plc (NASDAQ:RNW) include tripling of the installed capacity base, double digit equity IRR over FY22-FY24, and differentiated exposure to renewable power projects with low competition, making it one of the best solar energy stocks to buy for 2022. 

In the third quarter, Daniel Patrick Gibson’s Sylebra Capital Management was the leading stakeholder of the company, with ReNew Energy Global plc (NASDAQ:RNW) being a new addition in the hedge fund’s portfolio. Sylebra Capital Management owns 5.54 million shares of ReNew Energy Global plc (NASDAQ:RNW), worth $56.5 million. Overall, 24 funds were bullish on ReNew Energy Global plc (NASDAQ:RNW) in Q3, with total stakes valued at $286.9 million. 

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