The world’s top renewable energy companies are playing a vital part in creating a more sustainable future for our planet. From nationwide utility suppliers to residential solar panel manufacturers, they are all helping to create a more sustainable energy system for our planet.

This Business2Community article looks at the top 10 companies providing renewable energy solutions, sorted by market cap. Find out what exactly they do and how they have become so successful.

The World’s Biggest Renewable Energy Companies

The International Energy Agency (IEA) forecasts that by early 2025, renewable energy will provide one-third of the world’s electricity, overtaking coal as an energy source.

Its Energy 2024 report predicts a CAGR of 10.7% between 2023 and 2026 for the renewable energy sector, compared to -1.7% for coal.

renewable energy industry market forecast 2023-2026

The 10 largest renewable energy companies have a combined market cap of over $500 billion, so let’s take a look at the sustainable energy solutions they are providing.

1. NextEra Energy, Inc. – $158.3 Billion

NextEra is one of the world’s largest producers of wind and solar energy and a world leader in battery storage through its subsidiary, NextEra Energy Resources (NEER).

In 2023, NEER’s portfolio of generation assets represented approximately 28.7 GW of total net generating capacity, broken down as follows:

NextEra clean energy generation

The company recorded a $7.3 billion operating profit in 2023, $3.6 billion of which came from NEER. Its other main source of income is FPL, which is the third-largest utility company in the United States, delivering power to around 10 million people in Florida.

FPL was founded in 1925 but rebranded as NextEra Energy in 2010.

NextEra aims to reach zero carbon emissions by 2045 with its “Real Zero” blueprint.

Company Name NextEra Energy, Inc. (NEE)
Founded 1925
Headquarters Florida, USA
Market Capitalization $158.3 billion

2. Iberdrola, S.A. – $84.9 Billion

Iberdrola is a Spanish utility company that’s been investing in renewable energy for the past 20 years. Its operations span onshore and offshore wind energy, solar power, and green hydrogen.

Iberdrola renewable power generating facilities

Iberdrola’s industrial plant in Puertollano, Spain is home to one of the world’s largest electrolytic hydrogen production systems. It has a capacity of 20 MW and sits alongside a 100 MW solar plant.

Between 2024 and 2026, the company plans to invest a further $11.4 billion in renewables, primarily in the US, the UK, Spain, and Brazil.

Iberdrola had 42.4 GW of renewable energy capacity installed as of 2023. It plans to achieve carbon-neutral electricity generation by 2030 and to reach Net Zero in all operations by 2040.

Company Name Iberdrola, S.A. (IBDRY)
Founded 1992
Headquarters Bilbao, Spain
Market Capitalization $84.9 billion

3. Constellation Energy Corporation – $66.0 Billion

Founded as Constellation Energy Group in 1999, this company merged with Exelon in 2012 before splitting off as Constellation Energy Corporation in 2022.

Constellation is the number one producer of clean energy in the US; 90% of the output from its 32.4 GW capacity is carbon-free and it supplies around 10% of the carbon-free energy used in the US.

Only around 8% (2.6 GW) of the energy that Constellation generates comes from renewable energy sources; the rest is nuclear power (65%) and natural gas and oil (27%).

Constellation 2023 Sustainability Report

By 2040, the company’s goal is to be producing 100% clean energy and to have reduced its operations-driven emissions by 100%.

Company Name Constellation Energy Corporation (CEG)
Founded 1999
Headquarters Maryland, USA
Market Capitalization $66.0 billion

4. GE Vernova Inc. – $44.8 Billion

GE Vernova is by far the youngest of these renewable energy companies, having been founded in April 2024. However, it did have a helping hand from its parent company, General Electric; GE Vernova is the spin-off of its energy businesses with 130+ years of history.

GE Vernova is split into four operational divisions:

  • Power: Gas, nuclear, steam, and hydroelectric power operations
  • Wind: Onshore and offshore wind farms; 54,000 wind turbines installed
  • Electrification: Grid solutions, power conversion, solar power, and energy storage
  • Accelerators: Research, consultancy, and financial services

GE Vernova wind turbines

In its first quarterly report, GE Vernova reported revenue of $7.26 billion, $1.64 billion (23%) of which was from wind energy.

The company aims to be carbon neutral in its facilities and operations by 2030.

Company Name GE Vernova Inc. (GEV)
Founded 2024
Headquarters Massachusetts, USA
Market Capitalization $44.8 billion

5. Adani Green Energy Limited – $35.4 Billion (₹2.95 Trillion)

Indian renewable energy company Adani Green Energy Limited (AGEL) is headquartered in Ahmedabad, India. It’s majority-owned by Adani Group, a massive Indian conglomerate founded by the billionaire Guatam Adani, and minority-owned by French multinational TotalEnergies.

AGEL is involved with developing, building, operating, and maintaining wind and solar power projects in India.

The energy company’s current renewable capacity is:

  • Solar: 7.4 GW operational; 10.6 GW under construction
  • Wind: 1.4 GW operational; 1.0 GW under construction
  • Hybrid: 2.1 GW operational; 600 MW under construction

In April 2024, AGEL became the first Indian company to exceed 10 GW of operational capacity. It aims to increase this to 45 GW by 2030.

A large contributor to this target will be its new hybrid renewable energy plant in Khavda, Gujarat, which will combine solar panels and wind power to produce 30 GW of capacity over 538 sq km. The video below looks at one of its existing solar plants in Kamuthi, Tamil Nadu.

Company Name Adani Green Energy Limited (ADANIGREEN.NS)
Founded 2015
Headquarters Gujarat, India
Market Capitalization $35.4 billion (₹2.95 trillion)

6. First Solar, Inc. – $28.6 Billion

American energy company First Solar manufactures solar photovoltaic modules for use in over 45 countries worldwide. Its advanced thin-film PV modules have a layer of cadmium telluride (CadTel) semiconductor, which is more efficient and affordable than traditional crystalline silicon (c-Si) cells.

First Solar locations

First Solar is the largest US-headquartered solar energy company, and the only one in the top 10 manufacturers of solar cells. It has three factories in Ohio as well as one in Malaysia and one in Vietnam.

The company aims to have a solar energy capacity of 20 GW by 2025. It has pledged to power 100% of its global manufacturing operations with renewable energy by 2028 and achieve Net Zero by 2050.

First Solar’s market cap reached an all-time high of $29.62 billion on 25 May, 2024, more than doubling in value from $14.13 billion in November 2023.

First Solar market cap history

Company Name First Solar, Inc. (FSLR)
Founded 1999
Headquarters Arizona, USA
Market Capitalization $28.6 billion

7. Vestas Wind Systems A/S – $28.0 Billion

Danish company Vestas isn’t the oldest of these renewable energy companies, but it was the first to dedicate itself to wind energy technology. Vestas installed its first wind turbine in 1979, producing 30 KW of clean energy. By 1986, it had decided to focus exclusively on the wind energy sector.

Now, the company has 177 GW of wind turbines installed in 88 countries.

Vestas revenue from servicing wind energy

Vestas designs, manufactures, and installs wind turbines onshore and offshore. The company reached revenue of $16.75 billion (€15.38 billion) in 2023, led by onshore wind (69%). 23% of this came from its servicing and maintenance solutions.

Vestas has pledged to become a carbon-neutral company by 2030 without using carbon offsets. It also aims to have zero-waste production for its wind turbines by 2040.

Company Name Vestas Wind Systems A/S (VWDRY)
Founded 1945
Headquarters Aarhus, Denmark
Market Capitalization $28.0 billion

8. Sungrow Power Supply Co., Ltd. – $20.0 Billion (¥145 Billion)

Sungrow is a leader in the solar power industry with a product portfolio that spans PV inverters (including floating PV systems), storage systems, electric vehicle chargers, and wind converters.

sungrow floating solar farm

Founded by a Chinese university professor in 1997, Sungrow was briefly the largest solar energy company in the world, having overtaken its rival, LONGi, in March 2024. However, a surge in First Solar’s market cap meant Sungrow only held this title for a few weeks.

As of December 2023, Sungrow had installed 515 GW of power converters in 170+ countries. Its operating revenue jumped to $10.2 billion in 2023; an impressive year-on-year increase of 79.5%.

Sungrow also boasts the largest dedicated R&D team in the industry, where 40% of its 13,000+ employees work.

Company Name Sungrow Power Supply Co., Ltd. (300274.SZ)
Founded 1997
Headquarters Anhui, China
Market Capitalization $20.0 billion (145 billion CNY)

9. LONGi Green Energy Technology Co., Ltd. – $17.8 Billion (¥126.9 Billion)

LONGi is another Chinese solar photovoltaic company and a close competitor of Sungrow. LONGi produces silicon wafers and PV modules for utilities and commercial, industrial, and residential use.

LONGi residential solar panels

It is also venturing into green hydrogen equipment production through its subsidiary, LONGi Hydrogen Technology (Xi’an) Co., Ltd.

LONGi achieved revenue of $17.9 billion (¥129.5 billion) in 2023 up 0.39% year-on-year, shipping 125.42 GW of wafers, 67.5 GW of modules, and 5.9 GW of solar cells. Its net profit was $1.5 billion, down 27.41% year-on-year.

Company Name LONGi Green Energy Technology Co., Ltd. (601012.SS)
Founded 2000
Headquarters Shaanxi, China
Market Capitalization $17.8 billion (¥126.9 billion)

10. Enphase Energy, Inc. – $17.7 Billion

The last of the 10 largest renewable energy companies in the world is Enphase, a California-based company that services the residential renewable energy industry, specifically with solar microinverter technology and storage systems.

The Enphase sustainable energy system enables consumers to generate their own renewable power and sell any surplus back to the grid, with an innovative app that provides detailed data monitoring. It was the first company in the world to introduce this kind of system, which converts DC solar power into grid-compatible AC power, back in 2008.

Enphase clean energy battery and EV charger

Since 2006, Enphase has shipped over 73 million microinverters for 4 million solar power systems globally.

The company estimates that its EV charging systems have powered 144 billion miles using clean electric power.

Company Name Enphase Energy, Inc. (ENPH)
Founded 2006
Headquarters California, USA
Market Capitalization $17.7 billion

Learning From the Biggest Renewable Energy Companies in the World

The success of these renewable energy companies underscores the vast potential for profitability and growth in as the world increasingly shifts in this direction. Their commitment to sustainability, strategic global partnerships, and innovative approaches sets them apart in an industry traditionally dominated by fossil fuels.

While some have a diverse portfolio of renewable power assets, others have chosen to focus on just one energy source. Most are producing clean energy solutions on a large, industrial scale, but Enphase proves that there is still money to be made in the consumer market.


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