From "The Motley Fool" article. TransAlta Renewables (TSX:RNW) operates various power-generation facilities, with 57% of its cash flows generated from renewable energy sources. Meanwhile, the company generates 2,537 megawatts of power, which it sells through long-term contracts, thus insulating its financials from price and volume fluctuations. Despite the weak broader equity markets, the company has returned around 24% this year.
TransAlta Renewables has a strong pipeline of projects, with its investments accounting for around $890 million to $960 million. Meanwhile, the victory of Joe Biden in the United States presidential elections has further boosted its growth prospects.
Biden, a proponent of clean energy, had announced a $2 trillion plan to boost investments into renewable energy during his election campaign, which also included shutting down all power plants in the United States by 2035.
Besides, the company pays monthly dividends. It pays monthly dividends of $0.07833 per share, with an annualized payout of $0.94 and a dividend yield of 4.9%.
Ref.: https://www.fool.ca/2020/12/21/3-safe-tsx-stocks-to-buy-amid-an-uncertain-outlook-2/