Public and private sector leaders in the developed world have made a strong push to convert their economies to “green” energy. Precedence Research recently estimated that the global renewable energy market was worth US$952 billion in 2021. It expects this to grow to $1.99 trillion by 2030. That would represent a compound annual growth rate (CAGR) of 8.6% over the forecast period.

TransAlta Renewables (TSX:RNW) is a Calgary-based company that develops, owns, and operates renewable power generation facilities. Shares of this renewable energy stock have dropped nearly 18% in 2022 as of close on September 26. The stock is down 19% year over year.

The company unveiled its second quarter fiscal 2022 earnings on August 4. It posted free cash flow growth of 23% to $87 million. Meanwhile, adjusted EBITDA climbed 30% year-over-year to $126 million. Total revenues in the first six months of fiscal 2022 rose to $282 million over $218 million in the year-to-date period in fiscal 2021. Moreover, adjusted EBITDA was reported at $265 million – up from $220 million in the first six months of the previous year. Overall, it was a strong quarter for TransAlta in the face of challenging market conditions.

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Shares of this green energy stock are trading in favourable value territory compared to its industry peers. TransAlta last paid out a monthly dividend of $0.078 per share. That represents a tasty 6.1% yield. This is a dividend stock that is worth snatching up on the dip in late September.