As the world begin to move towards cleaner forms of energy — such as solar and hydroelectricity — companies such as Brookfield Renewable Partners LP (TSX:$BEP.UN) (NYSE:$BEP) has great potential in terms of investments and growth. Brookfield in particular should be catching the eyes of investors, as the company’s stock currently yields at around 6%.

Brookfield Renewable is a result of Brookfield Asset Management Inc.’s (TSE:$BAM.A) spin-off, so investors can rest relatively easily knowing that one of their investments is backed by one of the best asset management firms in the alternative energies industry.

Brookfield Renewable currently has over 250 power facilities that generates a total of 10,7000 MegaWatts (MW) of power. 88% of its total generated power comes from hydroelectricity, but the company is currently making ambitious leaps to diversify their facilities with other alternative energies such as wind power and solar energy. As such, the company currently has 144 projects under construction that is expected to be in production by the end of next year. The projects is expected to add US$20 million to the company’s revenue on an yearly basis. In 2019-2020, Brookfield Renewable also have enough projects planned so that, if they were to all end up in production, about an additional US$25-30 million will be accounted for in the company’s annual revenue.

Besides project constructions, Brookfield Renewable is also looking to grow via acquisitions. Since last year, the company has already purchased two companies that help add thousands of MW of power to Brookfield Renewable’s energy portfolio.

In the beginning of January last year, Brookfield Renewable commenced its acquisition endeavours of one of Columbia’s biggest hydroelectric companies, Isagen S.A. By September of 2016, Brookfield Renewable owned more than 99% of Isagen’s shares. Isagen currently generates about 3,032 MW of power, with another 3,000 MW in potential organic growth.

Another acquisition that Brookfield Renewable made has allowed the company to take its first steps into the solar energy sector. Along with Brookfield Asset Management, the sustainable energy company bought TerraForm Global Inc. (NASDAQ:$GLBL) and 51% of TerraForm Power Inc (NASDAQ:$TERP) for a total of US$1.41 billion. Brookfield Renewable contributed US$500 million in payments, while its parent company Brookfield Asset Management paid the rest of the US$1.41 billion. After the deal closes, the acquisition should add another 1,365 MW to Brookfield Renewable’s portfolio.

Brookfield Renewable’s acquisition of TerraForm hold a particularly high amount of potential as it opens the door for the company to further streamline its operations and up its cash flow. Prior to Brookfield’s acquisition of TerraForm, the company bought its operations and maintenance work elsewhere, and this cuts into profits and future growth potentials. Thanks to Brookfield Renewable, that will no longer be true, as Brookfield Renewable’s CEO Sachin Shah stated, “We can run the assets, we can do the O&M in-house, we can reduce the cost structure of this business, and we can ultimately reposition it for growth in the future.”

Furthermore, management revealed that it is confident that the company will be able to grow its dividend by 5-9% every year in a recent letter to its shareholders. If Brookfield Renewable continues to grow its organic portfolio and make acquisitions that benefit the company, this can very well be true, and investors should make quick moves on its stock.

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