11 Best Alternative Energy Stocks to Buy Now

5. First Solar, Inc. (NASDAQ:FSLR)

Number of Hedge Funds Holders: 65

First Solar, Inc. (NASDAQ:FSLR), a top solar technology company, specializes in photovoltaic (PV) solar energy solutions. The company provides a lower-carbon alternative to conventional silicon-based modules as it manufactures thin-film cadmium telluride (CadTel) solar modules. First Solar caters to utilities, independent power producers, and commercial system owners, with operations spanning various international markets, including France, Chile, India, and the United States.

For the year ended December 31, 2024, First Solar, Inc. (NASDAQ:FSLR) reported record net sales of $4.2 billion, marking a 27% year-over-year growth. In 2024, the company sold 14.1 gigawatts of modules, adding to a year-end contracted backlog of 68.5 gigawatts valued at $20.5 billion. However, full-year diluted earnings per share (EPS) came in at $12.02, which is minorly below guidance, despite the strong sales, as it was affected by one-time manufacturing and logistics costs.

Furthermore, First Solar, Inc. (NASDAQ:FSLR) generated 9.6 gigawatts of Series 6 and 5.9 gigawatts of Series 7 modules, leading to a total of 15.5 gigawatts of solar modules in 2024. The company pursued technological advancements by presenting CuRe modules and commissioning a dedicated R&D innovation center in Ohio. Louisiana facility’s total capacity will climb to over 25 gigawatts by 2026 as it races on to its $1.1 billion construction. The facility is projected to begin its operation in late 2025.

First Solar, Inc. (NASDAQ:FSLR) manages global policy uncertainties, including trade regulations impacting Southeast Asian markets, as part of its strategic growth. The company plans to stay focused on harnessing its robust backlog to maintain prolonged growth and scaling U.S. manufacturing. Moving forward, First Solar has predicted 2025 net sales to be between $5.3 billion and $5.8 billion, with EPS forecasted at $17 to $20 per share.

Consequently, First Solar, Inc. (NASDAQ:FSLR) remains a key player in the renewable energy transition due to its innovative solar technology, firm market positions, and growing manufacturing footprint, which makes it a strong option among the Best Clean Energy Stocks.