Around the world, investment in renewable energy projects is skyrocketing. S&P has buy ratings on three stocks poised to benefit from the boomYou know something is hot when Google (GOOG) wants in. The dominant Internet search company stunned investors last month with an announcement that it will begin hiring engineers and other energy experts for a project that plans to generate 1 gigawatt (GW=1 billion watts) of electricity—the output of a fair-sized nuclear power plant—from renewable sources. Not just any renewable source will do, however. Google's goal is to find sources that can generate power more cheaply than power from coal—the ultimate goal of any renewable energy technology.
Google said it will use its experience building energy-efficient data centers to invest in renewable energy technologies, particularly in solar, geothermal, and wind power. If it succeeds, the company would be in a position to provide a large amount of electric power while reducing carbon dioxide emissions. "We expect this would be a good business for us as well," says founder Larry Page, adding the company expects results "in years, not in decades."
Business Imperatives Meet Policy Initiatives
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