Renewable energy has an immensely bright future. Costs have come down so dramatically that it's cheaper in many cases to build new renewable generating capacity than fossil fuel-fired plants. Now the global economy is on track to invest a substantial amount of money into building new renewable generating capacity to meet future energy demand.

Many companies will benefit from the expected growth of the renewable energy industry in the coming years. Three that stand out are Brookfield Renewable Partners (NYSE:BEP)Clearway Energy (NYSE:CWEN)(NYSE:CWEN.A), and NextEra Energy (NYSE:NEE). Here's what makes them excellent stocks to buy this month.

Wind turbines in a field.

Image source: Getty Images.

At the top of its class

Brookfield Renewable Partners is a routine outperformer. The company has generated market-crushing total returns since its inception. It has also beaten the market year to date as well as over the past one-, three-, and five-year periods. It has almost always been a good time to buy Brookfield Renewable. 

That's one of the many reasons it's a top renewable energy choice this month. Another is that the company has an extensive pipeline of investment opportunities that should power above-average growth for several years, including recently agreeing to acquire fellow renewable energy producer TerraForm Power (NASDAQ:TERP). That deal will enhance the company's growth profile, which should see it invest $4 billion over the next five years to expand its earnings at a 9% to 16% annual rate. That should give it the power to boost its 4.6%-yielding dividend by a 5% to 9% yearly pace, making it a great option for both growth and income-seeking investors.

Catalysts abound

Clearway Energy has the wind at its back these days. The company estimates that it's cash flow will soar 22% this year, powered by several acquisitions last year. Meanwhile, it recently agreed to make three wind project investments that will boost its annualized cash flow by an additional 10% as they close by early next year. 

On top of that, Clearway anticipates that one of its top customers, electric utility PG&E (NYSE:PCG), will emerge from bankruptcy later this summer. Once that happens, Clearway's lenders will stop restricting its access to the cash produced by its contracts with PG&E. Clearway plans to use the retained money to help fund its remaining wind acquisitions while allocating some of the future cash flow to normalize its 3.8%-yielding dividend. 

The company also has lots of upside further ahead. That's because it owns the right of first offer on a growing list of development projects, giving it an extensive pipeline of visible acquisition opportunities. Add it all up, and Clearway has plenty of power to continue growing its payout in the coming years, which should create value for investors over the long term. 

High-powered growth ahead

Like Brookfield Renewable, electric utility NextEra Energy is a routine outperformer. That trend appears likely to continue in the coming years. In the company's view, it expects that its earnings will grow by at least 6% to 8% per year through 2022. Meanwhile, it anticipates that it can increase its 2.2%-yielding dividend by at least a 10% annual pace during that timeframe. That combination of above-average earnings and dividend growth should help drive continued stock price outperformance.

Several factors power NextEra Energy's growth forecast. Topping the list is its massive expansion project backlog. NextEra expects to invest $50 billion to $55 billion through 2022, driven in large part by a long list of renewable energy projects. It also has one of the best credit ratings among utilities and a conservative dividend payout ratio. That strong financial profile allows it to invest in expanding its already world-leading portfolio of wind and solar energy facilities so that it can continue creating shareholder value. 

The power to outperform

All three of these renewable energy companies expect to grow their earnings and dividends at an above-average rate in the coming years. That combination should provide each one with the power needed to outperform the stock market. They're all excellent stocks to buy this June.