The world is pushing in a clean energy direction, with countries increasingly building solar and wind projects to fill their energy needs. This is a long-term trend that will likely last for decades as clean energy slowly displaces carbon fuels like oil and natural gas.

That provides a huge runway for growth for Hannon Armstrong (HASI 1.25%) and Brookfield Renewable Corporation (BEPC -0.09%), both of which offer well above-market dividend yields.

It's not an energy stock

The first thing to note about Hannon Armstrong is that it is a real estate investment trust (REIT). And, on top of that, it is a mortgage REIT, which is an even more specialized niche in the real estate sector. What's important here is that Hannon Armstrong's loans are backed by clean energy assets like solar, wind, and storage. It has a 3.9% dividend yield at a time when the S&P 500 index's yield is a scant 1.4%.

The REIT's portfolio grew 28% year over year in the first quarter, showing just how much opportunity there is here. Management is projecting annualized distributable earnings-per-share growth of 10% to 13% through 2024. The dividend, meanwhile, is expected to grow between 5% and 8% a year. That's a pretty nice outlook that more conservative dividend investors should appreciate.

Why conservative investors? A key factor in Hannon Armstrong's loan process is to evaluate the likelihood of getting paid, just like any lender would. But because most clean energy assets are backed by long-term contracts, Hannon Armstrong can clearly see whether or not a loan can be supported. This is a unique name in the clean energy space, but one that income investors should clearly get to know.

Core and explore

Brookfield Renewable Corporation is a more traditional clean energy investment option since it directly owns and operates assets. That said, there's a small wrinkle here that helps the company stand apart from peers. While growth is coming from solar and wind assets, roughly 50% of the company's cash flow is derived from hydroelectric power. Harnessing the power of moving water is very reliable and can provide baseload power. And it provides an incredibly strong foundation for Brookfield's business.

That, in turn, supports the company's growth in solar, wind, and things like storage. Notably, Brookfield has a 69-gigawatt development pipeline that it is working on. That number doesn't have much meaning until you see that the company currently has 21 gigawatts of capacity. So it is planning on more than tripling the size of its business over time, all on the back of its reliable hydroelectric operations.

For income investors, meanwhile, the company's goal is to increase the dividend by 5% to 9% every year. That comes on top of the current dividend yield of 3.4%. An above-market yield with solid dividend growth ahead -- all backed by a strong core and huge pipeline of future clean energy development -- should give investors several things to like.

Cashing the checks

There are many ways to make money in the stock market, but one of the most tried and true is to buy good dividend-paying companies. Hannon Armstrong and Brookfield Renewable Corporation fit that model for anyone looking to add a little extra "green" to their pocketbooks.