3 ASX renewable energy shares to buy for 2021

A global agency sees a jobs boom coming for the renewable energy sector, but which ASX renewable energy shares are the best to buy?

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ASX renewables shares could be hot property next year. According to an article in The Australian Financial Review, renewable energy could lead to strong employment in coming years.

The International Renewable Energy Agency predicts that stimulus for the industry could create a global jobs boom of up to 5.5 million over the next three years.

That could mean global renewable energy jobs grow from 11.5 million to almost 30 million worldwide by 2030.

So, if there is to be a boom, which ASX renewable shares could be set to cash in?

3 ASX renewable energy shares to buy for 2021

The first one I’ve got my eye on is Infigen Energy Ltd (ASX: IFN). The Infigen share price is currently trading near a 52-week high at 92 cents per share.

That might put some people off but I think there could be further growth in store. Infigen is a developer, owner and operator of renewable energy generation assets across Australia. 

The major issue here is that Infigen’s board has recommended a unanimous takeover of the ASX renewable energy share by Iberdrola SA, a Spanish electricity company. That means you may have to look elsewhere for medium-term industry exposure.

That’s where I see Tilt Renewables Ltd (ASX: TLT) come in. The Tilt share price has also had a solid year, climbing 3.3% higher to $3.37 per share.

Tilt is dual-listed in Australia and New Zealand. The ASX renewable energy share has Infratil Ltd (ASX: IFT) as a major shareholder which means it can be hard to get a hold of.

Tilt has eight operational wind farms across Australia and New Zealand. I think that, combined with a strong pipeline, leaves it well placed for any industry boom.

Finally, I think AGL Energy Limited (ASX: AGL) is worth a look. AGL is one of the largest energy ‘gentailers’ (generators and retailers) in Australia.

While it’s far from a pure-play ASX renewable energy share, I do think it has the size and scale to pivot accordingly.

That could make the AGL share price worth a look if we see continued growth in the industry in coming years.

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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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