The International Renewable Energy Agency announced Monday that "the global shift to renewables is underway" but must accelerate. The agency reported the total global renewable generation capacity in 2021 was 3,064 GW, reflecting a 9.1% increase from the year before.

New renewable capacity in 2021 was dominated by solar and wind, together accounting for 88% of net renewable additions for the year. Solar is truly soaring, according to the publication, with new capacity increasing in all the world's regions. Its total capacity has now outgrown that of wind.

That's why investors are starting to pile into solar energy stocks. This massive increase in solar energy capacity is translating to impressive balance sheets.

For instance, Array Technologies (NASDAQ:ARRY) issued a bullish outlook following a healthy fourth quarter. ARRY is now projecting its 2022 revenue to be higher by over 85% at the midpoint of its guidance range of $1.45 billion-$1.75 billion. It expects its legacy business alone to grow at around 40% at mid-point, despite module challenges and supply chain disruptions.

The company's executed contracts and awarded orders at the close of the year totaled $1.8 billion, a new record.

Revenue in the fourth quarter rose 22% to $220 million, primarily driven by continued strong demand for its solar solutions.

Another solar energy stock with impressive numbers recently, Ascent Solar Technologies, Inc. (OTCMKTS: ASTI), produces solar modules that can handle projects as small as a solar powered USB charger and as large as powerful space satellites. The company's ultra-lightweight modules built with CIGS (Copper-Indium-Gallium-Selenide) photovoltaic technology were named as one of the top 100 technologies by R&D Magazine, and one of TIME Magazine's 50 best inventions, and has recently received more accolades for this incredible technology.

Ascent Solar (OTCMKTS:ASTI) is ascending. In its 2021 FY financial report it recorded a revenue increase of 812%.

ASTI has also improved its cash balance from $170k to $6 million. Using its capital wisely the company is positioning itself for more growth in 2022.

Other top solar energy companies with impressive financials include:

Plug Power (Nasdaq: PLUG) highlights included $502 million in revenue in 2021; with a record $162 million in revenue in Q4 2021 which was the highest revenue number in the company's history. The company's revenue goal for 2022 is now $900 million - $925 million. By 2025 PLUG hopes to reach $3 billion in revenue and 17% operating income margin.

FuelCell Energy (Nasdaq: FCEL) posted revenues of $31.8 million for the quarter ended January 2022, surpassing estimates by 21.77% and improving over $14.88 million one year ago. This is only the second time FCEL has topped consensus revenue estimates over the last four quarters.

Generac Holdings Inc. (NYSE: GNRC) net sales increased 50% to a record $3.74 billion during 2021 as compared to $2.49 billion in 2020. Core sales growth, which excludes both the impact of acquisitions and foreign currency, increased approximately 46%.

Residential product sales increased 58% to $2.46 billion as compared to $1.56 billion last year. Adjusted EBITDA before deducting for non-controlling interests for 2021 was a record $861 million, or 23.1% of net sales, as compared to $584 million, or 23.5% of net sales, last year.

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