Barclays has flagged a set of renewable-energy companies it believes are well placed to benefit from rising demand for power and digital infrastructure tied to AI computing. The bank's analysis, which draws on a broader roster of more than 400 firms deemed critical to infrastructure buildout, points to solar and wind businesses that could see demand as hyperscalers and AI labs expand capital expenditure.
Barclays' research underscores forecasts from technology analysts that annual spending on AI infrastructure by Western hyperscalers and AI labs could exceed $1 trillion, a figure that the analysts say would be more than $300 billion above current consensus estimates. The analysts also note potential upside from sovereign AI programs and activity in China, with an expected peak in this investment cycle by 2028.
How Barclays selected the renewable names
The bank assembled a universe of over 400 companies it considers vital to the growth of digital and power infrastructure. From that list Barclays highlighted several renewable-energy firms it believes are strongest positioned to service the increased power needs of data centers and AI computing facilities. The firms singled out span generation owners, turbine and blade manufacturers, tracker and foundation equipment providers, and developers that combine generation with storage and long-term offtake agreements.
Companies named by Barclays
NextEra Energy - Barclays cites NextEra as operating the world’s largest renewable generation portfolio, with roughly 39.00 gigawatts of capacity currently in place. The company has recent project wins that support its transmission and grid role: a consortium that includes a NextEra subsidiary was selected for two transmission projects in the U.S. Midwest with a combined valuation of $1.66 billion. NextEra also announced a proposed all-stock merger with Dominion Energy, a development that coincided with Moody’s revising Dominion’s outlook to positive.
GE Vernova - GE Vernova is described as a global designer, manufacturer, and service provider of onshore and offshore wind turbines and blades. Coverage activity referenced in Barclays' note includes fresh analyst attention from Raymond James, which started coverage with a Market Perform rating, and a Jefferies action that raised the company’s price target on the strength of its backlog.
First Solar - First Solar is noted for producing thin-film photovoltaic modules tailored for large-scale, utility-grade solar projects. The company has attracted recent analyst support, with GLJ Research and Freedom Broker upgrading their ratings to Buy, while UBS and Argus lifted their price targets.
Nextpower - Nextpower provides intelligent solar-tracking systems and energy-yield management software aimed at utility-scale solar installations. Barclays includes the firm among names likely to benefit from efforts to maximize generation output from large solar arrays serving high-load facilities.
Enlight Renewable Energy - Enlight develops, finances, and operates utility-scale renewable projects across solar, wind, and energy-storage segments, presenting a diversified project pipeline. Enlight announced a 15-year power purchase agreement to supply Google with 200 MWac of solar capacity from a project in Oklahoma. UBS has raised its price target on Enlight, citing the strength of that project pipeline.
Array Technologies - Array is a supplier of solar-tracking equipment and engineered foundation solutions for large photovoltaic sites. The company reported first-quarter 2026 results that exceeded analyst expectations for both revenue and earnings per share, and stated it has delivered more than 100 gigawatts of tracking products globally.
Why these renewables matter for AI infrastructure
Barclays frames these companies as positioned to address the expanding power needs of data centers and AI compute facilities. The bank’s view is that ongoing increases in hyperscaler capital expenditure to support AI workloads will translate into higher demand for generation and supporting technologies. Barclays also notes that, even as gains from recursive self-improvement in AI training might slow, the associated infrastructure buildout phase itself creates opportunities for suppliers of renewable generation, balance-of-system equipment, and project developers who can deliver long-term capacity.
Bottom line
Barclays’ selection brings utility-scale solar manufacturers, tracker and foundation equipment providers, turbine makers, and diversified developers into focus as companies that could play roles in meeting the power needs tied to AI infrastructure expansion. The bank’s list is intended to help investors identify renewable-energy names that have direct exposure to the types of projects and technology stacks needed to support large-scale, high-power computing facilities.