Jim Cramer says he likes this alternative energy game for a high inflation environment

On Wednesday, CNBC’s Jim Cramer gave investors his blessing to buy shares of Atlantica Sustainable Infrastructure.

“Atlantica is a real company that sells real things for a profit and returns those profits to shareholders, while having relatively cheap stock. That’s exactly what we like in this high inflation environment where the [Federal Reserve] brutally slows down the economy”, said the “Mad Money” host.

Soaring inflation and Russia’s invasion of Ukraine have put pressure on the global supply of commodities, including oil, pushing up oil and gas prices to the pump. Cramer noted that high-quality alternative energy companies are benefiting from soaring prices.

Shares of the sustainable infrastructure company closed at $32.15 on Wednesday, well off their 52-week high of $41.32.

“The fact that you can buy Atlantica for almost ten dollars since its peak is a gift. It’s a good, solid company with solid growth in renewable energy generation over the past three years, including a big jump in 2021”, Cramer said.

He added that Atlantica had strong results for its latest quarter, posting comparable revenue growth of 7% and a dividend yield of 5.5%. “They distribute a huge share of currency to their shareholders”, Cramer said.

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