Brookfield Renewable (NYSE: BEPC)(NYSE: BEP) has been a powerful wealth creator since its formation in 2011. The renewable-energy producer has delivered a 12.2% annualized total return over that period. That has turned a $1,000 investment into over $4,500. The company has grown its funds from operations (FFO) per share at a more than 10% annual rate, giving it the power to increase its dividend by at least 5% annually.

The company could produce even more powerful returns in the future. That potential makes it stand out as one of the best energy stocks to invest $1,000 into right now.

A lucrative income stream

Brookfield Renewable currently offers a very attractive dividend yield of 6%. At that rate, a $1,000 investment could turn into $60 of annual dividend income.

The renewable-energy company's lucrative payout is on a very sustainable foundation. Driving that view is its very resilient cash flows. The company has locked in prices on 90% of the electricity it produces under long-term power purchase agreements with utilities and large corporate buyers. It links 70% of its revenue to inflation, which drives its view that its existing portfolio will grow its FFO per share by 2% to 3% annually. Meanwhile, margin enhancement activities like selling ancillary products will increase its FFO per share by another 2% to 4% per year.

On top of that stable and growing cash flow, Brookfield has an elite balance sheet. The company has a strong investment-grade credit rating (BBB+) and fixed-rate debt with no material near-term maturities. It also has significant corporate liquidity and partner capital through the investment funds it manages.

Powerful growth ahead

Brookfield Renewable has significant growth potential. Its built-in growth drivers of inflation-linked rates and margin enhancement provide it with a very solid base growth rate.

On top of that, the company has a massive development pipeline. Brookfield Renewable ended last year with 155 gigawatts (GW) of renewable-energy projects under various stages of development, including 24 GW in advanced stages. That's enormous, considering its current operating capacity is 33 GW. The company is also investing heavily in developing additional sustainable solutions through its investment funds. The company and its partners are investing in carbon capture and storage, renewable natural gas, material recycling, solar panel manufacturing, and green ammonia projects. Brookfield estimates that development projects funded with retained cash flow will add another 3% to 5% to its FFO per share each year.