Got $1,000? This supercharged growth stock could deliver over 300% returns through 2034.

Brookfield Renewables (BEP 1.49%) (BEPC 0.98%) has former a fantastic growth stock over the years. The world’s largest renewable energy producer has posted 12% compound annual growth in funds from operations (FFO) per share since 2016. Its fast-growing earnings have contributed to 6% compound annual dividend growth over the past two decades.

The renewable energy company has very visible growth prospects, of which it has already secured a large part. Because of this, it could produce strong total returns over the next one 10 years.

A quartet of growth factors

Brookfield’s core business is the generation of renewable energy. It sells most of that power to utilities and large corporate buyers under long-term power purchase agreements (PPAs) — 90 percent of its capacity, with a weighted average remaining term of 13 years. About 70% of these agreements link income to inflation. Because of this, the company generates very stable and growing cash flow. Its inflation escalation clauses are expected to generate 2% to 3% annual FFO growth per share.

The company expects to generate another 2% to 4% annualized FFO per share growth through margin improvements. One opportunity is locking in higher power rates as old PPAs expire. Over the next five years, the company believes this re-contracting alone can add about 2% to FFO per share each year.

It also invests heavily in expansion. The company plans to supply 10 gigawatts (GW) of additional renewable energy generation capacity annually for several years. It has a massive book to support this growth, including 65 GW of late-stage projects and over 200 GW of opportunities.

The company sees strong demand for renewable energy. For example, it recently signed a five-year agreement to develop 10.5 GW of power for Microsoftwhich it will deliver between 2026 and 2030. Development projects should add another 4% to 6% to FFO per share each year.

Finally, Brookfield Renewable has an excellent track record of completing mergers and acquisitions (M&A). The company and its partners have invested $30 billion in M&A in the last five years, and they recently agreed to buy a French renewable energy developer Neocene in a $10 billion business. Given that its current M&A book is around $100 billion, it should have plenty of opportunities to increase its growth through acquisitions.

Strong total return potential

Brookfield’s organic factors alone should fuel an additional 8% to 13% in annual FFO per share through at least 2029. This growth is very visible and insured. Meanwhile, given its long-term contracts, pullback potential and development pipeline, it has increasing visibility on its guaranteed growth through 2034.

Add in M&A and Brookfield is becoming confident that it can deliver more than 10% annual FFO growth per share for the next decade.

This should easily support its plan to grow its yield by more than 4%. dividend by 5% to 9% annually. The company increased its pay by at least 5% for last 13 consecutive years.

With its earnings growing more than 10% annually and dividend yield of more than 4%, Brookfield Renewable could generate an average annual total return of 15% or more. At this rate, it could turn a $1,000 investment into over $4,000 by 2034, good for a total return of over 300%.

A powerful perspective

Brookfield Renewable is increasingly confident in its ability to grow its business rapid in the next decade. That should give it plenty of power to continue growing its high-yielding dividend. These catalysts support the view that the company could generate solid total profits over the next decade by doing so a great one stock to buy right now.