Going green is not only a 21st century agenda – it's been widely celebrated since the late 18th century as Saint Patrick’s Day in memory of the patron saint of Ireland. Everything from pubs to business houses adorns green this day. Can investors find a fitting bit o’ luck in the equity markets?

What better way to look for winners this heady nearly spring day but to turn to renewables. Alternative energy, green power solutions as they are called, is the most discussed topic given the ardent attempts to combat global warming worldwide. Positive sentiments are rife, with plenty of room left to be captured.

Optimism grows even more with the European Central Bank (ECB) head Mario Draghi stating that "most indicators suggest a sustained recovery is taking hold" in the 19-country Eurozone. A stabilizing Europe will bode well for the renewable industry, as it had once led the way on the alternative energy landscape.

Solar and wind are gradually transforming the way we produce and consume energy, bringing about a global energy transition. While the U.S. and China are currently at the forefront, the latest to join this list of energy game-changers is Asia's third largest economy, India.

At home, the U.S. Energy Information Administration (“EIA”) expects utility-scale solar capacity to increase by over 60% between the end of 2014 and 2016. The Solar Energy Industries Association (“SEIA”) also revealed some encouraging statistics. The U.S. solar industry, as per the SEIA, grew 30% in 2014, making it the largest year ever in terms of PV installations. Notably, 32% of new electric generating capacity came from solar in 2014.

This industry employs about 175,000 workers -- more than tech giants Google GOOG, Apple AAPL, Facebook FB and Twitter TWTR combined. Lower costs of solar, striking innovations and expansions accompanied with a stable policy and supportive regulations have led to remarkable growth.

Although things have been going well in the green energy sector lately, there have definitely been some issues. The recent drop in oil prices has been a drag on stocks in this space, which will likely be an issue for some time to come.

Having said that, the long-term outlook for alternate-energy stocks remains favorable with a White House with a decidedly green agenda. President Obama’s fiscal 2016 budget proposal seeks an approximate 7.2% rise in funding for clean energy.

This St. Patrick’s Day let us also make a more conscious effort to keep our world green and beautiful. In that spirit, let’s take a look at these three clean energy stocks which are expected to eventually benefit from the green drive.

JA Solar Holdings Co., Ltd. JASO

JA Solar has a diversified pan-continental customer base comprising the U.S., Germany, Italy, Spain, India, Korea, Japan and China. It is constantly working on pushing the boundaries of its customer base. Recently, the company reported bright fourth-quarter results buoyed by higher shipments. As China has pledged to increase energy consumption from renewable sources to 20% by 2030, JA Solar will likely reap the benefits. The stock’s Zacks Rank #1 (Strong Buy) adds to its appeal.

First Solar Inc. FSLR

First Solar manufactures solar modules with an advanced thin film semiconductor process that significantly lowers solar electricity costs. The U.S. PV giants First Solar and SunPower SPWR have teamed up to launch a Yieldco joint venture, under the name 8point3. Yieldcos offer a lucrative option to investors by providing them with a low-risk return profile. Apart from benefiting investors, yieldcos also make it easier for renewable energy companies to raise funds for new projects.

The company, with a Zacks Rank #3 (Hold), is busy building solar plants for major U.S. power companies apart from its business of manufacturing and supplying panels.

SunEdison Inc. SUNE

With more than 50 years of experience in the design and development of silicon wafer technologies, SunEdison has evolved into a leading global producer of silicon and polysilicon wafers for the semiconductor and solar cell manufacturing industries.

Furthermore, the company’s sustained focus on expanding clean energy capabilities through acquisitions and strategic alliances should drive long-term growth. Recently, SunEdison has entered into a strategic alliance with Indian conglomerate Adani Enterprises to expand its base in India. Moreover, the company’s First Wind transaction, expected to close at the end of this quarter, will be the most recent notable buyout. Post-acquisition, SunEdison will become the world’s leading renewable energy development company.

Importantly, the company issued a bullish project outlook last month for the first quarter and full-year 2015. This Zacks Rank #3 stock intends to double its annual installation this year.

Beyond St. Patrick’s Day Euphoria

The alternative energy landscape is dramatically changing in the U.S. and worldwide. Investors should closely track the political factors influencing eco-friendly mandates and renewable energy agendas for their impact on alternative energy stocks.

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