Cramer likes this alternative energy play for an inflation environment

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

“Atlantica’s a real company that sells real stuff at a profit and returns those profits to shareholders, while still having a relatively cheap stock. It’s exactly what we like in this high inflation environment where the [Federal Reserve] is slamming the brakes on the economy,” the “Mad Money” host said.

Skyrocketing inflation and Russia’s invasion of Ukraine have put pressure on the global supply of commodities, including oil, which is driving up prices of barrels and gas at the pumps. Cramer noted that high-quality alternative energy companies benefit from the skyrocketing prices.

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

“The fact that you can buy Atlantica at down nearly ten bucks from its peak is a gift. This is a good, solid business with solid production growth for renewable energy over the past three years, including a big jump in 2021,” Cramer said.

He added that Atlantica had solid results for its most recent quarter, reporting 7% comparable revenue growth, and has a 5.5% dividend yield. “They distribute a massive chunk of change to their shareholders,” Cramer said.

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