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

Jim Cramer gave investors his blessing to buy shares of Atlantica.

Atlantica is a real company that sells real stuff at a profit and returns those profits to shareholders, while still having a relatively cheap stock. The Federal Reserve is slamming the brakes on the economy in a high inflation environment, and that is exactly what we like.

Skyrocketing inflation and Russia's invasion of Ukraine have put pressure on the global supply of commodities, which is driving up prices of barrels and gas at the pumps. High-quality alternative energy companies benefit from the high prices.

The company's shares closed at $32.15 on Wednesday, well off of their high of $41.32.

You can buy Atlantica at a discount from its peak price. Cramer said that this is a good, solid business with good production growth for renewable energy over the past three years.

Cramer said that Atlantica had good results for the most recent quarter, with comparable revenue growth and a 5.5% dividend yield.

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