2 of my top FTSE stocks to consider buying for passive income before April

Every month I invest in high-yield dividend stocks that I hope will generate increasing passive income over time.

These are two of my favorites that I will consider purchasing before April with extra money.

Clean energy

First we have to The Renewable Infrastructure Group (LSE: TRIG), commonly known as TRIG.

This is a FTSE 250 Renewable energy fund with a market capitalization of £2.4bn. It has wind and solar farms and battery storage assets in the United Kingdom, Ireland, France, Germany, Spain and Sweden.

The share price is down 32% in the last 18 months.

The culprit has been rising interest rates, which have sparked a sell-off in stocks as investors sought safer income from government bonds and cash. Additionally, energy prices have been falling across Europe.

At the end of 2023, the net asset value (NAV) per share was 127 pence. Today the share price is 98p, meaning there is a 22% discount to the net asset value. In other words, I can invest in the assets at a significant discount.

Last year, TRIG increased its dividend by 5% to 7.18 pence per share last year. This translates into a dividend yield of 7.3% covered 1.6 times by the cash inflow.

Now, like most clean energy funds, TRIG is highly leveraged and has floating rate debt. Therefore, higher interest rates continue to add an element of risk.

Last year its cash from projects was £558m. After debt repayments of £219m this figure was reduced to £339m.

To reduce this burden, TRIG has been divesting assets and may need to do so more. It intends to reduce the leverage of its portfolio from 37% to 23% by 2030.

Looking ahead, TRIG is targeting 4% dividend growth this year. This puts the forward yield at an attractive 7.5%. Therefore, I am interested in adding more stocks to my portfolio as soon as I can.

Looking east

Next, we have FTSE 100 banking goliath HSBC (LSE: HSBA).

The company recently sold its Canadian operations for $10.2 billion and also exited its retail banking business in France. Meanwhile, it has been beefing up its wealth management business in Asia, particularly China.

Of course, this turn comes with its own risks. China can often be a complicated place to do business from a regulatory perspective and has been suffering from a real estate crisis for some time.

Furthermore, any escalation of tensions between China and Taiwan could disrupt trade flows across Asia, negatively affecting HSBC's business in the region.

However, I believe I am being adequately compensated for these risks with a tasty 7.7% dividend yield.

Long term, I am very optimistic about HSBC's growth opportunity across Asia. This is the fastest growing region on the planet, with a rising middle class and a growing cohort of high net worth individuals.

Both classes will need banking and wealth management services. And HSBC aims to become the leading wealth manager across Asia. This isn't your sleepy UK-focused FTSE 100 bank!

Finally, I should note that no dividend is guaranteed. However, I think TRIG and HSBC (both trading cheaply) look like solid options for potential passive income and share price gains.