BEP vs RNW: How Brookfield Renewable Partners and ReNew Energy Global Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BEP and RNW share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BEP and RNW exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Brookfield Renewable Partners (NYSE: BEP) is one of the world's largest pure-play renewable power platforms, operating a diversified fleet of hydroelectric, wind, solar, and battery-storage assets across the Americas, Europe, and Asia. It is managed by parent Brookfield Corporation and sells the electricity it generates under long-term power purchase agreements (PPAs) with utilities and large corporate buyers, with an average remaining contract term around 13 years and roughly 70 percent of revenue linked to inflation. The company grows through a combination of organic development, contract escalation, and acquisitions, recycling capital by selling mature assets to fund new ones.

Full BEP guide

ReNew Energy Global plc builds, owns and operates utility-scale clean power in India, and reports in five segments: wind, solar, hydro, transmission lines and manufacturing. It reached the US market through a 2021 SPAC merger with RMG Acquisition Corp II, and the shares trade on Nasdaq as Class A ordinary shares while essentially all the assets sit in India. Operating capacity was ~12.6 GW as of March 31, 2026 after commissioning ~2.4 GW during fiscal 2026, with a total contracted and awarded portfolio near ~20 GW. Beyond generation, ReNew runs solar manufacturing at Dholera in Gujarat (~6.4 GW of module capacity and ~2.5 GW of cell capacity), which lets it supply its own projects and sell into India's domestic-content-linked tenders, and it bids the newer firm-and-dispatchable and round-the-clock auctions that pair wind and solar with battery storage.

Full RNW guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• BEP drivers: Contracted, inflation-linked cash flows; Large development pipeline and AI/data-center demand.
• RNW drivers: Commissioned megawatts turning into contracted EBITDA; Firm power and storage rather than plain solar.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: As a highly capital-intensive, leveraged asset owner, BEP is sensitive to interest rates and financing costs, which pressure both valuation and the economics of new projects. For RNW, leverage dominates the risk picture: ~$7.3 billion of net debt against a ~$2.3 billion market value means refinancing terms and Indian rate moves hit equity holders before they hit anything else, and the reported dollar figures also carry rupee translation risk.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BEP if you believe its drivers more; RNW if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BEP and RNW guides.

BEP. BEP is generally valued on FFO per unit and distribution yield rather than GAAP earnings, since large non-cash depreciation and mark-to-market items can push reported net income negative even in strong operating quarters. Q1 2026 delivered record FFO of about $375 million (~$0.55 per unit), up roughly 19 percent year over year, alongside a GAAP net loss driven by non-cash items. The units carry investment-grade credit ratings and a mid-single-digit yield that anchors much of the return case.

RNW. At ~$2.3 billion of equity value on top of ~$7.3 billion of net debt, RNW trades around ~9x to ~10x FY26 adjusted EBITDA on an enterprise basis, which is ordinary for a leveraged infrastructure owner and cheap relative to India-listed renewables peers. Reported earnings are thin next to EBITDA because interest and depreciation absorb most of it, so ~$111 million of FY26 net profit on ~$1.6 billion of revenue is the normal shape here rather than an anomaly. The practical anchor for the next few quarters is the ~$7.02 best-and-final offer, not a multiple.

Headline figures (approximate, July 2026): BEP shows revenue (ttm) ~$5.9B, quarterly ffo (q1 2026) ~$375M (~$0.55/unit, up ~19% YoY), market cap (bep units) ~$10B, distribution yield ~4.5-5%; RNW shows revenue (fy26, ended march 2026) ~₹150.6 billion (~$1.6 billion), adjusted ebitda (fy26) ~₹98.5 billion (~$1.05 billion), net profit (fy26) ~₹10.4 billion (~$111 million), net debt (march 31, 2026) ~₹687 billion (~$7.3 billion).

BEP and RNW are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BEP and RNW exposure against your real portfolio. It is not an investment adviser.