There's some key differences between the two. For one, we view them both as excellent renewable utility options. So, you're on the right track there.
However, you're talking about a small cap utility with operations in Latin America in Polaris to the largest renewable energy company in the world with Brookfield Renewables.
Price wise, I actually view both of them as attractive right now due to the sell off. The sell off in renewable companies is definitely overblown.
Brookfield overall is much more expensive on a price to book and price to free cash flow level, but the company does demand a premium considering its overall presence.
Polaris is cheaper, but carries extensively more risk than Brookfield. It was a former Bull List stock that we took off at $23 due to it running up a bit too much, too fast. But now the sell off has presented an opportunity again.
If I was making a decision between the two, I would look at it this way. Am I willing to pay a premium to grab the exposure, size, and stability of a Brookfield company like BEP, or am I willing to take on more risk and pay a cheaper price for a company like Polaris, knowing that the overall risk/reward is much higher.
An added note, both dividends are well covered on these stocks! Although it doesn't look like it with BEP, earnings is not the best spot to look in terms of payout ratios. The company has more than enough free cash flow to pay the dividend.