The winds right now are firmly behind renewable energy. Yet the single biggest factor that makes conservative investors wary of renewable energy stocks is their generally erratic performance. And the second-biggest factor is probably that most of them are trading at sky-high valuations.

But that doesn't mean that there are no stocks in this space that could fit the bill for value investors.

Brookfield Renewable (BEP -0.32%) (BEPC -1.56%) offers a stellar performance track record and an attractive yield, as well as solid growth prospects. Here's why both income and growth investors should find this stock appealing.

Stellar performance

Brookfield Renewable owns a huge, diversified portfolio of renewable energy assets. Roughly two-thirds of the company's cash flow comes from hydropower, with wind and solar contributing the remainder. The company has grown its funds from operations at a remarkable rate, and it has increased its distributions at a compound annual rate of 6% over the last 20 years.

Solar panels and wind turbines against blue sky.

Image source: Getty Images.

In addition to organic growth, Brookfield Renewable's growth strategy involves acquiring value-based assets it can grow and develop. In the end, it manages mature assets to generate maximum value for its shareholders. Management has successfully repeated this strategy over the years, and it plans to continue doing so.

Brookfield Renewable also benefits from the experience and strategic insights of its parent Brookfield Asset Management, which also owns 60% of Brookfield Renewable. In essence, Brookfield Renewable serves as an investment vehicle for the asset manager's renewable energy investments.

Increased focus on solar and wind

Though hydropower assets make up the largest chunk of Brookfield Renewable's current portfolio, the company is increasing its focus on solar and wind power at the moment. It sees immense growth potential in solar power. The U.S. Energy Information Administration projects that renewable sources will contribute nearly half of the world's electricity production by 2050, and the source that is expected to grow the fastest is solar energy. Solar's share of global electricity generation is expected to rise from just 3% now to nearly 20% by 2050.

Brookfield Renewable entered the distributed solar segment with its acquisition of Exelon's distributed generation assets for $810 million in December. The distributed solar market is growing rapidly, but it's currently highly fragmented. Brookfield Renewable is expanding its footprint in that business segment in response to high demand from commercial and industrial clients.

Further, the company acquired an 845-megawatt onshore wind project in the U.S. in December. And for another example of Brookfield Renewable's value-based asset acquisition and development approach, it also bought a 270-megawatt wind project in Brazil, with an option to expand it further by 200 megawatts. Management believes that it can contract the project attractively. At the same time, it can leverage its scale to optimize turbine procurement and installation as well as operating costs.

A massive pipeline of projects

Brookfield Renewable is targeting 6% to 11% growth in per unit funds from operations. The company's massive pipeline of new projects -- around 23,000 megawatts across hydro, wind, and solar power -- should contribute to this growth. The company has around 19,000 megawatts worth of assets operational right now.

In addition to attractive growth prospects, at its current share prices, Brookfield Renewable offers a respectable yield of slightly above 3%. The stock's drop this year, likely on concerns of rising interest rates, has made it even more attractive for long-term investors, and a top renewable energy stock to buy right now.