The problem of optimal placement and sizing (OPS) of renewable distributed generation (RDG) is followed by numerous technical, economical, geographical, and ecological constraints. In this paper, it is investigated from two viewpoints, namely the simultaneous minimization of total energy loss of a distribution network and the maximization of profit for RDG owner. The stochastic nature of RDG such as the wind turbine and photovoltaic generation is accounted using suitable probabilistic models. To solve this problem, a hybrid metaheuristic algorithm is proposed, which is a combination of the phasor particle swarm optimization and the gravitational search algorithm. The proposed algorithm is tested on an IEEE 69-bus system for several cases in two scenarios. The results obtained by the hybrid algorithm shows that it provides high-quality solution for all cases considered and has better performances for solving the OPS problem compared to other metaheuristic population-based techniques.