Hybrid solar, wind and storage projects are becoming critical in cannibalisation heavy solar markets, grid constrained systems, and wind driven volatility markets, but the PPAs supporting them remain complex and highly bespoke. Structural uncertainty around dispatch control, delivery obligations, and revenue rights is complicating lender underwriting and extending financing timelines. This panel will clarify what lenders require from hybrid PPAs, which structuring approaches are supporting or delaying financing, and how agreements can be designed to achieve reliable, repeatable financial close. 

• Hybrid Structure: How should co located, partially coordinated, and fully integrated hybrids be structured in PPAs, and how do these models affect dispatch control, performance obligations, and revenue predictability? How are optimisation rights, merchant exposure, and performance guarantees being structured, and how do these provisions affect lender underwriting? 

• Revenue Design: How are hybrid PPAs being structured in solar markets facing persistent negative pricing, and how are delivery obligations defined where storage reshapes output through firmed volumes, shaped profiles, or merchant exposure? How do curtailment regimes, charging restrictions, and dispatch authority influence what hybrid PPAs can realistically contract and finance? 

• Credit Treatment: Where are negotiations stalling around dispatch control, optimisation rights, charging permissions, revenue allocation, and cash flow priority for storage revenues? How are negative pricing and curtailment provisions being structured, and how do these clauses affect lender underwriting and debt sizing? 

• Repeatability: Which risk allocation principles are lenders relying on to treat hybrid PPAs as repeatable and financeable rather than fully bespoke? What alignment between optimisation rights, merchant exposure, performance guarantees, and lender credit criteria is required to support consistent underwriting?