As hybrid renewable portfolios scale, optimisation and merchant exposure are shifting risk and value from individual assets to the platform level, challenging the foundations of traditional project finance. Capital is increasingly backing portfolios, not projects, and those able to structure and finance integrated platforms are unlocking superior leverage, liquidity, and returns. This session examines how lenders and investors are underwriting hybrid portfolios, and what structuring and contracting approaches are proving capable of supporting leverage, attracting capital, and sustaining exit value. 

• Platform Structuring: How are lenders underwriting hybrid portfolios where revenues are driven by portfolio optimisation rather than asset-level contracted cash flows? Does aggregation genuinely diversify spread and balancing risk, or concentrate correlated downside, and how is substitution and cross-collateral risk being addressed? 

• Revenue Contracting: In volatile merchant markets, does portfolio-level virtual tolling reduce risk or simply redistribute it between sponsor, lender, optimiser, and counterparty? When capacity is contracted at portfolio level rather than asset level, what safeguards are required to manage credit exposure and preserve financeability? 

• Risk Underwriting: How are spread compression, negative pricing, cannibalisation, and grid constraints being underwritten across hybrid portfolios, and what does that mean for leverage? Can optimisers credibly support underwriting at scale, and how is downside risk allocated across sponsor, lender, optimiser, and counterparties? 

• Capital Formation: Which capital providers are backing merchant-exposed hybrid platforms, and how is this reshaping the capital stack? How do portfolio structures affect debt capacity, exit flexibility, and valuation at exit?