First hybrid solar-wind PPA in Spain puts the tenor under the spotlight
Encavis has signed what it describes as its first hybrid solar-wind PPA in Spain: 199 MW from two solar parks and three wind farms in Aragón, 60 GWh a year, over 3.5 years.
https://pv-magazine.com/2026/10/22/encavis-signs-first-solar-wind-ppa-with-spanish-supplier
The pairing is the point. Solar and wind generate in different hours, so a combined profile gives the offtaker a flatter delivery shape than either technology alone.
From the M&A intermediation side, the tenor is the number we would look at next. A 3.5-year contract covers a short window of an asset’s life, so a buyer underwrites the years beyond it on a merchant view. In a competitive NBO process, that is where bids tend to diverge.
Our practice for sell-side SPV processes: prepare the hourly generation profile, realised capture prices and curtailment history before the first teaser goes out. A hybrid profile is easier to defend when the data is already in the room.
On the buy side, the same discipline applies in reverse. Test the contracted shape against the merchant tail, and ask what happens to value when the contract rolls off.
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