The Iberian Peninsula is emerging as a key test case for hybrid PV and battery storage, driven less by inherent project attractiveness and more by mounting pressure on standalone solar. As merchant exposure, price cannibalization and curtailment risks intensify, co-located battery energy storage systems (BESS) are becoming a tool to stabilize revenues rather than unlock upside. In this context, aggregator contracts are evolving toward more flexible, merchant-driven structures. Everoze Partner Ana Bamonde explores this shift and what it means for the structuring, financing and operation of hybrid assets in Iberia.