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The combined utilization of renewables such as solar and wind energy is becoming increasingly attractive. Proper methods need to be employed that consider the inherent variability of these two technologies while determining the performance of a wind-solar hybrid energy conversion system (ECS). In this paper, a stochastic approach has been utilized to develop the megawatt resource assessment model (MWRAM) of a wind-solar hybrid ECS at any selected location. The parameters required to define the probabilistic models have been computed from site-specific data using the maximum likelihood estimation method. The wind portion consists of several interconnected wind turbines while the solar component is a parabolic trough solar thermal electric generating system. Different applications of the model to assess resource benefits including capacity factors and reserve requirements from effective utilization of both wind and solar energy have been explored at different levels with varying wind-solar proportions.