CHICAGO--(BUSINESS WIRE)--Merchant projects offer sponsors an opportunity to capture upside revenue potential while optimizing the debt structure to maximize equity returns, according to a new Fitch Ratings report. Fitch comprehensively evaluates merchant sales risk with a forward-looking analytical approach based on a project's competitive and strategic position. Fitch views a project as 'merchant' if some or all of its output, such as electricity or petroleum products, is sold at prevailing p