A hybrid system that delivers renewable electricity generation and electricity storage capabilities is introduced. This dual-mode hybrid system is based on Pumped Thermal Energy Storage (PTES) which uses a heat pump to convert electricity into thermal energy that is transferred to silica particles which are stored in concrete silos. The stored heat is later converted back to electricity in a heat engine. The heat pump and heat engine use a closed Joule-Brayton cycle and fluidized bed heat exchangers. If the PTES system is co-located with an array of concentrating solar mirrors and a particle receiver, then the silica particles may also be heated up by the concentrating solar power (CSP) system. The PTES heat engine may also be used to convert the stored solar heat into electricity, thereby sharing this system between the PTES and CSP systems and reducing costs. However, this requires careful management of the heat engine off-design parameters. A thermodynamic model is used to evaluate the performance of the dual mode PTES-CSP hybrid system. The model accounts for turbomachinery efficiency, and approach temperature and pressure loss in heat exchangers, as well as other sources of inefficiency, such as motor-generator losses, and air fan power. The hybrid system also requires the evaluation of the turbomachinery efficiency and pressure ratio at off-design conditions since the CSP system operates over different temperature ratios than the Carnot Battery. Several design variables and design modifications are investigated, such as pressure ratios and maximum temperatures.