The key to achieve an economically more attractive concentrated solar power plant is to work at higher operating temperatures, allowing higher power conversion efficiencies and higher temperature ranges in the storage tanks, with increased energy storage density. This fostered the development of using particle suspensions as heat transfer media. The increased thermodynamic efficiency will allow to use a smaller heliostat field and energy storage, recognised as more efficient and less expensive. This paper presents a theoretical framework for both the energy and exergy analysis of a particle-intube solar plant, hybridized, and with topping air-Brayton turbine, and bottoming steam block. The effects of essential design parameters on both energy and exergy efficiencies are examined. Energy and exergy efficiencies increase by increasing teh Direct Normal Irradiance and the air-Brayton turbine operation (mostly by the pressure ratio, less by the operating temperature). The overall efficiency of the concept varies from ~40 when using a combined low and high pressure Brayton cycle only, to > 48% in a fully combined air-steam concept. The highest exergy losses occur in the receiver and in the heliostats. The findings are in very good agreement with the literature data, where similar results of the energy and exergy efficiencies and effects of operating conditions are given.