Bestinver, the renewable energy platform of Acciona’s asset management arm, has agreed to sell its Spanish solar business to Swiss pension fund IST3 Infrastruktur Global (IST) for more than $391 million (€330 million). The acquisition was completed through IST’s Spanish vehicle Terralys Renovables.

The divested platform, previously held by Bestinver Infra FCR, comprises 60 solar photovoltaic plants across Spain with a total installed capacity of 91 megawatts (MW). The portfolio produces over 127 gigawatt hours (GWh) of clean energy annually, equivalent to the power demand of around 28,000 households, and reduces carbon emissions by approximately 86,000 tonnes of CO₂ per year.

This transaction marks IST’s second major investment in the Spanish renewable sector. Earlier, IST participated in the acquisition of a 25‑plant hydroelectric portfolio from Cube, together with White Summit Capital and Reichmuth & Co, an investment now operating under Rainergy.

Financial and legal advisory teams played key roles in the transaction. Renta 4, Pérez Llorca (legal), KPMG (accounting and tax) and AFRY (technical, market and regulatory) advised IST, while Cuatrecasas and EY supported Bestinver. Uría Menéndez and Garrigues advised the lenders.

The sale aligns with broader investment trends toward renewable infrastructure in Europe, reflecting sustained interest from institutional capital in mature clean energy assets.

Source: iberianlawyer.com