Bestinver, Acciona’s asset management arm, has sold a portfolio of solar projects with a total installed capacity of 91 MW in Spain to Zurich-based IST3 Infrastruktur Global, an infrastructure investment vehicle backed by Swiss pension funds.
The total enterprise value of the transaction exceeds €330 million (~$392 million). IST3 Infrastruktur Global carried out the transaction through its holding company, Terralys Renovables.
Bestinver Infra FCR owned the portfolio previously, which comprises 60 solar projects located across Spain with an average operating history of more than 10 years. All projects operate under Spain’s regulated remuneration regime, RECORE (Régimen Económico de Renovables), which provides a stable and transparent financial framework designed to ensure a reasonable return on investment. The portfolio generates more than 127 GWh of clean electricity per year, enough to supply around 28,000 households.
Strahinja Cvetkovic, Senior Investment Manager at IST, said, “This acquisition is an important milestone for IST’s in-house private infrastructure equity team and has been executed within a disciplined portfolio-construction framework. It contributes to portfolio diversification and aligns with our long-term investment objective of delivering resilient, predictable, and high-quality cash yields for Swiss pension plans.”
IST3 IG was advised on the transaction by Renta 4 as a buy-side M&A advisor, Pérez-Llorca, KPMG and AFRY. Bestinver was advised by Cuatrecasas and EY, while Uría and Garrigues acted for the lenders.
Juan Alcalá, Senior Investment Director at Bestinver, said, “We are very excited about the completion of this transaction with IST, as it has given us the opportunity to play a significant role in the consolidation of the Spanish regulated solar market, and in the facilitation of international institutional capital into the sector.”
The projects are financed with long-term non-recourse project debt provided by a consortium of European banks, including Abanca, Crédit Agricole, CaixaBank, and Santander.
According to Mercom’s Annual and Q4 2025 Solar Funding and M&A report, approximately 37.4 GW of solar projects were acquired in 2025, compared to 37.7 GW in 2024.
