Bestinver sells solar business to IST for €330M: advisors
Bestinver, Acciona’s asset management arm, has sold its renewable energy platform in Spain to Swiss pension fund IST (IST3 Infrastruktur Global), in a deal is valued at more than €330 million. In this operation, IST was advised by Renta 4, Pérez Llorca (legal), KPMG (accounting and tax) and AFRY (technical, market and regulatory). Bestinver, in turn, was advised by Cuatrecasas and EY. Uría Menéndez and Garrigues acted on behalf of the lenders.
The platform, previously owned by Bestinver Infra FCR, comprises a portfolio of solar photovoltaic projects with a total installed capacity of 91 megawatts (MW). It consists of 60 solar plants, diversified in terms of technology, location and grid connection points across Spain. The assets produce more than 127 gigawatt hours (GWh) per year, avoiding the emission of 86,000 tonnes of CO₂ and generating enough energy to supply around 28,000 households.
IST, headquartered in Zurich, carried out the acquisition through its Spanish holding company Terralys Renovables, marking its second major investment in Spain. Five years ago, a Swiss consortium formed by White Summit Capital, IST and Reichmuth & Co acquired a platform of 25 hydroelectric plants from Cube for around €100 million. The Swiss firm—financed exclusively by Swiss pension funds and managing approximately CHF 10 billion in capital (almost €11 billion)—remains a shareholder in that company, which was named Rainergy.
The Pérez-Llorca team involved in the transaction included corporate M&A partners Alejandro Alberte and Pablo González Mosqueira (pictured), supported by lawyers Lucía Rodríguez, Cristina Aguilar, and Tomás Pelayo; regulatory partners Ana Cremades and Belén Wert, with lawyers Marta Sancho and Lorenzo Morejón; and Banking & Finance partner Mónica de San Román, assisted by lawyers Patricia Mateos and Rafaella Dalmau.
