IST3 Infrastruktur Global has acquired a 91 MW Spanish solar PV portfolio from Bestinver (Acciona) for approximately €330 million. The assets are held through Terralys Renovables and comprise more than 60 operating projects with an average age of 11 years.

The core insight is simple: IST3 is buying long-dated, regulated cash flows — not development risk. The portfolio operates under Spain’s 30-year RECORE remuneration regime, with around 19 years remaining, combining government-backed revenues with wholesale market exposure.

These assets are already financed with long-term, non-recourse project debt from a syndicate including Abanca, Credit Agricole, CaixaBank, and Santander. That capital stack stays in place. IST3 is effectively stepping into a levered, de-risked structure generating over 127 GWh annually.

Commercially, this is about yield certainty. In a volatile power price environment, regulated revenue frameworks are commanding capital. Bestinver exits after aggregating the portfolio across 2023–2024, crystallizing value from operating assets rather than holding for merchant upside.

The signal is clear: infrastructure capital is rotating toward contracted, policy-backed portfolios with proven operating history. Spain’s legacy regulated solar assets remain liquid, bankable, and institutionally scalable.

Want to track the latest M&A, financings, PPAs, and key developments across the industry? Explore the Enerdatics Insights page.