If you look at the spec sheet for said transformer, it will give you minimum clearance.
The spec sheet for a siemens dry type 150 KVA, 480 to 208/120V, 4.8% impedance that I am staring at right now states:
"Spacings between any ventilated enclosure panel and any adjacent wall shall be a minimum of 5 inches except when wall mounted using approved wall mounting kit"
Since the transformer typically sits on the ground and the panel feeding it and receiving it typically sit much higher, conduit or flexible conduit clearance distances usually aren't an issue.
So please ask for the spec sheet on your transformer. If you absolutely have to guess, I believe 6" would be a safe bet if your transformer is 150 KVA or below.
The NEC code book may have some additional comments, but I will let you or someone else chase after that.