Asset manager ICG has acquired 50% interest in Revent Energy, with South Korean energy player ST International Corporation (STI) retaining 50% of the company.
ICG and STI will support the company’s growth plans, and the former said it will work closely with Revent Energy’s highly experienced management team to capitalise on market opportunities.
Revent Energy will focus on acquiring, developing, constructing, owning and operating onshore wind projects throughout South Korea, with a target of over 500MW of installed capacity within the next five years.
At present, it holds interest in two large operating wind farms, Yeongyang Wind Power and Youngduk Wind Power, both of which are planning repowering exercises to significantly increase installed capacity.
ICG said its entry into the South Korean renewable energy market through Revent Energy will contribute to the energy transition in South Korea.
Bolstered by strong government policy support and increasing decarbonisation commitments from large corporates, the South Korean renewables market is targeted to have 72.7GW of cumulative installed capacity by 2030, it added.
Head of ICG Asia-Pacific Infrastructure Devarshi Das said: “We are delighted to be partnering with STI to support Revent Energy’s growth plans.
“With increasing demand for renewables in South Korea, this is an exciting time to enter the market and this partnership constitutes the perfect opportunity to do so.
“We look forward to working closely with both STI and the company’s management team as we embark on this next phase of growth.”
STI chief executive and representative director Gil-Yong Ha added: “We have great trust in this partnership with ICG, a company that shares our strong belief in Revent Energy and its promising growth trajectory.
“With Revent Energy’s established repowering projects and a robust growth pipeline, the company is strategically placed to seize the increasing demand for renewable energy in the South Korean market.
“We eagerly look forward to collaborating to achieve our shared goals.”
Shin & Kim and Ashurst LLP served as legal counsels to ICG.