Asset manager ICG has made a strategic move by acquiring a 50% interest in Revent Energy, aligning with South Korean energy firm ST International Corporation (STI), which retains the other half. This partnership is set to accelerate Revent Energy's ambitions in the rapidly growing renewable energy market in South Korea.
The collaboration will enable ICG and STI to leverage their combined expertise, as they work alongside Revent Energy's seasoned management team to explore new market opportunities. The focus will be on acquiring, developing, and operating onshore wind projects, with an ambitious goal of exceeding 500 megawatts (MW) of installed capacity over the next five years.
Currently, Revent Energy oversees two significant wind farms, Yeongyang Wind Power and Youngduk Wind Power, both of which are undergoing repowering initiatives to enhance their capacity substantially. ICG's entry into the South Korean renewable energy landscape through Revent Energy is anticipated to play a pivotal role in the country's transition toward sustainable energy sources.
With strong government backing and escalating decarbonization commitments from major corporations, the South Korean renewable market is projected to reach a cumulative installed capacity of 72.7 gigawatts (GW) by 2030.
Devarshi Das, Head of ICG Asia-Pacific Infrastructure, expressed excitement about this venture, noting, “Partnering with STI to support Revent Energy's growth ambitions is a significant step forward for us. The increasing appetite for renewable energy in South Korea presents a remarkable opportunity, and this partnership positions us perfectly to seize it.”
Gil-Yong Ha, CEO and representative director of STI, highlighted the synergy between the two companies, stating, “We have a strong foundation of trust in our collaboration with ICG, which shares our vision for Revent Energy and its promising future. With established repowering projects and a robust growth pipeline, Revent Energy is well-positioned to respond to the surging demand for renewable energy in South Korea. We look forward to working together to realize our mutual objectives.”
Legal support for ICG was provided by law firms Shin & Kim and Ashurst LLP.
