Partnership with ST International
UK-based asset manager Intermediate Capital Group (ICG) has made a significant move into the South Korean renewable energy sector by acquiring a 50% stake in Revent Energy. The remaining 50% of the company will be held by ST International (STI), a local energy firm.
This partnership aims to enhance Revent Energy’s plans for expansion in the region.
Growth Plans for Revent Energy
Revent Energy focuses on developing and operating onshore wind projects throughout South Korea. The company has set an ambitious target of achieving 500 megawatts (MW) of installed capacity by 2029. Currently, Revent Energy holds stakes in two wind farms: Yeongyang Wind Power and Youngduk Wind Power. Both projects are undergoing repowering to significantly boost their installed capacities.
Impact on South Korea’s Energy Transition
ICG’s investment signifies a crucial entry into South Korea’s renewable energy market, supporting the country’s efforts to transition to cleaner energy sources. The South Korean renewable sector is experiencing substantial growth, backed by strong government policies and increasing commitments to decarbonization from major corporations. According to the South Korean Ministry of Trade, Industry, and Energy, the market is expected to reach a cumulative installed capacity of 72.7 gigawatts (GW) by 2030.
ICG’s Broader Investment Strategy
This transaction aligns with ICG’s strategy of focusing on mid-market deals and scaling platforms dedicated to energy transition. ICG has a history of investing in the renewable sector across various countries. In July 2022, it acquired British Solar Renewables, a solar photovoltaic developer. More recently, in May 2023, ICG made a $50 million investment in Amp Energy India, a renewable energy developer. Additionally, in November 2023, ICG purchased the Spanish Iberian renewable energy platform Dos Grados on behalf of its $1.56 billion debut Infrastructure Fund.
This investment in Revent Energy marks an important step for ICG in establishing a strong foothold in the South Korean renewables market, reinforcing its commitment to sustainable energy solutions.
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