ICG invests in Korean onshore wind
Published by Oliver Kleinschmidt,
Assistant Editor
Energy Global,
ICG, the global alternative asset manager, has announced an investment in Revent Energy Co. Ltd, in partnership with ST International Corp. (STI), a global energy company headquartered in South Korea. As part of the investment, ICG has acquired 50% interest in Revent Energy, with STI retaining 50% interest.
ICG and STI will support Revent Energy’s growth plans, and ICG will work closely with the company’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 500 MW of installed capacity within the next five years. At present, Revent Energy holds interest in two large operating wind farms, Yeongyang Wind Power Cooperation and Youngduk Wind Power Co. Ltd, both of which are planning repowering exercises to significantly increase installed capacity.
ICG’s 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 72.7 GW of cumulative installed capacity by 2030.
This transaction supports the ICG team’s continued investment focus on mid-market transactions and scaling platforms with a strong commitment to investing in the energy transition.
Devarshi Das, Head of ICG Asia-Pacific Infrastructure, 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.”
Gil-Yong Ha, CEO & Representative Director of STI, 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.
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Read the article online at: https://www.energyglobal.com/wind/29102024/icg-invests-in-korean-onshore-wind/
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