ICG and ST International acquire stake in South Korea’s Revent Energy

UK-based asset manager Intermediate Capital Group (ICG) has partnered with South Korean energy firm ST International (STI) to acquire a 50% stake in Revent Energy, with STI retaining the other half. 

This collaboration aims to strengthen Revent Energy’s onshore wind development strategy in South Korea, targeting 500 MW of installed capacity by 2029 through project acquisition, construction, ownership, and operation.

Revent Energy currently holds stakes in two wind farms, Yeongyang Wind Power and Youngduk Wind Power, which are undergoing repowering to boost installed capacity. 

This investment marks ICG’s entry into South Korea’s renewable sector, aligning with the country’s robust decarbonisation policies. South Korea’s renewable market is forecast to reach 72.7 GW by 2030, as outlined in the 10th Basic Plan on Electricity Supply and Demand.

The transaction aligns with ICG’s mid-market investment strategy focused on energy transition. ICG has expanded its renewables portfolio with prior investments, including British Solar Renewables in July 2022, a $50 million investment in India’s Amp Energy in May 2023, and the Spanish renewable platform Dos Grados in November 2023 on behalf of its $1.56 billion debut Infrastructure Fund.