ICG’s Asia-Pacific Infrastructure team partners with ST International Corporation to invest in South Korea onshore wind platform

ICG’s entry into the South Korean renewable energy market through Revent Energy will contribute to the energy transition in South Korea.

ICG’s first investment in South Korea renewables market
Company has growth target of over 500MW from onshore wind

ICG, the global alternative asset manager, today announced an investment in Revent Energy Co. Ltd. (“Revent Energy” or “the Company”), in partnership with ST International Corporation (“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 500MW 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 72.7GW¹ 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.

¹South Korean Ministry of Trade, Industry and Energy, 10th Basic Plan on Electricity Supply and Demand

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, said:

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.

For Further Information

ICG

Catherine Armstrong
Interim Head of Corporate Communications
T: +44 (0)20 3545 1850
M: +44 (0)7710 385313
[email protected]

About ICG

ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with a 35-year history, managing $101bn of assets* and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.

We develop long-term relationships with our business partners to deliver value for shareholders, clients, and employees, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.

ICG is listed on the London Stock Exchange (ticker symbol: ICG). Further details are available at www.icgam.com. You can follow ICG on LinkedIn and Instagram.

About STI

STI was incorporated in 1962 in South Korea and has grown for over half a century by succeeding in the natural resources industry, thermal power generation, and LPG business. In line with the changing energy paradigm around the world, ST International is laying the foundation for 100 years of companies by expanding into renewable energy projects such as wind and solar power, power generation and energy infrastructure, and resources and logistics.