Asset manager ICG acquired 50% interest in Revent Energy

Asset manager ICG has acquired a 50% interest in Revent Energy, with South Korean energy player ST International Corporation (STI) retaining 50% of the company.

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, it holds interest in two large operating wind farms, Yeongyang Wind Power and Youngduk Wind Power, 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 decarbonization commitments from large corporations, the South Korean renewables market is targeted to have 72.7 GW of cumulative installed capacity by 2030.  

Shin & Kim and Ashurst LLP served as legal counsels to ICG.