UK’s ICG partners with South Korea’s ST International to advance wind power projects

UK-based asset manager Intermediate Capital Group (ICG) has partnered with ST International (STI), a South Korean energy company, to acquire a 50% stake in Revent Energy, an onshore wind project developer. The partnership, with STI retaining the other 50% interest, aims to accelerate Revent Energy’s growth and contribution to South Korea’s renewable energy goals.

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The collaboration between ICG and STI will support Revent Energy’s efforts to scale up its onshore wind capacity across South Korea, targeting 500MW of installed capacity by 2029. Revent Energy currently holds stakes in two operating wind farms, Yeongyang Wind Power and Youngduk Wind Power, both of which are undergoing repowering to increase their energy output significantly.

ICG’s initial entry into South Korea’s renewable sector through this investment aligns with its mid-market investment strategy that focuses on energy transition platforms. ICG has previously invested in British Solar Renewables in July 2022, Amp Energy India in May 2023, and the Iberian renewable energy platform Dos Grados in November 2023.