Global alternative asset manager ICG has entered the South Korea renewables market with the acquisition of a 50% stake in Revent Energy.
ICG – which manages $101bn (€93.5bn) in assets across corporate, real assets and credit strategies – has become an equal shareholder in Revent Energy alongside South Korea-headquartered global energy firm ST International Corporation (STI).
Financial details were not disclosed.
Revent Energy owns stakes in two wind farms in South Korea, Yeongyang and Youngduk, which are both undergoing repowering. The company aims to expand its wind energy portfolio to over 500MW within the next five years.
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 and 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.”
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