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

The collaboration between ICG and STI will bolster Revent Energy’s expansion plans.

The onshore wind project developer’s strategy includes the acquisition, development, construction, ownership and operation of onshore wind projects across South Korea. The company aims to achieve 500MW of installed capacity by 2029.

Revent Energy currently has stakes in two operating wind farms, Yeongyang Wind Power and Youngduk Wind Power.

Both are undergoing repowering exercises to significantly enhance their installed capacity.

ICG’s investment marks a pivotal entry into South Korea’s renewable energy sector and will contribute to the country’s energy transition.

The South Korean renewable energy market is experiencing robust growth, supported by strong government policies and increasing decarbonisation commitments from major corporations.

The market will reach a cumulative installed capacity of 72.7GW by 2030, according to the South Korean Ministry of Trade, Industry and Energy’s 10th Basic Plan on Electricity Supply and Demand.

This transaction aligns with ICG’s investment strategy, which focuses on mid-market deals and the scaling of platforms dedicated to the energy transition.

ICG has previously invested in the renewables market in other countries. acquiring British Solar Renewables, a solar photovoltaic developer, in July 2022 and making its debut $50m investment in Amp Energy India, an renewable developer, in May 2023.