[Edaily Reporter Kim Hyung-wook ] SK Eco Plant is selling its offshore wind power subsidiary, SKoceanplant, for 410 billion won. As the SK Group reorganizes its business portfolio to focus on artificial intelligence (AI) and semiconductors, SKoceanplant—which once symbolized the group’s expansion into eco-friendly businesses—is leaving the SK Group after four years.
SKoceanplant announced on the 31st, after the market closed, that its largest shareholder, SK Eco Plant, would sell its entire 35.62% stake to D’Ocean Asset Management for 410 billion won. D’Ocean Asset Management will acquire SKoceanplant through a consortium in which OSUNG ADVANCED MATERIALS CO., LTD. participates as a co-investor. Once the transaction is finalized, DIO Corporation Asset Management will become the new largest shareholder.
SKoceanplant’s predecessor was Samkang M&T, a manufacturer of offshore wind turbine substructures. In November 2021, SK Eco Plant decided to secure controlling interest in Samgang M&T by investing approximately 460 billion won. This involved acquiring a 31.83% stake and investing 116.9 billion won in convertible bonds. After completing the acquisition as a subsidiary in September 2022, the company changed its name to SKoceanplant in 2023.
At the time, SK Eco Plant had recently changed its name from SK Construction and was in the process of transforming its business structure from one centered on construction to that of an environmental and energy company. The acquisition of Samgang M&T was also part of a strategy to secure the manufacturing capability for substructures—a key component in the offshore wind power business—and thereby establish a value chain spanning from development to manufacturing. SKoceanplant subsequently established itself as the flagship subsidiary representing SK Eco Plant’s offshore wind power business.
However, SK Group’s business strategy shifted significantly starting in 2024. The group began a full-scale “rebalancing” process to review the businesses and investment assets of each affiliate, with the aim of concentrating investment resources on future growth businesses, including AI and semiconductors. At its 2024 Management Strategy Meeting, SK Group also announced a plan to secure 80 trillion won in funding by 2026 to invest in AI, semiconductors, and other areas.
Consequently, SK Eco Plant’s business structure has also undergone changes. In 2024, it incorporated SENKO Co.,Ltd., a semiconductor company, and SKGas, an industrial gas provider; and last year, it added four semiconductor materials companies—SK Trichem, SK Resonac, SK Materials JNC, and SK Materials Performance. On the other hand, in August of last year, it signed an agreement to sell three environmental subsidiaries—ONEUS, Renew One, and Renew Energy Chungbuk, which are engaged in waste treatment and related businesses—to the global investment firm KKR for approximately 1.78 trillion won.
The recent sale of SKoceanplant is also seen as part of this same trend. SK Eco Plant plans to use the proceeds from the sale to repay debt and improve its financial structure, while focusing its capabilities on building cutting-edge facilities for semiconductors and AI, as well as on AI infrastructure solutions such as semiconductor materials and industrial gases. In essence, the company is selling key assets acquired during its transition to an eco-friendly and renewable energy firm in line with its new AI- and semiconductor-centered growth strategy.
Backlash is emerging in Goseong, South Gyeongsang Province, where SKoceanplant is located. SKoceanplant is the largest employer in Goseong County, directly employing more than 700 people. It is also a key operator in the “South Gyeongsang No. 1 Opportunity Development Special Zone,” which the government designated in June 2024 with the goal of establishing the world’s largest offshore wind turbine foundation production base.
Goseong County issued a statement that day, expressing opposition and stating that SKoceanplant decided to sell the business without fulfilling its original promises of a 1 trillion won investment and a plan to create 3,600 jobs. The county noted that it had supported the designation of the Opportunity Development Special Zone, the expansion of industrial complex infrastructure, the construction of access roads, and the installation of power transmission lines, and stated that if the original promises regarding investment, employment, and regional cooperation are not kept, it would even consider revoking the Opportunity Development Special Zone designation.
D’Ocean Asset Management, the prospective new owner, has already presented investment and mutual growth plans in response to local concerns. The company plans to work with Goseong County to expand Goseong Yard 3 and develop SKoceanplant into a leading company in offshore wind power and shipbuilding. It also intends to prioritize hiring local talent, operate vocational training programs such as a shipbuilding technology academy, and give priority to local partner companies in business transactions.
