SK Ecoplant, formerly known as SK E&C, jumped into the rapidly growing offshore wind power market by becoming the largest shareholder of Samkang M&T, a domestic plant construction company that produces substructures for wind power turbines. The total investment stands at 460 billion won ($388 million).

SK Ecoplant said in a regulatory filing on November 17 that it would acquire a 31.83 percent stake in Samkang M&T for 342.6 billion won and invest 116.9 billion won to purchase convertible bonds. SK E&C, a builder affiliated with South Korea's third-largest conglomerate SK Group, has changed its corporate name to SK Ecoplant to grow beyond its conventional construction business into eco-friendly markets.

Support structures for fixed offshore wind turbines include monopiles and jacket foundations. A monopile is a simple structure consisting of a steel pipe driven into the seabed, providing a fixed foundation for an offshore wind turbine. Fixed offshore wind farms are generally installed in shallow waters while floating wind turbines are located in deep waters. A floating structure must provide enough buoyance to support the weight of turbines.

In an effort to reduce the use of fossil fuel and nuclear power for electricity generation, South Korea is gradually switching to renewable energy sources. The Seoul government has endorsed a number of projects to build clean energy facilities, including solar power plants and wind farms, onshore and offshore.