A new offshore wind vessel owning company in Singapore – Cyan Renewables – aims to own and operate a $1bn fleet within five years.
Marcus Hand | Sep 19, 2022
Founded by Seraya Partners the energy transition investment platform Cyan is touted as the world’s first pure play offshore wind farm vessel operator serving the Asian market.
In a press release issued on Monday Cyan said it owns, operates, and lease vessels across the offshore wind farm value chain including Crew Transfer Vessel (CTV), Service Operation Vessel (SOV) and Wind Turbine Installation Vessel (WTIV).
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Cyan’s website features blurred out images of two WITVs, and a CTV, and an SOV – with the text “to be announced” for each vessel.
The company said aims to own and operate a portfolio of vessels worth $1bn within five years.
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Cyan also claimed a team of global shipping and renewable energy veterans based in Singapore and Denmark. The only member of the management team listed on the company’s website is Group CEO Lee Keng Lin. Based on his LinkedIn profile Keng previously headed Kuok Singapore’s KSL Maritime Group.
“Offshore wind farms form the backbone of energy transition reducing our dependency on fossil fuels. Asia is starting to develop offshore wind farms and there’s a clear value proposition that Cyan can deliver to end users. We are fully committed to growing Cyan into the world’s first pureplay offshore wind farm vessel operator,” said James Chern, Chairman and Managing Partner of Seraya Partners.
Cyan Renewables is the third company in Seraya’s portfolio joining data centre operator Empyrion DC established in 2021, and electric vehicle charging and storage company Astrid Renew set up this year.
Reference: https://www.seatrade-maritime.com/offshore-wind/new-singapore-offshore-wind-vessel-owner-targets-1bn-fleet