A Singapore fund manager has launched a pure-play offshore wind farm vessel company aiming to invest $1bn in new vessels within three years.
The company, Cyan Renewables, is backed by Singapore-headquartered Seraya Partners, which describes itself as an independent investment management firm investing in Asia’s next generation infrastructure.
Cyan said it plans to invest in a dedicated fleet of wind farm support vessels that include cable-lay vessels (CLV), service operation vessels (SOV) as well as wind turbine installation vessels (WTIV).
The company says on its website it is “led by a team of industry veterans in Singapore and Denmark,” without elaborating much on its key personnel.
Its chief executive Lee Keng Lin is said to have more than 20 years of experience in the offshore services, port logistics and maritime ventures businesses.
“Offshore wind is both a key enabler of net zero and energy security today, and an impetus to grow the pool of specialised vessels to support offshore windfarm work,” said Lee.
“Singapore as an international maritime centre with the necessary infrastructure will be key in us reaching our vision, and I look forward to future collaborations with partners across the maritime ecosystem,” he added.
Seraya Partners said there was a “clear impetus” for Cyan and the gaps it aims to plug globally as the world continues on its trajectory of developing offshore wind farms.
“Offshore wind farms form the backbone of energy transition reducing our dependency on fossil fuels,” said Seraya Partners chairman James Chern.
“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,” he added.
Cyan Renewables is the third energy transition platform Seraya launches in two years, following on from Seoul-based green data centre operator Empyrion DC and Taiwan-based electric vehicle charging network operator Astrid Renew.
