Seraya Partners has established a new offshore wind farm vessel operator, targeting the regional market in Asia-Pacific.
Cyan Renewables owns, operates, and lease vessels across the offshore wind farm value chain including crew transfer vessels (CTV), service operation vessels (SOV) and wind turbine installation vessels (WTIV).
Cyan is led by a team of global shipping and renewable energy veterans based in Singapore and Denmark.
The global offshore wind farm industry is worth an estimated $33.5bn and is expected to grow by 11 times from 36GW of installed capacity in 2020 to 386GW by 2035.
Cyan targets this fast-growing offshore wind farm market where there is “chronic shortage” of specialised vessels to support the installation and long-term operations and maintenance of offshore wind farms.
Cyan aims to own and operate $1bn portfolio of vessels over the next five years.
“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.