Seraya Partners (“Seraya”) has announced the formation of its third energy transition investment platform, Cyan Renewables (“Cyan”), according to the company's release. Cyan is the world's first pure play offshore wind farm vessel operator serving the fast growing offshore wind farm industry in Asia.
Cyan 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). Cyan is led by a team of global shipping and renewable energy veterans based in Singapore and Denmark. The team owns and operates sophisticated state-of-art vessels to support the full lifecycle of offshore wind farms.
The global offshore wind farm industry is worth USD 33.5 billion today and is expected to grow by eleven times (11x) from 36 GW of installed capacity in 2020 to 386 GW by 2035. Cyan targets this fast-growing offshore wind farm market where there is chronic shortage of specialized vessels to support the installation and long-term operations & maintenance of offshore wind farms. Cyan aims to own and operate US$1 billion portfolio of vessels over the next 5 years.
Cyan is Seraya’s third energy transition platform. Founded in 2020, Singapore based Empyrion DC is Seraya’s 100% owned green data centre operator. Empyrion announced a US$ 400 million data centre investment in Seoul this month. In April, Seraya launched Astrid Renew, a US$ 200 million electric vehicle charging network operator in Taiwan. These platforms aspires to deliver next-generation infrastructure solutions.