A new firm hopes to diversify a global sector that has historically been dominated by European competitors by becoming the first pure-play offshore wind vessel owner in Asia.
Cyan Renewables plans to invest $1 billion over the course of three years in a fleet of offshore wind vessels, which will include cable layers, service operation vessels, and wind turbine installation vessels. It has engaged Lars Christian Zhner, the former CEO of Danish crew transfer vessel operator World Marine Offshore, to lead its EU presence. Denmark is the spiritual home of the offshore wind sector.
The most recent venture of Seraya Partners, an investment management firm with a focus on Asian markets for digital infrastructure and energy-transition, is Cyan, which has its headquarters in Singapore. Additionally, it has made investments in infrastructure for EV charging stations and green data centres.
“Asia is beginning to deploy offshore wind farms, and Cyan can provide end users a clear value proposition. According to James Chern, chairman and managing partner of Seraya Partners, “We are totally dedicated to building Cyan into the first pureplay offshore wind farm vessel operator in the world.”
Cyan joins an expanding group of offshore wind farm vessel owners, including Cadeler, located in Denmark, and NYSE-listed Eneti. The latter two businesses want to profit from the predicted WTIV shortage in the coming years. Only a small number of these sophisticated, specialised $300 million jack-up vessels are equipped to hoist the ultra-large turbines intended for the next generation of wind farms. A massive crane will be needed to install a 15 MW turbine because its nacelle is around 200 metres in the air.
By 2025–2026 there will be a shortage of 12 MW–plus capable WTIVs, according to Eneti’s forecast. This prediction is based on the pipeline for current wind farm development and vessel orders.