KWAP Invests RM219mil in Singapore-based Cyan to Boost Offshore Sector
Cyan Renewables Announces Major Investment
PETALING JAYA: The Retirement Fund Incorporated (KWAP) has invested RM219 million for a minority stake in Cyan Renewables (Cyan), Asia’s largest owner and operator of offshore support vessels.
Madani Economic Framework Aligns with Investment
As a co-investor in the Seraya Partners-led deal, KWAP’s investment aligns with the Madani economic framework, advancing sustainability, prosperity, and innovation. The investment in Cyan exemplifies KWAP’s commitment to achieving RM20 billion in transition asset investments by 2030, furthering the Madani economy and sustainability objectives.
CIO Commits to Transitioning to Clean Energy
KWAP CIO Hazman Hilmi Sallahuddin emphasized the investment in Cyan exemplifies the fund’s commitment to achieving the above objectives. "Cyan also supports the transition of legacy to clean energy by providing essential, high-value services that ‘Raises the Ceiling’ and develops skilled professionals locally, which ‘Raises the Floor’," he said in a statement.
Part of GEAR-uP Programme
This initiative is also part of KWAP’s commitment under the GEAR-uP programme, led by the finance ministry in synergizing efforts across the Government’s Long-term Investment Committee (GLICs) to catalyze growth in key economic sectors, including infrastructure, transport, and renewable energy, amongst others.
About Cyan Renewables
KWAP recognizes Cyan as Asia’s leading vessel operator, distinguished by its fleet size and expertise, with over 1,000 operational wind days in offshore wind projects. The Singapore-based company operates 32 offshore support vessels, serving blue-chip clients across traditional energy and offshore wind sectors, with a growing focus on the latter.
Future Plans
Cyan, already generating substantial revenue from Malaysia, intends to invest up to RM1 billion with KWAP to develop the offshore support vessel industry further. The plans include establishing a Southeast Asia headquarters in Malaysia and building fleet management teams in Kuala Lumpur and Miri. This also includes plans to hire local seafaring professionals, sponsor cadet training, and utilize local shipyards for vessel repairs and new builds to support the growth of Malaysia’s vessel industry.
Conclusion
This strategic investment by KWAP in Cyan Renewables is a significant step towards achieving the fund’s sustainability objectives. The collaboration between KWAP and Cyan is expected to be a win-win for both parties, driving growth and development in the offshore sector while promoting the adoption of clean energy solutions.
FAQs
- What is KWAP’s investment in Cyan Renewables?
KWAP has invested RM219 million for a minority stake in Cyan Renewables. - What is the purpose of the investment?
The investment aligns with the Madani economic framework, advancing sustainability, prosperity, and innovation, and is part of KWAP’s commitment to achieving RM20 billion in transition asset investments by 2030. - What are Cyan’s plans for future growth?
Cyan plans to invest up to RM1 billion with KWAP to develop the offshore support vessel industry further, including establishing a Southeast Asia headquarters in Malaysia and building fleet management teams in Kuala Lumpur and Miri.