Singapore-based infrastructure investment manager Seraya Partners has launched a pure-play offshore wind farm vessel player with the aim of investing $1bn into the business over the next three years.
The newly-established company, Cyan, said it would own, operate, and lease vessels across the offshore wind farm value chain, including crew transfer vessels, service operation vessels, cable layers, and wind turbine installation vessels.
Cyan will be headquarted in Singapore and have an office in Denmark led by a team of shipping and renewable energy veterans with Lee Keng Lin (pictured) as chief executive officer, who has had leading roles at PACC Offshore Services Holdings (POSH) and PaxOcean.
James Chern, chairman and managing partner at Seraya Partners, said: “With a wealth of experience in the maritime and offshore energy industry, along with a track record of growing and scaling companies, Keng Lin is an obvious choice as the founding CEO. Under his leadership, we believe Cyan will be the catalyst we’ve set out to be for a greener tomorrow – built on sustainable, renewable energy.”
With the global offshore wind farm industry worth around $33.5bn today, according to Polaris Market Research, and an expected growth of installed capacity from 36 GW in 2020 to 386 GW by 2035, Cyan said that there is a chronic shortage of specialised vessels to support the installation and long-term operations and maintenance of offshore wind farms.
“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. I am heartened to share the same vision with Seraya and look forward to growing Cyan to becoming the world’s leading offshore wind vessel owner. 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,” added Lee.