News & Media
Seraya Launches Cyan Renewables to Target Fast Growing Offshore Wind Vessel Market
Cyan Renewables is Asia's First Pure-Play Offshore Vessel Owner and Operator
Monday, September 19, 2022
Seraya Partners (“Seraya”) is pleased to announce the formation of its third energy transition investment platform, Cyan Renewables (“Cyan”). 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$1 billion portfolio of vessels over the next 5 years.
“Offshore wind farms form the backbone of energy transition reducing our dependency on fossil fuels. Asia is starting to develop offshore wind farms and there’s a clear value proposition that Cyan can deliver to end users. We are fully committed to growing Cyan into the world’s first pureplay offshore wind farm vessel operator,” James Chern, Chairman and Managing Partner of Seraya Partners, commented.
Cyan is Seraya’s third energy transition platform. Founded in 2020, Singapore based Empyrion DC is Seraya’s 100% owned green data centre operator. Empyrion announced a US$ 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.
 Polaris Market Research, “Offshore Wind Energy Market Share, Size, Trends, Industry Analysis Report, By Component (Turbines, Electrical Infrastructure, Substructure, Others); By Location (Shallow Water, Deep Water, Transitional Water); By Region; Segment Forecast, 2022 – 2030”, June 2022.