KUALA LUMPUR, 25 October 2024 – Kumpulan Wang Persaraan (Diperbadankan) (“KWAP”) has successfully completed its investment of RM219 million for a minority stake in Cyan Renewables (“Cyan“), Asia’s largest offshore support vessels owner and operator. KWAP is a co-investor to the deal, led by Seraya Partners, a mid-market Asia-focused infrastructure investor. The strategic investment aligns with KWAP’s commitment to the Ekonomi MADANI framework supporting its core values of sustainability, prosperity, and innovation.

Chief Investment Officer of KWAP, Hazman Hilmi Sallahuddin, stated, “The investment into Cyan is an epitome of our commitment in realising our pledge towards achieving RM20 billion investment in transition assets by 2030, bolstering the Ekonomi MADANI and sustainability goals. Cyan also supports the transition of legacy to clean energy by providing essential, high value services which ‘Raises the Ceiling’ and also develops skilled professionals locally, which ‘Raises the Floor’. This initiative is also part of KWAP’s commitment under the GEAR-uP programme, led by the Ministry of Finance in synergising efforts across GLICs to catalyse growth in key economic sectors including infrastructure, transport, and renewable energy, amongst others.”

James Chern, Managing Partner and Chief Investment Officer of Seraya Partners, said, “Cyan is a key energy transition platform for Seraya and has grown to become the largest offshore wind and environmental protection vessel operator globally. We are excited for this opportunity to partner with KWAP and to support its strategic objectives for uplifting the Malaysian economy.”

KWAP recognises Cyan’s position as the leading vessel operator by fleet size and cumulative experience in wind, approximately over 1000 wind days, in Asia. It operates a fleet of 32 offshore support vessels, providing maritime offerings from early-stage development to late-stage operations and maintenance, servicing various blue-chip customers across legacy energy and offshore wind sectors with a large focus on the latter in the coming years.

Cyan is already generating significant revenues from Malaysia and is committed to further boosting the country’s offshore support vessel industry, with plans to invest up to RM1 billion together with KWAP in various endeavours, such as establishing its Southeast Asia headquarters in Malaysia and the development of fleet management and chartering teams based in Kuala Lumpur and Miri.

In addition to that, Cyan plans to hire seafaring professionals locally, and through collaborations with Malaysian organisations, will sponsor cadets over the next 10 years, offering training and employment opportunities post-graduation. On top of that, Cyan will explore expanding operations by utilising local shipyards for vessel repairs and new builds, indirectly supporting the growth of Malaysia’s vessel industry.

KWAP anticipates furthering its investments in the energy transition space in support of resilient, green economies for future generations, which aligns with Cyan’s commitment to catalyse the transition towards “green” by servicing more ESG driven sectors within the maritime space.