Malaysia’s public service retirement fund, Kumpulan Wang Persaraan (KWAP), announced that it has invested 219 million ringgit (about $50 million) in Singaporean offshore wind energy vessels operator Cyan Renewables.
The investment is part of a deal led by mid-market Asia-focused infrastructure investor Seraya Partners to further boost the offshore support vessel industry.
Cyan, fully owned by Seraya Partners, operates a fleet of 32 offshore support vessels, providing maritime offerings from early-stage development to late-stage operations and maintenance.
The company, which generates significant revenues from Malaysia, plans to invest up to 1 billion ringgit ($230 million) together with KWAP in various undertakings, including the establishment of its Southeast Asia headquarters in the country and developing fleet management and chartering teams based in Kuala Lumpur and Miri.
Per the announcement, Cyan Renewables supports the fast-growing offshore wind farm industry and the marine sector’s transition from “blue to green”.
The company also plans to hire seafaring professionals locally, and through collaborations with Malaysian firms, will sponsor cadets over the next 10 years, offering training and employment opportunities post-graduation.
It also aims to expand its operations by utilising local shipyards for vessel repairs and new builds.
In July, Cyan Renewables announced its acquisition of Australian offshore marine services provider MMA Offshore for A$1.1 billion ($702 million). The transaction marks the region’s largest take-private deal in the offshore wind energy services industry.
KWAP, meanwhile, plans to further invest in the energy transition space to support resilient, green economies for future generations, which aligns with Cyan’s commitments.
“The investment into Cyan is an epitome of our commitment in realising our pledge towards achieving 20 billion ringgit investment in transition assets by 2030, bolstering the Ekonomi MADANI and sustainability goals,” said Hazman Hilmi Sallahuddin, chief investment officer of KWAP.
KWAP, which is responsible for the retirement savings of civil servants in Malaysia, manages a total fund size of approximately 184.5 billion ringgit ($39.33 billion).
It has invested in 54 private equity funds across multiple strategies and geographies, with exposure predominantly to developed markets of North America, Europe, and North Asia and selectively to developing Asia.
