KUALA LUMPUR: Kumpulan Wang Persaraan (Diperbadankan) (“KWAP”) has successfully completed an investment of RM219 million for a minority stake in Cyan Renewables (“Cyan”), Asia’s largest offshore support vessel owner and operator. KWAP partnered with Seraya Partners, a mid-market, Asia-focused infrastructure investor, to co-invest in this deal.
This strategic investment aligns with KWAP’s commitment to the Ekonomi MADANI framework, which emphasizes sustainability, prosperity, and innovation.
Strategic Goals and Vision
Hazman Hilmi Sallahuddin, Chief Investment Officer of KWAP, stated:
“The investment into Cyan epitomizes our commitment to realizing our RM20 billion pledge towards transition assets by 2030, supporting Ekonomi MADANI and sustainability goals. Cyan plays a key role in transitioning legacy energy to clean energy by offering high-value services that ‘Raise the Ceiling’ while fostering local talent and professional development to ‘Raise the Floor.’”
He further noted that the initiative is part of KWAP’s GEAR-uP program, led by the Ministry of Finance, which aims to boost key economic sectors such as infrastructure, transport, and renewable energy through coordinated efforts among Government-Linked Investment Companies (GLICs).
Partner Insights
James Chern, Managing Partner and Chief Investment Officer of Seraya Partners, said:
“Cyan is a key energy transition platform for Seraya, having grown into the world’s largest offshore wind and environmental protection vessel operator. We look forward to partnering with KWAP to further its strategic objectives and contribute to the upliftment of the Malaysian economy.”
Cyan’s Operational Strength and Future Plans
Cyan operates 32 offshore support vessels, offering maritime services across all project stages—from early development to operations and maintenance. The company has accumulated over 1,000 wind days in Asia, solidifying its reputation as the region’s leading vessel operator by fleet size and expertise.
Cyan has already generated significant revenue from Malaysia and plans to further expand by:
- Investing up to RM1 billion with KWAP across various initiatives.
- Establishing Southeast Asia headquarters in Kuala Lumpur, with fleet management and chartering teams based in Kuala Lumpur and Miri.
- Hiring and training local seafaring professionals, including sponsoring cadets in collaboration with Malaysian organizations, providing employment opportunities post-graduation.
- Leveraging local shipyards for vessel repairs and new builds, indirectly fostering the growth of Malaysia’s shipbuilding industry.
A Shared Commitment to a Greener Future
KWAP emphasized its intention to increase investments in energy transition to support resilient, green economies for future generations. This aligns with Cyan’s focus on expanding services for ESG-driven sectors within the maritime industry.
This partnership not only strengthens Malaysia’s offshore support vessel industry but also catalyzes progress towards sustainable development, ensuring long-term economic and environmental benefits.
