Seraya Partners has formed its third energy transition-investment platform, Cyan Renewables.
Cyan is the world’s first pure-play offshore wind farm vessel operator serving Asia’s offshore wind industry.
The platform owns, operates and leases vessels across the offshore wind farm-value chain, and is led by a team of global shipping and renewable energy veterans based in Singapore and Denmark.
The growing global offshore wind farm industry, currently valued at $33.5 billion, is expected to expand from 36 gigawatts of installed capacity in 2020 to 386 gigawatts by 2035. Cyan aims to own and operate a $1 billion portfolio of vessels during the next five years.
““Offshore wind farms form the backbone of energy transition reducing our dependency on fossil fuels,” said James Chern, chairman and managing partner of Seraya Partners. “Asia is starting to develop offshore wind farms and there’s a clear value proposition that Cyan can deliver to end use