New Startup Aims to Become First Pure-Play Wind Vessel Owner in Asia
A new startup aims to become the first pure-play offshore wind vessel owner in Asia, diversifying a global market which has traditionally been filled by European players.
Within a three-year timetable, Cyan Renewables aims to invest $1 billion in a fleet of offshore wind vessels, to include cable layers, service operation vessels and wind turbine installation vessels. It swiftly opened a European office in Denmark, the spiritual home of the offshore wind industry, and has hired Lars Christian Zøhner - former CEO of Danish crew transfer vessel operator World Marine Offshore - to helm its EU presence.
Singapore-headquartered Cyan is the latest launch of Seraya Partners, an investment management company focused on energy-transition and digital infrastructure markets in Asia. It has also invested in green data centers and electric vehicle charging infrastructure.
"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,” said James Chern, Chairman and Managing Partner of Seraya Partners.
Cyan joins a growing roster of offshore wind farm vessel operators, like NYSE-listed Eneti and Denmark-based Cadeler. The latter two firms are focused on capitalizing on the anticipated shortage of WTIVs in years ahead. These $300 million jack-up vessels are complex and specialized, and only a handful are capable of lifting the ultralarge turbines designed for the next generation of wind farms. The nacelle height of a 15 MW turbine will be about 200 meters in the air, requiring a gigantic crane for installation.
Eneti forecasts a shortfall in the supply of 12 MW-plus capable WTIVs by 2025-6, based on currrent wind farm development pipeline and current vessel orders.