This transaction of Groenewind marks Cyan Renewables first global acquisition as part of its plan to build and acquire Service Operations Vessels (SOV), Cable-Lay Vessels, Wind-Turbine Installation Vessels, and Foundation Installation Vessels over the next 5 years.
Cyan Renewables, Asia’s leading offshore wind services platform (“Cyan”) and a portfolio company of Seraya Partners, announced that it has acquired 100% interest in Groenewind, a state-of-the-art Service Operations Vessel (“SOV”) in Belgium. The vessel is 2 years old and operating under a 17-year long-term contract to service offshore wind farms in Belgium. This transaction marks Cyan’s first acquisition in Europe.
Completed in 2021, Groenewind was the first twin-hulled DP2 advanced dynamic positioning SOV in the world. It enables safe crew transfer in significant wave heights and holds vessel position in rough seas. It is designed to be energy efficient, reduce fuel consumption, and has built-in waste heat recovery system. Armed with a motion compensated gangway and daughter craft, Groenewind provides safety and comfort to its 24 nautical crew and technicians.
Cyan is fully owned by Seraya Partners and created by the fund in 2022 to address the large growing demand for offshore wind vessel services in Asia. Cyan is led by Kenglin Lee (Group CEO), Lars Zohner (Europe CEO), and a team of marine and renewables veterans in Singapore and Denmark.
“We have been in the offshore wind services industry for over 20 years and serviced more than 50 offshore wind farms. We are a trusted partner for wind farm developers and owners. Combining our track record with Seraya resources, we plan to operate a US$ 1 billion fleet over the next 3 years in Asia and Europe.” Said Kenglin Lee, Group CEO of Cyan Renewables.
“We are a first mover in Asia and one of the few players globally with a proven track record in the offshore wind services sector. The long-term contracted nature of these vessels, often with inflation and cost pass through structures, make them ideal core infrastructure assets that our investors seek. ” said James Chern, Managing Partner and Chief Investment Officer of Seraya Partners.
Cyan is Seraya’s third energy transition and digital infrastructure platform. Seraya launched Empyrion DC in 2021 to target green data centre solutions, and Astrid Renew in 2022 to target electric vehicle charger and energy storage opportunities. Seraya was nominated by Infrastructure Investor as a candidate for the Digital Infrastructure Investor of the Year, Asia Pacific in 2022.
