PETALING JAYA: Retirement Fund (Incorporated) – KWAP – has completed its investment of RM219 million for a minority stake in Cyan Renewables, Asia’s largest offshore support vessels owner and operator.
KWAP is a co-investor in the deal, led by Seraya Partners, a mid-market Asia-focused infrastructure investor.
Chief investment officer Hazman Hilmi Sallahuddin said the investment into Cyan Renewables is the epitome of KWAP’s commitment to realising its pledge towards achieving RM20 billion investment in transition assets by 2030, bolstering the Ekonomi Madani and sustainability goals.
“Cyan Renewables also supports the transition of legacy to clean energy by providing essential, high-value services and also develops skilled professionals locally.
“This initiative is also part of KWAP’s commitment under the GEAR-uP programme, led by the Ministry of Finance in synergising efforts across government-linked investment companies to catalyse growth in key economic sectors, including infrastructure, transport, and renewable energy, among others,“ he said.
KWAP said the strategic investment aligns with its commitment to the Ekonomi Madani framework, supporting its core values of sustainability, prosperity, and innovation.
Seraya Partners managing partner and chief investment officer James Chern said Cyan Renewables is a key energy transition platform for Seraya Partners and has grown to become the largest offshore wind and environmental protection vessel operator globally.
“We are excited about this opportunity to partner with KWAP and support its strategic objectives for uplifting the
Malaysian economy,“ he said.
KWAP recognises Cyan Renewables’ position as the leading vessel operator in Asia based on fleet size and cumulative wind energy experience, about 1,000 wind days. It operates a fleet of 32 offshore support vessels, providing maritime offerings from early-stage development to late-stage operations and maintenance, servicing various blue-chip customers across legacy energy and offshore wind sectors, with a large focus on the latter in the coming years.
Cyan Renewables is already generating significant revenues from Malaysia and is committed to further boosting the country’s offshore support vessel industry, with plans to invest up to RM1 billion together with KWAP in various endeavours, such as establishing its Southeast Asia headquarters in Malaysia and developing fleet management and chartering teams based in Kuala Lumpur and Miri, Sarawak.
In addition, Cyan Renewables plans to hire seafaring professionals locally and, through collaborations with Malaysian organisations, will sponsor cadets over the next 10 years, offering training and employment opportunities post-graduation.
On top of that, Cyan Renewables will explore expanding operations by utilising local shipyards for vessel repairs and new builds, indirectly supporting the growth of Malaysia’s vessel industry.
KWAP anticipates furthering its investments in the energy transition space in support of resilient, green economies for future generations, which aligns with Cyan’s commitment to catalyse the transition towards ‘green’ by servicing more environmental, social and governance-driven sectors within the maritime space.
Source: The Sun Daily
A word from our sponsor:
Need Help With Your Personal Finance / Money Issue or need a coach to help you structure or just want to learn the financial skill to self manage your financial matters and retirement. iLearnFromCloud.com
Need to solve a problem quickly, now you can solve it by learning the art of problem solving Art Of Problem Solving
Feeling hungry. Latest food news from Best Restaurant To Eat Malaysian Food and Travel Blog
Memory loss. Need to organize better. Solve problem fast with Free Mind Mapping Software Mind Mapping 101
Need A Customized System Development for your business or Going Paperless XPERT TECHNOLOGIES - Empowering The Paperless Economy
No comments:
Post a Comment