Malaysia’s Kumpulan Wang Persaraan (KWAP) has invested RM219 million in Cyan Renewables, Asia’s largest offshore support vessel operator, taking a minority stake in the company.
This strategic investment, co-led with Seraya Partners, aligns with KWAP’s commitment to the Ekonomi MADANI framework, which emphasizes sustainability, innovation, and prosperity.
“This investment represents our commitment to achieving RM20 billion in transition assets by 2030,” said KWAP Chief Investment Officer Hazman Hilmi Sallahuddin. “Cyan plays a crucial role in clean energy transition, creating high-value services and developing local talent, supporting both ‘Raise the Ceiling’ and ‘Raise the Floor’ initiatives under our GEAR-uP program.”
Cyan operates 32 offshore support vessels across Asia, with a strong presence in wind energy projects.
The company plans to invest up to RM1 billion in Malaysia, including establishing its Southeast Asia headquarters, fleet management, and chartering teams in Kuala Lumpur and Miri.
“We are thrilled to partner with KWAP,” said James Chern, Managing Partner at Seraya Partners. “Cyan is a key energy transition platform and the largest offshore wind support operator globally, aligning with Malaysia’s economic upliftment goals.”
In addition, Cyan plans to train and hire local seafaring professionals, collaborate with Malaysian organizations to sponsor cadet training, and consider local shipyards for vessel maintenance, supporting Malaysia’s vessel industry growth.
KWAP’s investment reflects its commitment to green economies and ESG-aligned sectors, furthering Malaysia’s transition to a sustainable, resilient economy.
Business News Asia