Malaysia’s Retirement Fund Inc (KWAP) has invested RM219 million (50 million USD) for a minority stake in Cyan Renewables, Asia’s largest owner and operator of offshore support vessels, as part of a deal led by Seraya Partners. This investment aligns with Malaysia’s MADANI Economy framework, which aims to advance sustainability and innovation through a focus on clean energy and high-value industries.
KWAP has a history of supporting clean energy projects and is working toward its target of RM20 billion in transition asset investments by 2030. This includes several past investments in renewable energy initiatives, contributing significantly to projects with a combined installed capacity of approximately 500 megawatts (MW) in solar and wind energy. These investments have an expected annual energy production of around 1,000 gigawatt-hours (GWh), which helps to power thousands of homes while supporting Malaysia’s commitment to lowering carbon emissions.
Hazman Hilmi Sallahuddin, KWAP’s chief investment officer, noted that,”the investment in Cyan further advances KWAP’s clean energy goals by supporting infrastructure for the offshore wind industry, creating local jobs, and enhancing technical skills within Malaysia. Cyan operates a fleet of 32 offshore support vessels that cater to both traditional and renewable energy clients, with a focus on offshore wind projects. The company has recorded over 1,000 operational wind days, serving prominent clients in the renewable sector and reinforcing its position as Asia’s leading offshore vessel operator”.
With KWAP’s backing, Cyan aims to invest up to RM1 billion (230 Million USD) in the Malaysian offshore support vessel industry, including establishing a Southeast Asia headquarters in Malaysia and expanding fleet management teams in Kuala Lumpur and Miri. This initiative is also part of KWAP’s GEAR-uP programme, led by the Ministry of Finance, to accelerate economic growth across key sectors, including renewable energy/
