KWAP Invests RM219 Mln In Cyan Renewables To Boost Malaysia's Offshore Sector

KUALA LUMPUR, Oct 25 (Bernama) -- The Retirement Fund Inc (KWAP) has invested RM219 million for a minority stake in Cyan Renewables (Cyan), Asia's largest owner and operator of offshore support vessels.

As a co-investor in the Seraya Partners-led deal, KWAP said its investment aligns with the MADANI Economy framework, advancing sustainability, prosperity, and innovation.

KWAP chief investment officer Hazman Hilmi Sallahuddin said the investment in Cyan exemplifies KWAP's commitment to achieving RM20 billion in transition asset investments by 2030, furthering MADANI Economy and sustainability objectives.

“Cyan also supports the transition of legacy to clean energy by providing essential, high-value services that ‘Raises the Ceiling’ and develop skilled professionals locally, which ‘Raises the Floor’.

“This initiative is also part of KWAP’s commitment under the GEAR-uP programme, led by the Ministry of Finance in synergising efforts across GLICs to catalyse growth in key economic sectors including infrastructure, transport, and renewable energy, amongst others,” he said in a statement.

KWAP recognises Cyan as Asia's leading vessel operator, distinguished by its fleet size and expertise, with over 1,000 operational wind days in offshore wind projects.

The company operates 32 offshore support vessels, serving blue-chip clients across traditional energy and offshore wind sectors, with a growing focus on the latter.

Cyan, already generating substantial revenue from Malaysia, intends to invest up to RM1 billion with KWAP to develop the offshore support vessel industry further.

Plans include establishing a Southeast Asia headquarters in Malaysia, building fleet management teams in Kuala Lumpur and Miri, hiring local seafaring professionals, sponsoring cadet training, and utilising local shipyards for vessel repairs and new builds to support the growth of Malaysia’s vessel industry.

-- BERNAMA