Fast-expanding offshore wind vessels pureplay Cyan Renewables has secured backing from Australia’s TCorp.
The funding arm of Australia’s most populous state, New South Wales, said it had acquired an interest in Cyan with an initial investment of over $100m, with plans for further cash injections to support the Singapore-based company’s growth.
The investment follows Malaysian state retirement fund Kumpulan Wang Persaraan’s (KWAP) acquisition of a minority stake in Cyan for RM219m ($52.7m) in October.
Launched in September 2022, fast-expanding Cyan, part of Seraya Partners, has made several investments in the offshore vessel segment, including newbuilds and Australian OSV player MMA Offshore. Partnerships have also been formed with the likes of offshore robotic ship operator Ocean Infinity and Danish logistics group Blue Water Shipping to provide services for offshore wind projects in the Asia Pacific region.
