KUALA LUMPUR: The Retirement Fund Inc (KWAP) has invested RM219 million for a minority stake in Cyan Renewables in a move to bolster Malaysia's offshore wind sector and support sustainable growth under the Ekonomi Madani framework.
KWAP chief investment officer Hazman Hilmi Sallahuddin said the acquisition shows its commitment to achieving RM20 billion investment in transition assets by 2030.
"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, amongst others." he added.
Cyan plays a vital role in the energy transition by providing services to the offshore wind industry.
The deal is co-lead by Seraya Partners, with both firms working together to advance Mlaysia's economic growth in key sectors including renewable energy, infrastructure and maritime services.
Seraya managing director and chief investment officer James Chern said Cyan is a key energy transition platform for Seraya and has grown to become the largest offshore wind and environmental protection vessel operator globally.
"Cyan is Asia's first dedicated offshore wind vessel operator supporting the fast-growing offshore wind farm industry and the marine sector's transition from "blue to green".
"Moreover, Cyan has plans to expand operations in Malaysia providing key services from development to maintenance for blue-chip customers as it has committed to investing RM1 billion in Malaysia, establishing its Southeast Asia headquarters and creating jobs in Miri and Kuala Lumpur."
Cyan plan to hire local professionals and sponsor cadet training programs, providing employment opportunities in Malaysia's maritime sector over the next decade.