Singapore’s Cyan Renewables Makes First European SOV Acquisition

Groenewind (Cemre Shipyard file image)

Published Jul 23, 2023 10:30 PM by The Maritime Executive

In the continued push to expand its European operations, the Singapore-based offshore wind farm vessel-operator Cyan Renewables has acquired a 100 percent interest in Groenewind, a service operations vessel (SOV) from Belgium’s DEME Group. The transaction marks Cyan’s first acquisition in Europe.

The unique SWATH-hull SOV is two years old and is currently operating under a 17-year long-term contract to service offshore wind farms in Belgium.

According to DEME Group, Groenewind is directly chartered to Siemens Gamesa for the maintenance of the Rentel and SeaMade offshore windfarms in Belgium.

Launched in 2020, the 60-meter SOV became the first twin-hulled DP2 advanced dynamic positioning SOV in the world. It enables safe crew transfer and holds vessel position in rough seas. It is also fitted with a motion compensated gangway and daughter craft, and can accommodate 24 technicians and crew.

Groenewind acquisition is part of Cyan’s plan to operate a $1 billion fleet over the next three years in Asia and Europe, according to Kenglin Lee, Group CEO of Cyan Renewables.

Cyan is fully owned by Singapore’s private equity firm Seraya Partners, and it was created in 2022 to address the large growing demand for offshore wind vessel services in Asia.

A recent analysis by Global Energy Monitor (GEM) shows East Asia is set to remain the top wind power production region, thanks to a project development pipeline which will expand current wind power capacity by 65 percent by the end of 2030.

For instance, Taiwan is set to grow its current wind capacity by 823 percent to 16 GW, while Japan’s capacity will grow by 440 percent to roughly 15 GW in total by 2030.

In anticipation of this growth, Cyan Renewables in March inked a deal with Taiwanese owner and operator Seagreen Marine, which would see the two companies partner in operating Taiwan-flagged vessels in the offshore wind industry.

Recently, Cyan has also signed a Memorandum of Understanding (MoU) with Taiwan’s Taiya Renewable Energy Company to build vessel capacity and work together on deployment in Taiwan and other markets.