Cyan, Hyundai Asset Team Up to Strengthen Supply Chain of South Korea’s Offshore Wind Sector

May 13, 2024, by Adnan Memija

Cyan Renewables has signed a Memorandum of Understanding (MoU) with Seoul-headquartered Hyundai Asset Management to facilitate the strategic investment in South Korea’s offshore wind supply chain.

Cyan Renewables Hyundai Asset Management — *Source: Cyan Renewables via LinkedIn*

Under the MoU, Cyan Renewables and Hyundai Asset Management seek to build vessel capacity and strengthen the supply chain for South Korea’s growing offshore wind sector. In doing so, it will create local jobs and drive technological innovation in the offshore wind industry, according to Cyan Renewables.

“Cyan Renewables is the only international operator equipped with not just specialised offshore wind support vessel expertise, but also deep local content and cultural appreciation needed to thrive in this market,” said Jeong Wook, Vice Chairman and CEO of Hyundai Asset Management.

“We are confident in Cyan Renewables’ management capabilities and believe that together, we can make significant contributions to South Korea’s net-zero ambition and the global energy transition.”

South Korea has set ambitious targets for renewable energy expansion, including an increase in offshore wind capacity to 14.3 GW by 2030, to achieve carbon neutrality.

“Partnering with Hyundai provides Cyan Renewables with invaluable access to their extensive local network and strong investor relations. Along with our comprehensive vessel operations capabilities and a deep understanding of the Korean market’s unique culture and requirements, this collaboration aligns with our mission to drive the global transition from blue to green energy solutions,” said Lee Keng Lin, CEO of Cyan Renewables.

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Cyan Renewables is a Singapore-headquartered offshore wind vessel owner established in 2022 by investment management company Seraya Partners.

At the beginning of this year, the company became the majority owner of Sentinel Marine, a UK firm that owns a fleet of emergency response and rescue vessels.

In February, Cyan Renewables signed a contract with Siemens Gamesa for a Service Operation Vessel (SOV) that will be deployed at the Hai Long offshore wind farms in Taiwan.