Seraya Partners, a Singapore-based infrastructure-focused private equity firm, has initiated a dual-track process for its offshore wind services company, Cyan Renewables. This process could lead to either a sale or an initial public offering (IPO). According to sources familiar with the matter, Cyan Renewables, a maritime services company specializing in renewable energy, could be valued at up to $2 billion.
The firm is evaluating strategic options for Cyan after receiving multiple acquisition offers. James Chern, Managing Director and Chief Investment Officer at Seraya, noted that unsolicited buyer interest has emerged due to strong vessel demand and limited global supply, which have driven up valuations across the sector. Chern emphasized that Seraya is under no pressure to sell but would act in the best interests of its investors if attractive terms are presented. An advisor has been appointed for the process, though the firm's name was not disclosed due to confidentiality.
Established four years ago, Cyan is described as the world's largest operator of vessels supporting the marine energy transition. It owns a fleet of 35 ships and its core business involves the maintenance and repair of offshore wind turbines, with operations spanning Southeast Asia, Taiwan, as well as Perth, Australia, and Aberdeen, Scotland. The company generates annual EBITDA exceeding $100 million. Chern added that Cyan's strong fundamentals are supported by a structural vessel shortage and a growing demand cycle. While Seraya is comfortable holding the asset long-term, an exit remains possible if the right opportunity arises.
In 2024, Cyan expanded its footprint by acquiring Australian peer MMA Offshore for A$1.1 billion, marking the largest privatization deal in the Asia-Pacific region for this sector. The offshore wind industry is poised for significant growth; data from the International Energy Agency indicates that global offshore wind capacity is projected to increase by 140 gigawatts between 2025 and 2030, more than double the growth of the previous five-year period, with China expected to account for nearly half of this expansion.
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