Cyan Renewables teams up with Toyo to tackle Japanese offshore wind market

The companies have signed a memorandum of understanding to establish what they describe as “a strategic partnership” to develop “a comprehensive supply chain for offshore wind support vessels in Japan.”

In a statement, Cyan Renewables said working together will enable the companies to leverage their respective strengths, assets and expertise in the market for offshore wind vessels.

Since entering the offshore wind market, Cyan Renewables, which was formed by Seraya Partners, an independent investment management firm, has quickly established itself as a pure-play offshore wind vessel owner, investing in new vessels and making a series of acquisitions. 

Toyo Construction has longstanding construction and engineering expertise in several markets. The company operates civil and other construction businesses domestically and internationally, and is well-known for its work in construction. It owns a number of vessels, and in late 2023, the company placed a contract with Vard for the design and construction of a customised, hybrid-powered cable-lay and construction vessel.

Cyan Renewables chief executive Keng Lin Lee said, “Cyan brings expertise, high-quality assets and a regional presence, which will be instrumental in executing our shared vision of supporting the clean-energy transition in Japan. 

“We are excited to be working together with Toyo to explore opportunities to develop our state-of-the-art vessel solutions and support our mutual goal to accelerate the development of renewable energy.”