Cyan Renewables & Hyundai Asset Management Enter into MOU

An offshore wind farm
Environment Corporate News Offshore
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Singapore's Cyan Renewables, specializing in offshore wind vessels, has signed a memorandum of understanding (MOU) with Hyundai Asset Management to promote strategic investment in the offshore wind supply chain in South Korea.

South Korea has ambitious plans to expand its renewable energy sources, aiming to boost its offshore wind capacity to 14.3GW by 2030 as part of its strategy to achieve carbon neutrality.

According to the MOU, Cyan Renewables and Hyundai Asset Management will focus on increasing vessel capacity and enhancing the supply chain within South Korea’s offshore wind industry. This initiative is expected to generate local employment opportunities and foster technological advancement, thereby improving the global competitiveness of South Korean firms and their workforce in the offshore wind market.

The partnership will combine Cyan Renewables' extensive experience in vessel operations and offshore wind logistics with Hyundai Asset Management’s strong local connections and expertise in investor relations. This collaboration aims to refine vessel deployment strategies and expand vessel capabilities to meet the needs of South Korea’s offshore wind projects.

Jeong Wook, CEO of Hyundai Asset Management, emphasized the importance of such collaborations for the growth of the sector: “The offshore wind industry in South Korea is expanding exponentially, and partnerships like ours with Cyan Renewables are critical to its success. 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.”

James Chern, chairman of Cyan Renewables and chief investment officer of Seraya Partners, also highlighted the strategic benefits of the partnership: “Partnering with Hyundai’s expertise and local network will significantly enhance Cyan Renewables’ ability to deliver comprehensive vessel solutions tailored to the unique demands of the South Korean market.”