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Cyan Renewables, Hyundai to Set Up Offshore Wind Vessel Suply Chain in South Korea

May 13, 2024

(Credit: Cyan Renewables)
(Credit: Cyan Renewables)

Cyan Renewables, a portfolio company of Seraya Partners, has entered into a strategic collaboration with Hyundai Asset Management to establish a robust vessel supply with strong local content for South Korea's offshore wind market.

Cyan Renewables, an international maritime operator specializing in offshore wind support vessels, has signed a memorandum of understanding (MoU) with Hyundai Asset Management to facilitate the strategic investment in South Korea’s offshore wind supply chain.

Under the MoU, Cyan Renewables and Hyundai Asset Management will seek to build vessel capacity and strengthen the supply chain for South Korea’s rapidly growing offshore wind sector.

Cyan Renewables will leverage Hyundai Asset Management's extensive local network and investor relations to optimize vessel deployment strategies and develop the vessel capacity needed to meet the industry’s needs.

"The offshore wind industry in South Korea is expanding exponentially, and partnerships like ours with Cyan Renewables are critical to its success. Cyan Renewables is the only international operator equipped with not just specialized offshore wind support vessel expertise, but also deep local content and cultural appreciation needed to thrive in this market,” said Jeong Wook, CEO, Hyundai Asset Management.

"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,” added Lee Keng Lin, CEO, Cyan Renewables.

South Korea has set ambitious targets for renewable energy expansion, including a significant increase in offshore wind capacity to 14.3 GW by 2030, as part of the country’s energy transition plan.

A robust supply chain is critical for the successful development, construction, and operation of offshore wind farms, ensuring efficient logistics, timely delivery of components, and effective maintenance of offshore assets.

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