Cyan Renewables and Hyundai Asset Management Sign Memorandum of Understanding to Bolster Offshore Wind Supply Chain in South Korea

PRESS RELEASES

5/13/2024

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

13 May 2024, South Korea - Cyan Renewables, an international maritime operator specialising in offshore wind support vessels, has entered into a Memorandum of Understanding (MOU) with Hyundai Asset Management to facilitate the strategic investment in South Korea’s offshore wind supply chain.

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

Under the MOU, Cyan Renewables and Hyundai Asset Management seek to build vessel capacity and strengthen the supply chain for South Korea’s rapidly growing offshore wind sector. In doing so, it will create local jobs and drive technological innovation in the offshore wind industry, thereby enhancing the competitiveness of South Korean companies and workforce in the global offshore wind market.

This collaborative effort leverages Cyan Renewables' deep expertise in vessel operations and offshore wind logistics, while harnessing Hyundai Asset Management's extensive local network and investor relations to optimise vessel deployment strategies and develop the vessel capacity needed to meet the growing demands of offshore wind projects in South Korea.

Jeong Wook, Vice-Chairman & CEO, Hyundai Asset Management, emphasised the significant development of offshore wind in South Korea's energy landscape, stating, "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 specialised offshore wind support vessel expertise, but also deep local content and cultural appreciation needed to thrive in this market. 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."

Lee Keng Lin, CEO, Cyan Renewables, expressed enthusiasm about the collaboration, stating, "We are delighted to join forces with Hyundai Asset Management to accelerate the expansion of South Korea's offshore wind sector. 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."

James Chern, Chairman, Cyan Renewables, and Chief Investment Officer, Seraya Partners, said, "We are pleased to see Cyan Renewables forging this strategic collaboration with Hyundai Asset Management to strengthen the offshore wind supply chain in South Korea. 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. This collaboration reflects our inclination towards sustainable investments that contribute to the growth of clean energy infrastructure and support the transition towards a zero-carbon economy."

This partnership between Cyan Renewables and Hyundai Asset Management underscores a shared commitment to advancing clean energy initiatives in South Korea, supporting the country's ambitious offshore wind targets and driving sustainable development in the country’s booming offshore wind sector.

Enquiries: corporatecomms@cyanrenewables.com

(Source: Cyan Renewables | LinkedIn Post | All News)