KUALA LUMPUR (Oct 25): The Retirement Fund Inc (KWAP) has completed its investment of RM219 million for a minority stake in Asia’s pioneer in global offshore wind vessel operations, Cyan Renewables, aligning with the fund’s commitment to achieve RM20 billion in transition assets by 2030.

In a statement, KWAP chief investment officer Hazman Hilmi Sallahuddin said Cyan supports the transition from legacy systems to clean energy by providing essential, high-value services that "raise the ceiling" and by developing skilled professionals locally, which "raises the floor".

“This initiative is also part of KWAP’s commitment under the GEAR-uP programme, led by the Ministry of Finance in synergising efforts across GLICs (government-linked investment companies) to catalyse growth in key economic sectors including infrastructure, transport, and renewable energy, amongst others,” he said.

KWAP is a co-investor in this deal, which is spearheaded by Seraya Partners, a mid-market infrastructure investor focused on Asia.

In August, KWAP announced its commitment to sustainable investment by pledging to raise its focus on transition assets to RM20 billion. This move aligns with the Madani Economy Framework and reflects the fund's goal of achieving a net-zero portfolio by 2050.

Looking ahead, KWAP said Cyan plans to invest up to RM1 billion together with the fund in various endeavours, such as establishing its Southeast Asia headquarters in Malaysia and the development of fleet management and chartering teams based in Kuala Lumpur and Miri.

Apart from that, Cyan plans to hire seafaring professionals locally to support its operations. Cyan will collaborate with Malaysian organisations to sponsor cadets over the next 10 years, providing training and employment opportunities post-graduation, according to KWAP.

Cyan will also explore expanding its operations by utilising local shipyards for vessel repairs and new builds, indirectly supporting the growth of Malaysia's vessel industry, KWAP added.