Cyan Renewables Acquires MMA Offshore to Strengthen Position in APAC

Singapore-based Cyan Renewables acquires MMA Offshore for AUD 1.1 billion, consolidating its position as the leading offshore wind services provider in Asia-Pacific (APAC).

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Cyan acquiert MMA Offshore

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Cyan Renewables, a Singapore-based offshore wind services company, announces the acquisition of Australia’s MMA Offshore for AUD 1.1 billion (USD 702 million).
This transaction, the largest privatization in the offshore wind services sector in Asia-Pacific (APAC), reinforces Cyan’s position as a regional leader in this field, which is crucial to achieving carbon neutrality.
MMA shareholders will receive AUD 2.70 (USD 1.78) per share, representing a 36% premium to the 90-day weighted average price.
The enterprise value/EBITDA ratio stands at 6.2x, indicating the financial attractiveness of this transaction.

Implications for the market and stakeholders

James Chern, Managing Partner and CIO of Seraya Partners, Cyan’s lead investor, says: “This transformative deal reflects our ability to create leading platforms from Asia to Europe.” The acquisition is backed by a group of co-investors, including Alberta Investment Management Corporation (AIMCo), which recently opened an office in Singapore.
AIMCo participated in the MMA acquisition via its investment in Cyan.
Ben Hawkins, Executive Managing Director of AIMCo, expresses his satisfaction with this expansion: “AIMCo is delighted to expand our partnership with Seraya to collaborate on this opportunity to build next-generation infrastructure in Asia.”

Strengthening Cyan’s Position in APAC

For Lee Keng Lin, CEO of Cyan Renewables, this acquisition marks an important milestone: “The acquisition of MMA is a significant step forward for our future as a leader in renewable energy.” MMA, with its fleet of 20 offshore vessels and extensive operations in Asia Pacific, brings valuable marine expertise, strengthening Cyan’s regional presence.
Cyan plans to retain MMA’s employees, leveraging their expertise to further penetrate the offshore wind support services market globally and in Asia.
The company will also pursue growth opportunities through mergers and acquisitions as well as organic expansion.

Offshore Wind Market Outlook

This transaction comes against a backdrop of growing demand for the adoption of renewable energies.
According to the International Energy Agency (IEA), global clean energy capacity needs to triple by 2030 to meet carbon neutrality targets by 2050.
The wind farm market is expected to grow at a rate of 21.4% p.a. from 2024 to 2034.
In addition, global demand for offshore wind vessels is expected to outstrip supply, particularly as the average size of turbines increases, with some reaching up to 15 MW.
David Ross, Managing Director of MMA, says: “We are excited to be joining the Cyan Group to accelerate progress towards carbon neutrality goals in the marine industry.” The growing demand for renewable energy and offshore wind support services positions Cyan Renewables as a key player in the blue-to-green energy transition in the APAC region and beyond.

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