At the time of the AU$1.1 billion (then US$700 million) acquisition in July 2024, Cyan said the transaction marked the region’s largest take-private deal in the offshore wind energy services industry and strengthening the company’s position in the Asia-Pacific region.
The acquisition, which also covered MMA’s 20-vessel fleet, was supported by a group of co-investors, including the Alberta Investment Management Corporation (AIMCo). AIMCo, which opened its office in Singapore in September 2023, participated in the MMA acquisition through its investment in Cyan.
MMA Offshore’s existing workforce has been retained as part of the transaction. Wesley Griffiths, formerly Commercial Manager at MMA Offshore, is now Head of Offshore Wind Australia for Cyan Renewables.