Malaysia’s largest public sector pension fund, Kumpulan Wang Persaraan Diperbadankan (KWAP) is investing in a local district cooling platform owned by KJ Technical Services (KJTS) and real assets manager Stonepeak.
KWAP has committed to invest up to MYR190m (€41.5m) to Lestari Cooling Energy to help fund the development of district cooling and electricity distribution infrastructure.
KWAP’s investment is being made via Malaysia’s first climate-focused initiative, Dana Iklim+.
Last year, Stonepeak partnered with Malaysian cooling solutions provider KJTS to develop district cooling projects.
At the time, the companies said they expect to capitalise their MYR1.5bn venture through capital commitments from both firms, along with debt financing as they pursue more than MYR2bn worth of projects per year.
Azura Binti Azman, independent non-executive chairman of KJTS, said: “We are pleased to have KWAP as an investor in Lestari Cooling Energy as we continue to scale our district cooling business.
“The combination of Stonepeak’s global infrastructure expertise, KWAP’s strong domestic institutional presence and KJTS’s operational capabilities position the partnership well to deliver dependable, long-term cooling infrastructure aligned with Malaysia’s sustainability and energy transformation objectives.”
Hajir Naghdy, senior managing director and head of Asia and the Middle East at Stonepeak, said: “The continued growth of Lestari Cooling Energy reflects the importance of district cooling as critical infrastructure in Malaysia and the strong opportunity set for the Company.
“We are excited to continue expanding the Lestari Cooling Energy platform in partnership with KWAP and KJTS to support Malaysia’s growing energy needs.”
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