KWAP invests MYR 190 million in Lestari Cooling Energy joint venture platform

Type: Investment · Technology: Other · Country: Malaysia · Value: $48M · Announced: 2026-03-26

Kumpulan Wang Persaraan (Diperbadankan) (KWAP), Malaysia's public sector pension fund, committed approximately MYR 190 million ($48 million) to the Lestari Cooling Energy joint venture platform. This investment strengthens the platform's strategy to invest in and develop diversified district cooling and electricity distribution assets, predominantly in Malaysia. The joint venture, backed by KJTS Group Berhad and Stonepeak, is expected to be capitalized at up to MYR 1.5 billion ($375 million) through aggregate commitments and debt funding. Lestari Cooling Energy aims to deploy high-efficiency cooling infrastructure, supporting national carbon reduction ambitions and urban development, with an actionable addressable market of over MYR 2 billion ($500 million) in project deployment opportunities annually. At full deployment, the company anticipates generating savings of more than 70,000 metric tons of carbon dioxide emissions per year.

Analysis

Kumpulan Wang Persaraan (Diperbadankan) (KWAP) committed MYR 190 million to the Lestari Cooling Energy joint venture platform, which is expected to be capitalized at up to MYR 1.5 billion through aggregate commitments and debt funding. Stonepeak, an international alternative investment firm specializing in infrastructure and real assets, is a partner in this joint venture. Lestari Cooling Energy aims to deploy high-efficiency cooling infrastructure predominantly in Malaysia, with an actionable addressable market of over MYR 2 billion in project deployment opportunities annually. At full deployment, the company anticipates generating savings of more than 70,000 metric tons of carbon dioxide emissions per year.

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