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

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.

Counterparts (4)

Partner

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KJTS Group Berhad

company

Stonepeak

company

Stonepeak is a leading international alternative investment firm specializing in infrastructure and real assets. It invests capital on behalf of large institutions globally, focusing on assets with strong macro tailwinds and exceptional long-term growth prospects. The firm leverages deep operational expertise to build sustainable businesses and create value for stakeholders.

Investor

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Kumpulan Wang Persaraan (Diperbadankan) (KWAP)

company

parent_company

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Lestari Cooling Energy

company