KJTS and Stonepeak Form Joint Venture to Pursue District Cooling Projects
KUALA LUMPUR & NEW YORK--(BUSINESS WIRE)--Mar 14, 2025--
KJTS Group Berhad ('KJTS' or the 'Group') (KLSE: KJTS), a leading provider of energy-efficient cooling solutions and integrated energy management services based in Malaysia, and Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the creation of a joint venture dedicated to developing and investing in district cooling facilities.
This press release features multimedia. View the full release here:
The joint venture will initially seek to invest in a diversified portfolio of district cooling and electricity distribution assets in Malaysia. Southeast Asia, one of the hottest regions globally, is a fast-growing market for district cooling. Particularly in Malaysia, industrial urbanization, expanding energy efficiency initiatives, and the rapid buildout of data centers have markedly increased the need for district cooling systems, which are able to reduce total energy consumption by 40-50% relative to traditional cooling methods. The joint venture, expected to be capitalized at MYR 1.5 billion (USD ~340 million), through aggregate commitments from Stonepeak and KJTS and debt funding, will target an actionable addressable market of over MYR 2 billion (USD ~450 million) in project deployment opportunities per year.
'We are thrilled to partner with Stonepeak to pursue additional district cooling and electricity distribution projects in Malaysia,' said Azura Binti Azman, Independent Non-Executive Chairman at KJTS. 'This marks a significant partnership that underscores our commitment to sustainability and energy efficiency, and a transformative milestone, enabling the Group to accelerate its growth trajectory while advancing our mission to support the national agenda in reducing carbon emissions. Stonepeak represents an ideal partner, bringing important capital, industry relationships, and operational experience in building platforms from the ground up. We look forward to working together to bring dependable, long-term solutions to our customers.'
'District cooling has become an essential piece of the energy transition in Malaysia and Southeast Asia more broadly, given the region's rising energy demands, and we are seeing the solution being adopted into national climate action plans for many Southeast Asian countries,' said Hajir Naghdy, Senior Managing Director and Head of Asia and the Middle East at Stonepeak. 'By partnering with KJTS, a respected operator in Malaysia with a keen understanding of the technicalities and best practices of district cooling, we are positioned well to address the need for this critical infrastructure head-on. We are excited to expand Stonepeak's portfolio of energy transition platforms within our Asia Infrastructure strategy as the tailwinds in the region remain as strong as ever.'
The transaction is expected to close in the first quarter of 2025. Skrine served as legal counsel to KJTS. Linklaters LLP and Rahmat Lim & Partners served as legal counsel to Stonepeak.
About KJTS
KJTS Group Berhad (KLSE: KJTS) is a leading provider of district cooling solutions and standalone building cooling systems, specializing in the design, construction, operation, and optimization of energy-efficient cooling infrastructure. With extensive expertise in developing large-scale district cooling plants and customized cooling solutions for commercial, industrial, and mission-critical facilities, KJTS delivers integrated energy management services that enhance operational efficiency and sustainability. The company's in-house capabilities in Engineering, Procurement, Construction, and Commissioning (EPCC) ensure seamless project execution, while its Operations & Maintenance (O&M) services guarantee long-term reliability and cost savings for clients. Headquartered in Malaysia, KJTS is committed to advancing energy transition goals by deploying innovative cooling technologies that drive carbon reduction, support urban development, and optimize industrial performance. For more information, please visit www.kjts.com.my.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $72 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.
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SOURCE: Stonepeak
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PUB: 03/14/2025 06:00 AM/DISC: 03/14/2025 06:00 AM
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Human Growth Hormone (HGH) Market, By Product: Long Acting Others Human Growth Hormone (HGH) Market, By Application: Growth Hormone (GH) Deficiency Turner Syndrome Idiopathic Short Stature Prader-Willi Syndrome Small for Gestational Age Other Human Growth Hormone (HGH) Market, By Distribution Channel: Hospital Pharmacy Retail Pharmacy Online Pharmacy Specialty Pharmacy Human Growth Hormone (HGH) Market, By Region: North America United States Canada Mexico Europe France United Kingdom Italy Germany Spain Asia-Pacific China India Japan Australia South Korea South America Brazil Argentina Colombia Middle East & Africa South Africa Saudi Arabia UAE For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. 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