District cooling joint venture with KJTS
Stonepeak →Stonepeak and KJTS announced their Malaysian district cooling joint venture on 14 March 2025. The proposed capitalization was up to MYR1.5 billion through aggregate sponsor commitments and debt, rather than an exclusively Stonepeak equity investment. Its first investment mandate covered district cooling and electricity distribution assets in Malaysia. The partners identified expanding cities, data-center construction and efficiency requirements as demand drivers. KJTS supplies operating and engineering expertise while Stonepeak brings capital and infrastructure experience. Linklaters and Rahmat Lim advised Stonepeak; Skrine advised KJTS. A March 2026 release confirms the platform as Lestari Cooling Energy and adds KWAP, with up to approximately MYR190 million expected pension capital.