KUALA LUMPUR, MALAYSIA / ACCESS Newswire / March 14, 2025 / KJTS Group Berhad (" KJTS " or the " Company "), a leading provider of energy-efficient cooling solutions, has announced the formation of a joint venture between its wholly-owned subsidiary, KJ Technical Services Sdn Bhd ("KJTS SB") and Stonepeak , a leading alternative investment firm specialising in infrastructure and real assets. This partnership is on the basis of 90% equity interest held by Stonepeak, with the remaining 10% equity interest held by KJTS SB. The joint venture entity will target investments of up to RM1.5 billion in cooling infrastructure assets to support Malaysia's growing energy demands and accelerate the transition toward more sustainable cooling solutions.
Caption (L-R): Mr. Sheldon Wee, Group Executive Director, KJTS Group Berhad; Ms. Elaine Law Soh Ying, Independent Non-Executive Director, KJTS Group Berhad; Ms. Azura Binti Azman, Independent Non-Executive Chairman, KJTS Group Berhad; Mr. Zach Ennis, Managing Director of Investment Team, Stonepeak Partners LP; Mr. Ng Kok, Independent Non-Executive Director, KJTS Group Berhad; Mr. Lee Kok, Group Managing Director, KJTS Group Berhad
The joint venture will be structured through a newly established entity ("JV Company), which will focus on developing and investing in and/or owning district cooling assets in Malaysia. With increasing urbanisation and potential rising energy costs, the demand for efficient cooling solutions is expected to grow significantly. By leveraging innovative technology, predictive maintenance, and data-driven optimisation, the JV Company aims to enhance efficiency, reduce energy consumption, and support Malaysia's net-zero ambitions.
We believe this investment aligns with Malaysia's Energy Efficiency and Conservation Act (EECA) 2024, the National Energy Efficiency Action Plan (NEEAP) 2016-2025, and the Green Technology Master Plan (GTMP) 2021-2030. It also complements the ASEAN Cool Initiative, positioning Malaysia as a leader in regional cooling infrastructure advancements. We believe the JV Company provides a strong platform for expanding cooling solutions that reduce reliance on traditional energy-intensive cooling methods.
Under the terms of the agreement, KJTS SB will lead asset identification and acquisition while ensuring alignment with the energy transition strategy. In providing engineering, procurement, construction and maintenance (EPCC) services, KJTS SB will apply its engineering expertise to deliver high-efficiency cooling solutions. Additionally, as provider of operation and maintenance (O&M) services, KJTS SB will implement performance-based guarantees to maximise efficiency, reliability, and cost savings for end users.
Stonepeak will contribute financial capital and strategic oversight, guiding the JV Company's investment strategy and portfolio expansion. With extensive experience in global infrastructure investments, Stonepeak brings valuable industry relationships and expertise in scaling high-impact energy transition projects. The JV Company is structured to balance financial leadership with operational expertise, ensuring a sustainable and scalable model for long-term success.
Both parties have agreed on clear governance protocols, including structured decision-making, financial reporting, and compliance with international regulatory standards. KJTS SB will also deploy advanced real-time system monitoring, predictive maintenance, and data-driven optimisation techniques to enhance the operational efficiency of cooling assets.
"Our partnership with Stonepeak is an important step in expanding our cooling infrastructure footprint. As demand for sustainable cooling grows, this joint venture strengthens our ability to deliver efficient, scalable solutions that support Malaysia's energy transition and economic growth," said Azura Binti Azman, Independent Non-Executive Chairman.
With an investment target of up to RM1.5 billion, this initiative underscores the long-term potential of Malaysia's cooling sector. By modernising infrastructure and scaling up high-efficiency cooling assets, the JV Company aims to set a new standard for energy-efficient cooling solutions in the region. Further details on upcoming projects and partnerships will be announced in due course.
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About KJTS Group Berhad
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, visit https://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, visit https://www.stonepeak.com .
Issued By: Swan Consultancy Sdn. Bhd. on behalf of KJTS Group Berhad
For more information, please contact:
Jazzmin Wan
Email: j.wan@swanconsultancy.biz
William Yeo
Email: w.yeo@swanconsultancy.biz
SOURCE: KJTS Group Berhad
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