KUALA LUMPUR: KJTS Group Bhd
‘s wholly-owned subsidiary, KJ Technical Services Sdn Bhd (KJTS SB), has formed a joint venture (JV) with Stonepeak Kelvin Holdings Limited, a leading alternative investment firm focused on infrastructure and real assets.
In a statement, KJTS said the partnership is on the basis of 90% equity interest held by Stonepeak, with the remaining 10% equity interest held by KJTS SB.
The JV entity will target investments of up to RM1.5bil in cooling infrastructure assets to support Malaysia’s growing energy demands and accelerate the transition toward more sustainable cooling solutions.
The JV, through a newly formed company (JV Co), will develop and invest in district cooling assets in Malaysia. As urbanisation accelerates and energy costs rise, the demand for efficient cooling solutions is expected to increase. To meet this need, the JV will leverage advanced technology to enhance efficiency, reduce energy consumption, and support Malaysia’s net-zero goals.
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.
“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,” independent non-executive chairman Azura Azman said.