Xurya, a renewable energy company offering rooftop solar rental without initial costs in Indonesia, announced an additional US$55 million investment. This funding round was led by the Norwegian Climate Investment Fund managed by Norfund, with participation from Swedfund, Clime Capital as the manager of SEACEF II, British International Investment (BII), and AC Ventures.
With this new funding, Xurya has now received over US$90 million in investment to date.
Xurya is the first renewable energy company in Indonesia to receive direct funding from the Norwegian Climate Investment Fund and Swedfund, Sweden’s Development Finance Institution (DFI).
The deal also marks the first equity investment in Indonesia by BII, the United Kingdom’s DFI and impact investor, under its current 2022-2026 investment strategy. Clime Capital and AC Ventures are returning investors in Xurya.
Founded in 2018, Xurya was the first company in Indonesia to offer rooftop solar rental without initial costs, significantly boosting rooftop solar adoption in the commercial and industrial sectors. Xurya has continued to innovate, becoming the first to utilize IoT for remote solar operations in Indonesia and incorporating machine learning in solar operations.
Eka Himawan, Managing Director at Xurya, stated that the new funding would help the company become globally competitive. “With support from these world-class investors, we will continue to produce innovations that support a sustainable national energy transition and aim to transform into a world-class company in the next few years,” Eka said.
Indonesia, as the world’s largest archipelago, is highly vulnerable to the impacts of climate change. The Indonesian government has outlined a roadmap to achieve net-zero emissions by 2060, which includes increasing the proportion of renewables, such as solar power, in the national energy mix.
Anders Blom, Senior Vice President of Renewable Energy at Norfund, expressed enthusiasm for leading the investment round. “Norfund is thrilled to mobilize private and public capital into a company that is making vital contributions to the energy transition in Indonesia.
“The investment aligns perfectly with the mandate of the Climate Investment Fund to reduce greenhouse gas emissions by investing in renewable energy in emerging markets,” Blom said.
Gunilla Nilsson, Investment Director of Energy and Climate at Swedfund, commented, “We are proud to partner with Xurya on our first direct investment in Indonesia’s renewable energy sector.
“With a shared mission to combat climate change and a focus on measurable impact metrics, we look forward to contributing to sustainable impact for people and the environment alike.”
Mason Wallick, CEO at Clime Capital, added, “We are proud to continue supporting Xurya following our initial investment in 2020. This follow-on investment demonstrates the effectiveness of Clime Capital’s early-stage risk capital model in scaling promising clean energy companies to accelerate their growth.”
Srini Nagarajan, Managing Director and Head of Asia at BII, highlighted the significance of supporting Xurya. “As the UK’s DFI, this investment reflects our commitment to sustainable development and strengthening our partnership with Indonesia to achieve a greener and more resilient future, especially as we celebrate the 75th anniversary of diplomatic relations between the UK and Indonesia this year,” Nagarajan said.
Helen Wong, Managing Partner at AC Ventures, emphasized the urgency of addressing climate change in Southeast Asia. “The investment opportunity has never been greater. We are proud to continue supporting Xurya as the largest player in Indonesia’s commercial and industrial solar energy market,” Wong said.
“We are very grateful for the trust that has been given by the investors to us,” Eka added. “The Indonesian Government’s target to achieve net-zero emissions by 2060 is ambitious, but with gotong-royong (spirit of collaboration), we are confident in achieving it. Xurya is ready to work with all stakeholders towards this goal.”
Xurya was established to overcome the challenges faced by businesses in adopting renewable energy, particularly the high initial installation costs. The company provides a rooftop solar rental model requiring no initial costs, enabling businesses to switch to renewable energy easily.
In 2022, Xurya received US$33 million in funding from East Ventures, Mitsui & Co., Saratoga, PT Surya Semesta Internusa Tbk, Schneider Electric, and New Energy Nexus. GoTo Ventures is also among Xurya’s early investors.
To date, Xurya has created more than 170 solar projects across Indonesia, contributing to avoiding 152,000 tons of CO2 emissions per year and generating more than 1,600 green jobs.
With the fresh capital, the company aims to avoid an additional 370,000 tons of CO2 emissions per year. Xurya is an active member of the Indonesian Solar Energy Association and has participated as a technical trainer and expert in multiple “training of trainers” programs in the field of solar energy. In 2024, Xurya received B Corp Certification in recognition of its implementation of ESG principles in business operations.
