Xurya, a Renewable Energy Start-up, Secures Major Funding from Domestic and Foreign Investors

Xurya, a pioneering renewable energy start-up known for its rooftop solar rental services without initial costs, has announced an additional investment of US$ 55 million. This funding round was led by the Norwegian Climate Investment Fund managed by Norfund, with participation from Swedfund, Clime Capital (manager of SEACEF II), British International Investment (BII), and AC Ventures. With this new injection of funds, Xurya has now secured more than US$ 88 million (IDR 1.5 trillion) in total investments.

Xurya has achieved a significant milestone as 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). This 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, both returning investors, continue to support Xurya’s growth.

As the first Indonesian company to offer rooftop solar rentals without initial costs, Xurya has driven the rapid adoption of rooftop solar, particularly in the commercial and industrial sectors. The company has continued to innovate, becoming the first in Indonesia to use the Internet of Things (IoT) for remote solar operations and incorporating machine learning into solar management.

Eka Himawan, Managing Director at Xurya, stated that the new funding will enhance the company’s global competitiveness. “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 coming years,” said Eka.

Indonesia, as the largest archipelagic nation, faces significant risks from climate change. The Indonesian government has developed a roadmap to achieve net zero emissions (NZE) by 2060, which includes increasing the share of renewable energy sources like solar power in the national energy mix.

Anders Blom, Senior Vice President of Renewable Energy at Norfund, commented, “Norfund is thrilled to lead this investment round in Xurya, mobilizing private and public capital into a company making vital contributions to the energy transition in Indonesia. This investment aligns perfectly with the Climate Investment Fund’s mandate to avoid greenhouse gas emissions by investing in renewable energy in emerging markets.”

Gunilla Nilsson, Investment Director for Energy & Climate at Swedfund, added, “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 in a high-emitting country and a focus on measurable impact metrics, we look forward to contributing to sustainable impacts for people and the environment.”

Mason Wallick, CEO of Clime Capital, noted, “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, expressed, “We are delighted to support Xurya, which is driving innovation in the commercial and industrial solar energy market in Indonesia. 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.”

Helen Wong, Managing Partner at AC Ventures, remarked, “The urgency to address climate change is clear, especially in Southeast Asia. Similarly, 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.”

“We are very grateful for the trust our investors have placed in us,” added Eka. “The Indonesian Government’s target to achieve NZE by 2060 is ambitious, but with gotong-royong (spirit of collaboration), we are confident we will achieve it. Xurya is ready to work with all stakeholders towards this goal.”