KUALA LUMPUR: Xurya, a leading renewable energy company in Indonesia specializing in rooftop solar rentals with no upfront costs, has announced a significant investment of US$55 million. This funding round was spearheaded 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 latest infusion, Xurya has secured over US$90 million in total investments to date.
This investment marks the first direct funding from the Norwegian Climate Investment Fund and Swedfund, Sweden’s Development Finance Institution (DFI), into an Indonesian renewable energy company. Additionally, it represents BII’s inaugural equity investment in Indonesia under its 2022-2026 investment strategy. Clime Capital and AC Ventures are returning investors.
Since its inception in 2018, Xurya has led the way in Indonesia’s rooftop solar sector, pioneering the first no-cost rental model and advancing IoT and machine learning integration in solar operations. Xurya’s efforts have driven significant growth in rooftop solar adoption, particularly in the commercial and industrial sectors.
Eka Himawan, Xurya’s Managing Director, highlighted that the new funding will enhance the company’s global competitiveness. “With support from these esteemed investors, we are not only committed to continuing our innovations for a sustainable energy transition but also to evolving into a world-class company in the coming years,” said Eka.
Indonesia, as the world’s largest archipelago, faces significant climate change risks. The Indonesian government’s roadmap aims to achieve net-zero emissions by 2060, with a focus on increasing renewable energy sources like solar power.
Norfund’s Senior Vice President of Renewable Energy, Anders Blom, expressed enthusiasm about leading the investment, noting it aligns with the Climate Investment Fund’s mission to reduce greenhouse gas emissions in emerging markets. Swedfund’s Investment Director of Energy and Climate, Gunilla Nilsson, emphasized their pride in partnering with Xurya to tackle climate change in a high-emission country and contribute to measurable impact.
Clime Capital’s CEO, Mason Wallick, praised Xurya’s growth and the effectiveness of their early-stage risk capital model. BII’s Managing Director for Asia, Srini Nagarajan, highlighted their support for Xurya as a testament to their commitment to sustainable development and strengthening UK-Indonesia relations. AC Ventures’ Managing Partner, Helen Wong, commended Xurya’s leadership in Indonesia’s commercial and industrial solar market.
Eka Himawan expressed gratitude for the investors’ trust and reaffirmed Xurya’s commitment to achieving Indonesia’s ambitious net-zero goal through collaborative efforts. Xurya’s rooftop solar rental model addresses the barrier of high initial costs, facilitating the adoption of renewable energy for businesses.
In 2022, Xurya raised US$33 million from East Ventures, Mitsui & Co., Saratoga, PT Surya Semesta Internusa Tbk, Schneider Electric, and New Energy Nexus, with early investments from GoTo Ventures. To date, Xurya has executed over 170 solar projects across Indonesia, avoiding 152,000 tons of CO2 emissions annually and generating over 1,600 green jobs. With the new capital, the company aims to further reduce CO2 emissions by 370,000 tons per year. Xurya is also an active member of the Indonesian Solar Energy Association and has earned B Corp Certification in 2024 for its adherence to ESG principles.
