INDONESIA, July 1, 2024 – Xurya, a leading renewable energy company in Indonesia specializing in rooftop solar rentals, announced that it has secured an additional $55 million in funding. This round was spearheaded by the Norwegian Climate Investment Fund managed by Norfund and included participation from Swedfund, Clime Capital through SEACEF II, British International Investment (BII), and AC Ventures. With this new capital injection, Xurya’s total funding has surpassed $90 million.
Xurya stands out as the first renewable energy firm in Indonesia to attract direct investments from both the Norwegian Climate Investment Fund and Swedfund, Sweden’s Development Finance Institution (DFI). Additionally, this round marks BII’s inaugural equity investment in Indonesia under its 2022-2026 strategy. Returning investors, Clime Capital and AC Ventures, reaffirmed their confidence in Xurya with continued support.
Eka Himawan, Managing Director at Xurya, expressed optimism about the company’s future. “This new funding will enable us to enhance our innovation capabilities and compete on a global scale,” said Eka. “We aim to transform into a world-class company, supporting a sustainable national energy transition.”
Since its inception in 2018, Xurya has pioneered several industry firsts in Indonesia, including the introduction of IoT for remote solar operations and the integration of machine learning in solar energy management. The company’s business model, which offers rooftop solar rentals without initial costs, has significantly accelerated the adoption of solar energy in Indonesia’s commercial and industrial sectors.
Indonesia, as the world’s largest archipelago, faces significant risks from climate change. The Indonesian government has outlined a roadmap to achieve net-zero emissions by 2060, emphasizing the role of renewable energy, including solar power.
Norfund’s Senior Vice President of Renewable Energy, Anders Blom, highlighted the importance of this investment. “Leading this round aligns with our mandate to reduce greenhouse gas emissions by investing in renewable energy in emerging markets,” Blom said. Swedfund’s Investment Director of Energy and Climate, Gunilla Nilsson, echoed this sentiment, emphasizing their shared mission to combat climate change.
Mason Wallick, CEO of Clime Capital, praised Xurya’s growth and resilience, noting the success of their initial investment in 2020. Similarly, Srini Nagarajan, Managing Director and Head of Asia at BII, underscored BII’s commitment to sustainable development and innovation in Indonesia’s solar energy sector.
AC Ventures’ Managing Partner, Helen Wong, emphasized the urgent need to address climate change in Southeast Asia and expressed pride in supporting Xurya’s leadership in Indonesia’s solar market.
The recent funding follows a $33 million investment in 2022 from East Ventures, Mitsui & Co., Saratoga, PT Surya Semesta Internusa Tbk, Schneider Electric, and New Energy Nexus. Xurya has completed over 170 solar projects across Indonesia, contributing to significant reductions in carbon emissions and creating numerous green jobs. With the new funding, Xurya aims to further reduce CO2 emissions by 370,000 tons annually.
As an active member of the Indonesian Solar Energy Association, Xurya continues to lead in solar energy innovation and education. In 2024, the company received B Corp Certification, recognizing its commitment to environmental, social, and governance (ESG) principles.
This substantial investment marks a significant milestone for Xurya, positioning it to drive further growth and innovation in Indonesia’s renewable energy sector.