Indonesian Renewable Energy Start-up Announces Major Funding From Domestic and Foreign Investors

Xurya, a renewable energy start-up that pioneered rooftop solar rental without initial cost in Indonesia, has announced an additional US$55 million investment. 

This latest round of investment was led by the Norwegian Climate Investment Fund managed by Norfund, together with Swedfund, Clime Capital as the manager of SEACEF II, British International Investment (BII), and AC Ventures. With the new funding, Xurya has received more than US$88 million (IDR 1.5 trillion) in investment up 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). This is also 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.

Xurya was the first Indonesian company that offered rooftop solar rental without initial cost, which has helped spurred the rapid growth of rooftop solar adoption recently, particularly in the commercial and industrial sector. 

Since then, the Xurya team has continued to innovate many firsts in the Industry, such as becoming the first to utilize internet of things (IoT) for remote solar operations in Indonesia, and embedding machine learning in solar operations.

Eka Himawan, Managing Director at Xurya said: “With support from these world-class investors, we are not only going to continue producing innovations that will support a sustainable national energy transition, but we also aim to transform into a world-class company in the next few years.” 

Anders Blom, Senior Vice President, Renewable Energy at Norfund added: “Norfund is thrilled to lead this investment round in Xurya, mobilizing private and public capital into a company that is making vital contributions to the energy transition in Indonesia. The investment is a perfect fit with the mandate of the Climate Investment Fund of contributing to avoiding greenhouse gas emissions by investing in renewable energy in emerging markets.”