Jakarta, Indonesia – 1st July 2024 – In a significant boost to Indonesia’s renewable energy sector, Xurya, a pioneering company in rooftop solar rental, announced today the securing of an additional US$55 million in investment. This substantial funding round was led by the Norwegian Climate Investment Fund managed by Norfund, with notable participation from Swedfund, Clime Capital, British International Investment (BII), and AC Ventures.
This latest funding round brings Xurya’s total investment to over US$90 million. Remarkably, Xurya is the first renewable energy company in Indonesia to receive direct investment from both the Norwegian Climate Investment Fund and Swedfund. Moreover, this marks BII’s inaugural equity investment in Indonesia under its 2022-2026 strategy. Clime Capital and AC Ventures are returning investors, underscoring their continued confidence in Xurya’s vision and execution.
Xurya’s innovative approach of offering rooftop solar rental with no initial cost has significantly accelerated the adoption of solar energy in Indonesia’s commercial and industrial sectors. Since its inception in 2018, Xurya has introduced several industry firsts, such as utilizing IoT for remote solar operations and embedding machine learning in solar management.
Eka Himawan, Managing Director at Xurya, expressed enthusiasm about the new investment. “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,” said Eka.
Indonesia, the world’s largest archipelago, is highly susceptible to the adverse impacts of climate change. The Indonesian government has committed to a roadmap aiming for net-zero emissions by 2060, emphasizing the integration of renewable energy like solar power into the national energy mix.
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Anders Blom, Senior Vice President of Renewable Energy at Norfund, stated, “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.”
Gunilla Nilsson, Investment Director of Energy and 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 actively contributing to sustainable impact for people and the environment alike.”
Mason Wallick, CEO at Clime Capital, remarked, “We are proud to continue supporting Xurya following our initial investment in 2020 – our first investment after the launch of Clime Capital amid the COVID shutdown. 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, shared, “We are delighted to be supporting a company like Xurya, which is at the forefront of 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 to support and strengthen 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, commented, “The urgency to do something about 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.”
Since its founding, Xurya has established over 170 solar projects across Indonesia, avoiding carbon emissions by 152,000 tons of CO2 annually and creating more than 1,600 green jobs. With the fresh capital, Xurya aims to avoid an additional 370,000 tons of CO2 per year.
About PT Xurya Daya Indonesia
Xurya is dedicated to transforming Indonesia’s energy landscape through innovative solar solutions. By offering no-upfront-cost rooftop solar rentals, Xurya makes it easier for businesses to adopt renewable energy. Their services encompass funding options, technical design, feasibility studies, installation, operation, and maintenance.
About the Investors
- Norfund: Norway’s investment fund for developing countries, focusing on sustainable job creation and poverty reduction.
- Swedfund: Sweden’s development finance institution, dedicated to sustainable investments in developing countries.
- Clime Capital: A Singapore-based fund management company specializing in clean energy investments in Southeast Asia.
- AC Ventures: A venture capital firm investing in tech-enabled businesses in Indonesia and Southeast Asia.
- British International Investment: The UK’s development finance institution and impact investor, committed to sustainable development.
