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Xurya Raises $55M to Accelerate Indonesia’s Solar Energy Transformation

Xurya secures $55M to advance solar energy adoption in Indonesia, driving a sustainable future with innovative rooftop solar rentals
July 2, 2024

Indonesian renewable energy pioneer Xurya has announced a significant milestone, securing an additional $55 million in investment to bolster its innovative rooftop solar rental program. This latest funding round was spearheaded by the Norwegian Climate Investment Fund, managed by Norfund, and saw participation from Swedfund, Clime Capital, British International Investment (BII), and returning investor AC Ventures. With this new influx of capital, Xurya’s total investment has now surpassed $90 million.

Xurya has distinguished itself as a trailblazer in Indonesia's renewable energy sector, becoming the first in the nation to offer a rooftop solar rental model that eliminates initial costs. This approach has driven the rapid adoption of solar energy, particularly in the commercial and industrial sectors. Since its inception in 2018, Xurya has continued to lead the industry with innovations such as integrating IoT for remote solar operations and incorporating machine learning to enhance efficiency.

Eka Himawan, Managing Director at Xurya, emphasized the transformative potential of this new funding. "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," Himawan stated.

Indonesia, the world's largest archipelago, faces significant challenges from climate change. In response, the government has laid out an ambitious roadmap to achieve net-zero emissions by 2060, with a substantial increase in renewable energy, including solar power. Xurya's initiatives are crucial to this national effort.

Anders Blom, Senior Vice President of Renewable Energy at Norfund, expressed enthusiasm for leading the investment round. “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, highlighted the importance of this partnership. “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, reiterated their commitment to Xurya. “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.”

Xurya was established with the vision of overcoming the financial barriers businesses face when adopting renewable energy. By offering a no-cost upfront solar rental model, Xurya has made it easier for businesses to transition to green energy. The company's efforts have already resulted in over 170 solar projects across Indonesia, avoiding 152,000 tons of CO2 emissions annually and creating more than 1,600 green jobs. With the fresh capital, Xurya aims to avoid an additional 370,000 tons of CO2 emissions each year.

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