PT Xurya Daya Indonesia (Xurya), a renewable energy company offering rooftop solar rental without initial cost in Indonesia, has announced receiving an additional $55 million investment.

Xurya said in a statement on Monday that the deal was led by the Norwegian Climate Investment Fund managed by Norfund, with participation from 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 $90 million in investment to date.

It is noted that 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).

The deal 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.

Eka Himawan, Managing Director at Xurya, explains that this new funding will help Xurya become globally competitive.

“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,” he said.

He also noted that the Indonesian government’s target to achieve net-zero emissions by 2060 is very ambitious, but they are certain that with gotong-royong (spirit of collaboration), they are going to achieve it.

“Xurya is ready to work with all stakeholders towards achieving this goal,” he said.

It is noted that s the world’s largest archipelago, Indonesia is among the most vulnerable to the negative impacts of climate change.

To address this risk, the Indonesian government has produced a roadmap to achieve net-zero emissions by 2060, which includes increasing the proportion of renewables such as
solar power into the national energy mix.

Xurya was the first Indonesian company to offer rooftop solar rental without initial cost, which has helped spur the rapid growth of rooftop solar adoption in the nation in recent years, particularly in the commercial and industrial sectors.

Since its 2018 inception, Xurya has continued to pioneer a variety of firsts in the industry, including becoming the first to utilize internet of things (IoT) for remote solar operations in Indonesia and embedding machine learning in solar operations.

In 2022, the firm received $33 million in funding from East Ventures, Mitsui & Co., Saratoga, PT Surya Semesta Internusa Tbk, Schneider Electric, and New Energy Nexus. GoTo Ventures is also among Xurya’s early investors.

To date, Xurya has created more than 170 solar projects across Indonesia.

It has also installed and operated rooftop solar at more than 100 companies from various industrial segments.

Its solar systems have contributed to avoiding carbon emissions by 152,000 tons of carbon dioxide (CO2) per year and generating more than 1,600 green jobs.

Its rooftop solar systems are distributed across Indonesia, from North Sumatra, South Sumatra, Lampung, DKI Jakarta, Banten, West Java, Central Java, East Java, Bali, South Kalimantan and South Sulawesi.

With the fresh capital, the company is expected to avoid a further 370,000 tons of CO2 per year.

“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,” said Anders Blom, Senior Vice President of Renewable Energy at Norfund.

Gunilla Nilsson, Investment Director of Energy and Climate at Swedfund, said that with a shared mission to combat climate change in a high emitting country, and a focus on measurable impact metrics, they look forward to actively contributing to sustainable impact for people and the environment alike.

Mason Wallick, Chief Executive Officer at Clime Capital, said that 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, said that this investment reflects their commitment to sustainable development to support and strengthen their partnership with Indonesia to achieve a greener and more resilient future.

Helen Wong, Managing Partner at AC Ventures, said the urgency to do something about climate change is clear, especially in Southeast Asia.

“Similarly, the investment opportunity has never been greater,” she added.

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