A $55 million investment has been announced by PT Xurya Daya Indonesia (Xurya), a renewable energy company that provides rooftop solar rental without an upfront cost in Indonesia.
In a statement released on Monday, Xurya said that the Norwegian Climate Investment Fund, which is managed by Norfund, was in charge of the transaction. Swedfund, British International Investment (BII), Clime Capital, and AC Ventures also had a hand in it.
With this latest round of funding, Xurya has now raised over $90 million in capital.
It should be mentioned that Swedfund, the Swedish Development Finance Institution (DFI), and the Norwegian Climate Investment Fund have directly funded Xurya, making it the first renewable energy company in Indonesia to do so.
Additionally, under its current 2022–2026 investment strategy, the deal represents BII, the impact investor and DFI for the United Kingdom,’s first equity investment in Indonesia.
Xurya has returned investors in the form of Clime Capital and AC Ventures.
The managing director of Xurya, Eka Himawan, says that the additional funding will enable Xurya to compete on a worldwide scale.
“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.
“Xurya is ready to work with all stakeholders towards achieving this goal,” he added.
Being the first company in Indonesia to provide rooftop solar rental without an upfront fee, Xurya has contributed to the nation’s rooftop solar adoption growing rapidly in recent years, especially in the commercial and industrial sectors.
Xurya has been leading the industry in a number of firsts since its founding in 2018. These include being the first to integrate machine learning into solar operations and use the internet of things (IoT) for remote solar operations in Indonesia.
