Xurya secured $21.5 M Series A funding to build a rooftop solar power facility in Indonesia
Xurya, an Indonesian solar power-as-a-service business, said today that it has raised $21.5 million (Rp 308 billion) in Series A funding.
The financing was co-led by East Ventures (Growth Fund), formerly EV Growth, and Saratoga, a local investment firm. Schneider Electric and New Energy Nexus Indonesia (a smart energy-focused incubator and accelerator programme) were among the existing investors.
Xurya intends to use the funds to continue building its Rooftop Solar Power Plant (PLTS), which saw a 3x increase in 2021, according to the company. A part of the funds will also go toward technology and human resource development.
Xurya, which launched in 2018, offers a “no investment” technique with a leasing system to make the shift to solar energy easier for industrial participants. Its “all-in-one solution” includes feasibility studies, installation, operation, and maintenance for PLTS (including component replacement).
Xurya claims to have completed over 50 PLTS projects with a portfolio of multi-megawatt power generating. It serves a variety of businesses in Indonesia, including manufacturing (food and beverage, fast-moving consumer goods, construction materials, metals, textiles, and garments), cold storage, logistics centers, hotels, and shopping malls.
Tokopedia, Traveloka, MGM Bosco, and Plaza Indonesia, a Jakarta retail mall, are among Xurya’s clientele.
