Xurya receives funding from Norfund, Swedfund, Clime Capital, BII, and AC Ventures, fueling wider adoption of renewable energy
Jakarta, July 1, 2024 - Xurya, a renewable energy start-up that pioneered rooftop solar rental without initial cost in Indonesia, has announced that it has received an additional US$ 55 million investment. This latest round of investment was led by the Norwegian Climate Investment Fund managed by Norfund, together with 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 US$ 90 million (IDR 1.5 trillion) in investment up to date.
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). This 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.
Xurya was the first Indonesian company that offered rooftop solar rental without initial cost, which has helped spurred the rapid growth of rooftop solar adoption recently, particularly in the commercial and industrial sector. Since then, the Xurya team has continued to innovate many firsts in the Industry, such as becoming the first to utilize internet of things (IoT) for remote solar operations in Indonesia, and embedding machine learning in solar operations.
Eka Himawan, Managing Director at Xurya, explains that this new funding will help Xurya to 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,” said Eka.
As the largest archipelagic nation in the world, Indonesia is among the most vulnerable to the negative impact of climate change. To address this risk, the Indonesian Government has produced a roadmap to achieve net zero emissions (NZE) by year 2060, which includes increasing the proportion of renewables such as solar power into the national energy mix.
Anders Blom, Senior Vice President, Renewable Energy at Norfund, said, “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, Energy & Climate at Swedfund, said, “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, Chief Executive Officer at Clime Capital, said, "We are proud to continue supporting Xurya following our initial investment in 2020 -- our first investment after the launch of Clime Capital in the midst of the COVID shut-down. 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, “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, said, “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.”
“We are very grateful for the trust that has been given by the investors to us,” added Eka. “The Indonesian Government’s target to achieve NZE by 2060 is very ambitious, but we are certain that with gotong-royong (spirit of collaboration), we are going to achieve it. Xurya is ready to work with all stakeholders towards achieving this goal.”
Xurya was established in 2018 with a vision to overcome the challenges faced by businesses in adopting renewable energy, particularly the high initial installation costs. Xurya provides a solution in the form of a rooftop solar rental model that requires no initial cost, enabling businesses to easily switch to renewable energy.
Previously, Xurya received funding in 2022 amounting to US$ 33 million from East Ventures, Mitsui & Co. (Mitsui), Saratoga, PT Surya Semesta Internusa Tbk (SSIA), Schneider Electric, and New Energy Nexus. GoTo Ventures (previously Tokopedia) is also among Xurya’s early investors.
To date, Xurya has had more than 170 solar projects distributed across Indonesia. Xurya’s solar systems have contributed to avoiding carbon emissions by 152,000 tons of CO2 per year and generating more than 1,600 green jobs. With the capital from this funding round, the company is expected to avoid a further 370,000 tons of CO2 per year. Xurya is also an active member of the Indonesian solar energy association (Asosiasi Energi Surya Indonesia (AESI)), and has participated as technical trainers and experts in multiple “training of trainers” in the field of solar energy. In 2024, Xurya received B Corp Certification in recognition of the company’s implementation of environment, social, and governance (ESG) principles in its business operations.
About PT Xurya Daya Indonesia
PT Xurya Daya Indonesia (Xurya) is a renewable energy company based in Indonesia with a vision to revolutionize the Indonesian energy industry. Xurya pioneered the no-upfront rental method to incentivize commercial and industrial companies to switch to solar energy.
Xurya strives to make it easier for companies to use clean and renewable energy by offering complete solutions to its clients starting from funding options, technical design, feasibility studies, installation, operation and maintenance.
To date, Xurya has installed and operated rooftop solar at more than 100 companies from various industrial segments, such as hotels, shopping centers, hospitals, cold storage, logistics, industrial areas, and manufacturing (mineral water, steel, car tires, vegetable seeds , concrete, paint, consumer goods, ceramics, chemicals, food, textiles, etc.). Xurya 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.
About Norfund
Norfund is the Norwegian Investment Fund for developing countries. Our mission is to create jobs and to improve lives by investing in businesses that drive sustainable development. Norfund is owned and funded by the Norwegian Government and is the Government’s most important tool for strengthening the private sector in developing countries, and for reducing poverty.
Norfund’s committed portfolio totals 3.6 billion USD in Sub-Saharan Africa, South/Southeast Asia, and Latin America. Norfund also manages the Norwegian Climate Investment Fund that aims to contribute to reducing or avoiding greenhouse gas emissions by investing in renewable energy in developing countries with large emissions from coal and other fossil fuel production. For more information, please visit: www.norfund.no
About Swedfund
Swedfund is Sweden's development finance institution with the mission to contribute to poverty reduction through sustainable investments in developing countries. Swedfund is fully owned by the Swedish state and managed by the Ministry of Finance. It is financed through annual capital injections from the Ministry for Foreign Affairs as well as from portfolio reflows.
Swedfund invests equity, provides loans, or uses the fund instrument in four focus sectors: Energy & Climate, Financial inclusion, Sustainable enterprises, and Food systems. The investments contribute to the creation of jobs with decent labor conditions and increase access to essential products and services such as electricity and digital connection. Swedfund can also use technical feasibility studies, the Project Accelerator, early in the investment cycle to enable the development of more sustainable and bankable projects in the public sector.
At the end of 2023, Swedfund had 73 portfolio companies. The majority of the portfolio is in sub-Saharan Africa, however, Swedfund also has several investments in Asia and Eastern Europe.
About Clime Capital
Clime Capital Management Pte. Ltd. (Clime Capital) is a Singapore-headquartered fund management company registered with the Monetary Authority of Singapore. Clime Capital is the manager of SEACEF I and SEACEF II. The Clime Capital team comprises senior professionals with deep Southeast Asian market experience in clean energy investments and developments. The team brings a diversified skill set in early-stage project funding and development, investment and portfolio management, project finance, design and engineering, operations, and environmental safeguards. Clime Capital has an on-the-ground presence in Vietnam, India, Indonesia, the Philippines, and Singapore.
About AC Ventures
AC Ventures (ACV) is a top venture capital firm that invests in tech-enabled businesses focused on Indonesia and Southeast Asia, with over US$500 million in assets under management. The firm empowers entrepreneurs with more than capital by combining operational experience, industry knowledge, deep local networks, and resources. ACV's team has invested in over 120 regional tech companies since 2012. With a team of more than 35 professionals led by Adrian Li, Michael Soerijadji, Helen Wong, and Pandu Sjahrir, it has offices in Jakarta and Singapore. For more information, please visit: https://acv.vc/
About British International Investment
British International Investment is the UK’s development finance institution and impact investor. As a trusted investment partner to businesses in Africa, Asia and the Caribbean, BII invests to create productive, sustainable and inclusive economies in our markets. Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development. The company has investments in over 1,470 businesses across 65 countries and total assets of £8.1 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn and X.
For information and media contact:
Bella Sakinah
Sr. PR & Marketing Xurya Daya Indonesia
bella@xurya.com+62 812 1412 4895
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