1. Startups

Xurya Announces Funding of IDR 900 Billion Led by the Norwegian Climate Investment Fund

The total funding that Xurya has received to date has reached more than $88 million (Rp. 1,5 trillion)

Xuryya, solar energy service developer startup, announced the acquisition of funding worth $55 million or the equivalent of IDR 900 billion. This round was led by the Norwegian Climate Investment Fund which is managed by Norfund, together with Swedfund, Clime Capital as manager of SEACEF II, British International Investment (BII), and AC Ventures.

With this additional investment, the total funding that Xurya has received to date has reached more than $88 million (Rp. 1,5 trillion).

Xurya is the first renewable energy company in Indonesia to receive funding from the Norwegian Climate Investment Fund and Swedfund, namely the Development Finance Institution (DFI) from Sweden. Apart from that, this round is also BII's first equity investment in Indonesia, which is a DFI and impact investor from the UK. Meanwhile, Clime Capital and AC Ventures were Xurya investors in the previous round.

"With the support of these world-class investors, we will not only continue to produce innovations to support a sustainable national energy transition, but also have the ambition to become a world-class company in the next few years," said Managing Director Xurya Eka Himawan.

Since it was founded in 2018, Xurya has had a vision to overcome the challenges faced by business people in adopting renewable energy, namely high initial installation costs. Xurya provides a solution in the form of a rooftop solar PV rental model with no initial costs for business people so they can switch to renewable energy easily.

With a solid business model, in 2022 Xurya won funding of $33 million from East Ventures, Mitsui & Co., Saratoga, PT Surya Semesta Internusa Tbk (SSIA), Schneider Electric, and New Energy Nexus. Argor (Go-Ventures) is also included as an early stage investor in Xurya.

"Norfund is enthusiastic about the opportunity to lead this investment round in Xurya. We are mobilizing private and public capital into a company that is making a vital contribution to the energy transition in Indonesia. This investment is in line with the Climate Investment Fund's mission, namely contributing to reducing greenhouse gas emissions through investment in the renewable energy sector in developing countries," SVP Renewable Energy Norfund Anders Blom.

With different managed funds, previously Norfund had also invested in AwanTunai, Amartha and Modalku in the form of debt funding.

Xurya's achievements

To date, Xurya has more than 170 PLTS spread across various regions in Indonesia. Xurya PLTS is claimed to have contributed to avoiding carbon emissions of 152.000 tons of CO2 per year and generated more than 1.600 green jobs.

With funds from the current investment round, Xurya is projected to further increase its contribution to avoiding carbon emissions by 370.000 tons of CO2 per year. Xurya is also active as a member of the Indonesian Solar Energy Association (AESI), and participates as a trainer and expert in various activities “training of trainers” in the technical field of PLTS.

In 2024, Xurya received B Corp Certification as recognition that the company has implemented environmental, social and governance (ESG) principles in its business operations.

"The 2060 NZE target set by the Indonesian Government is a very ambitious target, but we are confident that with mutual cooperation, we will be able to achieve it. Xurya is ready to work together with all parties in achieving this target," added Eka.

In Indonesia, a number of startups are starting to offer more environmentally friendly energy solutions. Apart from Xurya, there is also SUN Energy which started this year too just booked green funding from Bank Permata worth IDR 500 billion. Apart from that, there are a number of other names such as SolarKita, Warung Energy, Weston Energy, Forbetric, Erenesia, Khaira Energy, Syailendra Power, PowerBrain, and several others.

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