Indonesian solar installer Xurya raises USD 55m in funding round

Indonesian rooftop solar installer Xurya has received USD 55 million (EUR 50.9m) in the latest funding round led by development finance institutions (DFIs) from Norway, Sweden and the UK, and investors from Singapore and Indonesia.

The Climate Investment Fund, managed by Norway’s Norfund, contributed USD 25 million, while Swedfund said it has made an equity investment of USD 10 million in Xurya.

The UK’s DFI, British International Investment, also invested equity. Singapore-headquartered Clime Capital Ltd (ASX:CAM) and Indonesian impact investor AC Ventures as returning investors.

With the latest round, Xurya has raised over USD 88 million in investments to date, it said.

Set up in 2018, Xurya offers rooftop solar rental to commercial and industrial (C&I) customers at no upfront costs. It says it was the first in Indonesia to provide this kind of service and also the first to use internet of things for remote solar operations in the country.

Eka Himawan, Managing Director at Xurya, said the proceeds from the new fund will enable his company 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.

(USD 1.0 = EUR 0.926)

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