Indonesian solar energy startup Xurya Daya Indonesia has raised $55 million in fresh investment from international lenders in a round led by the Norwegian Climate Investment Fund managed by Norfund. This funding will help it become globally competitive, it said.
The other investors in this investment round include Sweden's Development Finance Institution Swedfund, Clime Capital as the manager of SEACEF II, British International Investment (BII), and AC Ventures. Both Clime Capital as well as AC Ventures are existing investors in the company.
Xurya says this is the 1st equity investment in Indonesia by the BII under its 2022-2026 investment strategy.
Established in 2018, Xurya offers rooftop solar rental without initial cost that it says has enabled the rapid growth of rooftop solar in the country, especially in the commercial and industrial (C&I) segment.
It plans to deploy the proceeds from this round to help avoid 370,000 tons of carbon emissions/year, said the management. Xurya's Managing Director Eka Himawan said, "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."
Combined with its previous investments, Xurya said it has now raised more than $88 million in investment to date.