The problem
Indonesia’s factories, malls and warehouses sit under intense equatorial sun yet run on grid power and diesel, because a rooftop solar plant demands large upfront capital plus engineering and maintenance capacity most businesses do not have.
How it works
Founded in 2018, Xurya pioneered Indonesia’s zero-upfront rooftop-solar rental: it develops, finances, installs, owns and maintains plants on clients’ roofs, and the client pays a lease — typically below its existing electricity bill. Operations are run remotely, the first use of IoT for solar operations in Indonesia, with machine learning layered on plant performance. Xurya collaborates with PLN Icon Plus and PLN regional units on efficient renewable solutions and grid ecosystems, and by 2023 served 100+ companies across 11 provinces.
Pain points
Capex-blocked solar adoption, volatile energy bills, no in-house ability to run a power plant, and corporate decarbonization targets with no turnkey path.
Business model
Own-and-lease: Xurya carries the asset on project finance and equity, earning contracted lease and power payments over long tenors while clients get cheaper, cleaner electricity with no initial outlay.
Challenges
Growth eats capital — each roof must be financed before it earns — and returns hinge on stable PLN interconnection rules and rooftop quotas. Development-finance backing de-risks this, but solar-as-a-service competitors are now chasing the same C&I rooftops.
Funding
- Raised: $21.5M Series A led by East Ventures and Saratoga (Dec 2021), topped to $33M with Mitsui and Surya Semesta Internusa (Oct 2022); then a $55M round led by Norfund’s Climate Investment Fund with Swedfund, BII, Clime Capital and AC Ventures (Jul 2024) — over $90M to date. Seed backing came via SEACEF/Clime Capital; GoTo Ventures is an early investor.
- Valuation: no public valuation disclosed.
Latest — July 2024
Xurya announced a $55M investment led by the Norwegian Climate Investment Fund (Norfund) with Swedfund, British International Investment, Clime Capital and AC Ventures — the first direct Norfund/Swedfund funding of an Indonesian renewable company and BII’s first Indonesia equity under its 2022–2026 strategy — taking total investment past $90M.