Indonesia solar start-up raises $33m Series A

It follows a USD 21.5m Series A investment last December from East Ventures, New Energy Nexus Indonesia, Schneider Electric, and Saratoga Investama Sedaya.

East was one of the company’s first investors, having provided seed funding shortly after inception in 2018 alongside Agaeti Ventures, now AC Ventures. Early backers also include Clime Capital and Crevisse Partners.

Xurya constructs and installs rooftop solar systems via rental schemes with commercial building owners with a view to helping corporate tenants use clean energy without investment. Additional services span investment feasibility studies, operation, and ongoing maintenance.

As of the end of September, Xurya operated rooftop solar for more than 60 companies. The start-up claims its project development footprint has tripled since the beginning of 2022. It aims to benefit from a government target for new and renewable energy to represent 23% of the national mix by 2025.

The fresh capital will be used to grow existing operations, support technology development, and expand the team. Mitsui and Surya Semesta Internusa will help by facilitating introductions with potential customers.

“We are committed to developing and promoting technologies and new business that reduces environmental impact globally,” Hiromu Kayamori, general manager of new downstream business at Mitsui, said in a statement. “We aim to contribute to Xurya's growth and Indonesia's decarbonisation by leveraging our expertise cultivated all over the world and extensive networks in Indonesia.”

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• Topics
• Southeast Asia
• Industrials
• Support services
• Cleantech
• Early-stage
• Indonesia
• Mitsui & Co
• East Ventures
• energy
• renewable energy