Xurya bets zero-capex rooftop solar wins Indonesia; $55M round, 300 projects

Xurya installs, owns and operates rooftop solar systems for Indonesian commercial and industrial customers under a rental model with no upfront cost, charging a monthly fee for the power.

Indonesian factories and malls would adopt rooftop solar if someone else paid the capex — Xurya rents the system and sells the power, betting financing unlocks it.

>US$90M raised: US$33M round in 2022 from East Ventures, Mitsui, Saratoga, Schneider Electric and others, then US$55M in July 2024 led by the Norwegian Climate Investment Fund (Norfund), with Swedfund, Clime Capital/SEACEF II, BII and AC Ventures.

Founded in 2018, Xurya was the first Indonesian company to offer rooftop solar rental without upfront cost, targeting commercial and industrial users deterred by installation capex; it raised a US$33M round in 2022 backed by East Ventures, Mitsui and Schneider Electric, among others.

By July 2024 Xurya had delivered 170+ solar projects for 100+ corporate clients across 11 provinces, avoided 152,000 tons of CO2 a year and created 1,600 green jobs. A US$55M round led by the Norwegian Climate Investment Fund (Norfund), with Swedfund, BII, Clime Capital and AC Ventures, took total funding past US$90M and targeted a further 370,000 tons of CO2 avoided annually.

Still scaling: 300+ projects delivered in 2025 with 200+ MWp installed across on-grid and hybrid off-grid systems; Xurya is expanding into independent power producer (IPP) projects and runs Solar Academy Indonesia to train local engineers and installers.

The bet is explicit and testable: no-upfront-cost rental, not hardware sales, would unlock Indonesia's commercial and industrial solar market.

Traction is dated and specific: 170+ projects and 100+ clients (July 2024), 300+ projects and 200+ MWp installed (2025), US$55M raised and US$90M+ total.

It shows how a financing model becomes a moat: Norfund, Swedfund and BII made Xurya their first direct Indonesia renewable-energy investment.

It is a transferable template for energy transition in emerging markets: shift the capex to a balance sheet that can carry it, sell the kilowatt-hour.

If the buyer's blocker is capital, sell the outcome and own the asset: Xurya removed the capex objection and made financing the moat, with DFI capital funding growth.

As of 2026-09-02 Xurya is scaling: 300+ projects delivered in 2025 (200+ MWp installed), more than US$90M raised, B Corp certification in 2024, and expansion into hybrid off-grid systems and IPP projects while training installers through Solar Academy Indonesia. It remains a private growth company funded by DFIs and VCs; the open question is whether rental contracts and DFI-backed capital turn Indonesia's commercial and industrial rooftop market into a profitable long-term yield business.