The archive · Climate & Energy · Financial decision · 2018–2026
Xurya bets zero-capex rooftop solar wins Indonesia; $55M round, 300 projects
Indonesia's Xurya rents rooftop solar to factories and malls with no upfront cost; a US$55M Norfund-led round (2024) and 300+ projects by end-2025.
Xurya (PT Xurya Daya Indonesia)
What the business is
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.
Starting capital：>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.
How it started
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.
What happened
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.
How it ended up
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.
Background
Xurya (PT Xurya Daya Indonesia) is a renewable-energy company founded in 2018 that pioneered rooftop solar rental with no upfront cost in Indonesia. It installs, owns and operates solar systems on factories, malls, hospitals, cold-storage and industrial sites, charging customers a monthly fee instead of asking them to buy panels.
The bet was that the blocker for Indonesian commercial and industrial solar was capital, not technology: if a third party paid the capex and sold the power, adoption would follow. The model drew development-finance capital — a US$33M round in 2022 from East Ventures, Mitsui, Saratoga and Schneider Electric, then a US$55M round in July 2024 led by the Norwegian Climate Investment Fund (Norfund), with Swedfund, BII, Clime Capital/SEACEF II and AC Ventures, taking total funding past US$90M.
Scale followed: more than 170 projects across 11 provinces by mid-2024, avoiding 152,000 tons of CO2 a year and creating 1,600 green jobs, then 300+ projects delivered in 2025 with over 200 MWp of installed capacity. Xurya is expanding into hybrid off-grid systems and independent power producer projects, and set up Solar Academy Indonesia to train local engineers and installers.
What has to be true
- 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.
What can be applied
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.
Aftermath
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.
Sources
- $55 Million Fresh Investment For Indonesian Solar Firm
- Renewable Energy Start-up, Xurya, Announces Major Funding from Domestic and Foreign Investors
- Xurya scales solar adoption in Indonesia following 300+ projects delivered in 2025
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