In a country where businesses have long eyed renewable energy with interest—and then balked at the price tag—Jakarta-based solar startup Xurya found a workaround. Instead of asking companies to fund their own solar installations, the startup foots the bill itself, then charges customers only for the electricity their rooftop panels generate.
That model, essentially a solar-as-a-service arrangement, caught the attention of investors betting on Indonesia's fragmented commercial energy market. On January 12, 2022, Xurya announced a $21.5 million Series A led by East Ventures' Growth fund and PT Saratoga Investama Sedaya Tbk, with returning participation from Schneider Electric's Schneider Electric Energy Access Asia fund and New Energy Nexus Indonesia—an opening salvo in what would become a significantly larger funding round.
By that point, Xurya had already installed 57 rooftop solar systems across Indonesia, with 38 more in various stages of construction.
Eliminating the Capital Hurdle
What Xurya offers is straightforward, if capital-intensive on the company's end: it owns, installs, and maintains the solar arrays. Clients sign long-term rental agreements—functionally power purchase agreements—and pay for kilowatt-hours consumed, sidestepping the upfront expenditure that has historically deterred Indonesian businesses from going solar.
Managing Director Eka Himawan said at the time that the Series A capital would fund an expansion of rooftop projects while also building out the company's technology infrastructure and team.
It's a pitch tailored to Indonesia's commercial landscape, where electricity costs remain stubbornly high and grid reliability can be uneven. Solar pencils out economically—if someone else handles the initial investment.
A Growing Portfolio
By September 2022, Xurya's systems were installed atop more than 60 corporate facilities, with work underway at over 40 additional sites. The client list eventually came to include recognizable names: Plaza Indonesia's shopping complex, bottled water producer PT Sariguna Primatirta Tbk (known commercially as CLEO), consumer goods manufacturer PT Uni-Charm Indonesia Tbk, and Primaya Hospital, among others.
Xurya had moved early into Indonesia's nascent commercial solar sector. In September 2020, it became the first Indonesian company to secure funding from the Southeast Asian Clean Energy Facility, a program managed by Clime Capital—validation, perhaps, that its financing model resonated beyond domestic investors.
Strategic Partners Join In
The $21.5 million figure turned out to be just an opening act. On October 20–21, 2022, Xurya disclosed additional Series A commitments from Mitsui & Co., Ltd., the Japanese trading house, and PT Surya Semesta Internusa Tbk, an Indonesian property conglomerate. The extended round brought total Series A financing to $33 million.
Those later investors brought more than capital. Mitsui's involvement hinted at potential supply chain advantages and regional expertise, while Surya Semesta's property holdings offered a built-in pipeline of rooftops. Both partnerships appeared designed to accelerate installation velocity and broaden customer access.
The extended round positioned Xurya to scale its zero-investment proposition across Indonesia's commercial and industrial sectors—markets where the financial case for solar grows stronger as grid costs climb. With the funding secured, the company set about expanding what would grow into a substantial portfolio of managed solar capacity, effectively betting that Indonesian businesses would embrace renewable energy once someone else shouldered the risk.
Whether that bet pays off depends on execution, regulatory tailwinds, and the durability of Xurya's customer relationships. But the capital, at least, was in place.
