Indonesia-based solar power-as-a-service startup Xurya has completed its Series A financing of US$21.5 million (Rp 308 billion), it announced today.
East Ventures (Growth Fund), formerly EV Growth, and local investment firm Saratoga, co-led the round. Existing investors Schneider Electric and New Energy Nexus Indonesia (a smart energy-dedicated incubation and accelerator programme), also participated.
Xurya plans to utilise the capital to continue the construction of its Rooftop Solar Power Plant (PLTS), which it said witnessed a 3x growth in 2021. A portion of the money will also be used to develop technology and human resources.
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Launch in 2018, Xurya offers a “no investment” method with a rental system to make it easier for industry players to transition to solar energy. Its “one-stop solution” covers PLTS feasibility studies, installation, operation, and maintenance (including component replacement).
To date, Xurya claims to have delivered more than 50 PLTS projects with a multi-megawatt power generation portfolio. It caters to various industries, including manufacturing (F&B, FMCG, building materials, steel, textiles, and garments), cold storage, logistics centres, hotels, and shopping centres in various cities in Indonesia.
Xurya counts Tokopedia, Traveloka, logistics giant MGM Bosco, and Jakarta shopping mall Plaza Indonesia among its clients.
PLTS is also one of the initiatives supported by President Joko Widodo to reduce dependence on fossil fuel energy. The government is making a serious effort to bring the new and renewable energy mix to 23 per cent by 2025 and 31 per cent by 2050, as laid out in the country’s National Energy Plan.
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Formed in 2018 as a joint venture between East Ventures, Sinar Mas-backed SMDV, and Yahoo! Japan Capital, EV Growth was rebranded as East Ventures (Growth Fund) in March last year. The firm is looking to complete the final close of its second fund by Q1 2022, DealStreetAsia reported.
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Image Credit: Xurya
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