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Solar start-up Xurya bags $21.5m in series A funding
A firm partly owned by Tourism and Creative Economy Minister Sandiaga Uno is one of several investors putting $21.5 million into an Indonesian solar rooftop provider.
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A solar PV system installed by solar start-up Xurya is pictured on the Plaza Indonesia shopping mall in Central Jakarta in an undated photo. (Xurya/Xurya)
Rooftop solar provider Xurya has received US$21.5 million in series A funding to continue developing projects and expand operations.
Xurya said in a statement on Wednesday that the fundraiser was led by venture capital firm East Ventures and investment firm PT Saratoga Investama Sedaya with participation from previous investors Schneider Electric and investment firm New Energy Nexus Indonesia.
“Other than to continue building rooftop solar, which grew rapidly in 2021, the funding will also be used to develop technology and human resources to accelerate energy transition efforts,” said Xurya managing director Eka Himawan.
As of last year, Xurya operated 57 rooftop systems with new projects underway in 38 locations. The new projects are for companies in various industries, including shopping malls, cold storage and manufacturing in various provinces from Banten to South Sulawesi.
“This investment is a good opportunity for Saratoga to strengthen support in the new and renewable energy sector that is one of the priority energy [sources] being developed by the government,” said Saratoga president director Michael Soeryadjaya.
Publicly listed Saratoga is 21.5 percent owned by businessman and politician Sandiaga Uno, who currently serves as tourism and creative economy minister.
The Energy and Mineral Resources Ministry aims to have 3.6 gigawatts of solar rooftop capacity installed in Indonesia by 2024 to contribute to the country’s energy transition.
