Lightrock's $500M Accelerate7 Fund Targets Clean Energy Gaps in Africa and Asia
Private equity firm Lightrock has launched a new $500 million clean energy fund named Accelerate7. The fund will back growth-stage companies working to expand affordable and sustainable energy in Africa and Asia. Four businesses—SolarSquare, Sun King, Euler Motors, and ATEC Global—have already received funding from the initiative. The Accelerate7 fund plans to invest between $10 million and $50 million in each company it supports. Its focus lies in regions with significant energy gaps, including Sub-Saharan Africa, South Asia, and Southeast Asia. Target sectors cover electricity access, clean cooking solutions, electric mobility, and energy storage.
Lightrock CEO Pal Erik Sjatil described the fund’s approach as 'infra growth equity', meaning it will target businesses providing essential infrastructure or enabling services. Investors backing the fund include major energy firms like Equinor ASA, Shell Plc, and TotalEnergies SE, alongside LGT Group. Ademidun Edosomwan, partner and head of energy access at Lightrock, explained that the fund aims to bridge the equity gap in emerging markets. Its strategy aligns with UN Sustainable Development Goal 7, which promotes affordable and clean energy. The move comes as private capital increasingly flows into clean energy, driven by government and institutional efforts to accelerate energy transitions in developing economies.
The Accelerate7 fund will channel $500 million into companies tackling energy access challenges across Africa and Asia. Its investments will focus on scalable solutions in electricity, cooking technologies, and low-carbon transport. The initiative reflects growing private sector involvement in sustainable energy projects within emerging economies.
