Lightrock Closes $500 Million Fund to Back Energy Access in Global South

Sustainability-focused private equity investor Lightrock has raised $500 million in commitments for Accelerate7, a new fund targeting clean energy access and clean cooking solutions across Sub-Saharan Africa, South Asia and Southeast Asia. The fund has already completed four investments, including India-based rooftop solar provider SolarSquare and electric vehicle manufacturer Euler Motors.

Accelerate7, formally the Energy Access Acceleration Fund, focuses on growth-stage companies aligned with UN Sustainable Development Goal 7, which targets affordable, reliable and modern energy access for all. The fund targets initial investment sizes of $10 million to $50 million and concentrates on three sectors: electricity access, clean cooking, and enabling technologies such as electric mobility and energy storage. Backers include major energy corporates Equinor, Shell, TotalEnergies and LGT. The strategy is developed in partnership with Southeast Asia-focused investment platform TRIREC.

More than 660 million people globally still lack access to electricity, while approximately 2.1 billion continue to rely on polluting or hazardous cooking fuels, posing significant barriers to economic development and public health. Energy access gaps are concentrated in Sub-Saharan Africa and South Asia, where India represents one of the largest markets. The fund's inclusion of Euler Motors and SolarSquare as portfolio companies reflects India's growing importance as a hub for distributed clean energy and electric mobility solutions targeting underserved populations and small businesses.

With the launch of Accelerate7, Lightrock's total capital dedicated to energy transition, energy access and climate investments has reached approximately $2 billion. The fund's strategy of backing growth-stage companies with proven business models is designed to attract additional private capital by demonstrating commercial viability in markets perceived as high-risk. As development finance institutions and philanthropic capital continue to de-risk early-stage projects across South Asia and Sub-Saharan Africa, funds like Accelerate7 aim to step in at the scaling stage, where commercial returns are more predictable.

Key figure — $2 billion total Lightrock capital dedicated to energy transition and climate investments