London-headquartered investment platform Lightrock has launched a $500-million fund dedicated to businesses that focus on providing affordable, reliable, and sustainable access to clean energy in emerging markets.
Dubbed Accelerate7, or the Energy Access Acceleration Fund for advancing the United Nations Sustainable Development Goal 7 (SDG7), the fund will deploy between $10 million and $50 million to growth-stage companies in Sub-Saharan Africa, South Asia, and Southeast Asia.
Deployment in Southeast Asia will be through Singapore-based investment firm TRIREC, which is working in partnership with LGT-backed Lightrock, the company said in a statement.
Investors in the fund include major energy companies Equinor, Shell, TotalEnergies, as well as LGT Group.
The portfolio will comprise companies that are operating across three core sectors: access to electricity, clean cooking, and energy access enabling technologies such as electric mobility and energy storage.
Each company will report regularly on its impact performance, including its contribution to SDG 7. Portfolio companies will also be able to access Lightrock’s proprietary impact measurement and management, along with a dedicated technical assistance facility.
The fund has already been deployed into rooftop solar system provider SolarSquare and electric vehicle startup Euler Motors in India; Africa-based off-grid solar energy company Sun King; and Cambodia-founded clean cooking provider ATEC Global.
This development was first reported by Bloomberg.
