PE Firm Lightrock Raises $500 Million for New Clean Energy Fund
(Bloomberg) -- Private equity firm Lightrock, which was spun out from Liechtenstein’s LGT Group, has raised a new $500 million fund to back businesses advancing access to affordable and clean energy in Asia and Africa.
Lightrock’s Accelerate7 will invest $10 million to $50 million in growth-stage companies across Sub-Saharan Africa, South Asia and Southeast Asia, according to a statement reviewed by Bloomberg News.
The fund drew investment commitments from energy companies Equinor ASA, Shell Plc, TotalEnergies SE and LGT Group, the private banking and asset-management firm of Liechtenstein’s royal family, among others.
“The fund’s LPs include strategic energy companies looking to support solutions further down the value chain than their current operations, as well as potential future acquirers of the portfolio companies,” Lightrock Chief Executive Officer Pal Erik Sjatil said in an interview.
The new strategy is focused on investing in companies across three core sectors: access to electricity, clean cooking and technologies such as electric mobility and energy storage. Singapore-headquartered investment firm TRIREC will help deploy the fund in Southeast Asia.
“Accelerate7 is investing at the intersection of infrastructure and growth equity, or infra growth equity, targeting businesses that provide essential infrastructure or enabling services,” Sjatil said.
The new fund has already made four investments: SolarSquare, a rooftop solar system provider; Sun King, an off-grid solar energy company; Euler Motors, an electric vehicle manufacturer; and ATEC Global, an IoT-enabled clean cook-stove provider.
“The fund is specifically designed to bridge the equity gap in emerging markets, focusing on United Nations Sustainable Development Goal 7: affordable and clean energy,” said Ademidun Edosomwan, a partner and head of energy access at Lightrock. “While there is significant debt available in these markets, there is a chronic shortage of equity.”
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