Private equity firm Lightrock has launched a new $500 million clean energy fund aimed at supporting growth-stage businesses expanding access to affordable and sustainable energy across Africa and Asia.

The fund, known as Accelerate7, will focus on companies operating in Sub-Saharan Africa, South Asia, and Southeast Asia, targeting sectors such as electricity access, clean cooking solutions, electric mobility, and energy storage technologies.

This development highlights growing investor interest in clean energy infrastructure across emerging markets, where energy access gaps and rising demand for sustainable solutions continue to attract global capital.

Lightrock stated that the new fund is designed to address the persistent equity financing gap facing clean energy businesses in emerging markets.

The Accelerate7 fund will invest between $10 million and $50 million in growth-stage companies.

Investors in the fund include Equinor ASA, Shell Plc, TotalEnergies SE, and LGT Group.

“Accelerate7 is investing at the intersection of infrastructure and growth equity, or infra growth equity, targeting businesses that provide essential infrastructure or enabling services,” said Lightrock CEO Pal Erik Sjatil.

“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, partner and head of energy access at Lightrock.

Africa and parts of Asia continue to face major energy access deficits despite growing demand for electricity, cleaner cooking technologies, and low-carbon transportation systems.

Lightrock was spun out from Liechtenstein’s LGT Group, the private banking and asset-management firm linked to Liechtenstein’s royal family.

The new strategy focuses on “infra growth equity,” combining infrastructure investment with growth-stage private equity.

Afrobeats singer, Ayra Starr, has spoken about how unstable electricity supply in Nigeria shaped her childhood, saying many African children continue to face limited access to power and basic energy needs.

Ayra Starr spoke on Thursday during a conversation on equitable energy access at Global Citizen NOW in New York City, where she was interviewed by Zain Asher.

Reflecting on growing up in Nigeria, the singer said living without stable electricity influenced her upbringing and daily experiences as a child.

“The experience for me definitely made me who I am today because I’ve had to find ways to do things. I had to do without the comfort of electricity and all of that,” she said.

She added, “If I came back from school and I was able to have AC or even fan in the heat and do my assignments, that would have made a big difference.”

Ayra Starr noted that her experience was not unique, saying “every Nigerian child” had faced some form of electricity challenge.

“Every Nigerian child has faced some type of electricity issues or not having to depend on electricity to do a lot of things,” she said.

The singer also recalled how power shortages affected small businesses, using her grandmother’s experience as an example.

“My grandma used to sell tomatoes and pepper and we would have to sell it quick because there was no light,” she said.

Speaking on renewable energy and power access across Africa, Ayra Starr said she recently began learning more about global energy solutions through her involvement with Global Citizen.

“Before this, I didn’t really know much about global energy solutions, I’m not going to lie. But I’m learning so much and it’s so inspiring,” she said.

She expressed hope that more young Africans would become interested in developing energy solutions for their communities.

“We are a lot of young people in Africa. They are very eager to work and change the continent for the better,” she added.

Ayra Starr also said her participation in the summit could inspire younger viewers to explore renewable energy innovations.

“A young girl can be watching this right now at home and it’s like, okay, let me try and find solar energy solutions for my country too,” she said.

In an earlier statement played during the summit, the singer described her appearance at the event as “a full circle moment,” recalling her debut at the Global Citizen Power Hour Planet concert in Paris in 2023.

She said Global Citizen brings together “major international artists, committed world leaders and CEOs and business executives who put people over profit.”

In a previously recorded video shown at the event, Ayra Starr recounted waiting for electricity as a child so she could watch television.

“I would have to wait until 6:00 p.m. for the power to come on so I could watch Hannah Montana.

“But even I was lucky. Some children in Africa have no access to light at all. No child should be left in the dark. They need light to walk, study, and practice. They need light to reach their dreams,” she said.