Let $k$ be an algebraically closed field of characteristic $p\geq 5$, and let $\mathrm{Ver}_p^+$ be the even part of the Verlinde fusion category $\mathrm{Ver}_p$, the semisimplification of $\mathrm{Rep}_k(\mathbb Z/p)$. Let $\mathfrak g$ be a linearly reductive Lie
algebra in $\mathrm{Ver}_p^+$, i.e., one whose finite-dimensional representations are semisimple. A basic class of examples is obtained by semisimplifying a simple Lie
algebra over $k$ equipped with the action of $\mathbb Z/p$ by a principal unipotent element, when $p$ exceeds its Coxeter number. We prove that $\mathfrak g$ is invariantless, i.e., that the unit object is not a summand of $\mathfrak g$. For odd $m$ with $3\leq m\leq p-2$, set $\mathfrak{g}_m:=\operatorname{Hom}_{\mathrm{Ver}_p^+}(L_m,\mathfrak g)$ and $E_{\mathfrak g}:=\bigoplus_{3\leq m\leq p-2,\ m\ {\rm odd}}\mathfrak g_m^{(1)}[m]$, where $(1)$ denotes Frobenius twist. Our main result is an isomorphism of graded
algebras $H^\bullet_{\mathrm{CE}}(\mathfrak g)\cong\bigwedge^\bullet E_{\mathfrak g}^*$. We also identify this
algebra with the de Rham cohomology $H^\bullet_{\mathrm{dR}}(G)$ of the group scheme $G=\exp(\mathfrak g)$ and show that the induced graded Hopf
algebra structure agrees with the standard one on the exterior
algebra. Moreover, if $V$ is a simple $\mathfrak g$-module on which $\mathfrak g$ acts nontrivially, then $H^\bullet_{\mathrm{CE}}(\mathfrak g,V)=0$. Hence for every finite-dimensional $\mathfrak g$-module $V$ one has $H^\bullet_{\mathrm{CE}}(\mathfrak g,V)\cong\bigwedge^\bullet E_{\mathfrak g}^*\otimes V^{\mathfrak g}$. This recovers the
theorem of Borel and Chevalley on the cohomology of complex semisimple Lie
algebras and its analogue in sufficiently large positive characteristic. We also prove similar results for relative cohomology.