The Overseas Private Investment Corporation (OPIC), the US Government’s Development Finance Institution, has granted over $1bn in financing to private sector-led energy projects in Africa and Asia.

The funding will be used for large-scale renewable power generation as well as to upgrade and construct stabilizing energy infrastructure in fast-emerging economies which face difficulty in getting reliable electricity.

It will provide financing and insurance support to US-led developments in the region.

SolarReserve, alongside lead developer ACWA Power, has secured up to $400m in financing from OPIC to fund the development of the 100MW Redstone concentrating solar power plant in Northern Cape, South Africa.

Scheduled to commence operations in early 2018, the power plant will feature SolarReserve’s molten salt energy storage technology to generate clean electricity to power more than 200,000 South African homes during peak demand periods.

Additionally, Standard Bank of South Africa will use the $250m OPIC-supported loan to finance power generation and infrastructure projects in OPIC-eligible countries in Sub-Saharan Africa.

OPIC also granted up to $245m in financing to YES Bank to increase lending to micro, small and medium enterprises in India to spur inclusive economic growth.

Meanwhile, K-Electric in Pakistan secured $250m in financing to undertake a comprehensive power grid upgrade program in Karachi while, Apollo Towers secured $150m in political risk insurance.

BancABC in Southern Africa also received $200m grant from OPIC to fund to scale up its SME loan portfolio, increase on-lending for financial inclusion products, and invest in information technology upgrades to quicken implementation of its new financial technology and mobile banking initiatives.

OPIC president and CEO Elizabeth Littlefield said: "The projects approved by OPIC today are significant in both vision and volume.

"These projects show the transformative impact that the U.S. private sector can have in the developing world, and we look forward to their successes in supporting clean power and inclusive growth in Asia and Africa."