TPG Alternative & Renewable Technologies Partners (TPG ART) will garner $125m of the grant and will invest the same into companies that take comparable technologies from US and Europe to Latin America and Southeast Asia.
It would also lend support to initiatives that encourage adoption of renewable technologies lowering environmental impact compared to conventional energy generation methods currently used.
OPIC President and CEO Elizabeth Littlefield said that the transfer of renewable energy technologies and applying them to emerging markets is one of the great developmental challenges of the coming years.
"Be it converting local biomass to high-value products, improving energy storage, or making use of state-of-the-art building materials, the technologies invested in by this fund will represent an important step toward meeting that challenge," added Littlefield.
OPIC which is the US Government’s development finance institution will also invest $50m in the GEF Africa Growth Fund. The fund will target investments in clean electricity generation; energy management systems; distribution infrastructure; energy efficiency technologies and services in Sub-Saharan Africa.
"The GEF Africa Growth Fund will make investments that accelerate the development of Africa’s energy infrastructure, particularly in industries that can raise agribusiness output to meet consumption needs," said Littlefield.
