A US agency has released $360 million (£230 million) to back two overseas funds that will provide the latest renewable technologies and help lay the foundations for emerging markets in the world.

The Overseas Private Investment Corporation (OPIC), the US Government’s development financial institution, will provide a share of $125 million (£80 million) to Alternative & Renewable Technologies Partners. It will be invested in companies matching the best renewable technologies from the US and Europe to markets in Latin America and Southeast Asia.

The agency also approved $50million (£32 million) for the GEF Africa Growth Fund, which will invest in environment-related energy infrastructure across Sub-Saharan Africa. The fund hopes to secure a total investment worth $150million.

Elizabeth Littlefield, President and CEO of OPIC said: “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.”

Another $185m will also be provided to help build two 20MW solar plants in Peru.