You can do the following:
#views.py
from django.utils.html import escape
valid_part = "<i> hello1 </i>" #needs escaping
invalid_part = "<i> hello2 </i>" #needs escaping
error = "{0} <span style='background-color:yellow'>{1}</span>".format(escape(valid_part),escape(invalid_part))
return render_to_response('my.html',{"error":error})
In template:
#my.html
{{ error|safe }}