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					</table><p>Automobile manufacturer <a href="https://www.mahindra.com/" target="_blank" rel="noopener">Mahindra &amp; Mahindra</a> plans to invest ₹120 billion (~$1.43 billion) in its electric vehicle (EV) unit, Mahindra Electric Automobile (MEAL), over the next three years up to March 31, 2027.</p>
<p>In a stock exchange filing, the company stated that it expects to generate enough operating cash through its auto division to cover all capital investment needs without requiring additional external funding.</p>
<p>Mahindra &amp; Mahindra and British International Investments (<a href="https://www.bii.co.uk/en/" target="_blank" rel="noopener">BII</a>) have also decided to extend the deadline for the final tranche of BII’s proposed ₹7.25 billion (~$86.93 million) investment in MEAL. They will reassess the necessity for further investments by December 31, 2024.</p>
<p>To date, BII has invested ₹12 billion (~$143.88 million) in MEAL, and <a href="https://www.temasek.com.sg/en/index" target="_blank" rel="noopener">Temasek</a>, a Singapore-based investment firm, has <a href="https://www.mercomindia.com/temasek-invest-%e2%82%b912-billion-mahindras-four-wheeler-ev" target="_blank" rel="noopener">contributed</a> ₹3 billion (~$35.97 million).</p>
<p>As per earlier agreements, Temasek is also scheduled to invest an additional ₹9 billion (~$107.91 million).</p>
<p>The fund will be used by MEAL primarily to create and market an electric SUV portfolio with advanced technologies.</p>
<p>Founded in October 2022, Mahindra Electric Automobile focuses on a broad range of activities related to electric vehicles, including the design, development, manufacturing, and marketing of 4-wheel passenger electric vehicles and their components.</p>
<p>In the financial year 2023-2024, MEAL reported a net worth of ₹32.07 billion (~$384.53 million) and income of ₹569.6 million (~$6.83 million), despite having no revenue from operations for the year.</p>
<p>In March 2023, the International Finance Corporation <a href="https://www.mercomindia.com/ifc-invests-%E2%82%B96-billion-in-mahindras-mobility-firm" target="_blank" rel="noopener">announced</a> an investment of ₹6 billion (~$72.9 million) in a subsidiary of Mahindra &amp; Mahindra to expand the reach of affordable electric three-wheelers and small commercial vehicles.</p>
<p>EV sales in India <a href="https://www.mercomindia.com/ev-sales-sustain-growth-momentum-q1-2024/" target="_blank" rel="noopener">reached</a> a record 486,669 units in the first quarter of 2024, a jump of over 40% year-over-year against the 347,676 units. Mahindra sold 1,982 electric four-wheelers during the quarter.</p>


Mahindra & Mahindra Commits ₹120 Billion to EV Expansion by FY 2027


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					</table><p><a href="https://caelux.com/" target="_blank" rel="noopener">Caelux</a>, a U.S.-based perovskite solar cell technology firm, has announced the closure of a $12 million series A3 funding round led by <a href="https://www.temasek.com.sg/en/index" target="_blank" rel="noopener">Temasek</a>, a global investment company, to support the company’s factory expansion, research and development, and new product launch.</p>
<p><a href="https://www.ril.com/OurBusinesses/New-Energy.aspx" target="_blank" rel="noopener">Reliance New Energy</a>, <a href="https://www.khoslaventures.com/" target="_blank" rel="noopener">Khosla Ventures</a>, <a href="https://www.mitsuifudosan.co.jp/english/" target="_blank" rel="noopener">Mitsui Fudosan</a>, and <a href="https://finestructure.vc/" target="_blank" rel="noopener">Fine Structure Ventures</a> were the other participants in the financing round.</p>
<p>With the recent round, the total Series A funding raised by the company comes to $24 million.</p>
<p>The funding will support the company’s plan to build a manufacturing facility in Baldwin Park, California, and ramp up to reach 100 MW of perovskite-coated glass. It will also help support the company’s advancements in perovskite technology to achieve deployment at scale.</p>
<p>The company also plans to launch its new product, Caelux™ One, which aims to achieve 30% efficient commercial tandem solar modules. The modules are expected to have enhanced scalability, durability, and reliability, reducing the installation costs for developers and installers.</p>
<p>Scott Graybeal, CEO of Caelux, said, “Our advances in perovskite technology represent a seismic shift in the solar energy industry, providing more powerful, efficient, and cost-effective solar solutions. This investment will support our mission to usher in the next generation of solar innovation, including our production of full-size perovskite sub-modules.”</p>
<p>For Reliance New Energy, this will be the second investment in Caelux. In September 2022, the wholly owned subsidiary of Reliance Industries <a href="https://www.mercomindia.com/reliance-acquires-20-stake-module-technology-caelux-12-million" target="_blank" rel="noopener">acquired</a> a 20% stake for $12 million in Caelux, which would help Reliance produce higher efficiency and low-cost solar modules at its Jamnagar, Gujarat-based gigafactory, where an integrated photovoltaic plant is being set up.</p>
<p>The investment was also expected to allow Caelux to build its pilot line in the U.S.</p>
<p>Reliance New Solar Energy was amongst the winners of India’s Production-Linked Incentive program for solar module manufacturing and was <a href="https://www.mercomindia.com/reliance-renew-tata-power-winners-pli-11" target="_blank" rel="noopener">allotted</a> ₹31 billion (~$372.74 million) to develop 6 GW of integrated polysilicon, wafer, cell, and module manufacturing capacity.</p>
<p>According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/1h-q2-2023-solar-funding-ma-report/" target="_blank" rel="noopener">1H and Q2 2023 Solar Funding and M&amp;A Report</a>, the total global corporate funding in the solar sector during the first half of 2023, including venture capital investments, public market funding, and debt financing, reached $18.5 billion, a 54% year-over-year increase from $12 billion.</p>


Reliance, Others Invest $12 Million in Perovskite Solar Tech Firm Caelux


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					</table><p>India&#8217;s automotive conglomerate Mahindra &amp; Mahindra (<a href="https://www.mahindra.com/" target="_blank" rel="noopener">M&amp;M</a>) has secured a ₹12 billion (~$145 million) investment from Temasek, a global investment firm headquartered in Singapore, to help boost its four-wheel electric vehicle (EV) footprint.</p>
<p>The binding agreement will see Temasek investing in Mahindra Electric Automobile Limited (<a href="https://mahindraelectricautomobile.com/" target="_blank" rel="noopener">MEAL</a>), the four-wheeler passenger electric vehicle company, through Compulsorily Convertible Preference Shares.</p>
<p>Temasek&#8217;s infusion of funds will bolster MEAL&#8217;s valuation, propelling it from ₹700.7 billion (~$8.4 billion) to ₹805.8 billion (~9.7 billion), a 15% increase.</p>
<p>As part of the deal, Temasek will hold a 1.49% to 2.97% stake in MEAL, joining forces with British International Investments (<a href="https://www.bii.co.uk/en/" target="_blank" rel="noopener">BII</a>) as an investor in the electric mobility subsidiary.</p>
<p>Anish Shah, the Managing Director &amp; CEO of Mahindra &amp; Mahindra, said, &#8220;We are extremely delighted to have Temasek as a partner in our electric SUV journey. Globally known for their strong governance, Temasek&#8217;s investment is a step forward as we execute our strategy towards future leadership in electric SUVs.&#8221;</p>
<p>The company aims to capture 20% -30% of Mahindra&#8217;s SUV sales from electric vehicles by 2027.</p>
<p>Mahindra Group said the collaboration aligns with its overarching focus on Environmental, Social, and Governance responsibilities.</p>
<p>Headquartered in Singapore, Temasek operates through 13 offices in nine countries and has a net portfolio value of $287 billion as of March 31, 2023.</p>
<p>Recently, the International Finance Corporation IFC, a member of the World Bank Group, <a href="https://www.mercomindia.com/ifc-invests-%E2%82%B96-billion-in-mahindras-mobility-firm" target="_blank" rel="noopener">announced</a> an investment of ₹6 billion (~$72.9 million) in a subsidiary of Mahindra &amp; Mahindra to expand the reach of affordable electric three-wheelers and small commercial vehicles.</p>
<p>In India, sales of electric vehicles (EVs) <a href="https://www.mercomindia.com/electric-vehicle-sales-q2-2023" target="_blank" rel="noopener">reached</a> 371,340 units in the second quarter of 2023, a year-over-year increase of 66% compared to 223,293 units sold in the same period last year.</p>


Temasek to Invest ₹12 Billion in Mahindra’s Four-Wheeler EV Firm

<p><a href="https://www.brookfield.com/" target="_blank" rel="noopener">Brookfield Asset Management</a>, a Canada-based asset management company, announced that it had raised $7 billion in the initial close of its Brookfield Global Transition Fund.</p>
<p>The fund raised will be invested in carbon-incentive businesses and renewable energy companies, focusing on the global transition to a net-zero economy.</p>
<p>As a part of the closing, <a href="https://www.otpp.com/" target="_blank" rel="noopener">Ontario Teachers’ Pension Plan Board</a> and Singapore-based investment company <a href="https://www.temasek.com.sg/en/index" target="_blank" rel="noopener">Temasek</a>, founding investment partners, committed significant capital for the fund. The founding investment partners are also committed to achieving a net-zero economy by 2050 or earlier.</p>
<p>Investment Management Corporation of Ontario and PSP Investments also committed investments for the fund, the company said in a press statement. The company also said that the fund would be utilized to target large-scale decarbonization-driven investment opportunities.</p>
<p>The company targets to raise $12.5 billion and complete the traditional first and second close, with additional capital from Brookfield’s diverse group, by the end of 2021.</p>
<p>Mark Carney, Brookfield’s Vice-Chair and Head of Transition Investing, said, “Brookfield is committed to achieving net-zero by 2050 or sooner, and to accelerating the global net-zero transition. As the world increasingly focuses on sustainability, the required capital and investable opportunities are expanding faster than originally expected, creating an even greater opportunity for large-scale investments that address climate change and generate attractive returns.”</p>
<p>“Through this fund, we are pleased to partner with best-in-class institutions to commit the capital required to scale clean energy and catalyze companies onto Paris-aligned net-zero pathways,” Carney added.</p>
<p>Bruce Flatt, Chief Executive Officer of Brookfield Asset Management, added that private capital would play an essential role in addressing climate change. We look forward to working closely with these and other investors in the Fund to deliver a positive societal impact while generating attractive returns.</p>
<p>Ziad Hindo, Chief Investment Officer of Ontario Teachers’ Pension Plan Board, said, “By making a significant commitment to the Brookfield Global Transition Fund, we are investing our capital in a way that will benefit the environment and society while also earning attractive risk-adjusted returns to pay pensions. This fund will also strategically complement our global infrastructure and climate-related investing activities and expertise.”</p>
<p>In January 2020, the Emami Group, a Kolkata-based conglomerate, <a href="https://mercomindia.com/emami-group-sells-solar-segment-brookfield/" target="_blank" rel="noopener">sold</a> its solar power business to Brookfield Asset Management through a 100% stake sale.</p>
<p>Mercom had earlier <a href="https://mercomindia.com/brookfield-renesola-distributed-solar-china/" target="_blank" rel="noopener">reported</a> that ReneSola, a fully integrated solar project developer and operator, signed an exclusivity agreement with an affiliate of Brookfield Asset Management for negotiation to sell its distributed generation operation solar assets in China.</p>


Brookfield Raises $7 Billion for its Global Energy Transition Fund

<p><a href="https://www.temasek.com.sg/en/index.html" target="_blank" rel="noopener noreferrer">Temasek</a>, a Singapore-based Holdings company, has partnered with <a href="https://www.eqtgroup.com/" target="_blank" rel="noopener noreferrer">EQT</a>, a Swedish private equity company, to launch a renewable energy platform in India.</p>
<p>The platform, called 02 Power, aims to construct wind and solar projects in the country. The companies have allocated an initial equity commitment of $500 million (~₹35.34 billion) as the seed capital for this joint venture (JV).</p>
<p>This joint venture marks the companies’ first foray into the country.</p>
<p>Temasek is a global investment company headquartered in Singapore with a portfolio of operations in financial services, telecommunications, media, technology, real estate, transportation, industrials, life sciences, and agribusiness, as well as energy and resources.</p>
<p>EQT is a global investment organization that manages and advises investment funds across the world.</p>
<p>Back in 2017, Temasek partnered with EQT to expand its presence into Asia, particularly in Southeast Asia, India, Korea, Japan, New Zealand, and Australia to look for investment opportunities in communications, transportation, energy, and social infrastructure.</p>
<p>However, this is not the first joint venture by overseas corporations aimed at building the country’s renewable energy infrastructure.</p>
<p>In September 2018, Mercom <a href="https://mercomindia.com/engie-stoa-jv-wind-india/" target="_blank" rel="noopener noreferrer">reported</a> that in a similar deal, ENGIE, a global independent power producer, and STOA, a French infrastructure and investment firm, announced a joint venture to build wind projects in India, aiming to establish over 2 GW of wind energy capacity over five years.</p>
<p>Previously, global renewable energy development firm Lightsource BP and investment firm Everstone Group <a href="https://mercomindia.com/lightsourcebp-everstone-joint-venture-india/" target="_blank" rel="noopener noreferrer">teamed</a> up to create a major fund management platform called EverSource Capital for the development of green energy infrastructure in India with a fundraising target of £500 million (~₹45.49 billion).</p>
<p>Image credit: Tucson Electric Power</p>


Singapore’s Temasek Partners with Swedish EQT to Build Solar & Wind Farms in India

<p><a href="https://ccrenew.com/" target="_blank" rel="noopener">Cypress Creek Renewables</a>, a developer and owner of solar generating assets has secured $200 million in equity investment. A group led by <a href="https://www.temasek.com.sg/en/index.html" target="_blank" rel="noopener">Temasek</a>, a global investment company headquartered in Singapore, has agreed to purchase preferred equity interests in Cypress Creek Renewables.</p>
<p>The $200 million investment represents the purchase by the group of preferred stock and warrants to purchase up to an aggregate 10 percent stake of the common stock. Proceeds will support the company’s continued growth through creation, investment, maturation and monetization of its development portfolio.</p>
<p>Cypress Creek Renewables will continue to operate under its existing management and add two independent directors to its board.</p>
<p>“Temasek has shown itself to be a patient, forward-looking partner focused on generating sustainable long-term returns – and it is this shared vision that makes expansion of our relationship quite natural,” said Cypress Creek Renewables CEO Matt McGovern.</p>
<p>“The confidence Temasek has shown in our business model and development portfolio is a firm endorsement of our strategy, which we look forward to refining and executing on in tandem in the years to come,” added McGovern.</p>
<p>“Our strategy focuses on creating markets, originating projects and allocating capital to the most attractive risk-adjusted opportunities, with success being driven by our ability to navigate development, structural and financial complexities as well as assessing and pricing risk,” commented Brad Bauer, Cypress Creek Renewables Chief Capital Markets Officer.</p>
<p>According to Mercom’s <em><a href="http://mercomcapital.com/total-corporate-funding-in-solar-sector-rises-yoy-with-$5.3-billion-in-1h-2018-reports-mercom-capital-group" target="_blank" rel="noopener">Solar Funding and M&amp;A Report</a></em>, global VC funding (venture capital, private equity, and corporate venture capital) for the solar sector in 1H 2018 was 36 percent lower with $458 million compared to the $716 million raised in the first half of 2017.</p>


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