Finnish investors support the electric vehicle business in India

OP Finnfund Global Impact Fund I, the first Finnish global emerging markets impact fund, and Finnfund, a development financier and impact investor, are investing in BII India EV LLP, British International Investment’s managed vehicle and existing shareholder of Mahindra Electric Automobile Limited (MEAL). The investment will accelerate the availability and adoption of electric vehicles (EVs) in India.

“We are thrilled to be part of this transaction, which has positive impact on climate. Electric vehicles adoption is in its early stages in India and we are confident that our investment will significantly enhance the availability of electric vehicles in the country”, says Tuomas Virtala, Head of OP Asset Management.

Finnfund has previously invested in charging infrastructure for EVs in India and is continuously on the lookout for investment opportunities that support the transition to cleaner and cheaper travel alternatives in developing countries. “This initiative is an important step towards making EVs more accessible in India, and plays a critical role in reducing pollution, particularly in major cities,” says Helena Teppana, Associate Director at Finnfund. “Finnfund’s investments in electric mobility have been strongly driven by the health benefits, which are especially crucial in cities with congested traffic,” she added.

The investment was syndicated by British International Investment (BII) and includes the Asian Infrastructure Investment Bank alongside the Finnish investors.

Media contact:
Valpuri Mäkinen, Communications and Marketing Manager, Valpuri.makinen@finnfund.fi, tel. +358 50 384 2105

Other information:
Helena Teppana, Associate Director, Finnfund, helena.teppana (a) finnfund.fi, tel +358 40 822 8296

About OP Finnfund Global Impact Fund I
OP Finnfund Global Impact Fund I is the first global emerging markets impact fund in Finland. The fund targets significant positive impacts in addition to financial return. The first two rounds of funding have raised a total of EUR 135 million. OP Asset Management Ltd, part of OP Financial Group, one of the largest banking groups in Finland, acts as a portfolio manager for the fund and OP Fund Management Company Ltd acts as an alternative investment fund manager of the fund. Finnfund, a Finnish development financier and impact investor acts as an anchor investor and advisor to the fund.

About Finnfund
Finnfund is a Finnish development financier and impact investor. We build a sustainable future and generate lasting impact by investing in businesses that solve global development challenges. We invest 200–250 million euros in 20–30 companies in developing countries each year. Our focus sectors include renewable energy, sustainable forestry, sustainable agriculture, financial institutions, and digital infrastructure and solutions. Today Finnfund’s investments, commitments, and investment decisions total about 1.23 billion euros, half of them in Africa. The company has 97 employees based in Helsinki and Nairobi.