We perform numerical simulation of dynamo with magnetic Prandtl number Pm = 0.2 on 10243 grid, and compute the energy fluxes and the shell-to-shell energy transfers. These computations indicate that the magnetic energy growth takes place mainly due to the energy transfers from large-scale velocity field to large-scale magnetic field and that the magnetic energy flux is forward. The steady-state magnetic energy is much smaller than the kinetic energy, rather than equipartition; this is because the magnetic Reynolds number is near the dynamo transition regime. We also contrast our results with those for dynamo with Pm = 20 and decaying dynamo. © 2015 Taylor & Francis.