TPG Acquires Majority Stake in Siemens Gamesa's Wind Business in India and Sri Lanka In addition to TPG, MAVCO Investments—backed by members of the Murugappa Group family—and former JSW Energy CEO Prashant Jain will also invest as minority stakeholders.
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Global alternative asset manager TPG has announced its agreement to acquire a majority stake in Siemens Gamesa Renewable Energy's wind turbine businesses in India and Sri Lanka. Siemens Gamesa, a subsidiary of Germany's Siemens Energy AG, has been a key player in the wind energy sector.
The transaction, which remains subject to regulatory approvals, will be made through TPG Rise Climate's Global South Initiative. This initiative, developed alongside climate fund Alterra, focuses on expanding climate solutions in emerging markets. While financial terms were not disclosed, TPG emphasised that the investment aims to strengthen the wind energy market in the region.
In addition to TPG, MAVCO Investments—backed by members of the Murugappa Group family—and former JSW Energy CEO Prashant Jain will also invest as minority stakeholders.
Following the deal's completion, a new independent company will be formed. Siemens Gamesa will retain a minority stake and transfer around 1,000 employees and its Indian manufacturing facilities to this new entity. The company will also provide exclusive intellectual property licensing and product development support.
Vinod Philip, a Siemens Energy board member overseeing Siemens Gamesa, highlighted India's potential as a growing wind energy market. He noted that the new company would better serve the Indian market while allowing Siemens Gamesa to focus on its core global operations.
The leadership of the new company will include Vellayan Subbiah as chairman, Prashant Jain as executive vice chairman, and Philip as Siemens Gamesa's representative on the board.
Ankur Thadani, partner and head of climate for Asia at TPG, stated that the partnership would accelerate wind energy expansion in India, helping to provide clean power to millions.
Advisory firms including Morgan Stanley, Kearney, Deloitte, Alvarez & Marsal, Khaitan & Co., Cyril Amarchand Mangaldas, and Cleary Gottlieb Steen & Hamilton facilitated the transaction.
This acquisition underscores TPG's commitment to renewable energy in emerging markets, aligning with India's push for a greener energy future.
