In a strategic move within the renewable energy sector, a consortium led by private equity firm TPG has acquired a 90% stake in Siemens Gamesa’s onshore wind turbine business in India and Sri Lanka. The deal, announced on March 26, 2025, includes participation from investment firm Mavco and industry veteran Prashant Jain, with Siemens Gamesa retaining a 10% stake in the new entity.
Strategic Divestment to Focus on Core Markets
Siemens Gamesa’s decision to divest the majority stake aligns with its strategy to concentrate on core markets amid intense competition in the Indian wind energy sector. Vinod Philip, a board member of Siemens Energy overseeing Siemens Gamesa, stated, “The new company will serve the Indian market more effectively while also offering a long-term perspective for employees and customers.”
Formation of an Independent Wind Energy Company
The acquisition will lead to the establishment of an independent company dedicated to manufacturing, installing, and servicing onshore wind turbines in India and Sri Lanka. Siemens Gamesa will transfer approximately 1,000 employees and its existing manufacturing infrastructure to the new entity while continuing to license its technology.
Leadership and Investment Details
Vellayan Subbiah of Mavco will chair the board of the new company, with Prashant Jain serving as Executive Vice Chairman. TPG’s investment is channeled through its climate-focused platform, TPG Rise Climate, marking the inaugural deal under its Global South Initiative, a private equity strategy launched in partnership with Altérra, the world’s largest climate finance investment vehicle.
Mercomindia.com
Implications for India’s Renewable Energy Goals
This transaction comes as India, the world’s third-largest energy consumer, aims to achieve 500 gigawatts (GW) of non-fossil fuel capacity by 2030. The country is projected to add 57 GW of wind capacity by 2032, highlighting the significant growth potential in the wind energy sector.
Future Outlook
The formation of this new entity is expected to enhance the competitiveness and efficiency of wind energy solutions in India and Sri Lanka. By leveraging local expertise and focusing on the unique dynamics of the regional market, the company aims to contribute significantly to the renewable energy landscape in the coming years