New Delhi, March 26 (PTI) - In a significant shift in the renewable energy landscape, TPG, a leading global alternative asset management firm, has successfully acquired a majority stake in Siemens Gamesa's wind turbine business operating in India and Sri Lanka. The deal comes through a strategic agreement between a consortium led by TPG and Siemens Energy, which announced the acquisition on March 26, 2025.
Under terms of the agreement, Maven Investments, a private entity associated with the Murugappa family, will also invest significantly alongside TPG, ensuring further financial backing for the venture. Additionally, Prashant Jain, the former CEO of JSW Energy, has joined the consortium as a Climate Change Partner and will hold a minority stake in the new enterprise.
The formation of an independent company dedicated to the manufacturing, installation, and servicing of onshore wind turbines is at the heart of this transaction. This new entity will be uniquely positioned to tap into the burgeoning demand for renewable energy solutions in India.
Siemens Gamesa, the wind power subsidiary of Siemens Energy, currently holds about 30% of the market share in the Indian wind energy sector. As part of the agreement, Siemens will transfer around 1,000 employees and two manufacturing plants across India to the newly formed company. Siemens Gamesa will also maintain a minority stake in this new entity and continue to license its intellectual property and technological assets, while collaborating on the development of future products.
Vinod Philip, a member of the Board of Siemens Energy responsible for the wind turbine division, commented, "The new company will serve the Indian market more effectively while also offering a long-term perspective for the employees and customers. This ensures continued support and development in this vibrant market, while Siemens Gamesa can concentrate on other core markets."
The board of directors for the new wind turbine enterprise will be chaired by Vellayan Subbiah, with Prashant Jain appointed as the Executive Vice Chairman. Philip will represent Siemens Gamesa on the board, reinforcing the importance of the brand in the ongoing growth of the Indian wind energy sector.
The deal is particularly notable against the backdrop of India’s aggressive renewable energy targets. Analysts believe that the onshore wind sector is poised for continued growth due to government mandates aimed at boosting renewable energy generation.
During a briefing, Ankur Thadani, Partner at TPG and Head of Climate, Asia, emphasized, "We believe onshore wind will continue to play an increasing role in India’s green energy mix and this new platform, with Siemens Gamesa's world-class product manufacturing and service offering, and the backing of TPG and MAVCO will continue to accelerate the delivery of gigawatts of clean power to millions of Indians across the socio-economic spectrum."
Prashant Jain echoed these sentiments, stating, "The wind industry is at an inflection point in India given the government's renewable energy mandate and the need to meet round-the-clock power demand. The need for quality wind turbine generator suppliers in the country will only rise given the demand-supply gap and the criticality of supply in the overall wind supply chain."
As part of their operational strategy, Siemens Gamesa has an extensive installation base of nearly 10 gigawatts (GW) in India and provides service for more than 7 GW under long-term agreements. Looking ahead, the Indian market for wind power is expected to add 57 GW of capacity by 2032, creating ample opportunities for the new enterprise.
Though detailed financial figures were not disclosed, the announcement led to a positive reaction from the market, with Siemens Energy’s shares rising sharply in Frankfurt’s blue-chip index, a testament to investor confidence in the strategic direction of the company post-transaction.
The board's strategic vision aims to harness the strength of Siemens Gamesa technology combined with TPG's financial acumen to address the growing demand for wind power. The commitment to transitioning towards a more sustainable and green energy framework is evident in this partnership.
In conclusion, the formation of this new independent company marks a pivotal moment for renewable energy in India, indicating a strong commitment from both TPG and Siemens Gamesa to invest in the future of green energy solutions.
