Author: PPD Team Date: 28/03/2025
TPG, a global alternative asset management firm, has agreed to acquire a majority stake in Siemens Gamesa’s onshore wind turbine manufacturing business in India and Sri Lanka. The investment will be made through TPG Rise Climate, the firm’s climate-focused investing platform.
This deal marks the first investment under TPG’s Global South Initiative, a private equity strategy launched with ALTÉRRA to scale climate solutions. MAVCO Investments will also take a significant minority stake, while Siemens Gamesa will retain a minority share. Additionally, Prashant Jain, former CEO of JSW Energy, will hold a minority stake in the new company.
The transaction, subject to regulatory approvals, includes the transfer of approximately 1,000 employees and existing manufacturing infrastructure in India. Siemens Gamesa will continue to license its technology and develop new products for the company.
Morgan Stanley, Kearney, Deloitte, Alvarez & Marsal, and legal firms Khaitan & Co, Cyril Amarchand Mangaldas, and Cleary Gottlieb Steen & Hamilton advised on the deal. Financial details were not disclosed.
The partnership aims to create an independent entity for manufacturing, installing, and servicing onshore wind turbines, strengthening India’s wind energy sector.