- Siemens Gamesa sold 90% of its onshore wind operations in India and Sri Lanka to a TPG-led consortium, retaining a 10% stake and providing technology support.
- TPG, MAVCO, and investor Prashant will manage the new entity, which aims to capture growth in India’s wind market, which is projected to add 57 GW by 2032.
- Siemens Gamesa will shift its focus to key global markets, while Siemens Energy will retain 1,200 employees in India’s technology design operations.
Siemens Gamesa sold 90% of its onshore wind operations in India and Sri Lanka to a TPG-led consortium. The deal includes the transfer of wind turbine manufacturing, installation, and servicing, along with two production facilities and 1,000 employees. Siemens Gamesa retains a 10% stake and continues to provide technology support through a long-term licensing agreement. The parties did not disclose financial details and are still awaiting regulatory approval.
TPG Capital, MAVCO, and investor Prashant will manage the new entity. TPG assumes majority control, aiming to expand operations in India’s fast-growing wind market, which expects to add 57 gigawatts (GW) of capacity by 2032. The consortium strengthens its foothold in one of the world’s largest wind energy markets by leveraging local expertise.
Siemens Gamesa, holding a 30% share of the Indian market with a cumulative installed base of 10 GW, realigned its strategy to match local market conditions. The company focuses on key global markets while maintaining a minority stake to stay engaged.
The agreement excludes Siemens Gamesa’s technology design operations in India. Siemens Energy AG continues to operate in those areas, with 1,200 employees, including 700 in the design centre, remaining in their current roles. Siemens Gamesa commits to servicing its fleet of over 7 GW in India under ongoing contracts, ensuring no disruption to customers.
Vinod Philip, a board member at Siemens Energy who oversees Siemens Gamesa, emphasised that this transaction allows the company to address the needs of the Indian market better while securing long-term stability for customers and employees.
This move marks a strategic shift for the leader of Siemens Gamesa, India’s wind energy sector. The company focuses on key global markets, while the TPG-led consortium drives growth in India. TPG, MAVCO, and Prashant plan to optimise operations and expand capacity in India’s rapidly growing wind energy sector.
Siemens Gamesa’s 10% stake and continued technology support show its ongoing interest in India’s wind market. However, by relinquishing direct control, the company pivots toward markets with more strategic growth opportunities. This transaction allows Siemens Gamesa to streamline operations and pursue more profitable ventures while TPG steers the entity towards capturing a larger share of India’s wind energy expansion.
India, targeting an additional 57 GW of wind capacity by 2032, offers immense growth potential. The TPG-led consortium stands ready to capitalise on this expansion, focusing on enhancing local production, boosting wind energy solutions, and meeting growing demand in one of the most dynamic renewable energy markets worldwide.