MUMBAI, March 26, 2025 -- TPG, a leading global alternative asset management firm, and Siemens Gamesa, a wind power subsidiary of Siemens Energy and leading wind turbine manufacturer, today announced they have entered into an agreement, under which TPG will acquire a majority stake in Siemens Gamesa’s onshore wind turbine generator manufacturing business in India and Sri Lanka. The transaction is subject to closing conditions and regulatory approvals. Financial details of the investment were not disclosed.

TPG’s investment will be made through TPG Rise Climate, its dedicated climate investing platform, and the transaction will serve as the inaugural investment from its Global South Initiative, a private equity strategy launched in partnership with ALTÉRRA, the world’s largest private investment vehicle for climate finance, to scale climate solutions across the Global South. 

MAVCO Investments, a private company belonging to select members of the Murugappa family, will also make a significant minority investment alongside TPG, in addition to continued investment from Siemens Gamesa. Prashant Jain, former CEO JSW Energy, will also pick up a minority stake as Climate Change Partner in the venture.  

This partnership solidifies TPG, MAVCO, Siemens Gamesa and Mr. Prashant Jain’s commitment to scale renewable energy solutions across India, Sri Lanka and other global markets. Following the close of the transaction, a new independent company will be created to build a best-in-class company for the manufacturing, installation and service of onshore wind turbines, addressing the Indian wind market potential. Under the transaction, Siemens Gamesa, which will continue to hold a minority stake in the new company, will transfer approximately 1,000 employees and existing manufacturing infrastructure in India while continuing to exclusively license its intellectual property and technology and developing next generation of products for the new company. 

As the third-largest consumer of energy in the world, India is emerging as a global leader in clean energy, with a commitment to achieve 500GW of non-fossil fuel based energy capacity by 2030. With the country’s transition to enable more sustainable energy, the wind energy sector will also continue to see high market growth, with an anticipated addition of approximately 57 GW of capacity by 2032. 

Vinod Philip, Member of the Board of Siemens Energy, responsible for Siemens Gamesa, commented: “India is and remains an attractive market for wind energy, with significant growth potential. However, after thorough analysis, we have determined that our new partners led by TPG are the optimal owners to harness this potential. 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.”

Ankur Thadani, Partner at TPG and Head of Climate, Asia, commented: “Siemens Gamesa has built a leadership position in India’s onshore wind market, and we look forward to partnering with them, MAVCO, and Prashant to build on their success. 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.”

Vellayan Subbiah, MAVCO commented: “This partnership with TPG, Siemens Gamesa, and Mr. Prashant Jain marks a significant step forward in advancing renewable energy solutions and supporting India’s clean energy ambitions. With Siemens Gamesa’s technical expertise and TPG’s global investing experience, the new company is well-positioned to deliver high-performance wind turbine generators. This collaboration is poised to drive long-term growth in the sector and further strengthen India’s transition to sustainable power.”

Prashant Jain commented: “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. I am excited to partner with TPG, Siemens Gamesa and MAVCO to create a world-class wind turbine supplier from India and look forward to this new partnership.”

The Board of Directors of the new company will be chaired by Vellayan Subbiah with Prashant Jain serving as the Executive Vice Chairman. Vinod Philip will be the Siemens Gamesa representative on the Board. 

TPG, MAVCO and Prashant Jain were jointly advised by Morgan Stanley, Kearney, Deloitte, Alvarez & Marsal, Khaitan & Co., Cyril Amarchand Mangaldas, and Cleary Gottlieb Steen & Hamilton. 

For media inquiries, please contact:

TPG
Email: TPG-India@edelman.com

Siemens Gamesa
Madhukumar Boppana 
E-mail: madhukumar.boppana@siemensgamesa.com 

About TPG Rise Climate

TPG Rise Climate is the dedicated climate investing platform of TPG, a leading global alternative asset management firm. With dedicated pools of capital across private equity, transition infrastructure, and the Global South, TPG Rise Climate pursues climate-related investments that benefit from the diverse skills of TPG’s investing professionals around the world, the strategic relationships and insights developed across TPG’s broad portfolio of climate companies, and a global network of executives, advisors, and corporate partners. As part of TPG’s $27 billion global impact investing platform, TPG Rise Climate invests broadly across the climate sector, with a focus on building and scaling leading climate solutions across the following thematic areas: clean electrons, clean molecules and materials, and negative emissions.

For more information, please visit www.therisefund.com/tpgriseclimate.

About Siemens Energy

Siemens Energy is one of the world’s leading energy technology companies. The company works with its customers and partners on energy systems for the future, thus supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power and heat generation and transmission to storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. 

Its wind power subsidiary Siemens Gamesa makes Siemens Energy a global market leader for renewable energies. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy. Siemens Energy employs around 100,000 people worldwide in more than 90 countries and generated revenue of €34.5 billion in fiscal year 2024. www.siemens-energy.com

About MAVCO Investments

MAVCO is a private company belonging to the families of M.A.M Arunachalam, Vellayan Subbiah and Arun Venkatachalam being the fourth and fifth generation of the Murugappa family with rich and diverse experience of managing businesses across industries in India.