Siemens Gamesa and a group of investors led by TPG intend to jointly address the Indian onshore wind market potential through a new company, in which TPG will be the majority shareholder. Siemens Gamesa will divest 90% of its wind business in India and Sri Lanka, retaining a 10% stake in the transferred business.
The agreement includes the manufacturing, installation, and service of onshore wind turbines in India and Sri Lanka. As part of the business transfer agreement, Siemens Gamesa plans to transfer ca. 1.000 employees and two manufacturing plants in India into the new company. Siemens Gamesa will continue to support the business’ growth through a long-term technology licensing agreement.
India is a high growth market for the wind energy sector, with an anticipated addition of approximately 57 GW of capacity by 2032. To ensure the Indian market receives the dedicated attention it deserves, Siemens Gamesa has chosen to transfer majority ownership to TPG, a partner with financial strength, extensive experience in the Indian market and a strong commitment to green projects globally.
Commenting on the development, Vinod Philip, Member of the Board of Siemens Energy, responsible for Siemens Gamesa, said, “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.”
Expressing their views, Ankur Thadani, Partner at TPG and Head of Climate, Asia, said, “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.”
