TPG, Siemens Gamesa, and MAVCO have formed a strategic partnership to establish a leading onshore wind turbine manufacturer in India, aligning with the country's renewable energy objectives.

Target Information

TPG, a prominent global alternative asset management firm, and Siemens Gamesa, a subsidiary of Siemens Energy and one of the leading manufacturers of wind turbines, have established a strategic partnership to acquire a majority stake in Siemens Gamesa’s onshore wind turbine manufacturing business in India and Sri Lanka. This partnership also comprises MAVCO Investments, which will make a significant minority investment, alongside continued investments from Siemens Gamesa itself. Additionally, industry veteran Prashant Jain will contribute as a Climate Change Partner by taking a minority stake in the new venture.

Following the completion of this transaction, a new independent entity will be formed, focusing on creating a top-tier company for the manufacturing, installation, and servicing of onshore wind turbines. This initiative aims to capitalize on the burgeoning wind energy market in India, with approximately 1,000 employees and existing infrastructure being transitioned from Siemens Gamesa to the new company.

Industry Overview

India stands as the third-largest consumer of energy globally, emerging as a critical player in the clean energy sector, driven by its ambitious goal to reach 500 GW of non-fossil fuel-based energy capacity by 2030. As the country transitions towards sustainable energy sources, the