TPG, a global alternative asset management firm, has entered into an agreement to acquire a majority stake in Siemens Gamesa’s (wind power subsidiary of Siemens Energy) onshore wind turbine generator manufacturing business in India and Sri Lanka. The investment will be made through TPG Rise Climate, its climate investing platform. This transaction marks the first investment under TPG’s global south initiative, a private equity strategy launched in partnership with ALTÉRRA to scale climate solutions.
MAVCO Investments will make a significant minority investment alongside TPG, while Siemens Gamesa will retain a minority stake. Additionally, Prashant Jain, former chief executive officer of JSW Energy, will also hold a minority stake. The transaction, subject to regulatory approvals, includes the transfer of approximately 1,000 employees and existing manufacturing infrastructure in India as well, with Siemens Gamesa continuing to license its technology and develop new products for the new company.
Furthermore, the transaction was advised by Morgan Stanley, Kearney, Deloitte, Alvarez & Marsal, and legal firms like Khaitan & Co, Cyril Amarchand Mangaldas, and Cleary Gottlieb Steen & Hamilton. Financial details of the transaction were not disclosed. The partnership aims to establish an independent entity for the manufacturing, installation, and servicing of onshore wind turbines in India.
