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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’s growth through a long-term technology licensing agreement. The financial details will not be disclosed, and the transaction is subject to customary closing and regulatory approvals from the respective authorities.
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. This allows Siemens Gamesa to shift its strategic focus to other core markets.
Vinod Philip, Member of the Board of Siemens Energy overseeing Siemens Gamesa, stated that India continues to be a promising market for wind energy with substantial growth potential. However, following a detailed evaluation, the company concluded that the new ownership group, led by TPG, is best positioned to capitalize on this opportunity. He emphasized that the new entity will be better equipped to serve the Indian market efficiently while providing long-term stability for employees and customers. This move will allow Siemens Gamesa to focus on its core markets.
Ankur Thadani, Partner at TPG and Head of Climate, Asia, highlighted Siemens Gamesa’s strong leadership in India’s onshore wind market. He expressed enthusiasm about collaborating with Siemens Gamesa, MAVCO, and Prashant to build on this success. Thadani emphasized that onshore wind will play an increasingly significant role in India’s green energy transition. He noted that the new platform, supported by Siemens Gamesa’s advanced product manufacturing and service capabilities, along with the backing of TPG and MAVCO, will accelerate the deployment of gigawatts of clean power, benefiting millions of Indians across the socioeconomic spectrum.
As a leading wind turbine manufacturer in India, Siemens Gamesa currently holds a market share of ca. 30%. Supported by a robust manufacturing and supply chain base within the country, Siemens Gamesa has a cumulative installation base of almost 10 GW and provides service to a fleet of more than 7 GW under long-term agreements.
The new company will continue to uphold the same high-quality standards of customer service. The Design Center activities of Siemens Gamesa’s technology function in India, which employs ca. 700 employees, plus another 500 employees, will not be subject to this transaction and will remain within the global wind power business of Siemens Energy.
