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Siemens Gamesa sells 90% of its wind operations in India to TPG

The Spanish group transfers the majority of its operations in India and Sri Lanka to a consortium led by TPG, creating a new entity focused on onshore wind.

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Siemens Gamesa Renewable Energy S.A. has entered into an agreement with a group of investors led by TPG Capital to divest 90% of its onshore wind operations in India and Sri Lanka. The transaction includes the manufacturing, installation, and servicing of wind turbines, along with two production facilities and approximately 1,000 employees. The Spanish company will retain a minority 10% stake in the newly formed entity while continuing to provide technology support through a long-term licensing agreement. Financial terms have not been disclosed, and the completion of the transaction remains subject to customary regulatory approvals.

Establishment of an autonomous local structure

The newly formed joint venture will be steered by TPG alongside MAVCO and individual investor Prashant, who will take the lead in managing the former Siemens Gamesa operations in the Indian market. Leveraging established local expertise, TPG will assume majority control of this dedicated entity in one of the world’s fastest-growing wind energy markets. India is expected to add around 57 gigawatts (GW) of wind capacity by 2032, according to industry projections.

Siemens Gamesa, which currently holds nearly 30% of the Indian market with a cumulative installed base of 10 GW, stated that the decision was motivated by the aim of ensuring a more tailored presence aligned with local market conditions. The group intends to redirect its focus toward other core strategic markets.

Design operations to remain within Siemens Energy

The sale agreement does not include Siemens Gamesa’s technology design operations located in India, which will continue to operate within Siemens Energy AG. Approximately 1,200 employees, including 700 affiliated with the design centre, will not be transferred to the new entity. Customer service, currently provided for a fleet exceeding 7 GW, will be maintained without disruption as part of ongoing contractual commitments.

Vinod Philip, Member of the Board of Siemens Energy responsible for Siemens Gamesa, highlighted the opportunity this transaction represents to better meet the specific needs of the Indian market while ensuring long-term stability for both customers and employees involved.

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