Siemens Gamesa has announced the divestment of a 90% stake in its onshore wind business in India and Sri Lanka, forming a strategic partnership with TPG and other investors. Under this agreement, TPG will become the majority shareholder of a newly established company, while Siemens Gamesa retains a 10% stake.
The transaction encompasses the manufacturing, installation, and servicing of onshore wind turbines in both countries. As part of the business transfer, approximately 1,000 employees and two manufacturing plants in India will transition to the new entity.
Siemens Gamesa will continue to support operations through a long-term technology licensing agreement. Financial terms remain undisclosed, and the transaction is subject to customary closing conditions and regulatory approvals.
India’s Growing Wind Energy Market
India is poised for significant expansion in wind energy, with an estimated 57 GW of additional capacity expected by 2032. Recognizing the need for dedicated market attention, Siemens Gamesa opted to transfer majority ownership to TPG.
The private equity firm brings financial stability, extensive experience in the Indian market, and a strong commitment to sustainable energy investments. This move enables Siemens Gamesa to concentrate on its core markets while ensuring the continued development of wind energy in India

Siemens Gamesa and its strong presence in the Indian Market
Siemens Gamesa currently holds a 30% market share in India’s wind turbine sector, backed by a well-established manufacturing and supply chain infrastructure. With a cumulative installation base nearing 10 GW and service agreements covering over 7 GW, the company has played a significant role in advancing wind energy in the region. The newly formed company will maintain the same commitment to quality and customer service.
The company confirmed that Siemens Gamesa’s Design Center activities in India, which employ approximately 700 engineers, along with an additional 500 employees, will remain outside the scope of this transaction. These teams will continue to support Siemens Energy’s global wind power operations, where they typically collaborate as the turbine supplier, working alongside various Balance of Plant (BoP) contractors to ensure seamless integration of wind farm infrastructure.
TPG Rise Fund and other parties
TPG Rise Climate is a dedicated investment platform focused on scaling climate solutions globally. With specialized capital across private equity, transition infrastructure, and emerging markets, TPG Rise Climate leverages its extensive network of executives, advisors, and corporate partners to drive impactful investments in the sector.
The platform is led by Jim Coulter, TPG Founding Partner and Executive Chairman, while former U.S. Treasury Secretary Hank Paulson serves as its Executive Chairman. TPG Rise Climate focuses on accelerating climate solutions across key areas, including:
Clean Electrons: Energy transition and green mobility
Clean Molecules: Sustainable fuels and materials
Negative Emissions: Carbon reduction and sequestration technologies
Additional investors include MAVCO Investments, representing the Murugappa family’s fourth and fifth generations, and Prashant Jain, former CEO of JSW Energy, who will hold a minority stake as Climate Change Partner.
The leadership team for the new company will feature Vellayan Subbiah as Chairman of the Board of Directors and Prashant Jain as Executive Vice Chairman. Siemens Gamesa will maintain representation on the Board through Vinod Philip.
Leadership Comments on the Transition
Vinod Philip, Member of the Board of Siemens Energy overseeing Siemens Gamesa, highlighted the strategic rationale behind the decision:
“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 while also offering a long-term perspective for employees and customers. This ensures continued support and development in this vibrant market, while Siemens Gamesa can concentrate on other core markets.”
Ankur Thadani, Partner at TPG and Head of Climate, Asia, also emphasized the potential of the partnership:
“Siemens Gamesa has built a leadership position in India’s onshore wind market, and we look forward to partnering with them, MAVCO, and Prashant to build on their success. We believe 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.”
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