Siemens Gamesa said it will divest 90 percent of its Indian wind business to a new company led by TPG, retaining a 10 percent stake.
The agreement covers manufacturing, installation, and service of onshore wind turbines in India and Sri Lanka. Around 1,000 employees and two manufacturing plants will be transferred.
Siemens Gamesa will support growth through a technology licensing agreement. India is a high-growth wind energy market, expected to add 57 GW by 2032.
TPG, along with MAVCO Investments and Prashant Jain, former CEO of JSW Energy, will invest in the new platform. Siemens Gamesa will continue its Design Center activities and retain around 1,200 employees.
As a leading wind turbine manufacturer in India, Siemens Gamesa currently holds a market share of ca. 30 percent. 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 Design Center activities of Siemens Gamesa’s technology function in India, which employs ca. 700 employees, plus another 500 employees will not be subject of this transaction and will remain within the global wind power business of Siemens Energy.
Baburajan Kizhakedath