TPG, Siemens Gamesa, MAVCO, and Prashant Jain Form Strategic Partnership to Boost Onshore Wind Energy in India
Chennai: TPG, a leading global alternative asset management firm, Siemens Gamesa, a wind power subsidiary of Siemens Energy, MAVCO Investments, and industry veteran Prashant Jain have entered into a strategic partnership agreement to create a leading supplier of onshore wind turbines in India.
As part of the agreement, TPG will acquire a majority stake in Siemens Gamesa’s onshore wind turbine generator manufacturing business in India and Sri Lanka. MAVCO will make a significant minority investment, while Prashant Jain will also acquire a minority stake.
The partnership aims to scale renewable energy solutions across India, Sri Lanka, and other global markets. A new independent company will be created to build a best-in-class company for the manufacturing, installation, and service of onshore wind turbines.
India has set a target of achieving 500GW of non-fossil fuel-based energy capacity by 2030, with the wind energy sector expected to play a significant role. The partnership will leverage Siemens Gamesa’s technical expertise and TPG’s global investing experience to deliver high-performance wind turbine generators.
The Board of Directors of the new company will be chaired by Vellayan Subbiah, with Prashant Jain serving as the Executive Vice Chairman.
