TPG consortium to acquire Siemens Gamesa's Indian assets

A consortium led by TPG is set to acquire Siemens Gamesa Renewable Power's Indian wind energy assets for $500-550 million. This includes investments from Vellayan Subbiah and Prashant Jain, who have experience in energy and manufacturing. Siemens Energy AG will keep a minor stake after the deal is finalized. The acquisition aims to improve efficiency and reduce losses at Siemens Energy, which recently received a government bailout due to rising costs. TPG plans to enhance the business before potentially taking it public. They had previously purchased the minority shareholders of Gamesa for $4.2 billion in 2022. Siemens Gamesa operates in India with the capacity to produce 9 GW of wind turbines. The company has faced significant financial losses, reporting a 4.4 billion euro loss in the last fiscal year. Despite this, Siemens Gamesa recognizes the Indian market as crucial for future opportunities and aims to fulfill its commitments to existing projects. The formal announcement of the acquisition is expected soon. TPG declined to comment, and efforts to reach Jain and Subbiah were unsuccessful. In the past, Siemens explored various options for its wind business in India, including partnerships or a complete exit.