India’s Wind Energy Landscape Shifts as CCI Clears Siemens Gamesa Onshore Business Acquisition

India’s Competition Commission has officially approved a landmark acquisition involving Siemens Gamesa Renewable Power (SGRE) and Siemens Gamesa Renewable Energy Lanka (SGREL), paving the way for a new wind energy powerhouse backed by global and domestic investors. The deal marks a strategic pivot in India’s clean energy ambitions.

 

Key Highlights:

 

- The approved transaction involves the acquisition of SGRE and SGREL’s onshore wind turbine manufacturing and services business by a consortium comprising Peony Properties Pvt Ltd (PPPL), TPG REGen SG Pte Ltd, Mavco Investments Pvt Ltd, Tikri 

 

Investments, and SGRE itself.

- The business includes manufacturing, assembly, operation, maintenance, and technical services for onshore wind turbines across India and Sri Lanka.

- The consortium is led by TPG, a global private equity firm, with Mavco representing members of the Murugappa family and Tikri Investments linked to industry veteran Prashant Jain.

 

Strategic Intent:

- The acquisition is part of TPG’s Global South Initiative under its Rise Climate platform, aimed at scaling renewable energy solutions in emerging markets.

- Siemens Gamesa will retain a minority stake and continue licensing its technology to the new entity, ensuring continuity and innovation.

- The new company will inherit SGRE’s manufacturing infrastructure and 1,000 employees, positioning it as a leading supplier of onshore wind turbines in India.

 

Market Impact:

- The consortium expects to accelerate India’s wind energy capacity, targeting 57 GW by 2032.

- The deal is not expected to alter competitive dynamics, with limited vertical overlaps and no significant market concentration concerns.

 

Sources: Economic Times, Rediff Moneynews, TPG Newsroom, CCI Summary Order, EQMagPro, Siemens Energy Press Releases