Global alternative asset management firm TPG and MAVCO-led consortium have created an independent wind energy platform, Vayona Energy, post the acquisition of Spain-based wind turbine manufacturer Siemens Gamesa’s onshore wind business in India and Sri Lanka.

The new entity will address the growing renewable energy demand in India.

The formation of Vayona Energy follows a strategic partnership announced between TPG, Siemens Gamesa, and MAVCO to create a new independent wind energy platform.

TPG’s investment is made through TPG Rise Climate, the firm’s dedicated climate investing platform.

Vayona Energy will operate as a wind turbine original equipment manufacturer (OEM) serving India and South Asia, with a focus on expanding onshore wind solutions and accelerating the deployment of clean power.

The company has a wind portfolio of approximately 12 GW in operational and development assets. It enters the market with a customer order book of over 1 GW and an operations and maintenance portfolio covering more than 8 GW of assets.

Vellayan Subbiah has been appointed Chairman of Vayona Energy, while Prashant Jain will serve as Executive Vice Chairman.

MAVCO, a private entity owned by members of the Murugappa family, is a key partner in the consortium.

Siemens Energy will remain a strategic shareholder in the new company, extending collaboration in technology.

Siemens Energy currently supports wind investments with a product portfolio of up to 15 MW turbines for offshore and up to 7 MW for onshore projects. Siemens Gamesa wind turbines globally have an installed capacity of 146 GW, including 118 GW onshore and 28 GW offshore, generating renewable energy equivalent to powering around 133 million households.

Siemens Energy has connected offshore wind power to mainland grids 21 times, delivering more than 12 GW of clean electricity to Europe.

In 2023, Siemens Gamesa received approval from the minority shareholders to reduce capital by the remaining 2.21% of shares not held by Siemens Energy, leading to the company’s full integration.