TPG Rise is acquiring a majority stake in the onshore wind turbine manufacturing business of Siemens Gamesa, a subsidiary of Siemens Energy that works in India and Sri Lanka. India aims to boost wind power from about 4% of its electricity mix to about 10% by 2032 and reach 122 gigawatts of wind capacity over the same period, up from about 47 gigawatts today. TPG Rise invested via its $5 billion Climate Fund II.
Other investors in the deal include private equity firm MAVCO Investments, and Prashant Jain, former CEO of renewable power company JSW Energy. Siemens Gamesa also contributed capital.
Vinod Philip of Siemens Energy noted the growth potential for onshore wind in India and said, “Our new partners led by TPG are the optimal owners to harness this potential.”
The investment is the first from TPG Rise’s Global South Initiative, an emerging markets investment partnership with Alterra, a climate investment group seeded with $30 billion from the United Arab Emirates at COP28 in Dubai. TPG Rise and Alterra launched the Global South Initiative in 2023 to mobilize more institutional capital for climate-aligned private equity investments in emerging markets. Alterra committed $500 million to the fund as a catalytic tranche that offers return enhancements to GSI’s other investors. TPG Rise has invested in the initiative and pledged to co-invest $1 billion from its Climate Fund II.
As of October, the partners said they had secured nearly $1.3 billion in commitments to the fund against a $2.5 billion fundraising goal.
