MUMBAI: Private equity major TPG and Mavco-led consortium, which has acquired the wind energy business of Siemens-Gamesa in India and Sri Lanka, has renamed the company as Vayona Energy on completion of the acquisition. In March 2025, a consortium led by TPG, Mavco Investments -- a private company belonging to select member of the Muruguppa family--and other investors, including well-known fund manager Prashant Jain, had recently announced the 90 percent equity purchase of Siemens Gamesa’s onshore wind business for a reported $550 million.
Vayona Energy will focus on the manufacturing, installation, and servicing of onshore wind turbines in India and Sri Lanka, the company said in a statement on Tuesday, while announcing the completion of the acquisition process and naming a new management.
Siemens Energy retains 10 percent stake in the new company. For TPG, the deal involves its climate-focused investment vehicle, TPG Rise Climate, and is supported by Jain. The new company will inherit about 1,000 employees and manufacturing infrastructure from Siemens Gamesa and will focus on serving the Indian and Sri Lankan markets, with and a portfolio in excess of 12 GW in operational and development assets, the statement said.
The new management is led by Vellayan Subbiah of the Murugappa group as the chairman, with Prashant Jain taking on the role of executive vice-chairman.
“We are excited to introduce Vayona Energy to the market,” said Jain, adding that; "...as the world’s third-largest energy consumer, India is one of the most dynamic renewable energy markets, offering a significant opportunity for growth and large-scale clean energy deployment. With the strategic partnerships we’ve with TPG, Mavco, along with the continued collaboration with Siemens Energy, Vayona is well positioned to drive innovation, expand wind energy deployment, and support local communities across India and other emerging countries."
Vayona Energy is being launched with a strong customer order book of over 1GW, and O&M portfolio of over 8 GW, Jain added.
Vinod Philip, a board member of Siemens Energy, said that India continues to be a key growth market for wind energy. "We will support Vayona through continued technology collaboration and our role as a strategic shareholder. With a stronger local focus, the new company is well positioned to build on its legacy and deliver greater value to customers and the broader renewable energy ecosystem."