TPG, others to buy Siemens Gamesa Renewable Power for $500-550 mn: Report

Private equity firm TPG along with other investors are set to acquire Siemens Gamesa Renewable Power for a valuation of $500-550 million, a report by The Economic Times said on March 25.

TPG will lead a consortium of investors that includes Murugappa Group’s Vellayan Subbiah and former JSW Group’s senior executive Prashant Jain, the newspaper said.

The parent firm Siemens Energy AG will keep a small stake of the company, which owns the Indian wind energy assets of its Gamesa unit, the report said.

Last year, it was reported that TPG is in advanced talks to buy the Indian wind energy assets of Siemens Energy AG’s Gamesa unit. TPG had emerged as the likeliest buyer after outbidding rivals including industry players and private equity firms, the people told Bloomberg, asking not to be identified because the matter is private.