A consortium led by TPG and MAVCO has completed its acquisition of Siemens Gamesa’s onshore wind businesses in India and Sri Lanka and has launched a new independent company, Vayona Energy, the firms said.
Vayona Energy begins operations with a workforce of around 1,000 employees and a portfolio exceeding 12 gigawatts (GW) of operational and development-stage wind assets. The company also enters the market with a customer order book of more than 1 GW and an operations and maintenance (O&M) portfolio of more than 8 GW.
Mr. Vellayan Subbiah has been appointed chairman of the new platform, while Prashant Jain will serve as executive vice chairman. “We are excited to introduce Vayona Energy to the market,” Jain said.
Subbiah said the business will be positioned to support India’s energy transition. “Energy transition is one of the defining opportunities of our generation,” he said.
Ankur Thadani, partner at TPG and head of climate, Asia, said completing the acquisition marks a significant milestone. “We are proud to complete this important transaction and begin this next chapter as Vayona Energy,” he said.
Vinod Philip, a member of the board of Siemens Energy, said India remains a key market for wind energy growth.
