US-based private equity firm TPG is reportedly “far along” in talks with Siemens Energy to purchase the wind energy assets of its Gamesa unit, Bloomberg reports, citing sources with knowledge of the matter. TPG is the frontrunner out of several other bidders, offering a possible sum exceeding USD 300 mn, but the rest — including the likes of JSW Energy and Inox Wind — are not out of the running just yet. Siemens is considering “all options,” including “potential partnerships,” a spokesperson for Siemens said. The assets include operation, maintenance, and manufacturing projects.

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Gamesa is going through a major overhaul: Siemens will lay off around 15% (4.1k jobs) of its wind turbine division Siemens Gamesa in an attempt to “adapt to lower business volumes, reduced activity in non-core markets, and a streamlined portfolio,” CEO Jochen Eickholt said in an internal letter to staff in May. The company took a big hit in 2023 after it found a “substantial increase in failure rates of wind turbine components.” The technical issue identified affected 15-30% of the more than 132 GW worth of turbines used in wind plants worldwide, costing the company an estimated EUR 1 bn.

Indian state mulls pause on business with Adani: India’s Andhra Pradesh State is considering the suspension of power purchase agreements tied to Adani Group on the back of a US indictment of its founder Gautam Adani for alleged bribes linked to its renewable projects, Reuters reports, citing government sources with knowledge of the matter. The state is turning to the Solar Energy Corporation of India to investigate the charges against the company and would be the first Indian state to take such action. The suspension is expected to be announced “very soon,” a government source told Reuters.

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