Joint Venture Overview

Marsons Limited, an India-based EHV power transformer manufacturer with 70 years of engineering heritage, and Cleanhill Partners, a New York-based private equity firm, announced their intent to form a joint venture to accelerate transformer distribution, service, and manufacturing operations across the United States and Canada.

Market Context and Opportunity

North America faces a significant transformer supply gap with manufacturing capacity constrained and lead times exceeding 24 months. North American utilities, renewable energy developers, and other power infrastructure customers are increasingly focused on supply-chain diversification and reliable access to critical transformer equipment.

Current Operations and Capabilities

Marsons is currently executing transformer orders for major U.S. renewable energy and utility projects, including Generator Step-Up Units (GSUs) up to 200 MVA and pad-mounted units across multiple locations. The company is the only EHV power transformer manufacturer in Eastern India and the Northeast Region and the largest by installed capacity in the region.

Manufacturing Capacity

Marsons operates a 45,000 square-meter manufacturing facility with current annual capacity of 12,000 MVA and an ongoing expansion to 26,000 MVA. The company holds approvals from PGCIL (Power Grid Corporation of India Limited), India's primary transmission operator, and NTPC (National Thermal Power Corporation), India's largest power generator.

Technical Specifications

Marsons specializes in transformers rated from 11 kV to 345 kV and beyond.

Strategic Rationale

The joint venture combines Marsons' transformer engineering and manufacturing capabilities and U.S. project experience with Cleanhill's market network, capital, and operational expertise to address growing demand. The longer-term vision includes full-scale transformer manufacturing in North America, positioning both companies to address sustained demand from:

  • Grid modernization
  • Renewable energy infrastructure expansion
  • Data center power requirements

Cleanhill Partners Profile

Cleanhill Partners invests across power generation, energy storage, grid modernization, domestic manufacturing, and other critical infrastructure supporting growing demand for reliable power. The firm's portfolio includes:

  • EPC Power (recently sold) - designer and manufacturer of high-performance power conversion systems for data centers, utility-scale energy storage, and microgrids
  • Jule Power - provider of battery energy storage and integrated high-power charging solutions
  • FTC Solar - leading provider of solar tracker systems and engineering services

Management Commentary

Ash Upadhyaya and Rakesh Wilson, Managing Partners at Cleanhill Partners: "This partnership reflects Cleanhill's investment thesis that power infrastructure is essential to meeting North America's growing energy needs. Marsons brings proven manufacturing capabilities, strong engineering credentials, and established execution in the U.S. market. Together, we believe we can build a significant platform serving utilities, developers, data centers, and other critical infrastructure customers."

Harshvardhan Kotia, CEO of Marsons Limited: "Cleanhill's portfolio demonstrates a deep conviction in the infrastructure stack underlying the energy transition and growing energy demand. We are already executing transformers for major U.S. projects and have established customer relationships in the renewable and utility sectors. This joint venture gives us the capital, market reach, and operational support to accelerate from project-by-project execution toward becoming a strategic infrastructure partner across North America."

Disclaimer Note

The formation of the joint venture and the matters described in this press release are subject to the execution of the Joint Venture Agreement and other definitive documentation and receipt of necessary approvals, and are subject to change. Statements regarding future plans, including the longer-term vision of manufacturing in North America, are forward-looking and reflect current intentions only.