Marsons and Cleanhill Formed North American Joint Venture
The partnership aims to address persistent transformer shortages for grid operators and industrial projects.
Updated on Oct. 6, 2026 in Manufacturing
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India-based transformer manufacturer Marsons Ltd and New York private equity firm Cleanhill Partners have announced plans to form a joint venture targeting North American manufacturing and distribution. The collaboration seeks to capitalize on surging power infrastructure demand as regional supply lead times remain extended.
Why it matters
North American businesses currently face transformer lead times exceeding 24 months, complicating new construction and grid expansion projects. This move attempts to mitigate the reliance on imports and localized capacity constraints.
Global demand for power transformers has climbed 116% since 2019, while supply lead times now exceed 24 months. Marsons currently operates with a 12,000 MVA annual capacity and is planning an expansion to 26,000 MVA.
The players
Marsons Ltd
An India-based manufacturer of extra-high-voltage power transformers and the primary provider in its home region.
Cleanhill Partners
A New York-based private equity firm focused on capital deployment and network development within industrial sectors.
Goldman Sachs Alternatives
A global asset management division that recently collaborated on the $4.4 billion divestment of EPC Power.
The details
The venture combines Marsons' engineering capabilities for extra-high-voltage transformers with Cleanhill's capital resources to establish regional manufacturing. By producing units domestically, the partners aim to bypass the logistical delays associated with current import-heavy supply chains. The project remains subject to the finalization of definitive documents and necessary regulatory approvals.
Timeline
Demand for power transformers has increased 116% since 2019.
Supply shortages were projected by Wood Mackenzie in 2025.
Cleanhill and Goldman Sachs agreed to sell EPC Power on September 3, 2026.
The intent to form the joint venture was announced on October 6, 2026.
Market Landscape
The joint venture follows a pattern set by the 2025 Wood Mackenzie transformer supply shortage projections by attempting to localize production capacity. This effort aligns with broader trends in private equity, such as the recent $4.4 billion sale of EPC Power, which highlights intense capital interest in power infrastructure assets.
Operators reliant on grid-scale electrical components should monitor the timeline for North American production availability, as domestic supply could eventually compress lead times. Businesses should account for current 24-month wait times in all medium-term capital expenditure planning.
The takeaway
This partnership signals that capital markets are increasingly prioritizing domestic production to bypass the current 24-month supply bottleneck. Project managers should continue to build extended lead-time buffers into all upcoming infrastructure procurement schedules.
Further reading
For broader trends impacting the industrial sector, explore our Manufacturing archive.
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