TPI Composites exits Chapter 11, acquired by Energy Capital Partners

TPI Composites, Inc. has emerged from Chapter 11 bankruptcy protection under new ownership, with Energy Capital Partners (ECP) acquiring the company's Iowa and Juarez, Mexico manufacturing operations along with its global field services business, according to a press release.

The Scottsdale, Arizona-based wind blade manufacturer said it exits the restructuring process with no debt. ECP, a private equity firm founded in 2005 that focuses on energy transition and electrification infrastructure, will back TPI's continued operations under the TPI brand.

TPI's retained businesses include composite wind blade manufacturing facilities in the United States and Mexico, as well as a field services division operating across North America and Europe. The company also maintains an engineering development center in Denmark.

"We have successfully restructured our balance sheet to emerge as a financially strong partner to our customers," said Bill Siwek, President and CEO. "Partnering with Energy Capital Partners gives us the stability and capital necessary to deepen our commitments to the North American manufacturing market and scale our critical Field Services teams across North America and Europe."

TPI said it plans to invest in manufacturing technology, including its BladeAssure digital quality platform. The company's field services division provides inspection, maintenance, and structural repair services to utilities, wind farm operators, and original equipment manufacturers.

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