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Reported by TPI Composites on 11 January 2019

TPI to Open New Wind Blade Manufacturing Hub in India and Signs Blade Supply Agreement with Vestas

Wind Blade Manufacturing Facility in Ciudad Juarez, Mexico (Courtesy of TPI Composites, Inc.)

TPI Composites, Inc., (TPI) (Nasdaq: TPIC), the largest U.S.-based independent manufacturer of composite wind blades, announced today that it has signed a multiyear supply agreement with Vestas Wind Systems A/S (Vestas) to provide blades from four manufacturing lines (with an option to add more lines) for India and export markets. The blades will be produced at a new Indian facility in the greater Chennai region which TPI plans to open for production in the first quarter of 2020. TPI’s new state-of-the-art manufacturing hub will be able to reliably and cost-effectively serve the India and global wind markets for multiple customers.

“We are pleased to announce a significant new global wind blade manufacturing hub in India with Vestas as our first customer,” said Steve Lockard, President and CEO of TPI.

Jean-Marc Lechêne, Executive Vice President and COO of Vestas added, “We are pleased to be strengthening our global manufacturing footprint with our partner, TPI, to provide the wind energy market with high-quality, cost competitive wind blades. This supply agreement also underlines our commitment to the Indian renewable energy industry through continued investment and job creation with the goal of building up India as a global manufacturing hub.”

TPI currently produces blades for Vestas in China, Turkey and Mexico.

References

[1]

TPI Composites, Inc. Press release - TPI to Open New Wind Blade Manufacturing Hub in India and Signs Blade Supply Agreement with Vestas. URL: http://www.tpicomposites.com/English/newsroom/press-releases/press-release-detai.... [Date Accessed: 11/01/2019].

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