Bankrupt wind turbine manufacturer TPI Composites has chosen Danish company Vestas as the buyer of parts of its assets, including ownership of Mexican subsidiaries and property in the US and India.
The announcement came after a planned auction was canceled when no other approved bids were submitted. This is according to documents submitted to a bankruptcy court in Texas dated December 12, reports Bloomberg Law.
The sale process for TPI's remaining assets will continue separately. The sale requires approval by the bankruptcy court.
Vestas is one of TPI's two largest customers in the wind power industry, along with GE Vernova, and according to court documents, accounted for approximately 35 percent of the company's total net sales in 2024.
Vestas Wind Systems A/S is the world's leading manufacturer of wind turbines. Net sales by activity break down as follows:
- sale of wind turbines and wind energy production systems (78.6%): 2,837 turbines and systems (with a total capacity of 12,900 MW) delivered in 2024. The group also sells replacement parts;
- services (21.4%): notably maintenance services and warranty extension agreements.
Net sales are distributed geographically as follows: Denmark (2%), Germany (13.4%), Europe/Middle East/Africa (31.2%), the United States (20%), Brazil (10.1%), Americas (8.7%) and Asia/Pacific (14.6%).
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