In a dramatic turn for the renewable energy sector, TPI Composites Inc., the Arizona-based wind turbine blade manufacturer, has filed for Chapter 11 protection in Texas bankruptcy court, citing overwhelming debt and unrelenting industry pressures. The company reported liabilities between $1 billion and $10 billion, including $600 million in funded debt, and plans to cede ownership to its senior lenders.
According to a first-day declaration from CEO William E. Siwek, TPI was battered by volatile renewable energy policies, supply chain breakdowns, tariff burdens, and fierce international competition—a combination that left it unable to stay afloat.
Financing Lifeline to Keep Turbines Turning
The Chapter 11 filing, lodged late Monday, comes with a debtor-in-possession financing package from TPI’s senior lenders: $27.5 million in fresh funding and $55 million in rolled-up existing debt.
TPI’s balance sheet reveals staggering obligations, including $472 million on a loan overseen by affiliates of Oaktree Capital Management and $135 million tied to convertible notes.
