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TPI Composites Bankruptcy, Vestas Buys Mexico Factories

TPI Composites Bankruptcy, Vestas Buys Mexico Factories

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 Allen, Joel, and Yolanda examine TPI Composites’ Chapter 11 proceedings, including the Oaktree Capital secured debt controversy and Vestas’ acquisition of two Mexican factories. With remaining assets heading to auction in January, they discuss what operators should consider as blade supply uncertainty grows. Sign up now for Uptime Tech News, our weekly email update on all things wind technology. This episode is sponsored by Weather Guard Lightning Tech. Learn more about Weather Guard’s StrikeTape Wind Turbine LPS retrofit. Follow the show on Facebook, YouTube, Twitter, Linkedin and visit Weather Guard on the web. And subscribe to Rosemary Barnes’ YouTube channel here. Have a question we can answer on the show? Email us! The Uptime Wind Energy Podcast brought to you by Strike Tape, protecting thousands of wind turbines from lightning damage worldwide. Visit strike tape.com. And now your hosts, Allen Hall, Rosemary Barnes, Joel Saxum and Yolanda Padron. Welcome to the Uptime Wind Energy Allen Hall: Podcast. I’m your host, Allen Hall. I’m here with Yolanda Padron and Joel Saxum. Rosemary Barnes is on holiday. We’re here to talk about the TPI composites, uh, bankruptcy hearings, and there’s been so much happening there behind the scenes. It’s hard to keep track of, but we’ve done a deep dive and wanted to give everybody at least a highlight of what has happened over the last couple of months. So, uh, if you do own vessels or GE turbines, you understand what the situation is. As we all know, TPI composites, gee, was the world’s largest independent of wind blade manufacturing. Uh, they [00:01:00] were, it, they built blades for renova, Vestas, Nordex. They built blades for almost everybody, uh, names that basically power the global energy transition. And then, uh, if, and a lot of people don’t know this, but back in December of 2023, uh, TPI struck a deal that is drawing some fire. Right now, TPI swapped $436 million in preferred stock for. $393 million in secure debt held by Oak Tree Capital and by August of last year, just a couple of months ago, TPI filed for Chapter 11. Now the Blade Makers assets are being carved up and sold, and two of wind energy’s biggest players are stepping in to keep production running while the bankruptcy plays out. Now, Joel and Yolanda, I, I think the bankruptcy of. TPI sort of came to the industry as a little bit of a shock. Obviously [00:02:00] the, the price had fallen quite a bit. Uh, if you’ve watched the stock price of TPI composites had been dropping for a while and didn’t have a lot of of market value. However, uh, GE and Vestas both have manufacturing facilities basically with uh, TPI composites and, and needs them to produce those blades. So the filing of the bankruptcy, I’m sure was a nervous point for Vestus and GE being really the, the two main ones. Joel Saxum: Well, I think we talked about this a little bit off air. Is it, it shouldn’t just be Vestus and GE nervous about this now. It should be every operator that’s in either in development or still has blades under warranty. Uh, so, and this is a not a US problem, this is a global problem. ’cause TPI is a global company that serves, uh, global industry all over the place, right? We know that a large percentage of their throughput was GE and Vestas, but also Siemens ESAs in there, you name it, right? The, any major operator’s gonna have some blades built [00:03:00] by TPI or op major, OEM. So. There isn’t gonna be much of a, uh, dark corner of the wind industry that this issue doesn’t touch. So I think they, the, one of the issues here is, um, we’ve, we’ve, we’ve heard about some issues going on with TPI, but it was almost like a, ah, they’re not, they’ll, they’ll be okay. They, so, so something will happen. I mean, Yolanda, you had said. What was it that you said ear earlier? Like, uh, the kind of the, the, the feeling about it. Yolanda Padron: They’ll take care of it. You know, OEMs will take care of it and we’ll be fine. Joel Saxum: Someone’s gonna support this thing. Yolanda Padron: Yeah. I, I think teams, you’re, you’re definitely right. Teams really do need to at least think of a, of a plan B or a plan C to have when the dust settles so you’re not scrambling. Allen Hall: Yeah. And it hasn’t really played out that way. Uh, Vestas has stepped in a little bit and GE has stepped in. Not in terms of acquiring any of the major assets, but I think the first question is what is Oaktree Capital’s, [00:04:00] uh, role in all this? And that is being played out right now in front of the bankruptcy court. Uh, so when you go to bankruptcy, there’s obviously a lot of oversight that happens there, uh, and. When TPI composites entered bankruptcy, the accreditors committee had a bunch of questions about that transaction. Uh, they pointed to a December, 2023 refin refinancing deal with Oaktree and in which creditors ...
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