“TPI Composites goes bankrupt. Is the downfall of the Arizona giant the result of Trump’s policies?”

American company TPI Composites, the world’s largest independent manufacturer of wind turbine blades, filed for voluntary bankruptcy protection in August.
“Despite recent progress, industry-wide pressures have created financial challenges that must be addressed,” admitted the company’s CEO, Bill Siwek.

From stock market star to penny stock

For years, TPI was a key player in the global wind energy supply chain. Its manufacturing plants operated not only in the U.S., but also in Mexico, Turkey, and India. The company also developed engineering and training centers in Europe—from Germany and France to Denmark and Spain. In 2024, TPI held a 27% share of the global blade market (outside China), and throughout its history had produced more than 6,500 blades.

As recently as 2021, TPI’s shares traded at $70 apiece. Today, a single share is worth 12 cents, and the company’s market capitalization has fallen to around $6 million.

Revenue and profits had been disappointing investors for years, and the company gradually lost credibility on the stock exchange. Inflation, rising raw material costs, production delays, and regulatory uncertainty pushed TPI to the brink. Ultimately, the solution turned out to be bankruptcy protection and an attempt at restructuring, backed by $825 million in secured financing.

Trump versus wind power

Although TPI’s problems are multifaceted, many analysts point out that the policies of Donald Trump’s administration were one of the nails in the coffin. The former U.S. president, known for his skepticism toward green energy, openly criticized wind turbines for years. He claimed, among other things, that they “cause cancer,” “kill birds,” and are “slaughterhouses in the sky.”

Under his administration, the trade war with China and Europe began, during which tariffs were imposed on many components essential for turbine production. The result? Higher import costs and supply chain disruptions.

The Trump administration also blocked permits for the construction of wind farms in the U.S.—even those already advanced by several dozen percent. For manufacturers like TPI, this meant fewer orders and greater investment risk.

Not just TPI – an industry under pressure

Although TPI’s bankruptcy is the most spectacular case, financial difficulties are not unique to this manufacturer. Energy giants such as Shell, Equinor, and Ørsted have also reported challenges.

The reasons are complex:

• Inflation has increased project costs.
• The COVID-19 pandemic disrupted supply chains.
• Tariffs and trade wars drove up component prices.
• Regulatory uncertainty in the U.S. discouraged investors and slowed renewable energy development.

As a result, the American wind sector—once hailed as a prime example of dynamic growth—now wavers between stagnation and crisis.

Global consequences of bankruptcy

TPI’s bankruptcy is not just an American problem. The company had facilities in several countries and worked with the world’s biggest turbine manufacturers, including Vestas and General Electric. Its troubles could echo across the global blade supply market, leading to further delays and rising costs.

For Europe, where wind energy is a key pillar of the energy transition, the struggles of the U.S. giant are a warning signal. They show how dependent the sector is on stable supply chains and predictable government policies.

Is Trump solely to blame?

In assessing TPI’s bankruptcy, experts point out that Trump’s anti-wind policy was a catalyst, but not the sole cause. The industry faced cost pressures and failed financial forecasts even before his presidency. However, the combination of economic and political factors made it impossible for the company to remain competitive.

“We explored various alternatives to address the challenges facing the company and believe that the bankruptcy process is necessary to secure its success in the future,” explained CEO Bill Siwek, suggesting that bankruptcy is meant to be the start of restructuring, not the end of operations.

Lessons for wind energy

The story of TPI Composites shows that the energy transition—though essential—is not immune to political and economic crises. A lack of stable regulation, rising material costs, and trade tensions can undermine even decades of market achievements.

The bankruptcy of the Arizona-based giant is a warning for the entire industry: for renewable energy development to be sustainable, not only investment is needed, but also coherent policy and predictable regulatory conditions. Without them, even the largest companies may share TPI’s fate.