Message from the CEO
Driving the Renewable Energy Transition
As we reflect on 2024, TPI continues to adapt to the dynamic renewable energy landscape with resilience and innovation. The growing need for renewable energy is clear, driven by increased electricity demand from data centers and the electrification of the manufacturing sector. To ensure grid reliability and energy security, a diversified grid is essential, with onshore wind providing a cost-effective ready now solution.
Governments at both state and national levels have made significant strides in reducing reliance on fossil fuels. In the United States, the Biden-Harris Administration enacted the Inflation Reduction Act, the most aggressive climate legislation in U.S. history, aiming to cut emissions by 40% below 2005 levels by 2030. In Europe, the European Union has committed to becoming climate-neutral by 2050 through the European Green Deal. This comprehensive plan includes reducing greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels. Private industry is also playing a pivotal role in achieving carbon neutrality. Companies across various sectors are making significant investments in renewable energy, energy efficiency, and innovative technologies to reduce their carbon footprints. These efforts are crucial to ensuring a resilient, secure, and sustainable future.
TPI has actively engaged with policymakers and industry leaders to leverage the opportunities presented by these initiatives, and we have entered into multi-year agreements with key customers to support the implementation of renewable energy projects. As a nod to our ongoing success, this year TPI produced blades rated to provide 9, 116 Megawatts, accounting for 27% of all the onshore wind market share, excluding China. At TPI, our mission is clear: to deliver innovative and sustainable solutions to decarbonize and electrify the world by expanding the adoption of renewable energy. Our sustainability goals of promoting a zero-harm culture focused on eliminating unsafe behaviors, creating a culture of inclusion, belonging, and engagement, and becoming carbon neutral by 2030 with 100% of our energy being procured from renewable sources, create a solid foundation for TPI to continue to set the “Sustainability Gold Standard.” I am proud of our progress and am excited to share highlights from 2024.
Safety Achievements
At TPI, safety is our number one core value. This year, we continued to enable a culture of safety, and our safety program remains best in class. We consistently outperform industry standards with our 2024 Total Recordable Incident Rate (TRIR) and Lost Time Incident Rate (LTIR) well below industry rates reported by the U.S. Bureau of Labor Statistics. In 2024, we achieved our goals for TRIR and LTIR, which were set to remain below 0.24 and 0.13, respectively.
Commitment to Quality
Quality is a core pillar of our organization. We remain focused on integrating quality into our culture through our Quality First Initiative and LEAN programs. In 2024, we introduced BladeAssure™, a new program that uses technology to control and validate the manufacturing of our wind blades. We believe BladeAssure™ will drive the industry’s Gold Standard process in quality blades.
Associate Engagement
We are dedicated to fostering a supportive and inclusive work environment where every team member can thrive. Through the Global Values in Motion Awards and global engagement surveys we continue to create a culture of inclusion, belonging, and engagement. In 2024, we met our goal of sustaining or increasing the annual engagement and inclusion survey score, a testament to our commitment to associates.
Waste Reduction
Reducing waste is a key component of our sustainability strategy, and in 2024 we achieved our 5% reduction goal in production waste rate. In addition, each site implemented waste reduction projects focused on optimizing production material usage.
Carbon Neutrality
In 2024, we made significant progress in reducing our Scope 2 emissions and transitioning to renewable energy. At one of our sites in Türkiye, approximately one-third of the site’s electricity was generated from on-site solar panels. In India, about a quarter of the site’s electricity was sourced from renewable energy. For our sites in Mexico, we signed a power purchase agreement (PPA) to ensure all our sites are powered by 100% renewable energy in 2025.
Supplier Sustainability
We continue to implement sustainability opportunities throughout our supply chain by making progress on our supplier sustainability program. During 2024, of our raw material spend, 94% of critical direct material suppliers committed to TPI’s supplier sustainability goals.
We remain committed to helping the world increase renewable energy production. As we advance our goals and strategy to prepare for the expected growth of wind energy, we will continue to be a steadfast industry leader, focused on creating a more sustainable and resilient future for generations to come.
Thank you for your continued support.
