ATLANTA–(BUSINESS WIRE)–Reinforcing its capability to meet the growing global demand for wind turbines, GE Energy has signed an agreement with one of the leading wind turbine blade suppliers, TPI Composites. In support of the agreement, TPI plans to build a new 316,000 square foot facility in Newton, Iowa that will create approximately 500 new jobs.

The new plant will expand TPI’s capacity to produce blades for GE’s 1.5-megawatt wind turbines, which are among the most widely used wind turbines in the world, with more than 6,500 installed.

“As the wind industry continues to grow, we face an ever-increasing demand for reliable and efficient wind turbines,” said Victor Abate, Vice President-Renewables for GE Energy. “Our commercial relationships with valued suppliers such as TPI are critical to the continuing growth and success of our business.”

“These are exciting times in the wind industry, and we are very pleased to work with GE to meet the challenges that lie ahead,” said Steven C. Lockard, President and CEO of TPI. “The Newton facility will significantly enhance our capacity to support the requirements of GE’s wind business.”

“We applaud TPI and GE for bringing these new jobs to Newton,” said Iowa Gov. Chet Culver. “As Governor, my goal is to take full advantage of Iowa’s natural resources, along with our incredible manufacturing base and workforce, to make Iowa the renewable energy capital of the nation. With this announcement, Iowa continues its leadership in the wind energy industry, and remains a critical player in the race to produce clean, wind-generated electricity.”

“Wind is now one of the largest sources adding new electricity generation in the country,” said AWEA Executive Director Randall Swisher. “As today’s announcement demonstrates, wind power is also a large source of investment, creating good jobs and building economic opportunity here in Iowa and across the country.”

TPI Composites has manufacturing sites in Warren, R.I.; Springfield, Ohio; Juarez, Mexico; and Taicang, China. With the Iowa expansion, the company will reach an estimated 1.1M square feet of manufacturing space in 2008.

Interest in the production of cleaner, wind-generated electricity continues to soar in many countries around the world. According to the Global Wind Energy Council, more than 15,000 megawatts of new wind power capacity were installed worldwide in 2006, including more than 2,400 megawatts in the U.S. The American Wind Energy Association (AWEA) expects the U.S. wind energy industry to install 4,000 megawatts in the U.S. in 2007, generating enough new electricity to power the equivalent of more than one million homes.

GE Energy has played a significant role in the dramatic growth of the wind industry. Since 2004, GE has experienced a 500% increase in wind turbine production, and expects its wind business revenues to exceed $4 billion this year. Over the past two years, GE has supplied wind turbines representing more than 50% of the new wind capacity across the U.S.

About GE Energy

GE Energy (www.ge.com/energy) is one of the world’s leading suppliers of power generation and energy delivery technologies, with 2006 revenue of $19 billion. Based in Atlanta, Georgia, GE Energy works in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels. Numerous GE Energy products are certified under ecomagination, GE’s corporate-wide initiative to aggressively bring to market new technologies that will help customers meet pressing environmental challenges.

With wind turbine design, manufacturing and assembly facilities in Germany, Spain, China, Canada and the United States, GE Energy is among the leading providers of wind energy products and support services ranging from commercial wind turbines and grid integration products to project development assistance and operation and maintenance. The company’s knowledge base includes the development and/or installation of more than 7,500 wind turbines with a total rated output of more than 9,800 megawatts.

About TPI Composites

TPI Composites (www.tpicomposites.com) is a leading manufacturer of large-scale composite structures for the wind energy, transportation, and military vehicle markets. TPI operates factories in Warren, Rhode Island; Springfield, Ohio; Juarez, Mexico; and Taicang, China.