TPI Composites of Scottsdale, Arizona plans to use $2,715,000 of the company’s own financing to re-open the windblade manufacturing plant they used for thirteen years north of Newton. Iowa Economic Development Authority has a cost breakdown of the company’s expected expenses for getting the plant  operating with at least 320 employees by the end of this year. The agency is giving TPI an additional five-year, $500,000 forgivable loan through the High Quality Jobs program to assist with the plant’s reopening. 

TPI expects to spend $2,220,000 on machinery and equipment. Building remodeling expenses are set at $495,000. $300,000 is earmarked for computer hardware, while furniture and fixtures are projected to cost $200,000. 

TPI is re-opening the 335,000-square-foot windblade plant due to a new ten-year agreement with General Electric. The new contract was announced late in 2022. Newton Development Corporation Executive Director Frank Liebl believes the length of the contract is beneficial to both TPI and the City of Newton.

“It’s almost been two and a half years since the plant’s been shut down. We are anxious to get them back. They are good paying jobs. I know they are going to do very well once they get up and running again. 

The 320 jobs generated by the plant’s re-opening are to pay a qualifying wage of $23.81 per hour.