Under the agreement, TPI will open a new factory in Yangzhou, eastern China in the first half of 2019.
The site will also supply other TPI customers, the US firm said.
Vestas said TPI will produce the 73.7-metre blades mainly to Asian markets, but could supply projects further afield, should the need arise.
"By strengthening our global manufacturing footprint, we also expand our local presence in China through the jobs in Yangzhou the new production lines create", said Jean-Marc Lechêne, chief operating officer of Vestas.
The low-wind V150-4.2MW was launched with two other 4.2MW models in June 2017.
In October, the manufacturer said its V120-2MW turbine would also be made available in China, in response to customer demand for low- and ultra-low wind conditions.
TPI is also supplying Vestas with blades for its V126 model from a factory in Turkey for the EMEA region.