When you try to turn on Bitlocker on Windows 7 Operating System Drive, you may get the Access Denied Error message while initializing TPM.
Additionally, when you open the TPM Management Console and you try to initialize TPM you get error message 0×80070005.
Solution:
To set correct permissions, follow the instruction below:
1. Open Active Directory Users and Computers.
2. Select the OU where you have all computers which will have Bitlocker turned ON.
3. Right Click on the OU and click Delegate Control.
4. Click Next and then click Add.
5. Type SELF as the Object Name.
6. Select create a custom task to delegate.
7. From the object in the folder, select Computer Objects.
8. Under show these permissions, select all 3 checkbox.
9. Scroll down in permissions and select the attribute Write msTPM-OwnerInformation.
10. Click Finish. 
After you have done the above steps, you should be able to initialize TPM successfully.
It worked for me!!!
