The company said that it was able to complete the transaction following the closing of a $400m US Department of Energy loan guarantee and $110m equity investment.
The facility has been purchased by an investment group led by the WW Reynolds Companies, a Colorodo-based real estate development firm, from the trust of contractors that has held the property since the 2009 bankruptcy of the former owner, Getrag Transmission Manufacturing.
Abound Solar has entered into a long-term lease with the WW Reynolds Companies that enables the company to make the necessary property improvements to facilitate the development of a solar module manufacturing plant with an annual capacity of 640MW per year.
The company said that development of the site is expected to begin in 2012.
