The DOE funds will be partially used by the company to increase the production of its thin-film PV modules at its existing manufacturing plant in Longmont, Colorado. About $100m of the loan proceeds is expected to be spent on the expansion of the capacity of the facility to 200MW per year by the end of 2011.
Further, the company will utilize the loan to build a second manufacturing plant in Tipton, Indiana, which, when operational, is expected to create more than 1,200 jobs in Colorado and Indiana while lowering the cost of solar power for its US and international customers.
Upon the completion of the project, Abound Solar hopes to produce more than 840MW of solar modules annually.
Tom Tiller, president and CEO of Abound Solar, said: “The DOE loan guarantee program is essential to helping companies like Abound Solar scale-up innovations in PV manufacturing that are critical to reducing the cost of alternative energy.
“The proceeds of this loan will build on the momentum we have already established and confidently expand our operations.”
