Abound Solar, Recipient of $400 Million Loan Guarantee, Shuts Down
Abound Solar, a Colorado thin-film photovoltaic panel startup that snagged $400 million in federal loan guarantees to take on industry leader First Solar, is shutting down and filing for bankruptcy, according to the U.S. Department of Energy.
“Because of the strong protections we put in place for taxpayers, the department has already protected more than 80% of the original loan amount,” Energy Department spokesman Damien LaVera wrote in a blog post Thursday, noting that Abound had drawn down less than $70 million of the loan guarantee. “Once the bankruptcy liquidation is complete, the Department expects the total loss to the taxpayer to be between 10 and 15 percent of the original loan amount.”
LaVera said that Abound would shut its doors next week and file for bankruptcy.
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Abound Solar, Recipient of $400 Million Loan Guarantee, Shuts Down - Forbes
Abound Solar, a Colorado thin-film photovoltaic panel startup that snagged $400 million in federal loan guarantees to take on industry leader First Solar, is shutting down and filing for bankruptcy, according to the U.S. Department of Energy.
“Because of the strong protections we put in place for taxpayers, the department has already protected more than 80% of the original loan amount,” Energy Department spokesman Damien LaVera wrote in a blog post Thursday, noting that Abound had drawn down less than $70 million of the loan guarantee. “Once the bankruptcy liquidation is complete, the Department expects the total loss to the taxpayer to be between 10 and 15 percent of the original loan amount.”
LaVera said that Abound would shut its doors next week and file for bankruptcy.
more
Abound Solar, Recipient of $400 Million Loan Guarantee, Shuts Down - Forbes
