Abound Solar Leases Indiana Facility

Abound Solar declared that it has secured a 781,750 square foot Indiana facility in Tipton for establishing a thin film solar module manufacturing plant. The transactions were completed after Abound Solar acquired a $110 million equity investment and a $400 million US Department of Energy loan guarantee.

The facility, which would be set up at the union of Ind 28 and U.S. 31 was purchased from the estate of the former owner Getrag Transmission Manufacturing by a real estate development company, the W.W. Reynolds Companies. Abound Solar entered into a lease agreement with W.W. Reynolds Companies for making the essential improvements, which would help in the development of a 640 MW per year solar module manufacturing unit. The construction work would commence by 2012 and is expected to provide 1000 full time jobs for the locals.

The CEO and President of Abound Solar, Tom Tiller, remarked that the company was thrilled to extend their manufacturing business to Tipton and he also appreciated the support extended by the local community and their leaders. Bill Reynolds, President of W.W. Reynolds, stated that they were honored to enter into a partnership with Abound, which would bring changes to the local economy.