Department of Energyäó»s Loan Guarantee to Abound Solar Manufacturing, LLC

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By Rickey R. Hass (au)
Year: 2014
Pages: 26
Binding Paperback
ISBN 978-1-4578-5472-9

Product Code: 1457854724

Description

This study criticizes a loan default by a solar business. The Dept. of Energy's (DOEäó»s) Credit Review Board conditionally approved a loan guarantee to Abound Solar Manufacturing, LLC, (Abound) in July 2010. In December 2010, the DOE Program issued the loan guarantee to Abound for up to $400 million to construct and commission thin-film photovoltaic solar panel manufacturing facilities in Colorado and Indiana. In September 2011, Abound failed to meet certain milestones and the Program suspended funding to the project. Subsequently, Abound filed for bankruptcy in July 2012. Prior to the filing, DOE had approved the disbursement of approx. $70 million in loan funds to Abound. Abound's failure to meet its project milestones and its subsequent bankruptcy occurred as a result of a combination of market conditions and technical issues that negatively impacted its operations. This audit identified several weaknesses in DOE's administration of the Abound loan. This is a print on demand report.

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