Another O-bust-a: Yet another tax-funded solar company flops, was loaned $400M
Abound Solar, who was approved a $400 million taxpayer-backed loan by Barack Obama, is the latest so-called “green” company to go into bankruptcy despite massive infusions of welfare cash.
“U.S. taxpayers may lose $40 million to $60 million on the loan after Abound’s assets are sold and the bankruptcy proceeding closes, said Energy Department spokesperson Damien LaVera. Abound was awarded $70 million of its $400 million loan by the time bankruptcy was declared.
“Abound was awarded the loan guarantee to build two factories to make thin-film panels using cadmium telluride. It completed one plant, in Longmont, Colorado, and never began construction on the second, which was planned for Tipton, Indiana. The company last received money from the Energy Department in August, before Solyndra’s collapse,” Bloomberg reports.
“The Energy Department has provided almost $35 billion in loans, loan guarantees and conditional commitments to renewable- energy companies. About 35 percent of that is for solar- generating projects…”
Abound joins Solyndra, Beacon Power, Ener1 and Fisker as some of the higher profile “green” companies to fail miserably and lose taxpayers hundreds of millions of dollars despite promises from Obama.
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