Letter to DOE on Abound Solar
Excerpt: Abound was the fifth stimulus-funded loan guarantee issued under Section 1705 of the Energy Policy Act of 2005, as amended by the American Recovery and Reinvestment Act (ARRA). Just nine months after the closing of a $400 million loan guarantee in December 2010, DOE stopped funding the project. At the time DOE suspended Abound’s loan guarantee payments in September 2011, Abound claimed that market pricing pressures and its decision to manufacture a different kind of solar panel caused the company to miss the targets established by the DOE loan guarantee agreement. On July 2, 2012, the company filed for bankruptcy, having received $70 million in loan guarantee funds. Abound is the third company that has received a DOE loan guarantee to go bankrupt.