Abound Solar (formerly Ava Solar) gets $400 million loan guarantee

Solar companies get $1.85 billion in federal loan guarantees, Obama says

July 3, 2010 | 11:35 am

Two solar companies are starting the Independence Day weekend in a good mood after President Obama announced nearly $2 billion in conditional commitments in his weekly video address.

Obama said the move was an attempt at “accelerating the transition to a clean energy economy and doubling our use of renewable energy sources like wind and solar power – steps that have the potential to create whole new industries and hundreds of thousands of new jobs in America.” See the full remarks here.

The idea is to encourage other investors to cough up capital for the projects. Obama’s announcement comes the day after a new jobs report from the Labor Department suggested that the job market remains sluggish.

Colorado company Abound Solar Inc. got an offer for a $400-million federal loan guarantee to manufacture thin-film photovoltaic solar panels at two new plants.

The effort is suppoed to create more than 2,000 construction jobs and 1,500 permanent jobs at its Longmont, Colo. facility and Tipton, Ind., factory, which is moving into an empty Chrysler plant.

Using its cadmium telluride semiconductor technology, Abound is set to produce millions of panels annually.

Read more at the LA Times.