Another stimulus-backed solar panel maker, one the president touted in a weekly radio address, is filing for bankruptcy. The administration’s green-energy efforts continue to grow a deeper shade of red.
After receiving some $70 million in federal loans, Abound Solar, a Colorado-based firm that was developing thin-film solar panels, has announced it will follow an earlier Obama administration green energy failure, Solyndra, into bankruptcy.
Like Solyndra, Abound’s bankruptcy is a bitter echo of the hype generated by President Obama in his weekly radio address exactly two years ago when he touted his push for a clean energy economy. Abound Solar, he said, would manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs at plants in Indiana and Colorado.
Abound apparently wasn’t even helped by last July’s $9.2 million Export-Import Bank loan to support exports of thin-film solar photovoltaic modules to Punj Lloyd Solar Power Ltd., a company in India building a 5-megawatt solar project located on a 62.5-acre site near the village of Bap.