Abound Solar has announced that it has leased a 781,750 square foot facility in Tipton, Ind., where it will be establishing a solar module manufacturing plant. Abound Solar was able to complete the transaction following the closing of a previously announced $400 million U.S. Department of Energy loan guarantee and $110 million equity investment.
The facility, located at the intersection of U.S. 31 and Ind. 28 and comprising 104 acres in total, has been purchased by an investment group led by the W.W. Reynolds Companies, a real estate development firm based in Boulder, Colo., from the trust of contractors that has held the property since the 2009 bankruptcy of the former owner, Getrag Transmission Manufacturing LLC.
Abound Solar has entered into a long-term lease with the W.W. Reynolds Companies that enables the company to make the necessary property improvements to facilitate the development of a solar module manufacturing plant with an annual capacity of 640 megawatts per year. Development of the site is expected to begin in 2012 and will bring over 1,000 full-time jobs to the area.
"We are excited to be expanding our manufacturing footprint to Tipton, Indiana," said Tom Tiller, Abound Solar president and CEO. "We appreciate the support of the local community and its leaders that have helped to make this happen."
"We look forward to extending the relationship we built with Abound Solar as they established their first manufacturing facility in Colorado," said Bill Reynolds, W.W. Reynolds Companies president.
"We are proud to partner with them to revitalize the Tipton site and bring jobs back to Tipton County."