Another government-backed solar energy company has decided to turn
out the lights while still owing tens of millions of dollars to U.S.
taxpayers.
Abound Solar Inc.,
based in Colorado, received a $400 million federal loan guarantee, and
borrowed about $70 million of that amount. It now plans to file for
bankruptcy and close, according to the Department of Energy, which
awarded the loan.
The Energy Department blamed the collapse on the
fast-falling prices of solar panels, a factor government officials also
cited about a year ago when another loan recipient, Solyndra LLC, shuttered while still owing more than $500 million to the federal government.
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