Yet Another Government-Backed Solar Company Turns Out The Lights

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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