The Abound Solar plant, which got $400 million in federal loan guarantees in 2010, when the Obama administration sought to use stimulus funds to promote green energy, filed for bankruptcy two years later. Now its Longmont, Colo., facility sits unoccupied, its 37,000 square feet littered with hazardous waste, broken glass and contaminated water.
The Northern Colorado Business Report estimates
it will cost up to $3.7 million to clean and repair the building so it can again be leased.
While the loan guarantees exposed taxpayers to hundreds of millions of dollars, the federal government lost a total of $70 million backing the failed company. Unsold inventory which should have been used to offset those losses, including 2,000 solar panels, mysteriously disappeared, according to the National Legal and Policy Center.
"If a coal, oil or gas company pulled something like that the EPA would send out SWAT teams and the U.S. Marshals to track down the offenders, bankrupt or not," the center said in a report of its own.
President Obama touted Abound in a July 3, 2010 announcement of a $2 billion “investment” in green energy projects.
"The second company is Abound Solar Manufacturing, which will manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs," Obama said. "
Bankrupt solar panel firm took stimulus money, left a toxic mess, says report | Fox News