ABEL ReTec Signs Long-Term Agreement to Purchase Abound Solar Modules

First 1MW Order Placed in Second Quarter to Kick-Off Agreement

LOVELAND, Colo.--(BUSINESS WIRE)--Abound Solar, a leading manufacturer of next-generation thin-film photovoltaic modules, today announced that it has agreed to a long-term purchase agreement with ABEL ReTec, a German developer of turnkey renewable energy projects with extensive experience in the technical planning and development of large-scale solar installations and MW-scale biogas plants. The company also announced that it has initiated its agreement with ABEL ReTec with the sale of 1.2MW of Abound Solar’s AB1-series modules, which was shipped during the second quarter of 2011.

“After having successfully tested Abound Solar modules on rooftop installations, we selected Abound Solar for a long-term module supply agreement to gain a strong partner for developing solar projects”

“After having successfully tested Abound Solar modules on rooftop installations, we selected Abound Solar for a long-term module supply agreement to gain a strong partner for developing solar projects,” said Roland Huber, CEO of ABEL ReTec. “Abound Solar’s cadmium telluride modules are our first choice for free field installations; they provide outstanding performance and enable us to deliver reliable solutions at low cost.”

The ABEL ReTec agreement is the most recent in a string of customer and partner milestones for Abound Solar, which announced earlier this year 5.4MW of projects with juwi solar in Jatzke, Germany, and a partnership with Solarsis giving it entry into India’s fast-growing solar market. In December, the company announced a $400 million loan guarantee from the U.S. Department of Energy, as well as a $110 million round of equity investment to expand manufacturing capacity. Plans are currently underway to construct the largest photovoltaic module manufacturing plant in the U.S. in the state of Indiana.

“This deal demonstrates Abound Solar’s continued ability to sell solar modules in a highly competitive market, such as Germany, and builds on our track record in expanding our exports and adding jobs,” said Tom Tiller, CEO of Abound Solar. “As Abound Solar continues to sign contracts with top-tier customers and as our modules continue to be used in large-scale projects, we can reaffirm our status as an emerging global player.”

About Abound Solar

Abound Solar is a leading manufacturer of next-generation, cadmium telluride thin-film photovoltaic modules. Built upon 15 years of development at Colorado State University and with support from the National Renewable Energy Laboratory, Abound Solar is producing solar modules that significantly reduce the cost of generating solar electricity using a robust, commercial-scale, continuous manufacturing process. For additional information, visit http://www.abound.com.

About ABEL ReTec GmbH

ABEL ReTec forms one of three core businesses of the Abel Group, a 100-year old company based in Engelsberg, Germany. Since 2002, Abel has been a renowned specialist for developing, installing and operating photovoltaic and biogas projects. The company offers comprehensive project development services, including financial consulting, engineering and assembly of turnkey systems and full operations management. ABEL ReTec has executed a numerous projects for customers ranging from agricultural enterprises, utilities, institutional and private investors.