Abound Solar will set up an 8.4 million square-metre solar module manufacturing plant in Tipton, Indiana, US.
The manufacturing plant will produce solar modules with a total capacity of 640MW per year.
The firm has secured a $400m loan guarantee from the US Department of Energy and a $110m equity investment to lease a facility, which will be home to the plant.
An investment group led by WW Reynolds Companies has held the property since the 2009 bankruptcy of the former owner, Getrag Transmission Manufacturing.
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Abound Solar has signed a long-term lease agreement with WW Reynolds Companies to make necessary upgrades to the property.
Development of the site is expected to begin in 2012.
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