TIPTON, IN-Abound Solar, a maker of photovoltaic solar modules, has leased a 781,750-square-foot industrial facility here. The company will spend about $300 million to create a new manufacturing plant for the modules, and plans to bring more than 1,000 full-time jobs to the 106-acre site.

A trust of contractors has held the building since the bankruptcy last year of its former owner, Getrag Transmission Manufacturing LLC. Patrick Lindley with Cassidy Turley represented the trust in the sale of the property. The property was never occupied, Lindley said.

A Boulder, CO-based real estate firm, WW Reynolds Cos., has purchased the property. The company also owns Abound’s facility in Longmont, CO.

Abound closed recently on a $400 million, seven-year loan with the Department of Energy to increase production of solar cells. The company is using the loan, as well as a $110 million from investors, to upgrade and expand the Longmont plant and to outfit the new plant here. The private investors include Invus Group, Bohemian Cos., DCM, Technology Partners, BP Alternative Energy Ventures and West Hill Cos.

When both plants are complete, the company said it will be able to produce more than 840 megawatts of solar modules annually, with most going to overseas customers. Company executives said the new plants will allow them to make solar energy a cheaper commodity. “Abound Solar’s strong partnership with a growing list of industry leading customers gives us the confidence to make these large investments to meet the strong demand for our product,” said Tom Tiller, president and CEO of the firm.

The company will begin retrofitting this local facility in 2012, and will be complete by 2014. The company was built in partnership with Colorado State University and support from the National Renewable Energy Laboratory.