Abound Solar, a solar panel manufacturer, will locate a solar module production facility in Tipton, Indiana, creating up to 850 jobs by 2013. The company will invest $500 million in the move.

"State and local representatives from Indiana were particularly instrumental in our efforts to finalize plans for this state-of-the-art facility and create high-paying jobs for Hoosier workers," said Steve Abely, Abound's CFO. "We are excited about the opportunity to make America a global driver of renewable, affordable and abundant solar energy."

The Indiana Economic Development Corporation has extended up to $11.85 million in tax credits and $250,000 in training grants to Abound. Tipton County has also approved incentives such as tax abatement.

The company plans to hire engineers, technicians, and production associates once renovations begin.