Solyndra plant may find a buyer in Seagate
Seagate has offered to buy the idle Solyndra plant in California, though the price is well below what it cost to build the facility, according to a report.
Solyndra may be bankrupt, but that doesn't mean its California facility is out of commission. Disk-drive maker Seagate is making an offer for the property, the San Jose Mercury News reports.
Seagate has offered $90.3 million to buy the sprawling Solyndra solar-panel factory in Fremont, Calif., the Merc reports. That price is about 70 percent below the $300 million it cost to construct the plant, according to bankruptcy court records cited by the newspaper.
The Obama Administration, via the Energy Department, essentially underwrote the formation of Solyndra with a $535 million loan guarantee.
If Seagate's offer succeed, the company will complete the purchase no later than Feb. 28, 2013.
U.S.-based Seagate is one of the world's largest makers of hard disk drives. It acquired disk maker Maxtor in 2006 and Samsung's HDD in December 2011.
Seagate could not be reached for comment.