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.

President Obama tours a construction site at Solyndra in May 2010.
President Obama tours a construction site at Solyndra in May 2010. Official White House Photo by Lawrence Jackson

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.

Featured Video
This content is rated TV-MA, and is for viewers 18 years or older. Are you of age?
Sorry, you are not old enough to view this content.

Amazon Fire HD 10 is an affordable tablet with Prime perks

The family-friendly 10-inch tablet is Amazon's biggest yet

by Xiomara Blanco