SAN FRANCISCO -- Disk drive giant Seagate said late Thursday (Aug. 23) it will buy the huge Solyndra solar-panel plant in Fremont, Calif., for $90.3 million, according to published reports.
The 412,000-foot facility, a symbol of high-flying technology ambitions come to earth, will sell for 70 percent below the $300
million cost of construction of the building, according to a report on Mercurynews.com.
The U.S. Energy Department backed the development in its $535 million loan guarantee to Solyndra.
The facility, which President Obama visited in February 2010, sits on 30 acres next to Interstate 880 in Fremont on the eastern side of the Silicon Valley. Seagate is headquartered in Cupertino on the western edge of the valley.
Seagate spokesman Brian Ziel told the Mercury News there will be a 45-day due-diligence period and "if and when the purchase is complete, we will provide our plans for use of the building."
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