| NEW YORK
NEW YORK Aug 21 Seagate Technology Plc,
maker of hard drives and storage devices, has reached an
agreement to buy the former manufacturing plant and headquarters
building of bankrupt Solyndra LLC, which was financed by a
controversial government loan, a source familiar with the deal
The price for the Fremont, California, building could not be
determined. Tim Gallen, who represents Jones Lang LaSalle Inc
, which marketed the property, declined comment.
Seagate, based in Cupertino, California, could not be
reached for immediate comment.
The U.S. bankruptcy court in Delaware in February approved
the appointment of Chicago-based Jones Lang LaSalle to market
the building, which cost more than $300 million and was
completed in 2010, according to court documents.
At that time, the property was expected to fetch around $150
million. A final sale is subject to due diligence and the
approval of the bankruptcy court.
Solyndra, which manufactured cylindrical solar panels, rose
to fame after President Barack Obama visited it in 2010, as part
of the administration's efforts to promote jobs in renewable
energy. Solyndra had received a $535 million federal loan
guarantee to build a factory in Fremont.
Solyndra's bankruptcy has been politically embarrassing for
the administration as Republican lawmakers jumped on it as an
example of failed energy policy and government waste leading up
to the 2012 presidential election.
Solyndra's facilities could benefit a company that needs an
ultra-clean environment such as makers of semiconductors or disc
The building, located on 30 acres in the southeast section of
the San Francisco Bay Area, comes with 31,000 square feet, or
two floors, of office space.
The high-tech manufacturing facility was built to withstand
an earthquake. It is serviced with 22 megawatts of power and
backed up by two diesel emergency generators, each with 2
megawatt capacity. It also is equipped with Solyndra solar
panels on the roof that can generate 1.2 megawatts of power.
The property includes plans to expand the facility by more
than 200,000 square feet.
The bankruptcy case is In re Solyndra LLC, U.S. Bankruptcy
Court, District of Delaware, No. 11-12799.