US government could lose $2.7B on clean-energy loans, study finds

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Fox News:

WASHINGTON – The U.S. government could lose $2.7 billion as a result of the loans and loan guarantees it offered to clean-energy companies, according to a White House-commissioned study carried out in the wake of Solyndra LLC's bankruptcy.

The Obama administration, which has defended its aid for clean energy in the wake of the solar-panel maker's demise, said the estimate was in line with its own projections.

Republicans have attacked President Barack Obama over the Department of Energy loan program, saying it wasted taxpayer dollars and put too much faith in unproven technologies. Solyndra closed in September after receiving $528 million in U.S. government loans.

The White House in October acknowledged the need to review the program and ordered an independent analysis by Herb Allison, a former Merrill Lynch & Co. president who had served in the Bush and Obama administrations.

Allison's review, released Friday, depicted the Energy Department's process of making and monitoring loans as sometimes poorly organized and lacking in oversight, though he didn't discuss any specific decisions regarding Solyndra.