WASHINGTON -- An independent review finds the government could lose about $3 billion on Energy Department loans for green energy programs - far less than the $10 billion Congress set aside for the high-risk program.
The White House ordered the review after criticism of a $528 million loan to Solyndra Inc., a solar company that went bankrupt.
The review was led by former Treasury Department official Herb Allison. He looked at 30 loans or loan guarantees totaling $23.8 billion that were offered to green energy companies and auto makers like Ford and Nissan. The review did not involve Solyndra.
About one-third of the money - $8.3 billion - had been spent as of Nov. 28.
The Associated Press obtained a copy of the report, which is to be released later Friday.
Associated Press