Report: Energy Loans Could Cost $3 Billon

By: Associated Press
By: Associated Press

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Friday, February 10, 2012

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.

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