DOE Still Proud Of Loan Program

on November 01, 2011 at 1:45 PM

President Obama has issued an independent review to oversee the operations of the DOE Loan Program, mostly in response to the backlash caused by Solyndra, but Energy Secretary Steven Chu says he still proud of the program.

“Our loan programs are putting thousands of Americans to work and helping our country compete in the global race for the clean energy jobs of the future,” he said in a statement.

Indeed, when head of the program Jonathan Silver stepped down in early October, Chu lauded his efforts saying that under his leadership the program had “demonstrated considerable success, with a broad portfolio of investments that will help American companies compete in the global clean energy market.”

AOL Energy spoke with Silver in May about the program. Listen to the podcast here. He wrote about the importance of the program here.

Chu said he welcomes the White House-ordered review.

“I welcome this review of the overall health of the Department’s loan portfolio, and have directed my staff to make sure that the Department provides all necessary assistance and information to Mr. Allison that the review is as thorough and productive as possible. I look forward to working with Mr. Allison as he conducts his review and recommends further steps to ensure that the Department is protecting the interests of taxpayers,” Chu said.

Photo Caption: US Secretary of Energy Steven Chu speaks during the National Clean Energy Summit 4.0 at the Aria Resort & Casino at CityCenter August 30, 2011 in Las Vegas, Nevada.