A project to install solar panels on military housing across the US, creating thousands of jobs, has been cut back sharply after SolarCity, the company behind it, failed to secure approval for a government loan guarantee before a September 30 deadline.

California-based SolarCity had pleaded with Congress to extend the September 30 deadline for loan guarantees, but on Monday was forced to admit defeat, saying it planned to move forward with a scaled down project without the loan guarantee.

Read the rest of this Financial Times story here.