WASHINGTON (Reuters) -President Donald Trump's administration has canceled an up to $3 billion loan guarantee that was awarded to residential solar panel installer Sunnova Energy ( NOVA ), Bloomberg News reported on Wednesday, citing the company.

The administration, which is pushing to maximize oil and gas production, has said it is reviewing financing from the Department of Energy's Loan Programs Office to companies involved in alternative energy.

Former President Joe Biden's administration announced in April 2023 the partial loan guarantee of up to $3 billion to back financing for Sunnova's rooftop solar installations.

Under Biden, the LPO aimed to speed development of the clean energy sector with loans to companies that struggled to obtain private financing.

The office faces an uncertain future with job cuts implemented by Elon Musk's so-called Department of Government Efficiency and reductions to the LPO outlined in the House budget bill.

The Department of Energy and Sunnova did not immediately respond to requests for comment.