Independent review of US energy loans starts on Mon

* Herb Allison 60-day review was first announced Oct 28

* Law firm, investment bank hired to support review

WASHINGTON Nov 25 (Reuters) - Former investment banker Herb Allison will begin on Monday to review the U.S. Energy Department's $35.9 billion loan portfolio, after two companies that received loan guarantees went bankrupt, a White House spokesman said on Friday.

Allison's 60-day independent review was commissioned by the White House in the wake of public scrutiny of Solyndra, a solar panel maker with a $535 million loan guarantee that filed for bankruptcy and was raided by the FBI earlier this year.

Solyndra had been touted by President Barack Obama as an example of jobs created by investing in renewable energy, a key part of his energy policy.

Republicans in the House of Representatives have showcased the company's failure in a series of hearings in the lead-up to the 2012 presidential election campaign.

They say the loan was rushed and poorly monitored, and skewered Energy Secretary Steven Chu over decisions on the loan at a hearing last week.

Allison will get help from two firms hired to support the review, a White House spokesman said: law firm Arnold & Porter and investment banker Greenhill & Co.

The Energy Department issued more than $16 billion in loan guarantees to 28 renewable energy projects under one program. Energy storage company Beacon Power, which received a $43 million loan guarantee, filed for bankruptcy just after Allison's review was first announced by the White House at the end of October.

Under two other programs, the department also offered other types of loan guarantees to nuclear companies, and grants and loans to carmakers making energy-efficient vehicles.

Allison's review will encompass all three programs.