Project Cali never got off the ground and Altenberg later testified that it was only ever an example, not an actual project on offer to Jefferson and Murphy. It was determined that Altenberg’s testimony was not credible and the evidence supported testimony that the project was supposed to be Solar Fund I’s first project.

A string of failed projects

Altenberg then spent the next 5 months building relationships with engineers and building a “pipeline” of projects rather than starting the Cali Project. After Murphy asked for his investment back, Altenberg assured him that he was expecting to sign an agreement for a different project.

Altenberg then went on to sign an agreement with Blue Sky Utility, LLC, to purchase the rights to 21 solar projects — a whole portfolio of projects rather than the single project agreed upon with Jefferson and Murphy.

Altenberg attempted to explain this deviation from the original contract by saying he “was acquiring the projects in anticipation of selling them into the Fund to build up a pipeline.”