A company spokesperson sent us a statement that reads in part: In the declaration, 8minute provided the court with the Interim Award recently issued in the Arbitration.”Ĩminute Solar told Renewable Energy World the company additionally hired a private arbiter to conduct a review of the fraud accusations. “Since receiving the decision of the Arbitrator, 8minute has filed a supplemental declaration in support of its motion to compel arbitration of the UC Regents’ baseless and frivolous lawsuit. Buttgenbach in their entirety and agrees that the Class B investors, including UC Regents, have committed wrongdoing,” an 8minute spokesperson told us in a statement. “8minute is pleased the Arbitrator has denied the baseless claims against us and Dr. The hearing led to a ruling in favor of Buttgenbach and 8minute. Representatives for Buttgenbach and 8minute Solar Energy called the regents’ allegations “baseless and frivolous.” In a motion filed January 13, lawyers for Buttgenbach and 8minute said the allegations are already the subject of an arbitration hearing initiated by co-investors in the solar projects. University regents are seeking nearly $1.22 billion in damages. “This amount was entirely unsupported by the prior representations, financial projections, models, and budget that Buttgenbach submitted to induce the University to approve its $150 million investment,” court documents say. The lawsuit claims that in August 2021 Buttgenbach demanded more than $4.1 billion, of which the university system’s share would be $1.53 billion, and refused to validate this amount to investors. Instead, he allegedly “sought to enrich himself at the expense of his investors, and ultimately at the expense of over 250,000 California public pensioners.”Īccording to the complaint, Buttgenbach “engineered a financial crisis” after receiving the $150 million investment, delaying project sales, accelerating the development process to increase liquidity needs and misappropriating investors’ cash for personal projects. The lawsuit alleged that Buttgenbach “never intended to execute on the ‘fully funded’” business plan. The University approved a $150 million investment. Buttgenbach allegedly touted 8minute’s high success rates on projects that had solar power purchase agreements in place with customers. The suit says Buttgenbach presented a business plan containing a fixed budget, restrictions on the use of cash, financial projections and project sales timelines.
At the time, the university system was considering renewable energy investments and was looking for opportunities to help fund pension payments and provide other financial support to the University of California system. UC announces gender identity and lived name policyĪll UC campuses, laboratories, medical centers and other UC facilities will adopt systemwide gender identity and lived name options for UC-issued documents and information systems.According to the complaint, Buttgenbach told university regents he had a pipeline of solar development projects and had signed contracts with companies that wanted to buy the power generated and operate the projects after completion. UC received the highest number of undergraduate applications in its history for fall 2021 admissions, including surges among African American and Chicano/Latino students. "Our work is far from finished our efforts will not be in vain," he writes.Ĭhicano/Latino students comprise largest proportion of undergraduate applications UC President Drake addresses the anniversary of George Floyd's murder The plan calls for transforming UC's culture, policies and practices to ensure that all members of the community feel welcomed, respected and protected from harm. The UC Native American Opportunity Plan aims to make college more affordable and accessible for California's Native American students. UC announces Native American Opportunity Plan
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