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Emmitt Smith, 4 13 Solutions sued over alleged $2.5M Texas solar deal
The lawsuit says the $2.5 million loan tied to a Texas solar farm was not repaid when it came due on Feb. 1, 2024, and the investor has not recovered any funds.
Pro Football Hall of Fame running back Emmitt Smith, his CRE company 4 13 Solutions Inc., and business partner David Mosley are named in a lawsuit tied to a failed Texas solar project investment, according to Bisnow.
The complaint, filed in Delaware by Kituwah LLC, a tribally owned Native American economic development agency, alleges Smith and Mosley promised to use $2.5 million to acquire an interest in Project Exodus, a solar farm in Texas, but did not do so.
Kituwah claims it was induced to form a joint venture with 4 13 Solutions and to loan the $2.5 million, based on representations that the developer Genesis Consolidated Industries was acquiring Texas land for the solar project and that other investors were eager to fund it.
The filing also alleges 4 13 Solutions said it would secure a Department of Energy loan for permanent financing and that the solar farm would be operational by the end of 2024, but that there was no evidence of progress by then, and that when the loan came due on Feb. 1, 2024, it was not repaid.