[throwaway2037]

This is an excellent point! I found the disclaimer at bottom of home page:

  No offers to sell or solicitations of an offer to buy securities or any other type of investment are being made or solicited by Legends Incorporated at this time.

More details here: https://www.legends.solar/legal/legal

I am very familiar with the Howey Test. From time to time, HN try to "hack" the Howey Test with various mental gymnastics, but always fail.

Real question: Could Legends Solar structure the investment like Cadence Real Estate? (Not a shill for them!) Cadence is basically mortgage-backed securities on multi-family properties for retail / mass affluent. They are operating for more than 10 years now. If their legal structure was not sound, I assume they would be enforced upon by SEC & friends.

I feel "direct green energy investment" for retail / mass affluent investors has huge untapped potential -- like 10s of billions of USD, maybe 100s. It makes me so frustrated that I cannot push ahead solar and wind projects with my own money. I want to transition power supply as fast as possible. Oh yeah, please add utility-sized battery installations to that list also. When I look at solar potential in India (see "Bhadla Solar Park"), it boggles my mind. There is SO much potential. Same for Middle East, North Africa, and Australia. All could use/export the electricity or convert water to hydrogen, then use/export.

[yepnopemaybe]

The exact legal and financial structuring is still in progress. We will likely use a structure similar to that used by Reg A+ crowdfunding platforms like Masterworks.io. In fact, I've been in regular contact with their GC to validate this. There are other structures we could use, as well.

[yepnopemaybe]

My plan is to keep things simple, to answer your other question. As little abstraction and structured securitization as possible. We want it to be as close to a one-for-one analogy for true direct equity ownership in an actual panel as we can make it.