Hirundo Horizon CV is a Belgian cooperative company incorporated in 2024 by Hirundo Energy BV, Fortech BV, and Fortech Studie BV to develop and implement a wind energy project of 12 turbines of approximately 5 MW each (around 60 MW in total) in Lesotho. Through this project, the cooperative aims to create social, ecological, and economic added value for its members and the population of Lesotho, and to contribute to a just energy transition.

The capitalisation is intended to finance the development phase of the wind project. The portion of the required development budget that Hirundo Horizon CV intends to contribute is about €3 million; at the time of the Information Memo approximately €575,000 had been raised and €2,425,000 was still being sought. The funds will be used for studies, permits, land rights, and management, and will be invested into the project company Mohale’s Hoek Wind (Pty) Ltd in Lesotho, of which Hirundo Horizon CV will ultimately own 90% of the shares (after Financial Close this stake is expected to dilute to 10–20%).

1. Total amount of the offering: €2,447,400.
2. Type of shares: Class B share (cooperative shares) issued in registered form, which must be fully paid up (100% paid upon subscription).
3. Issue price: €1,230 per share in Q1 2026. Each share grants its holder one vote and an equal entitlement to the company’s profits and liquidation proceeds.

1. Eligibility: Anyone who meets the conditions set out in the cooperative’s bylaws may subscribe to one or more shares. By subscribing, an investor agrees to comply with the cooperative’s bylaws, its internal regulations, and the decisions of the General Meeting and the Board of Directors.
2. Admission approval: The Board of Directors decides on the admission of new members with at least a ¾ majority. For subscriptions to Class A shares, additional approval by the existing Class A shareholders is required.
3. Share allotment: The Board of Directors may limit the number of shares per member (= cooperating shareholder).

There are no entry or exit fees for investors. However, limitations may apply to exiting the cooperative (see below).

1. Voting rights: Each share carries one vote in the General Meeting of shareholders. The Board of Directors may impose a maximum number of shares per shareholder.
2. Dividends: Shareholders are entitled to an equal share of the net profit. The General Meeting decides, upon proposal of the Board, how the profit is allocated. No dividend may be distributed if doing so would cause the company’s net assets (assets minus liabilities) to become negative or if the company would be unable to meet its obligations.
3. Limited liability: The liability of shareholders is limited to their contribution; shareholders are neither jointly nor severally liable for the company’s debts beyond their own investment.

There is no predetermined minimum number of shares. However, the Board of Directors may decide to cap the number of shares that each member can hold. Interested investors must subscribe to at least one share (priced at €1,230 in Q1 2026) and pay for it in full.

1. Transferability: The shares are not listed on any regulated market and thus are not freely tradable. Transfer of shares to third parties is only possible under the conditions set forth in the cooperative’s bylaws.
2. Withdrawal: Members may request to withdraw from the cooperative in whole or in part at any time starting from the third year after the company’s incorporation. The Board of Directors may refuse such withdrawal requests or postpone payment if honoring them would endanger the continuity of the company. The payout to a withdrawing member (the separation share) is based on the book value of the company’s equity in the most recently approved annual accounts and may differ from the original amount invested.
3. Exclusion: The Board of Directors can exclude a member who no longer fulfils the statutory membership conditions or who seriously harms the interests of the company. An excluded member has the right to be heard and will also receive a separation share (calculated as described above).

Upon dissolution and liquidation, the net assets remaining after all debts have been paid off are distributed among the members in proportion to the number of shares they hold. The amount distributed per share in liquidation (liquidation proceeds per share) may be higher or lower than the original amount contributed per share.

The primary risks and the measures to mitigate them are described in detail in Part 1 of the Information Memo: Main Risks of the Information Memo.

Hirundo Horizon aims to manage the various risks in a systematic way, but the cooperative emphasizes that investing in the development phase of a single wind project is inherently high-risk, and investors should be aware that they may lose part or all of their contribution.

The value of the shares in Hirundo Horizon CV may increase over time, but there is no guarantee of this. This is a risky investment in which the contributed capital could be wholly or partially lost.

Any potential returns could come from:

1. Capital gains: At Financial Close (when project financing is secured and construction can commence), Hirundo Horizon CV will receive a compensation for the developed project assets. The financial model assumes a valuation based on a multiple of the invested development costs. However, the final valuation is uncertain and will depend on negotiations with financiers.
2. Dividends: After the wind farm is commissioned (post-construction), Hirundo Horizon CV could receive dividends through its ownership stake in Mohale’s Hoek Wind (Pty) Ltd. This depends on actual electricity production, operating costs, debt repayments, and compliance with the PPA (Power Purchase Agreement) for the sale of electricity.

The project is still subject to various risks, so it is possible that it may ultimately not be realized. In that event, the available capital, after deducting any expenses, would be distributed according to the rules set out in the cooperative’s bylaws. Investors should keep in mind that they could lose a significant portion or even the entirety of their invested capital.

No. The shares of Hirundo Horizon CV are financial instruments and are not covered by any deposit protection scheme. In the event of the company’s insolvency, there is a risk that you could lose the amount you invested, in whole or in part.

Hirundo Horizon CV was founded by a group of colleagues who have worked together in Belgium at Fortech and Wase Wind for many years. Drawing on the experience they gained there in the development, financing, and operation of wind projects in Belgium, they took the step in 2016 toward international activities. This ultimately led to the incorporation of Hirundo Horizon CV in 2024.

Hirundo Horizon CV focuses exclusively on the wind project in Mohale’s Hoek, Lesotho, and will not invest in other companies concurrently.

The cooperative organizes information sessions and publishes presentation materials on its website. Existing shareholders are kept informed via a newsletter, and other interested parties can find relevant information on Hirundo Horizon on www.hirundo.energy. For additional questions, the team can be contacted at info@hirundo.energy.

The information in this FAQ is based on the Information Memo dated 30 September 2025 and may be subject to change. Always consult the most recent documents and seek professional advice if in doubt.

This document contains the main FAQ questions and answers related to the share issuance of Hirundo Horizon CV, including its objectives, investment terms, conditions, and key risks.