Is it true that as a shareholder, I get paid something every month no matter what?

Profits are only shared out if there are any and the meeting decides to distribute them, as the bylaws set out.

Is it true that with my shares I can give orders about the project's operation?

Decisions are made at the shareholders' meeting, by majority, and day-to-day operation is run by the SPV's management.

Is it true that if the SPV takes on debt, I answer for it with my own assets?

Under Law 1258 of 2008, SAS shareholders are only liable up to the amount of their contributions, except in exceptional cases such as fraud.

General Questions · Intermediate level · 3 min read · Updated October 3, 2026

What are my rights as a shareholder of the solar SPV?

Q: How does shareholder rights work?

You subscribe shares: Once your subscription is paid, you are entered in the SPV's shareholder register. The bylaws set the rules: Law 1258 of 2008 lets each SAS define in its bylaws its structure, its share classes and their rights. The meeting decides: The shareholders' meeting approves the financial statements and whether profits are distributed. You vote if your shares carry voting rights. You get your share and information: If profits are distributed, you receive the part matching your shares, and you get periodic information on the project.

Shareholder rights are what you are entitled to for holding shares in a company, such as a solar project's SPV. Under Colombia's Law 1258 of 2008 and the SAS's bylaws, they include your share of distributed profits, periodic information and, where it applies, a vote at the shareholders' meeting.

In 30 seconds

Your rights come from the law and, above all, from each SPV's bylaws.
You are entitled to the part of distributed profits that matches your shares.
You are only liable up to your contribution, not for the company's debts.

Why should you care?

When you subscribe shares in an SPV you don't buy solar panels: you become a partner in the company that owns the project. Knowing what that gives you avoids wrong expectations.

You know what you can ask for, what you can decide and what you can't.
You understand where distributions come from and who approves them.
You know where to look: the SPV's bylaws, which you get before subscribing.

Think of it as being a co-owner in an apartment building

In a building, each owner has a say at the owners' meeting, gets reports from the management and carries weight according to their share. They don't decide alone, but they aren't a spectator either. Being an SPV shareholder is similar: your weight follows your shares.

How does shareholder rights work?

1
You subscribe shares
Once your subscription is paid, you are entered in the SPV's shareholder register.
2
The bylaws set the rules
Law 1258 of 2008 lets each SAS define in its bylaws its structure, its share classes and their rights.
3
The meeting decides
The shareholders' meeting approves the financial statements and whether profits are distributed. You vote if your shares carry voting rights.
4
You get your share and information
If profits are distributed, you receive the part matching your shares, and you get periodic information on the project.

An example with numbers

Illustrative figures, unrelated to any project: an SPV has 10,000 shares and the meeting approves a profit distribution.

An example with shareholder rights
SPV shares	10,000
Your shares	50
Your percentage	0.5%
Profits the meeting decides to distribute	40,000,000 pesos
Your share	200,000 pesos

Your share follows your shares: 0.5% of what is distributed. If one year there are no profits, or the meeting doesn't distribute them, nothing is paid out.

Where do you see it at Circular Urban?

In solar projects you participate by subscribing shares in the SAS that owns the project, the SPV. Each project's specific rights are in its SPV's bylaws, which you receive before subscribing. On the platform you see your participation and the project's reports. Results are subject to the project's actual performance.

Your portfolio, in each participation's detail.
The project sheet, under documents: Management Reports.
The risk declaration you sign before subscribing.

What changes in your finances once you get it

You read the bylaws

Before subscribing you check which class of shares you get and what rights they carry.

You follow the reports

You use periodic information to understand how the project is doing, not just the final result.

You know the limit of your risk

In an SAS you are liable up to your contribution: that is the most you could lose.

Common mistakes

Myth As a shareholder, I get paid something every month no matter what.: In reality
Profits are only shared out if there are any and the meeting decides to distribute them, as the bylaws set out.
Myth With my shares I can give orders about the project's operation.: In reality
Decisions are made at the shareholders' meeting, by majority, and day-to-day operation is run by the SPV's management.
Myth If the SPV takes on debt, I answer for it with my own assets.: In reality
Under Law 1258 of 2008, SAS shareholders are only liable up to the amount of their contributions, except in exceptional cases such as fraud.

Test yourself

You hold 200 of an SPV's 20,000 shares and the meeting decides to distribute 30,000,000 pesos. How much is yours?

Keep learning

Helps to know first

What comes next

This content is educational. Every participation carries risks inherent to the project, including the possibility of partial or total loss, and results are subject to each project's actual performance.