European investors could invest up to $650 mln in two floating solar power plants in Kyrgyzstan

BISHKEK. Dec 2 (Interfax) - European investors could invest up to $650 million in two floating solar power plants on the Toktogul reservoir in Kyrgyzstan, the Kyrgyz Energy Ministry told Interfax.

The Kyrgyz government signed the relevant agreement with the Czech Republic's Sonnenenergie a.s. and Germany's AB Progressio GmbH and LTI ReEnergy CleanTech Project Development UG.

Toktogul SPP LLC and Toktogul SPP KG LLC, recently established in Kyrgyzstan, are also parties to the agreement.

The Energy Ministry said the main goal of the signed document was to attract investment in green energy projects, reduce exposure to electricity imports and strengthen the country's energy security and independence.

"The Toktogul reservoir was chosen for the project due to its large expanse for floating solar power plants. In addition, the reservoir will help to cool the panels, increasing their efficiency. Energy infrastructure already exists nearby," the ministry said.

The first SPP should be launched 36 months after the project launches and the second 24 months after the first.

The investors and Kyrgyzstan National Electric Grid also signed an agreement on the purchase of electricity, according to which the state undertakes to buy electricity produced by the solar power plants at a fixed rate for 25 years.

Toktogul SPP LLC was registered by the Kyrgyz Justice Ministry on May 10, 2024. It was founded by Sonnenenergie, AB Progressio GmbH and LTI ReEnergy Clean Tech Project Development UG.

Toktogul SPP KG LLC was registered on October 23, 2024. The founders are Jan Sonnenenschein and Sonnenenergie.

Anuar Topeev is listed as the director of both companies.