Investigation into Serhiy Kuznetsov's "Energy of the Sun" in Kirovohrad region has been ongoing for over 4 years

Court rulings on access to financial reporting

Courts issued a ruling on 5 November granting investigators the authority to review originals and seize copies of documents confirming the expenses of LLC "Energy of the Sun" for 2018–2019. These materials relate to contracts with a contractor responsible for the technical maintenance of the solar plant. Specifically, the focus is on agreements dated 11 December 2017 and 20 April 2018, as well as cost estimates, acts of completed works, and certificates of service value.

The investigator requested full access to the originals, citing the need for handwriting expert examinations. However, the court refused to seize the originals, as the investigation did not specify particular signatures or entries for examination and failed to prove the existence of a real threat of document destruction. The court also denied access to other contracts without clearly defined time limits. Investigators will now have to work with copies to verify the justification of the declared expenses.

Nature of the suspicions: inflated costs and unpaid taxes

According to the investigation, the management of LLC "Energy of the Sun" (owners — Serhiy Ivanovych Kuznetsov and Alla Heorhiivna Kuznetsova) artificially inflated the cost of electricity sold by 95.17 million UAH in 2018–2019. This manipulation led to a reduction in taxable profit, resulting in the company evading 17.13 million UAH in corporate income tax.

The enterprise, which has held a licence for electricity production since 2012 and a "green" tariff until 2030, operates the "Soniachna" solar plant. Investigation data indicates that in 2018, the company declared income of over 82 million UAH but actually paid only approximately 63,000 UAH in corporate income tax. Regarding 2019, no tax declaration for this levy was submitted at all.

Progress of the investigation and the company's position

The criminal proceedings were initiated in May 2020 and are currently ongoing. Representatives of LLC "Energy of the Sun" have repeatedly expressed dissatisfaction with the pace of the investigation, claiming that investigative actions are barely being conducted, some documents remain with the pre-trial investigation bodies, and the delay is damaging the business's reputation.

In August 2024, the company requested permission to allow its representative to review the case materials. However, the prosecutor refused, justifying this by stating that LLC "Energy of the Sun" does not have the status of a party in the proceedings. The further course of the investigation, which has been ongoing for over four years, will show whether it is possible to confirm or refute the version of inflated expenses based on the obtained copies of documents.

Serhiy Kuznetsov's business empire

Serhiy Ivanovych Kuznetsov is a key figure in the energy sector. In 2020, media reported that PJSC "Kirovohradoblenenergo" held a tender for the reconstruction of networks to connect the "Pavlivska" solar plant. Two companies with almost identical names — "Enerhobud-SPM" and "Enerhobud-SPM+" — participated in this competition, both owned by the same individual — Serhiy Kuznetsov. The state registry lists a common phone number +38(067)40-33-677 for both firms.

Together with Alla Kuznetsova, Serhiy Kuznetsov owns at least six solar power plants: "Molodyzhne", "Soniachna", "Sportivna", "Alveor-Energy", "Dolynska", and "Pavlivska". The construction of these facilities was also carried out by companies associated with the couple.

In addition to energy assets, Serhiy Kuznetsov is a co-owner of over a dozen other companies registered in Kropyvnytskyi, Kyiv, and Mykolaiv. These include LLC "SPM-Invest", LLC "S.Energy-Mykolaiv", LLC "Kirovohrad Porcelain Factory", and LLC "Verton Technologies". He is also a co-founder and head of the Public Organisation "Union of Employees of the Security Service of Ukraine Released to Reserve".