Epic Energy Ltd to set up 35 MWp (25 MW) Solar Park in and around Solapur in Maharashtra

Epic Energy Limited (Epic) [BSE Scrip Code: 530407] {www.epicenergy.in} a significant player in the Solar EPC market, has entered into an Agreement with Niva Ecotech Pvt Ltd, (Niva), {www.nivaetcotech.com}, an established player in the business of setting up Solar Parks to, set up a 35 MWp (25 MW) Solar Park in and around Solapur in Maharashtra.

Elaborating on the Agreement, Mr Pranav Chhatre, Director - Epic Renewable Projects Private Limited said, "Epic Renewable Projects Private Limited is a 100% subsidiary established by Epic Energy Limited for the purpose of setting up Solar Parks in India. We are very excited about the first venture to be executed in collaboration with Niva. We have already identified several sites in and around Solapur, Maharashtra to set up the first Epic Solar Park of 35 MWp (25 MW). Our goal is to reach a total installed capacity of 140 MWp (100 MW) within the next two years."

According to Mr Ajay Mundada, Director - Niva Ecotech Pvt Ltd, "Solapur is an ideal location to set up Solar Parks. At Niva, we have already executed multiple projects at this location for various customers in the last three years. Our partnership with Epic will help us to use our skills and experience to good effect to expand India's Solar Energy footprint."

Explaining the business model, Mr Nikhil Morsawala, CFO of Epic said, "We are in advanced negotiations with certain blue-chip Corporates in India to set up Solar Energy Plants for them under the Group Captive Open Access system at our proposed Solar Park in Solapur. Our aim will be to assist Corporate India in reducing their carbon footprint to enable them to meet their ESG Goals as well as substantially reduce energy costs."

Shares of EPIC ENERGY LTD. was last trading in BSE at Rs. 35.87 as compared to the previous close of Rs. 35.17. The total number of shares traded during the day was 12465 in over 22 trades.

The stock hit an intraday high of Rs. 35.87 and intraday low of 35.87. The net turnover during the day was Rs. 447119.00.

Source : Equity Bulls

Keywords

EPICENERGY INE932F01015 Agreement NivaEcotech SolarPark Solapur Maharashtra