Epic Energy Ltd receive LoI for purchase of 2.4 MWp Solar Power

Epic Energy Limited (Epic) has received a Letter of Intent from a prestigious 275 bed NABH accredited Oncology and Cancer Care Center based in Nashik, Maharashtra, for the purchase of 2.4 MWp Solar Power to be generated from Epic's roposed Solar Park in Solapur, Maharashtra, under the Group Captive Open Access Scheme.

Commenting on the development, Bharat Mehta, Group Director, said, "This marks a significant step for Epic as we secure our first major client for the upcoming Solar Park in Solapur. We anticipate completing the project by FY 26 and are actively pursuing additional clients for the remaining capacity of the solar park."

Nikhil Morsawala, Group CFO, commented, "Given the long-term nature of Solar Power Purchase Agreements, it is crucial to onboard financially stable clients with strong credit ratings. We are delighted to partner with such a reputable institution as our first customer for this venture. The facility will be developed under a Special Purpose Vehicle (SPV) at an estimated cost of approximately ₹8.50 crores, funded through a balanced mix of debt and equity."

Shares of EPIC ENERGY LTD. was last trading in BSE at Rs. 44.70 as compared to the previous close of Rs. 47.05. The total number of shares traded during the day was 20221 in over 231 trades.

The stock hit an intraday high of Rs. 47.17 and intraday low of 44.70. The net turnover during the day was Rs. 907214.00.

Source : Equity Bulls

Keywords

EPICENERGY INE932F01015 LoI SolarPower Purchase