Epic Renewable Projects Pvt Ltd receives approvals for 2.70 MWh Solar Power Project

Epic Energy Limited's ("the Company") wholly owned subsidiary, Epic Renewable Projects Private Limited ("ERPPL"), has received the requisite regulatory approvals for the development of a 2.70 MWh Solar Power Project under the Distributed Renewable Energy Bilateral Procurement (DREBP) framework in the State of Gujarat.

The project, which is proposed for sale of power to the concerned DISCOM under the DREBP framework, has received grid connectivity approval along with a Letter of Award from Paschim Gujarat Vij Company Limited (PGVCL) for connectivity at the GETCO 66 kV Kera Substation, subject to the execution of the Power Purchase Agreement (PPA) within the stipulated timeline.

The project is expected to be commissioned within 3 to 6 months from the date of execution of the PPA with PGVCL, subject to receipt of applicable regulatory approvals and completion of procedural formalities.

The Solar Power Project shall be fully owned by the project Special Purpose Vehicle, ERPPL. Project financing is proposed to be undertaken through a judicious mix of equity and debt at the SPV level, the detailed structure of which is currently under finalisation.

Shares of EPIC ENERGY LTD. was last trading in BSE at Rs. 38.21 as compared to the previous close of Rs. 39.40. The total number of shares traded during the day was 3519 in over 65 trades.

The stock hit an intraday high of Rs. 39.80 and intraday low of 38.00. The net turnover during the day was Rs. 135626.00.

Source : Equity Bulls

Keywords

EPICENERGY INE932F01015 EpicRenewableProjects Approval SolarPowerProject