Epic Energy Partners with Niva Ecotech to Set Up Solar Park Project in Solapur, Maharashtra
Niva will identify the land and undertake the entire EPC part of setting up the solar park owned by Epic Energy and/or its SPVs, set up for this purpose.
September 04, 2024. By Abha Rustagi
Niva will identify the land and undertake the entire EPC part of setting up the solar park owned by Epic Energy and/or its SPVs, set up for this purpose.
Elaborating on the agreement, Pranav Chhatre, Director, Epic Renewable Projects Pvt. Ltd. said, “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.”
Regarding the partnership, Ajay Mundada, Director, Niva Ecotech Pvt. Ltd., said, “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, Nikhil Morsawala, CFO of Epic Energy 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.”
Epic Energy will identify and contract with the customers for setting up their solar plants in the solar park, inter alia under the Group Captive Open Access System, including operations and maintenance of the solar plants post-implementation. The company will invest in the Equity of the said SPVs and will also arrange the debt component of the project.
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