Debt-free solar penny stock at Rs 36.58: Company signs an agreement with Niva Ecotech Pvt Ltd to set up s25 MW Solar Park in & around Solapur in Maharashtra
The stock also made a new 52-week high of Rs 36.58 per share and gave multibagger returns of over 1,000 per cent from its 52-week low of Rs 5.97 per share.
Epic Energy Limited (Epic), a prominent player in the solar EPC market, has formed a strategic partnership with Niva Ecotech Pvt Ltd. (Niva), a well-established solar park developer. Together, they aim to construct a 35 MWp (approximately 25 MW) solar park in and around Solapur, Maharashtra.
Epic's subsidiary, Epic Renewable Projects Private Limited, is leading this initiative. They have already identified suitable locations for the "Epic Solar Park" and have ambitious plans to expand its capacity to 140 MWp (roughly 100 MW) within the next two years. Niva brings a wealth of experience to the partnership, having successfully executed multiple solar projects in Solapur over the past three years. Ajay Mundada, Director of Niva, emphasizes the region's favourable conditions for solar power generation and expresses confidence in their ability to contribute significantly to India's renewable energy goals.
The agreement outlines a strategic business model. Epic is actively negotiating with leading Indian companies to set up solar energy plants within Solapur Park under the Group Captive Open Access system. This system allows corporations to directly purchase electricity from the park, reducing their carbon footprint and energy costs. Nikhil Morsawala, CFO of Epic, highlights their commitment to assisting companies in achieving their ESG (Environmental, Social, and Governance) goals through this collaboration.
About Niva: Niva is an established player in the business of setting up rooftop solar installations, solar parks and providing Solar EPC Services as well as the full range of operations and maintenance services.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
About Epic Energy Ltd: Epic is an Energy Service Company recognized as an ESCO by the Bureau of Energy Efficiency, Government of India. Epic has been in the field of energy conservation and green energy for the last two decades.
On Monday, shares of EPIC Energy Ltd were locked in a 2 per cent upper circuit to Rs 36.58 per share from its previous closing of Rs 35.87. The stock also made a new 52-week high of Rs 36.58 per share and gave multibagger returns of over 1,000 per cent from its 52-week low of Rs 5.97 per share. The company has a market cap of Rs 26.38 crore and as of June 2024, the company is debt-free. Investors should keep an eye on this solar penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.
Also Read: Penny stock under Rs 2 hit upper circuit as company bags Rs 10,00,00,000 order from MSK Technologies (India) Pvt Ltd