Integrated clean energy company Epic Energy’s board of directors has approved in principle a proposal to issue and allot share warrants on a preferential basis to Soleos Energy.

Upon full subscription and conversion of the warrants, Soleos would hold up to 18.16% of the post-conversion paid-up share capital of Epic Energy.

The preferential issue will be undertaken in compliance with the regulations of the Securities and Exchange Board of India.

The company, in its bourse filing, noted that the issue price, number of warrants, conversion ratio, and other terms will be as per applicable law and as disclosed in its filings with the stock exchange.

The proposed partnership aims to enhance Epic’s operational scale in solar parks, electric vehicle charging infrastructure, and end-of-life battery materials recovery, while maintaining disciplined capital allocation, transparent governance, and environmental responsibility throughout the value chain.

Recently, Soleos raised ₹200 million (~$2.26 million) from Gujarat Venture Finance to accelerate its next phase of business expansion. The company will utilize this funding to scale its solar EPC and IPP portfolios, deepen commercial and industrial partnerships, and invest in engineering excellence, operations and maintenance, and digital performance monitoring systems.

Last March, Soleos Solar Energy raised ₹485 million (~$6.5 million) in equity funding to drive expansion in India and abroad. The investment round was led by Swastika Investmart, along with Beeline Capital Advisors serving as co-advisors.

Total corporate funding for the global solar sector, including venture capital, public market, and debt financing, reached $17.3 billion in the first nine months (9M) of 2025. This was 22% lower than the $22.3 billion raised during the same period in 2024.

However, funding in Q3 2025 rose to $6.5 billion across 49 deals, a 38% year-over-year increase compared to $4.7 billion across 29 deals in Q3 2024, according to Mercom Capital Group’s 9M and Q3 2025 Solar Funding and M&A Report.