Hi Geeta,
While im not sure about using the text item for the EPC project, we have used Dummy materials in our project.
Dummy materials can be assigned with Service related Item category groups OR any other Z-Item category groups (where the item category is not relevant for delivery but for billing), also the corresponding Schedule line category would not have the availability check & not Requirement trnasfers enabled.
Please check the feasibilty of this option and share your findings.
Regards