Dilip Buildcon Partners With Alpha Alternatives To Divest Under-Construction Solar Portfolio
New Delhi, September 22, 2026: Infrastructure development firm Dilip Buildcon Limited announced the execution of definitive agreements on September 18 to divest its stake in ten special purpose vehicles (SPVs) undertaking an under-construction solar portfolio. Held through its wholly owned subsidiary, DBL Renewable Private Limited, the portfolio is being sold to Alpha Alternatives Fund Advisors LLP and its affiliates. The transaction carries an estimated enterprise value of approximately Rs 6,829 crore, subject to pre-agreed closing adjustments and conditions precedent, Dilip Buildcon said in a press release.
The underlying solar portfolio has an estimated total project cost of approximately Rs 6,263 crore, which includes an estimated equity investment of roughly Rs 1,253 crore. Under the terms of the transaction, DBL Renewable Private Limited and Alpha Alternatives will jointly fund the equity portion in a 51:49 ratio across multiple tranches during the construction period. Upon completion of the portfolio, the remaining 51 percent stake held by DBL Renewable Private Limited will also be acquired by funds or an infrastructure investment trust (InvIT) led by Alpha Alternatives.
The solar portfolio comprises an approximately 1,363 MW (AC) grid-connected solar photovoltaic capacity spread across 163 locations in Madhya Pradesh. Developed pursuant to power purchase agreements with Madhya Pradesh Power Management Company Limited under the PM-KUSUM Component C scheme, the portfolio has a targeted commercial operation date of September 2027.
The transaction advances the company’s “DBL 2.0” strategy, aimed at creating an asset-light multi-asset platform, unlocking capital, and deleveraging its balance sheet. Devendra Jain, Managing Director & CEO, Dilip Buildcon Limited, said, “This transaction marks another important milestone in our DBL 2.0 journey as we continue to build a multi-asset infrastructure platform anchored by long-duration, contracted assets. Following the execution of definitive agreements for our Mekhali transmission project, this transaction further builds on our partnership with Alpha Alternatives and enables us to recycle capital early in the asset lifecycle, while maintaining our disciplined focus on strengthening our balance sheet and building a more asset-light business.”
The transaction remains subject to regulatory approvals and conditions set out in the definitive agreements. JM Financial Limited served as the exclusive financial advisor to Dilip Buildcon, with Khaitan & Co acting as legal advisor to DBL, and AZB & Partners representing Alpha Alternatives as legal advisor.
