Dilip Buildcon Limited (DBL) has executed definitive agreements with Alpha Alternatives for the divestment of its stake in 10 special purpose vehicles (SPVs) undertaking its under-construction solar portfolio. The portfolio, held through DBL Renewable Private Limited (DBRL), has an estimated total project cost of around Rs 62.63 billion and an enterprise value of approximately Rs 68.29 billion, subject to agreed closing adjustments and conditions.
Furthermore, the portfolio comprises around 1,363 MW (AC) of grid-connected solar photovoltaic projects across 163 locations in Madhya Pradesh. The projects are being developed under the feeder-level solarisation component of the PM-KUSUM Component C scheme, with power purchase agreements signed with Madhya Pradesh Power Management Company Limited. Commercial operations across the portfolio are targeted to commence around September 2027.
During the construction period, DBRL and Alpha Alternatives will fund the estimated equity requirement of around Rs 12.53 billion in a 51:49 ratio through multiple instruments and tranches. Following completion of the portfolio, the remaining 51 per cent stake held by DBL is also proposed to be acquired by funds or an infrastructure investment trust led by Alpha Alternatives.
