The portfolio, spread across 163 locations in the state, has an estimated project cost of about ₹6,263 crore, including roughly ₹1,253 crore of equity. Dilip Buildcon and Alpha Alternatives will fund the equity requirement in a 51:49 ratio during construction.
The transaction values the portfolio at an enterprise value of about ₹6,829 crore, subject to agreed closing adjustments and other conditions.
The projects are being developed under power purchase agreements with Madhya Pradesh Power Management Company Ltd. as part of the feeder-level solarisation component of the PM-KUSUM Component C scheme. Commercial operations for the portfolio are targeted to begin around September 2027.
Dilip Buildcon’s stake is held through its wholly owned subsidiary, DBL Renewable Pvt Ltd. Under the agreement, once construction of the portfolio is completed, funds managed by Alpha Alternatives will also acquire Dilip Buildcon’s remaining 51% stake, according to the company’s exchange filing.
Dilip Buildcon said the transaction is part of its strategy to build an asset-light infrastructure platform focused on contracted assets and recurring cash flows. The company said the deal will also allow it to recycle capital into new opportunities and strengthen its balance sheet.
“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,” said Devendra Jain, managing director and chief executive officer of Dilip Buildcon.
The transaction remains subject to the terms and conditions in the definitive agreements and the receipt of required regulatory approvals.
JM Financial acted as the exclusive financial adviser to Dilip Buildcon. Khaitan & Co was the company’s legal adviser, while AZB & Partners advised Alpha Alternatives.
Dilip Buildcon shares were trading 1.21% lower at ₹420.35 on the NSE at 3:17 p.m. Monday.
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