Engineering, procurement, and construction company Dilip Buildcon has signed agreements with Alpha Alternatives Fund Advisors and its affiliates or managed funds to divest its stake in 10 special purpose vehicles (SPVs) developing a 1,363 MW solar portfolio in Madhya Pradesh.

The agreements were executed through Dilip Buildcon’s wholly owned subsidiary, DBL Renewable (DBRL). The solar portfolio has an estimated project cost of approximately ₹62.63 billion (~$626.3 million).

The transaction values the portfolio at approximately ₹68.29 billion (~$682.9 million), subject to certain adjustments and conditions.

DBRL and Alpha Alternatives will fund the equity portion of the project cost in a 51:49 ratio during construction. Once the projects are completed, Alpha Alternatives-led funds or an infrastructure investment trust will acquire Dilip Buildcon’s remaining stake.

The portfolio requires an estimated equity investment of approximately ₹12.53 billion (~$125.3 million).

The funds will be invested in SPVs through various instruments and multiple tranches during construction.

The portfolio comprises grid-connected solar projects across 163 locations in Madhya Pradesh. Dilip Buildcon secured the solar portfolio as part of Madhya Pradesh Urja Vikas Nigam’s auction to develop projects under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program.

The solar projects have power purchase agreements with Madhya Pradesh Power Management Company. The portfolio is expected to begin commercial operations in September 2027.

The company said the divestment forms part of its asset-light strategy and would allow it to recycle capital earlier in the asset lifecycle while supporting balance sheet deleveraging.

In December 2025, Dilip Buildcon was declared the L-1 bidder in REC Power Development and Consultancy’s auction to set up an intrastate transmission system comprising a 400 kV substation and associated transmission lines in Karnataka’s Belagavi district, on a build-own-operate basis. The contract’s period is for 35 years. The project’s estimated cost is ₹18.5 billion (~$205.76 million).