Mumbai: Dilip Buildcon Limited (DBL) on September 21, 2026, announced the divestment of its stake in a portfolio of under-construction solar assets to Alpha Alternatives Fund Advisors LLP and/or its affiliates for an enterprise value of approximately ₹6,829 crore. The total project cost for the solar portfolio is estimated at ₹6,263 crore.
Deal Structure
DBL, through its wholly-owned subsidiary DBL Renewable Private Limited (DBRL), executed definitive agreements with Alpha Alternatives on September 18, 2026. The transaction involves ten special purpose vehicles (SPVs) that are undertaking the solar projects.
Equity Funding
DBRL and Alpha Alternatives will jointly fund the equity portion of the project cost in a 51:49 ratio during the construction phase. The estimated equity investment for the solar portfolio is approximately ₹1,253 crore, according to the company.
Future Acquisition
Upon the completion of the portfolio, Alpha Alternatives-led Funds/InVIT will acquire DBRL’s remaining 51 per cent stake. The funds will be invested across multiple tranches into the SPVs during the construction period.
Project Details
The solar portfolio comprises approximately 1,363 MW (AC) of grid-connected solar photovoltaic capacity across 163 locations in Madhya Pradesh. These projects are being developed under the PM-KUSUM Component C scheme's Feeder Level Solarisation component, with commercial operations targeted for September 2027.
Management Commentary
Devendra Jain, Managing Director & CEO, Dilip Buildcon Limited, said the transaction is an important milestone in the company’s DBL 2.0 journey. He added that it further builds on the partnership with Alpha Alternatives and enables capital recycling while maintaining a focus on strengthening the balance sheet.
Advisory Roles
JM Financial Limited acted as the exclusive financial advisor to Dilip Buildcon for the transaction. Khaitan & Co. served as the legal advisor to DBL, while AZB & Partners advised Alpha Alternatives.
Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.
