Dilip Buildcon Limited (DBL) announces it will divest its stake in an under-construction solar portfolio to Alpha Alternatives Fund Advisors LLP (and/or its affiliates) for an enterprise value of approximately ₹6,829 crore. The deal is tied to a set of solar assets held through special purpose vehicles (SPVs) and is designed to support Dilip Buildcon’s capital recycling.
According to the reports, DBL executes definitive agreements on September 18, 2026, through its wholly-owned subsidiary DBL Renewable Private Limited (DBRL). The portfolio consists of 10 SPVs developing grid-connected solar photovoltaic projects across Madhya Pradesh, with about 1,363 MW (AC) capacity planned over 163 locations. The projects are under the PM-KUSUM Component C feeder-level solarisation scheme, with commercial operations targeted for September 2027. The equity portion of the project cost is funded jointly during construction in a 51:49 ratio between DBRL and Alpha Alternatives, with an estimated equity investment of about ₹1,253 crore.
After completion of the portfolio, Alpha Alternatives-led funds/investment vehicles acquire DBRL’s remaining 51% stake. One outlet emphasizes the overall transaction value and the planned acquisition of the remaining stake, while the other adds more detail on deal structure, funding split, and project scope and timeline.
