Dilip Buildcon Limited (DBL) has signed definitive agreements to divest its stake in ten special purpose vehicles holding an under-construction solar portfolio to Alpha Alternatives in a transaction carrying an enterprise value of approximately Rs 6,829 crore.
The portfolio, held through DBL Renewable Private Limited, has an estimated total project cost of around Rs 6,263 crore.
DBL Renewable and Alpha Alternatives will fund the equity portion of the project cost in a 51:49 ratio during the construction period. Funds will be invested in the SPVs through various instruments across multiple tranches.
After completion of the portfolio, DBL's remaining 51 per cent stake is also expected to be acquired by Alpha Alternatives-led funds, subject to agreed conditions.
The portfolio comprises approximately 1,363 MW AC of grid-connected solar photovoltaic capacity across 163 locations in Madhya Pradesh.
The projects are being developed under power purchase agreements with Madhya Pradesh Power Management Company under the Feeder Level Solarization component of the PM-KUSUM Component C scheme, with commercial operations targeted for September 2027.
DBL said the divestment advances its asset-light "DBL 2.0" strategy by allowing the infrastructure company to recycle capital and deleverage its balance sheet.