Indian infrastructure company Dilip Buildcon (DBL) has signed definitive agreements with asset management company Alpha Alternatives for the divestment of its stake in 10 special purpose vehicles (SPVs) developing a 1.36GWac solar portfolio in Madhya Pradesh, India.
Commercial operations for the solar PV projects in the portfolio are targeted for September 2027.
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The agreements, signed on 18 September, follow DBL’s announcement on 10 August regarding the proposed transaction.
The portfolio has an estimated total project cost of INR68.29 billion (US$712.8 million), with approximately INR12.53 billion (US$130.7 million) of equity required.
DBL’s wholly owned subsidiary, DBL Renewable Private (DBRL), and Alpha Alternatives will fund the equity requirement in a 51:49 ratio during the construction period. The investment will be made through multiple instruments and tranches into the project SPVs.
Devendra Jain, managing director and CEO, Dilip Buildcon, said: “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. Following the execution of definitive agreements for our Mekhali transmission project, this transaction further builds on our partnership with Alpha Alternatives and enables us to recycle capital early in the asset lifecycle, while maintaining our disciplined focus on strengthening our balance sheet and building a more asset-light business.”
DBRL is developing the portfolio across 163 locations in Madhya Pradesh through 10 SPVs. The projects are being developed under power purchase agreements with the Madhya Pradesh Power Management Company (MPPMCL) as part of the Feeder Level Solarisation component of the PM-KUSUM Component C scheme.
Under the agreed structure, Alpha Alternatives-led funds or an infrastructure investment trust (InvIT) will acquire DBL’s remaining 51% stake following completion of the portfolio.
DBL said the transaction forms part of its asset-light “DBL 2.0” strategy, with the company seeking to recycle capital, deleverage its balance sheet and reinvest in new opportunities.
The transaction remains subject to the fulfilment of conditions under the definitive agreements and required regulatory approvals. PV Tech has contacted Dilip Buildcon for further information on the transaction and the scope of the solar portfolio.
In recent months, the Madhya Pradesh government has advanced its renewable manufacturing and digital infrastructure. According to the Ministry of New and Renewable Energy, Madhya Pradesh has 10.36GW of cumulative installed solar capacity as of early 2026, making it India’s fifth-largest state by solar installations.
The state’s Renewable Energy Policy 2025 aims to meet 50% of annual electricity demand from clean energy by 2030, with an interim 30% target by 2027. The policy also aims to attract INR500 billion (US$6 billion) in renewable energy investment by 2027 and develop a 10GW renewable energy technology park.
At the upstream level, companies including Fujiyama Power, Jakson and INA Solar have announced plans for module, wafer and ingot manufacturing facilities in Madhya Pradesh.
In May 2026, Indian public solar developer Rewa Ultra Mega Solar Limited (RUMSL) tendered 50MW and 200MW solar-plus-storage projects in the state, designed to supply peak-period power alongside daytime solar generation.
Last month, the Asian Development Bank (ADB) agreed to support Madhya Pradesh in developing three renewable energy projects through public-private partnerships, including a solar-plus-storage project at Shajapur. The initiative is expected to mobilise up to US$1 billion in private investment.
