Dilip Buildcon Sells Solar Portfolio For ₹6,829 Crore To Alpha Alternatives

On September 21, 2026, Dilip Buildcon Limited announced the sale of its solar portfolio to Alpha Alternatives Fund Advisors LLP and affiliates for an enterprise value of approximately ₹6,829 crore. The total projected cost of the solar assets was ₹6,263 crore. The deal was structured through DBL Renewable Private Limited, a wholly-owned subsidiary of Dilip Buildcon.

The transaction involved ten special purpose vehicles (SPVs) undertaking the solar projects. Equity funding for the project was split between DBRL and Alpha Alternatives at a 51:49 ratio during construction. DBRL and Alpha Alternatives jointly funded the equity portion of the project cost, estimated at ₹1,253 crore. Upon completion of the solar portfolio, Alpha Alternatives-led Funds/InVIT will acquire the remaining 51 percent stake held by DBRL.

The solar portfolio consists of about 1,363 MW (AC) of grid-connected solar capacity located in Madhya Pradesh, under the PM-KUSUM Component C scheme's Feeder Level Solarisation component. The projects are expected to achieve commercial operations by September 2027. Dilip Buildcon's Managing Director & CEO, Devendra Jain, highlighted this divestment as a significant milestone in the company's DBL 2.0 journey, emphasizing the partnership with Alpha Alternatives and the support to balance sheet strengthening. Advisory roles were played by JM Financial Limited, Khaitan & Co., and AZB & Partners.