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					</table><p>Engineering, procurement, and construction company <a href="https://dilipbuildcon.com/" target="_blank" rel="noopener">Dilip Buildcon</a> has signed agreements with Alpha Alternatives Fund Advisors and its affiliates or managed funds to divest its stake in 10 special purpose vehicles (SPVs) developing a 1,363 MW solar portfolio in Madhya Pradesh.</p>
<p>The agreements were executed through Dilip Buildcon’s wholly owned subsidiary, DBL Renewable (DBRL). The solar portfolio has an estimated project cost of approximately ₹62.63 billion (~$626.3 million).</p>
<p>The transaction values the portfolio at approximately ₹68.29 billion (~$682.9 million), subject to certain adjustments and conditions.</p>
<p>DBRL and Alpha Alternatives will fund the equity portion of the project cost in a 51:49 ratio during construction. Once the projects are completed, Alpha Alternatives-led funds or an infrastructure investment trust will acquire Dilip Buildcon’s remaining stake.</p>
<p>The portfolio requires an estimated equity investment of approximately ₹12.53 billion (~$125.3 million).</p>
<p>The funds will be invested in SPVs through various instruments and multiple tranches during construction.</p>
<p>The portfolio comprises grid-connected solar projects across 163 locations in Madhya Pradesh. Dilip Buildcon <a href="https://www.mercomindia.com/dilip-buildcon-ceigall-among-winners-of-mpuvnls-4-3-gw-solar-auction" target="_blank" rel="noopener">secured</a> the solar portfolio as part of Madhya Pradesh Urja Vikas Nigam’s auction to develop projects under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program.</p>
<p>The solar projects have power purchase agreements with Madhya Pradesh Power Management Company. The portfolio is expected to begin commercial operations in September 2027.</p>
<p>The company said the divestment forms part of its asset-light strategy and would allow it to recycle capital earlier in the asset lifecycle while supporting balance sheet deleveraging.</p>
<p>In December 2025, Dilip Buildcon was <a href="https://www.mercomindia.com/dilip-buildcon-wins-recs-auction-to-set-up-ists-for-400-kv-substation-in-karnataka" target="_blank" rel="noopener">declared</a> the L-1 bidder in REC Power Development and Consultancy’s auction to set up an intrastate transmission system comprising a 400 kV substation and associated transmission lines in Karnataka’s Belagavi district, on a build-own-operate basis. The contract’s period is for 35 years. The project’s estimated cost is ₹18.5 billion (~$205.76 million).</p>


Dilip Buildcon to Divest Stake in 1.36 GW Solar Portfolio


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					</table><p>Engineering, procurement and construction company <a href="https://dilipbuildcon.com/" target="_blank" rel="noopener">Dilip Buildcon&#8217;s</a> board of directors has approved the divestment of its stakes in an under-construction solar project in Madhya Pradesh and a power transmission project in Karnataka to <a href="https://alt-alpha.com/" target="_blank" rel="noopener">Alpha Alternatives Fund Advisors</a>.</p>
<p>The projects have a combined cost of approximately ₹84 billion (~$881.58 million).</p>
<p>The consideration for the transaction will be determined through a phased subscription and closing mechanism, in accordance with the terms agreed between the parties.</p>
<p>The transaction covers Dilip Buildcon&#8217;s stakes in its two special-purpose vehicles, DBL Renewable and Mekhali Power Transmission.</p>
<p>DBL Renewable is <a href="https://www.mercomindia.com/dilip-buildcon-ceigall-among-winners-of-mpuvnls-4-3-gw-solar-auction" target="_blank" rel="noopener">developing</a> a 1.36 GW grid-connected solar photovoltaic portfolio across 163 locations in Madhya Pradesh through 10 SPVs.</p>
<p>The projects are being developed under the feeder-level solarization component of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan Component C program.</p>
<p>Power generated by the solar projects will be supplied under a long-term power purchase agreement with Madhya Pradesh Power Management Company, which will serve as the offtaker for the portfolio.</p>
<p>Mekhali Power Transmission is developing a 400 kV/220 kV substation at Mekhali and approximately 470 circuit kilometers of associated transmission lines in Belagavi district, Karnataka.</p>
<p>In December 2025, Dilip Buildcon was <a href="https://www.mercomindia.com/dilip-buildcon-wins-recs-auction-to-set-up-ists-for-400-kv-substation-in-karnataka" target="_blank" rel="noopener">declared</a> the L-1 bidder in REC Power Development and Consultancy&#8217;s auction to set up an intrastate transmission system comprising a 400 kV substation and associated transmission lines in Karnataka&#8217;s Belagavi district, on a build, own, operate basis.</p>
<p>Karnataka Power Transmission Corporation will serve as the offtaker under a transmission service agreement.</p>
<p>Dilip Buildcon said the divestment forms part of its strategy to recycle capital, reduce debt, strengthen its balance sheet, and develop an asset-light infrastructure platform.</p>
<p>The company said it is strategically transitioning from a pure-play engineering, procurement, and construction contractor to a diversified, multi-asset infrastructure platform.</p>
<p>JM Financial acted as Dilip Buildcon&#8217;s exclusive financial adviser for the transaction, while Khaitan &amp; Co served as its legal adviser.</p>
<p>At the Mercom India Renewable Summit 2026,  industry stakeholders <a href="https://www.mercomindia.com/experts-emphasize-synchronizing-transmission-and-power-generation-planning" target="_blank" rel="noopener">highlighted</a> that right-of-way and land acquisition challenges continue to limit visibility on transmission project timelines, slowing grid infrastructure expansion.</p>


Dilip Buildcon to Sell Stakes in Under-Construction Solar, Transmission Projects


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					</table><p><a href="https://dilipbuildcon.com/" target="_blank" rel="noopener">Dilip Buildcon</a> has been declared as the L-1 bidder for REC Power Development and Consultancy’s (<a href="https://recpdcl.in/" target="_blank" rel="noopener">RECPDCL</a>) auction to set up an intrastate transmission system (InSTS) to establish a 400 kV substation and associated transmission lines in Karnataka’s Belagavi district on a build, own, operate basis. It will acquire a 100% stake in RECPDCL’s project special purpose vehicle.</p>
<p>The tender was <a href="https://www.mercomindia.com/recpdcl-tenders-intrastate-transmission-line-for-400-kv-substation-in-karnataka" target="_blank" rel="noopener">floated</a> on April 30, 2025.</p>
<p>The contract’s period is for 35 years. The project’s estimated cost is ₹18.5 billion (~$205.76 million).</p>
<p>Dilip Buildon must design, engineer, construct, erect, test, and commission the project. The company must also supply the project’s equipment and materials and provide operation and maintenance services.</p>
<p>Additionally, Dilip Buildcon’s scope of work includes undertaking the project’s site survey, preparing a detailed project report, arranging financing, providing project management, obtaining the necessary consents, clearances, and permits, and providing the project land.</p>
<p>Most of the 220 kV substations in the Belagavi and Bagalkot districts are fed from the 2X500 MVA, 400/220 kV Narendra substation. A new 400/220 kV substation has been proposed to relieve the 400/220 kV Narendra substation and its surrounding lines and to ensure reliable evacuation of the existing and proposed wind, solar, and cogeneration energy.</p>
<p>Dilip Buildcon must establish a 2X500 MVA, 400/220/33 kV air-insulated substation at Mekhali village. It must also obtain a transmission license from the state regulatory commission.</p>
<p>Apart from Dilip Buildcon, Adani Energy Solutions, KCC Buildcon, Montecarlo, Power Grid Corporation of India, and Resonia, qualified in the technical bidding round.</p>
<p>The Government of Karnataka has appointed RECPDCL as the Bid Process Coordinator (BPC) for selecting a Transmission Service Provider (TSP) to develop an intra-state transmission project in Karnataka through tariff-based competitive bidding.</p>
<p>RECPDCL had invited bids from eligible entities. The selected bidder will become the TSP and will be responsible for implementing the project and making the transmission system available for use against transmission charges, to be paid in accordance with the Transmission Service Agreement and applicable Karnataka Electricity Regulatory Commission regulations, as amended from time to time.</p>
<p>Recently, Dilip Buildcon was <a href="https://www.mercomindia.com/dilip-buildcon-ceigall-among-winners-of-mpuvnls-4-3-gw-solar-auction" target="_blank" rel="noopener">among</a> the winners of the Madhya Pradesh Urja Vikas Nigam’s 4.3 GW solar auction to develop projects under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program. In October, Dilip Buildcon, through its joint venture with DBL-APMPL, <a href="https://www.mercomindia.com/dilip-buildcon-jv-wins-madhya-pradesh-jal-nigams-100-mw-solar-project-auction" target="_blank" rel="noopener">won</a> Madhya Pradesh Jal Nigam’s auction for developing a 100 MW solar project at Madhya Pradesh’s Ramnagar and Dhanwada villages. The project will supply power at ₹2.09/kWh for 25 years.</p>
<p><a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">Subscribe</a> to Mercom’s India Tender Tracker for timely updates on all tenders issued by various agencies in India.</p>


Dilip Buildcon Wins REC’s Auction to Set Up InSTS for 400 kV Substation in Karnataka


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					</table><p><a href="https://dilipbuildcon.com/" target="_blank" rel="noopener">Dilip Buildcon</a>, through its joint venture (JV) with DBL-APMPL, has won Madhya Pradesh Jal Nigam’s (<a href="https://mpjalnigam.mp.gov.in/" target="_blank" rel="noopener">MPJN</a>) auction for developing a 100 MW solar project at Madhya Pradesh’s Ramnagar and Dhanwada villages.</p>
<p>The JV has a shareholding pattern of 74% by Dilip Buildcon and 26% by APMPL.</p>
<p>The project will supply power to MPJN for 25 years from the date of commissioning at a power supply rate of ₹2.09 (~$0.023)/kWh with non-domestic content requirement panels.</p>
<p>MPJN <a href="https://www.mercomindia.com/mpjn-tender-100mw-ground-mounted-solar-project" target="_blank" rel="noopener">floated</a> the tender for the project in July this year.</p>
<p>The Bhopal-based infrastructure development company said in a regulatory filing that it had received the letter of acceptance for the solar project.</p>
<p>According to the terms of the tender, Dilip Buildcon must design, engineer, supply, construct, erect, test, and commission the solar project. It also involves providing operation and maintenance services for 25 years.</p>
<p>The power generated from the solar project is intended for MPJN’s captive consumption to ensure long-term power supply at a fixed tariff.</p>
<p>MPJN will provide approximately 315 acres of land for the project.</p>
<p>The construction period has been fixed at 24 months.</p>
<p>MPJN will hold a 26% equity share in the project company, infusing ₹312 million (~$3.52 million) as equity or a similar financial instrument to maintain its ownership in accordance with the captive mode rules. Dilip Buildcon will hold the remaining 74% equity through its joint venture structure.</p>
<p>In July this year, MPJN <a href="https://www.mercomindia.com/madhya-pradesh-floats-tender-for-60-mw-captive-wind-project" target="_blank" rel="noopener">issued</a> a tender to develop a 60 MW grid-connected wind project under captive mode. The proposed capacity can be extended up to 62 MW, depending on the selected wind turbine generators. The power from the wind project will be wheeled under open access to MPJN’s water pumping and water treatment plants.</p>
<p>In March 2024, MPJN <a href="https://www.mercomindia.com/madhya-pradesh-consultancy-tender-solar-wind" target="_blank" rel="noopener">invited</a> bids for consultancy services for 100 MW solar and 60 MW wind power projects under the group captive mechanism.</p>


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