EPC firm Dilip Buildcon sells 49% stake in Rs.6,263-Cr solar portfolio to Alpha Alternatives

Bhopal-based Dilip Buildcon has sold its stake in an under-construction solar portfolio to Alpha Alternatives. The transaction involves ten special purpose vehicles held through DBL Renewable Pvt Ltd. JM Financial acted as the exclusive financial advisor to Dilip Buildcon, while Khaitan & Co served as the legal advisor to the firm. AZB & Partners acted as the legal advisor to Alpha Alternatives.DBL Renewable is engaged in the development, design, and engineering of a 1,363 MW grid-connected solar photovoltaic portfolio across 163 locations in Madhya Pradesh. The portfolio carries an estimated total project cost of INR 6,263-Cr. DBL Renewable and Alpha Alternatives will fund the equity portion of the project cost in a 51:49 ratio during the construction period.Upon completion of the portfolio, Alpha Alternatives-led funds or an InVIT will acquire the remaining 51% stake held by Dilip Buildcon. The funds will be invested in the project vehicles through various instruments across multiple tranches.