Dilip Buildcon Limited (DBL), one of India’s leading infrastructure and engineering companies, has achieved a major milestone in its renewable energy journey with the receipt of a Letter of Award (LOA) for a large-scale solar power project in Madhya Pradesh. The company disclosed on December 23, 2025, that it has secured an order for 1,363.55 MW AC of solar capacity under the Non-DCR category from Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL).

This landmark project is part of the Feeder Solarization component of PM KUSUM-C, officially known as “Surya Mitra Krishi Solarization”, and represents one of the largest solar feeder solarization initiatives awarded to a single developer in India.

Project Overview and Scope

The awarded project involves the establishment of grid-connected Solar PV-based Power Plants designed to solarize agricultural feeders across Madhya Pradesh. Under this scheme, the electricity generated will be sold to Madhya Pradesh Power Management Company Limited (MPPMCL) under a 25-year Power Purchase Agreement (PPA).

The project will be implemented through multiple Special Purpose Vehicles (SPVs), a structure commonly adopted for large-scale renewable energy assets to manage financing, operations, and regulatory compliance efficiently.

For Dilip Buildcon, the project translates into an Engineering, Procurement and Construction (EPC) business opportunity worth approximately ₹4,900 crore, excluding GST. The EPC execution is expected to be completed over the next 18 months, further strengthening DBL’s order book visibility in the renewable energy segment.

Strategic Importance of PM KUSUM-C

The PM KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) scheme is a flagship Government of India initiative aimed at:

• Reducing farmers’ dependence on grid electricity

• Promoting decentralized renewable energy

• Lowering distribution losses of discoms

• Ensuring daytime power supply to agriculture

The Feeder Solarization (Component-C) focuses on replacing conventional electricity supply with solar power at the feeder level, ensuring reliable, sustainable, and cost-efficient energy for agricultural consumers.

By winning this project, Dilip Buildcon positions itself as a key execution partner in India’s agricultural energy transition, an area expected to see sustained policy and budgetary support over the coming decade.

Nature of the Contract

As per disclosures made under Regulation 30 of the SEBI Listing Regulations, the scope of work awarded to Dilip Buildcon includes:

• Development and detailed design

• Engineering and procurement

• Supply of equipment and materials

• Construction and installation

• Testing and commissioning

• Long-term operation and maintenance

The contract is governed by:

• MNRE guidelines

• Madhya Pradesh Electricity Regulatory Commission (MPERC) regulations

• Model Power Purchase Agreement norms

The project is entirely domestic in nature, and the company confirmed that neither promoters nor promoter group entities have any interest in the awarding authority, ruling out any related-party concerns.

Financial and Order Book Impact

The ₹4,900 crore EPC opportunity is expected to:

• Enhance revenue visibility over the next two financial years

• Strengthen DBL’s renewable energy EPC portfolio

• Improve diversification beyond roads, irrigation, and conventional infrastructure

With long-term power offtake secured for 25 years, the project also offers operational stability for the SPVs, though DBL’s direct exposure remains EPC-focused rather than asset ownership-driven.

Execution Timeline and Implementation Structure

The EPC execution is scheduled over 18 months, while power supply will commence post Scheduled Commercial Operation Date (SCOD) and continue for 25 years.

The SPV-based execution model ensures:

• Efficient project-level financing

• Risk ring-fencing

• Compliance with regulatory and lender requirements

Such structuring is increasingly preferred in large solar programs under government schemes.

Renewable Energy Push at Dilip Buildcon

Over the past few years, Dilip Buildcon has steadily expanded its footprint in the renewable energy sector, leveraging its strengths in large-scale project execution, land development, and infrastructure management.

This order aligns with DBL’s broader strategy to:

• Capitalize on India’s clean energy targets

• Balance cyclicality in core infrastructure segments

• Build expertise in solar EPC and O&M services

The company’s participation in PM KUSUM-C further enhances its credentials as a diversified infrastructure player capable of handling complex, policy-driven energy projects.

Regulatory and Compliance Disclosures

The company confirmed that the disclosure complies with:

• Regulation 30 of SEBI (LODR) Regulations, 2015

• Para A of Part A of Schedule III

• SEBI Circular dated July 13, 2023

Additionally, in line with SEBI (Prohibition of Insider Trading) Regulations, Dilip Buildcon announced the closure of the trading window for insiders and designated persons until 48 hours after the information is made public.

Industry Perspective

India’s solar feeder solarization market is expected to witness rapid scale-up as states accelerate implementation of PM KUSUM-C targets. Large EPC players with execution capability, financial strength, and regulatory experience are likely to benefit the most.

Dilip Buildcon’s ability to secure such a sizable allocation highlights:

• Competitive bidding strength

• Execution credibility

• Growing relevance in renewable infrastructure

Conclusion

The award of a 1,363.55 MW solar project and a ₹4,900 crore EPC opportunity marks a significant step forward for Dilip Buildcon Limited in the renewable energy space. With long-term power offtake, a clear execution roadmap, and alignment with national energy priorities, the project strengthens DBL’s growth outlook and reinforces its position as a major player in India’s clean energy infrastructure ecosystem.

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