Dilip Buildcon Wins 100 MW Captive Solar Project in Madhya Pradesh At ₹2.09/kWh

Bhopal-based Dilip Buildcon has won a 100 MW captive solar project tender in its home state at ₹2.09/unit from the Madhya Pradesh Jal Nigam (MPJN), using non-DCR panels. MPJN issued the tender for this project around July 2025 and awarded bids for this solar project after three months.  

In a stock exchange filing, Dilip Buildcon said it has received the Letter of Award (LoA) for the project through DBL-APMPL, a joint venture (JV) of DBL (74%) and APMPL (26%). The company will develop a 100 MW grid-connected, ground-mounted solar PV project to supply power to MPJN for 25 years from the date of commissioning.

The project will be set up in Ramnagar and Dhanwada villages in Suwasra tehsil, Mandsaur district, on 315 acres of land to be provided by MPJN. The agency will also infuse ₹31.20 crore as equity or a similar instrument for a 26% equity share and ownership in the project company. Dilip Buildcon will have 24 months to complete the project’s construction and will be responsible for supplying power for the entire 25-year period.

As per the tender, the project developer is expected to provide the electricity from both projects to MPJM under a Power Supply and Offtake Agreement (PSOA). MPJM, under the tender mandates the developer to deliver a minimum of 90% of the annual guaranteed energy output (based on a 19% capacity utilization factor) over five consecutive contract years.

Previous Projects: A Brief Analysis

With hybrid projects gaining prominence, standalone solar projects are becoming increasingly less visible. A recent report by the International Energy Agency (IEA) highlighted that firm-capacity auctions—linking solar or wind projects with storage—are rapidly gaining global traction. These now account for more than 25% of awarded renewable capacity since 2021. India leads this segment, having awarded over 50 GW, with hybrid projects comprising a striking 71% of the total.

In line with this trend, the latest Madhya Pradesh Jal Nigam (MPJN) tender results reflect the prevailing tariff levels for most solar projects. For instance, earlier this year, the Gujarat Urja Vikas Nigam Limited (GUVNL) concluded its 250 MW solar auction—with a greenshoe option—within a record period of just two months.

The erstwhile projects were awarded to three developers: Welspun Renewable Energy, Avaada Energy, and SAEL Industries. GUVNL had issued the tender in January 2025, with results announced by March, marking one of the fastest completion timelines for a state solar auction.