Dilip Buildcon Limited, a Bhopal-headquartered infrastructure and construction company, through its JV with Gurugram-based APM Power, has received a Letter of Acceptance from Madhya Pradesh Jal Nigam (MPJNM) to develop a 100 MW grid-connected PV project. The facility will be located in Ramnagar and Dhanwada villages of Suwasra tehsil, Mandsaur district, and will span 315 acres. It will operate under a 25-year captive power supply agreement at a tariff of INR 2.09 (~ $0.023) per kWh using non-DCR panels. Dilip Buildcon will hold a 74% stake in the venture, while APM Power will retain 26%. The Letter of Acceptance indicates that MPJNM will invest INR 31.20 crore (~$3.43 million) as equity representing a 26% stake in the special purpose vehicle. The installation is expected to take 24 months to complete. Dilip Buildcon has stated that the asset will meet all environmental and state regulatory requirements prior to the commencement of works.