Juniper Green Energy IPO Review

Juniper Green Energy Ltd. (JGEL) is among the top 10 largest renewable independent power producers (“IPPs”) in India in terms of Total Capacity as at March 31, 2026, where total capacity includes operational, under construction contracted and awarded projects. (Source: CRISIL Report) The company develop, build, operate and maintain utility scale renewable energy projects through our in-house EPC team and O&M team, and generate revenue through the sale of electricity to various off-takers, including central and state government-backed entities. 

It commissioned first solar project with a capacity of 100 Megawatts (“MW”) (144.97 Megawatts peak (“MWp”)) in March 2020 and have since expanded its portfolio of projects to a Total Capacity of 7,910.20 MW (10,247.06 MWp) as at June 30, 2026. Apart from solar projects, its portfolio also includes wind energy projects and a focus on complex renewable energy projects, such as WSH and FDRE projects with BESS. JGEL is ranked as the second largest bidder in terms of total capacity won in WSH and FDRE tenders concluded between April 1, 2021 to March 31, 2026 and had a 96.80% conversion rate for WSH and FDRE tenders won between April 1, 2021, to March 31, 2026. (Source: CRISIL Report)

As part of its in-house capabilities, the company manages the end-to-end lifecycle of renewable energy project development across all critical stages, including: (i) bidding and auction; (ii) site prospecting; (iii) land acquisition and grid permits; (iv) engineering and technology; (v) procurement; (vi) project financing; (vii) plant construction and commissioning; and (viii) O&M. It adopts a selective and strategic approach to auctions, backed by in-depth regulatory and commercial analysis, identify high-potential sites using Geographic Information System (“GIS”) tools, irradiance datasets and wind resource assessments. Its dedicated project development team has built a substantial land bank and its business development team has secured surplus grid connectivity to support future growth. Engineering and technology design is handled internally by a team of specialists covering layout, balance of plant, turbine technology and battery storage systems. Procurement is managed through long-term relationships and advance orders with global suppliers, ensuring both quality and timely availability of equipment. 

By integrating EPC and O&M functions in-house, it retains construction margins typically passed to third-party contractors. This integrated execution model enhances control over timelines, cost and quality, while enabling it to offer competitive bids and achieve higher profitability. It also gives it the flexibility to tailor project designs and technology choices to suit specific site and project requirements, ensuring seamless execution from design to long-term operations. This integrated approach not only streamlines execution across the project lifecycle but also translates into measurable outcomes on the ground. It has an established track record of commissioning projects ahead of schedule. The company has commissioned Operational Projects ahead of schedule by a weighted average of 147 days, with one of its solar Operational Projects commencing 552 days ahead of schedule and one of wind Operational Projects commenced 222 days ahead of schedule on a weighted average basis.

The company has a proven ability to secure land and obtain grid connection approvals in advance. As at June 30, 2026, it had sufficient connectivity available for Under Construction Projects. Even after allocating grid permits to all its Under Construction Projects, it has surplus connectivity available to further operations. This is significant considering the current scenario that if a developer applies for connectivity today in Rajasthan/Gujarat (i.e., RE rich states), the connectivity may not be available till Fiscal 2030. (Source: CRISIL Report) Further, it has an existing land bank of more than 120002 acres for the installation of solar projects and more than 3002 WTG locations in states like Rajasthan, Maharashtra, Gujarat and Madhya Pradesh, which have high renewable energy resources potential (“RE Potential Zones”).

As at June 30, 2026, it had a diverse base of off-takers, comprising central government entities such as SECI, SJVN, NHPC and NTPC, state government entities like GUVNL and MSEDCL, and private entities such as The Tata Power Company Limited (“TPCL”). As at June 30, 2026, 97.68% of its Total Capacity (in terms of MWp) is backed by long-term PPAs which are typically for 25 years with creditworthy counterparties with ratings of “A” or above, providing visibility on stable and predictable cash flows with the balance comprising merchant projects. As of June 30, 2026, all PPAs are for 25 years save for the PPA entered into by Juniper Green Ray Two Private Limited which is for 20 years. Furthermore, it has the shortest receivable days for each of the Fiscals 2026, 2025 and 2024 compared to other listed industry peers (Source: CRISIL Report), with its receivables period being 21.88 days, 16.94 days and 23.06 days over the same years, respectively.

As at June 30, 2026, it has established strategic, long-term partnerships aimed at mitigating supply chain risks and ensuring sustainable operations and maintenance for its projects. These include a WTG supply agreement with Envision and a wind operated electricity generator (“WOEG”) supply agreement with Suzlon Energy Limited (“Suzlon”); solar module tie-ups with First Solar (for around 1.60 years), Waaree (for around 2.20 years) and Goldi (for around 2.20 years), inverter supply from Sungrow (India) Private Limited (“Sungrow”); SVGs tie up with TBEA Xi’an Electric Technology Co. Ltd. (“TBEA”) and BESS with Envision. These collaborations enhance its supply chain resilience, support timely project execution and ensure long-term operational reliability. As of June 30, 2026, it had 733 employees on its payroll and additional 75 contract employees.