Juniper Green Energy Limited has announced credit rating upgrades from ICRA for five of its operational and project-stage subsidiaries, reflecting an improvement in the group’s capital structure and financial flexibility.
The upgrades follow Juniper Green Energy’s successful ₹1,800 crore IPO in August 2026. The company used the proceeds to prepay a ₹600 crore mezzanine facility and refinance project loans worth ₹811.92 crore, helping reduce leverage and financing costs.
Key rating upgrades
- Juniper Green Gamma One Pvt. Ltd. — upgraded to [ICRA]AA- (Stable) from [ICRA]A+ (Stable) for a ₹315.75 crore term loan facility. It operates a 75 MW solar project in Maharashtra with a 25-year PPA with MSEDCL at ₹2.90/unit.
- Juniper Green Kite Pvt. Ltd. — upgraded to [ICRA]A (Stable) from [ICRA]A- (Stable) for ₹484 crore of term loans supporting wind projects in Gujarat.
- Juniper Green Beam Eight Pvt. Ltd. — upgraded to [ICRA]A (Stable) for ₹408 crore of facilities linked to a newly commissioned 75 MW hybrid solar-wind project contracted with Tata Power.
- Juniper Green ETA Five Pvt. Ltd. — upgraded to [ICRA]A (Stable) for ₹515.78 crore of facilities.
- Juniper Green Power Five Pvt. Ltd. — upgraded to [ICRA]A (Stable) for ₹516 crore of facilities.
ICRA expects Juniper Green Energy’s operational renewable portfolio to exceed 3 GWp, alongside 1.4 GWh of BESS capacity, by March 2027.
