ICRA Limited has upgraded the credit ratings of Juniper Green Energy Limited (JGEL), citing the company’s growing renewable energy portfolio, strong project execution track record and improved capital structure following its initial public offering (IPO). The rating outlook has also been revised to Stable from Positive.
The long-term and short-term non-fund-based limits of Rs. 2,175 crore and unallocated limits of Rs. 83.24 crore have been upgraded to [ICRA]AA- (Stable)/[ICRA]A1+ from [ICRA]A+ (Positive)/[ICRA]A1. The long-term fund-based term loans of Rs. 2,628.44 crore have also been upgraded to [ICRA]AA- (Stable). The total rated facilities now stand at Rs. 4,886.68 crore.
ICRA said the rating upgrade reflects JGEL’s expansion in operational capacity and its successful execution of renewable energy projects. The company raised Rs. 1,800 crore through its IPO in August 2026, resulting in a 14% equity dilution by its parent, Juniper Renewable Holdings Pte. Ltd.
The IPO proceeds are planned to be used for prepayment of a Rs. 600 crore mezzanine facility, refinancing of existing project loans worth Rs. 811.92 crore and funding growth-related capital expenditure. The use of proceeds is expected to reduce leverage and lower finance costs.
JGEL currently operates 2,689 MWp of renewable energy capacity and 503 MWh of BESS capacity. Its under-construction portfolio includes 3,448 MWp of renewable capacity and 3,586 MWh of BESS. The company has also received letters of award for another 5.1 GWp of renewable projects and 4.9 GWh of BESS capacity. Overall, its portfolio covers 51 projects across three Indian states.
Around 98% of the company’s portfolio capacity is supported by 25-year PPAs with counterparties such as SECI, NTPC, NHPC, SJVN, GUVNL, MSEDCL and Tata Power. Contracted tariffs range from Rs. 2.63 to Rs. 4.76 per unit, providing long-term revenue visibility.
ICRA highlighted execution risks for large Hybrid and FDRE projects, grid readiness, interest rate movements and weather-related generation variability. However, these risks are supported by JGEL’s experienced management, timely project execution, long-term battery service agreements and strong liquidity. The company has around Rs. 1,290 crore in unencumbered cash reserves and Rs. 1,555 crore in unutilized construction lines.
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