Juniper Green Energy Limited has announced that credit rating agency ICRA Limited has upgraded the credit ratings of five key operational and project-stage subsidiaries. The rating actions, disclosed under SEBI listing regulations on September 26, 2026, reflect improvements in the group’s capital structure, financial flexibility and renewable energy portfolio.
The upgrades follow Juniper Green Energy’s successful ₹1,800 crore initial public offering (IPO) completed in August 2026. The company used the IPO proceeds to prepay a ₹600 crore mezzanine facility and refinance project loans amounting to ₹811.92 crore. The transactions reduced leverage and financing costs while strengthening the company’s balance sheet.
Juniper Green Gamma One Private Limited received an upgrade in its long-term fund-based term loan facility of ₹315.75 crore to [ICRA]AA- (Stable) from [ICRA]A+ (Stable). The subsidiary operates a 75 MW solar project in Maharashtra. The project has a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL) at a tariff of ₹2.90 per unit, providing long-term revenue visibility.
Four other subsidiaries received upgrades to [ICRA]A (Stable) from [ICRA]A- (Stable). Juniper Green Kite Private Limited received the upgrade for ₹484 crore of term loans supporting its recently commissioned wind projects in Gujarat.
Juniper Green Beam Eight Private Limited was upgraded for facilities of ₹408 crore associated with a newly commissioned 75 MW hybrid solar-wind project contracted with Tata Power.
The ratings of Juniper Green ETA Five Private Limited and Juniper Green Power Five Private Limited were also upgraded, covering facilities of ₹515.78 crore and ₹516 crore, respectively. Both entities are developing hybrid renewable energy projects progressing toward scheduled completion.
ICRA noted that Juniper Green Energy’s operational portfolio is expected to exceed 3 GWp of renewable capacity along with 1.4 GWh of battery energy storage systems by March 2027. The rating assessment also considers sponsor support, long-term power offtake arrangements, timely collections and the group’s project execution progress.
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