Juniper Green Energy Limited has announced upgrades in the credit ratings of term loan facilities held by two of its wholly owned subsidiaries, Nisagra Renewable Energy Private Limited and Juniper Green Cosmic Private Limited. The rating actions were announced through official disclosures dated October 6, 2026.
ICRA Limited has upgraded the rating assigned to Nisagra Renewable Energy Private Limited’s long-term fund-based term loan facility of Rs. 210.52 crore to [ICRA]AA- with a Stable outlook, from the earlier [ICRA]A+ rating with a Stable outlook.
The upgrade reflects ICRA’s revised assessment of the company, including the implicit operational and financial support available from its parent, Juniper Green Energy. The improved credit profile of the parent group following its successful Rs. 1,800 crore initial public offering in August 2026 also supported the rating action. The IPO proceeds have contributed to balance sheet deleveraging, lower financing costs and expansion of the group’s operating capacity.
Nisagra Renewable Energy operates a 70 MW solar power project in Maharashtra. The project is supported by a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company Limited. The long-term power purchase arrangement provides revenue visibility and supports healthy debt coverage metrics and stable cash flows.
Separately, India Ratings and Research Private Limited upgraded the bank loan facilities of Juniper Green Cosmic Private Limited to ‘IND A-’ with a Stable outlook from ‘IND BBB+’. The rating covers bank facilities amounting to Rs. 416.40 crore.
The upgrade takes into account the successful commissioning of a 200 MWh battery energy storage system alongside a 100 MW solar power plant in Bikaner, Rajasthan. The company has also established a complete debt service reserve account, while operating efficiency has improved following the receipt of General Network Access approval.
The project has maintained a strong record of timely collections, supporting its financial performance. It also benefits from revenue visibility under a 250 MW firm and dispatchable renewable energy power purchase agreement with NHPC Limited.
The rating upgrades highlight improved financial strength, stronger parent support and progress in renewable energy and energy storage operations across Juniper Green Energy’s subsidiaries.
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