- IPO opens July 30, closes August 3; entire issue comprises fresh shares with no OFS component
- Company has commissioned 305 MW of solar-wind capacity in Gujarat for GUVNL
- ₹1,411.9 crore of IPO proceeds earmarked for debt repayment as renewable portfolio expands
- 50-project portfolio reaches 7,910.20 MW in capacity and 10,247.06 MWp in peak capacity
- From Gujarat’s sun and wind to India’s first merchant 100 MWh BESS, Juniper targets the next energy revolution
- Revenue rises 41.3% to ₹718.9 crore and profit 10.9% to ₹40.5 crore in FY26
R MANICKAVASAGAM
AHMEDABAD, JULY 28
The sun is shining brighter, the winds are blowing stronger—and India’s renewable-energy story is gathering investment momentum at breathtaking speed. Against this powerful green-energy backdrop, Juniper Green Energy is knocking on the stock-market door with a ₹1,800-crore IPO, offering investors a front-row seat to a business that is moving beyond conventional solar and wind into hybrid generation, battery storage and firm, dispatchable renewable power. For Gujarat, already emerging as one of India’s most powerful renewable-energy engines, the story is particularly compelling: Juniper has commissioned 305 MW of solar and wind capacity in the State and is rapidly building a larger clean-energy footprint.
Renewable-energy independent power producer Juniper Green Energy will launch its ₹1,800-crore initial public offering on July 30, with the issue closing on August 3. The IPO is entirely a fresh issue of shares, with no offer-for-sale component. The company’s equity shares are proposed to be listed on the BSE and NSE.
The price band of the offer has been fixed at₹ 214 to ₹ 225 per equity share. Bids can be made for a minimum of 66 Equity Shares and in multiples of 66 Equity Shares thereafter.
A discount of ₹ 21 per equity share is being offered to eligible employees bidding in the employee reservation portion
The issue comes at a time when India’s clean-energy transition is shifting from a race to merely add megawatts to a more sophisticated contest to deliver reliable, round-the-clock and dispatchable renewable power.
Gujarat: Where the sun meets the wind
Juniper Green Energy’s Gujarat story is emerging as one of the strongest highlights of its IPO narrative.
The company has commissioned 305 MW of renewable-energy capacity for Gujarat Urja Vikas Nigam Limited (GUVNL) through multiple power-purchase agreements. The portfolio comprises 183 MWp of solar capacity and 122 MW of wind capacity spread across Surendranagar, Aravalli, adjoining districts and Devbhumi Dwarka.
The company commissioned solar capacity under multiple hybrid projects ahead of scheduled commercial operation dates, while its wind portfolio in Devbhumi Dwarka added substantial capacity to the State’s clean-energy generation base.
Juniper’s Gujarat journey began with its first bid for a 175 MWp solar project in 2019, followed by the commissioning of its first solar project in the State in 2020. In 2022, it won its first 70 MW wind-energy project from GUVNL. In 2024, the company commissioned its first 69 MW wind project in Gujarat ahead of schedule.
In a major recent milestone, the company also commissioned 82 MW of wind capacity across Rajasthan and Gujarat, including projects in Surendranagar and Rajkot districts. The project features a 5 MW Envision EN-182 wind turbine with a 181-metre rotor diameter—the largest wind turbine commissioned in India by rotor diameter at the time of the announcement.
“The successful commissioning of over 305 MW renewable energy capacity in Gujarat reflects Juniper Green Energy’s strong project execution capabilities and commitment towards delivering sustainable and reliable clean energy solutions. We remain focused on accelerating capacity addition across strategic renewable energy markets in India,” said Ankush Malik, CEO, Juniper Green Energy.
₹1,411.9 crore to cut debt
The IPO is also a balance-sheet strengthening exercise.
Juniper Green Energy plans to utilise ₹1,411.9 crore from the net IPO proceeds towards repayment or prepayment of borrowings of the company and select subsidiaries, with the balance earmarked for general corporate purposes. The company had consolidated fund-based borrowings of ₹13,266 crore as of June 2026.
The proposed debt repayment comprises ₹683.24 crore for the company’s borrowings and ₹728.69 crore to be invested in subsidiaries—Juniper Green Gamma One, Juniper Green Kite and Juniper Green Power Five—to enable them to repay or prepay outstanding loans.
The reduction in IPO size from the ₹3,000 crore issue originally proposed in the DRHP has been accompanied by a revised deployment plan. The company’s IPO size was reduced by 40% to ₹1,800 crore.
₹718.9 crore revenue; ₹40.5 crore profit
Juniper Green Energy’s financial performance adds momentum to its IPO pitch.
For the financial year ended March 2026, the company reported a 41.3% rise in revenue to ₹718.9 crore, while profit increased 10.9% to ₹40.5 crore.
Its portfolio has expanded dramatically from its first solar project to a broad platform spanning solar, wind, wind-solar hybrid, firm and dispatchable renewable energy and battery energy storage systems.
The company’s portfolio comprises 50 projects with total capacity of 7,910.20 MW and 10,247.06 MWp, according to the company’s latest disclosed figures cited in the IPO narrative.
From sun and wind to stored power
Juniper Green Energy is seeking to position itself beyond the conventional independent power producer model.
The company has commissioned India’s first merchant 100 MWh Battery Energy Storage System (BESS) project in Rajasthan and has begun phased commissioning of an integrated Firm and Dispatchable Renewable Energy (FDRE) project combining solar, wind and battery storage.
That shift is strategically significant.
Solar power is abundant during the day. Wind generation fluctuates. Battery storage can bridge the gap. The combination of all three can help renewable energy become more predictable, reliable and commercially valuable.
Juniper’s integrated platform spans project development, engineering, procurement, construction and operations and maintenance. Its expanding portfolio reflects the changing architecture of India’s energy transition—from individual renewable projects to integrated clean-power systems.
The investor pitch: Scale, storage and debt reduction
Backed by Singapore-based AT Capital Group, Juniper Green Energy is seeking to convert its expanding renewable-energy portfolio into a listed growth platform.
The company has evolved from standalone solar and wind projects towards hybrid renewable energy, FDRE, battery storage and power trading. Its power-trading business is aimed at participating in the increasingly renewable-energy-driven merchant market and balancing supply and demand in real time.
For investors, the IPO story therefore rests on three major pillars:
Scale: A large and growing renewable-energy portfolio.
Execution: A record of commissioning projects ahead of scheduled timelines, including in Gujarat.
Balance-sheet repair: A significant portion of the fresh issue proceeds earmarked for debt repayment.
The company’s ability to scale while controlling leverage, execute projects on time and convert intermittent renewable power into reliable energy will remain central to its long-term investment story.
IPO AT A GLANCE
- Employee reservation: Shares worth up to ₹2 crore
- Reservation: 50% of net offer size for QIBs, 35% for retail investors and 15% for non-institutional investors
- Book-running lead managers: ICICI Securities, HSBC Securities and Capital Markets (India), JM Financial and Kotak Mahindra Capital Company
- Registrar: KFin Technologies
The green investment story
India’s renewable-energy transition is creating a vast opportunity for companies that can combine generation, storage, technology and execution.
Juniper Green Energy is entering the public markets with a portfolio that has grown rapidly in just a few years and a strategy that increasingly embraces the next generation of clean-energy infrastructure.
In Gujarat, the company’s solar-wind expansion provides a powerful illustration of that strategy in action.
