Juniper Green Energy has scaled into a top-ten Indian renewable IPP, but its former CEO is claiming ₹79.21 crore and 75.8 lakh shares. The dispute is a contingent liability investors are watching as the company expands.
India's renewable installed capacity grew from about 24 GW in FY15 to 199 GW by FY24, achieving its 50% non-fossil capacity target five years ahead of its 2030 commitment.
Founded in 2011 and operational from late 2018, Juniper Green Energy is supported by Singapore's AT Capital Group and Vitol. A $350 million joint equity injection in 2023 helped unlock debt for its 11.2 GW pipeline.
By late September 2026, operational capacity had climbed to 2,725 MWp from 2,604 MWp weeks earlier across 52 projects. The pipeline totals about 11,216 MWp and 8,989 MWh of battery storage.
In August 2026, Juniper won a 230 MW SECI firm and dispatchable renewable energy project at ₹5.26 per unit—near double solar tariffs of ₹2.40–2.60. It will pair 870 MWp solar with 2,200 MWh BESS.
Through Juniper Green Cosmic, the company commissioned 60 MWh of a 100 MWh merchant BESS in Bikaner, Rajasthan, starting operations on December 24, 2025. Another 400 MWh at Fatehgarh is slated for early 2026.
Total income rose to ₹324.21 crore, operating EBITDA climbed 89% to ₹261 crore at a 90% margin, and profit after tax grew 54.29% to ₹33.45 crore. Cash PAT stood at ₹108 crore.
Gross debt hit ₹13,266 crore by June 30, 2026 against net worth of ₹3,424 crore. Net debt-to-equity sat at 2.74x and net debt-to-EBITDA near 15x, with ₹23,000 crore of next-phase capex expected to be debt-funded.
In high-renewable states like Rajasthan, grid curtailment has reached 51.5%, affecting over 4 GW and causing an estimated ₹250 crore in sector losses. Juniper also faces regulatory friction, including a ₹31.23 lakh deduction dispute with GUVNL.
Juniper Green Energy has built a top-tier renewable platform with high-tariff PPAs and pioneering battery storage. Its future hinges on executing the 8.5 GW under-construction pipeline, refinancing debt, and managing legal overhangs. Read the full deep dive.
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