Juniper Green Energy

India’s increasing electricity consumption and its commitment to expanding non-fossil capacity create a multi-year demand environment for utility-scale renewable projects. Solar and wind are expected to remain central to incremental generation capacity because of competitive tariffs and relatively short construction periods. Developers with access to land, evacuation infrastructure, capital and execution capabilities can participate in a sustained tender pipeline.

The key details are:

• Central and state agencies continue to award utility-scale solar, wind and hybrid capacity through competitive bidding

• Growth in industrial demand, electrification and data-centre load increases the requirement for new generation capacity

• Renewable projects support India’s energy-security objective by reducing dependence on imported fossil fuels

• Juniper ranked among India’s top 10 renewable IPPs by total capacity as of FY26

• Juniper ranked among India’s top 10 renewable IPPs by total capacity as of FY26

The increasing share of intermittent solar and wind generation is creating demand for hybrid power, firm and dispatchable renewable energy and battery-energy-storage solutions. These structures combine generation sources and storage to improve availability and better match contracted supply profiles. They also expand the addressable opportunity beyond conventional standalone solar projects.

The key details are:

• Juniper held 9.09% of capacity won in WSH and FDRE tenders concluded between FY22 and FY26

• The Company reported a 96.80% conversion rate for WSH and FDRE tenders won during the same period

• India’s first merchant BESS of 100.64 MWh was commissioned by Juniper in Rajasthan in January 2026

• The Company partly commissioned an FDRE project integrating solar, wind and 201.28 MWh of BESS

• Storage can improve grid balancing, peak-hour supply and the commercial value of renewable generation

Long-term power-purchase agreements are fundamental to renewable-project financing because they provide tariff and cash-flow visibility over the operating life of an asset. Creditworthy central agencies, state utilities and private utilities improve lender confidence and support long-tenor project debt. Strong receivables management remains essential because delayed distribution-company payments can affect project liquidity.

The key details are:

• As of 30 June 2026, 97.68% of Juniper’s total capacity was backed by long-term PPAs with counterparties rated A or above

• Key off-takers include SECI, NTPC, SJVN, NHPC, GUVNL, MSEDCL and Tata Power

• Most PPAs have 25-year tenures, with one disclosed 20-year agreement

• Juniper’s weighted-average portfolio tariff was ₹3.64/kWh as of 30 June 2026

• Receivable days remained low at 16.94 days in FY25 and 21.88 days in FY26

Renewable power is capital intensive and exposed to execution, regulatory, financing and counterparty risks. Competitive tariffs can compress project returns if equipment, interest or transmission costs rise after a bid is secured. Generation is also affected by solar irradiation, wind resources, grid curtailment and equipment availability, while delays in land, connectivity or approvals can postpone commissioning and revenue.

The key risks are:

• Changes in tender design, RPO enforcement, transmission charges or government incentives may alter project economics

• Land acquisition, right-of-way and grid-evacuation delays can defer project completion

• Interest-rate increases can reduce equity returns because projects rely heavily on long-tenor debt

• Equipment shortages, module or turbine underperformance and supply-chain delays can affect output and schedules

• Discom payment delays and counterparty deterioration can pressure working capital despite long-term PPAs

Government policy remains a central growth enabler for renewable power through capacity targets, competitive procurement, renewable purchase obligations, transmission support and storage incentives. Central agencies aggregate demand and conduct tenders, while policy measures encourage domestic manufacturing and round-the-clock renewable supply. Benefits remain subject to scheme conditions, tender execution and state-level implementation.

The key policies are:

• India’s 500 GW non-fossil capacity objective for 2030 supports a long-term project pipeline

• India’s 500 GW non-fossil capacity objective for 2030 supports a long-term project pipeline

• SECI, NTPC, SJVN and NHPC conduct utility-scale solar, wind, hybrid and FDRE auctions

• Green Energy Corridors and interstate transmission policies support renewable-power evacuation

• Green Energy Corridors and interstate transmission policies support renewable-power evacuation