Gurgaon-based renewable energy firm Juniper Green Energy has secured a debt financing of $1 billion from financial institutions including Power Finance Corporation Limited, DBS Bank, HSBC Bank, and Indian Renewable Energy Development Agency Limited.
The deal reiterates the need of investments into the renewable energy sector when India along with the world are seeking a rapid transition into clean energy triggered by global issues like climate change and over dependence on fossil fuels.
The company will use the capital to execute large-scale renewable projects, strengthen its operational capacity and meet the rising demand for clean energy through the fresh funding.
“Securing this funding highlights the strength of our business model and our long-term strategy. With this financing, we are well equipped to scale up our operations and contribute meaningfully to India’s clean energy transition,” Naresh Mansukhani, CEO of Juniper Green Energy, said in a release.
The company, which is owned by Singapore-based AT Group, plans to launch its Rs 3,000-crore initial public offer by mid-2025.
Established in 2018, the company produces renewable energy that includes solar, wind, and hybrid power projects, currently operating a total capacity of 1.1 GWp. It aims to expand its solar, wind, and hybrid projects beyond 6 GW.
The company is playing a significant role in India’s transition to clean energy. Recently, it placed an order with Envision Energy India to supply wind turbine generators and battery energy storage systems. The wind turbine generators are considered ideal for wind and site conditions in India and have proved their efficiency in the MENA region, Southeast Asia, and China.
Juniper will also procure 1 GW of series 7 solar photovoltaic modules from First Solar which will be deployed for its projects across some key Indian states including Rajasthan, Gujarat, and Maharashtra.
In 2023, Juniper secured an investment of $350 million from AT Capital Group and Dutch commodities trading firm Vitol. This came nearly two years after an initial commitment of $200 million from the two investors.
Avaada Energy’s $536-million debt refinancing from the National Bank for Financing Infrastructure and Development, Serentica Renewables $425-million loan, Adani Green Energy’s $400-million project financing are some of the biggest deals recorded by renewable energy companies in India last year.
Renewable Energy startups in the country secured $85.3 million across 5 deals in the October-December quarter 2024, according to the India Deal Review: Q4 2024 report by DealStreetAsia.
