Juniper Green Energy has signed a 25-year Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) for a 50 MW wind project in Gujarat, reinforcing its push in the state’s renewable build-out. Juniper Green-GUVNL agreement, executed through subsidiary Juniper Green BESS Delta on 7 November 2025, strengthens the company’s contracted portfolio ahead of its planned listing, the company said.
The project stems from GUVNL’s Phase IX wind auction held in April 2025, where Juniper Green won 50 MW at a discovered tariff of INR 3.65/kWh. The tender was floated in January 2025 and drew strong developer interest on the back of Gujarat’s steady policy framework and ready transmission corridors, according to bid documents and industry briefings.
Under the Juniper Green and GUVNL PPA, the wind plant is slated to begin power supply on 6 November 2027, aligning with the commissioning timelines set out in the auction conditions, the company disclosed. The long-term contract gives revenue visibility for 25 years, while the INR 3.65/kWh tariff reflects recent price stabilisation in state-led wind procurements, as per market participants.
“This PPA reinforces our commitment to expanding renewable energy capacity across India and demonstrates our capability to deliver sustainable power solutions,” said Ankush Malik, chief executive officer, Juniper Green Energy. The company added that the asset will contribute directly to Gujarat’s renewable purchase obligations and broader decarbonisation goals.
Analysts noted that GUVNL’s phased procurement—Phase IX and the ongoing Phase X (250 MW + 250 MW greenshoe)—is creating a predictable offtake that supports balance-sheet planning for independent power producers (IPPs). A Gujarat-based analyst said that this agreement meaningfully lifts Juniper Green’s PPA-secured capacity at a time when investors are tracking bankable pipelines ahead of its IPO.
Juniper Green and GUVNL PPA follow a string of operational and commercial milestones. In September 2025, Juniper Green signed a PPA with Tata Power for a 70 MW Firm and Dispatchable Renewable Energy (FDRE) project in Maharashtra, integrating solar, wind and a 280 MWh battery energy storage system (BESS), the company said. In October 2025, it commissioned 64 MW of new renewable capacity across Gujarat (28 MW wind) and Maharashtra (36 MW solar as part of a hybrid plant), it added. Earlier, in June 2025, the firm filed its draft red herring prospectus to raise over INR 3,000 crore, with proceeds earmarked for debt reduction and new projects via subsidiaries, according to its filing.
India’s procurement is steadily tilting toward firm and dispatchable renewables as grid operators seek cleaner alternatives to thermal baseload. Juniper Green’s expanding mix—conventional wind, hybrids and FDRE backed by BESS—positions it to compete in a more storage-centric market, industry executives said. State utilities such as GUVNL continue to underpin additions through structured tenders and bankable PPAs, they added.
Juniper Green and GUVNL PPA: Snapshot
- PPA signed: 7 November 2025; tenor 25 years
- Offtaker: GUVNL; Project size: 50 MW wind (Gujarat)
- Tariff: INR 3.65/kWh discovered in GUVNL Phase IX (April 2025)
- Scheduled start of supply (SCOD): 6 November 2027
- Recent milestones: 70 MW FDRE PPA with Tata Power (280 MWh BESS) in September 2025
- New capacity commissioned: 64 MW in October 2025 (28 MW wind in Gujarat; 36 MW solar in Maharashtra)
- Juniper Green IPO plan: DRHP filed June 2025 to raise INR 3,000+ crore for debt reduction and growth