Juniper Green Energy, a Gurgaon-based renewable power producer, is preparing to launch its initial public offering (IPO) by mid-2025. The company plans to raise INR 3,000 crore through a primary share sale. It is backed by Singapore’s AT Capital and Dutch energy giant Vitol.
Scaling Renewable Capacity
Juniper Green Energy operates a renewable energy portfolio of 1 gigawatt (GW). Another 3 GW is under development. The company aims to expand its solar, wind, and hybrid projects beyond 6 GW.
ICICI Securities, JM Financial, and HSBC have been appointed as lead managers for the IPO, sources indicate. The firm is also exploring other funding avenues to drive its expansion plans.
Ownership and Structure
Juniper Green Energy (JGEPL) is owned by Juniper Renewable Holding Pte Ltd (JRHPL). AT Holdings, the Singapore-based family office of Arvind Tiku, holds a 75% stake in JRHPL. Vitol Energy owns the remaining 25%.
AT Capital has experience in India’s renewable sector. It previously developed projects under the Orange Group, which had a 759 MW operational capacity and 200 MW under construction before being sold to Greenko Group in FY19.
Growth Strategy and Long-Term Plans
Juniper Green Energy has secured long-term power purchase agreements (PPAs) to ensure revenue stability. The company holds agreements with:
- Gujarat Urja Vikas Nigam (GUVNL): 502.2 MW
- Maharashtra State Electricity Distribution Company (MSEDCL): 325 MW
Juniper expects to bring 3.8 GW online by June 2026. An additional 1,215 MW will be commissioned by 2027, pushing its operational capacity to 2.14 GW. The company also benefits from carbon credit registration for its solar projects, adding an extra revenue stream and improving profitability.
Renewable IPO Wave in 2025
Juniper Green Energy is one of several renewable firms preparing for IPOs in 2025. Other key players entering the market include:
- Continuum Green Energy – Raising INR 3,650 crore by March 2025
- Apollo Green Energy – IPO expected in late 2025
- NHPC Renewable Energy – A subsidiary of NHPC India’s largest hydropower producer
- SJVN Green Energy – Fully owned by SJVN, a Mini Ratna PSU
- NLC India Green Energy – A subsidiary of NLC India, a Navaratna CPSE
Conclusion
Juniper Green Energy’s IPO aligns with its rapid expansion strategy. The funds will fuel further capacity growth, reinforcing its market position. With strong financial backing, secured PPAs, and additional carbon credit revenues, the company is well-placed for a successful listing in 2025.
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