Juniper Green Spark Ten Private Limited, a renewable energy subsidiary of Juniper Green Energy Limited, has received a CARE A+ credit rating with a stable outlook for its long-term bank facilities worth ₹472.16 crore. The rating reflects the project’s operational performance, long-term power purchase agreement, expected debt servicing capacity and financial support from its parent company.
The company operates a 100 MW solar-wind hybrid power project across multiple locations in Maharashtra, comprising 75 MW of alternating current (AC) solar capacity and 25 MW of wind capacity. Both components of the project were fully commissioned in September 2026, ahead of the scheduled completion date of November 2026.
The early commissioning is expected to reduce the overall project cost by at least ₹50 crore, lowering the project’s debt and equity funding requirements. The project has also generated approximately ₹30 crore in additional revenue from electricity sales up to September 2026, strengthening its cash flow position and providing additional support for debt servicing.
The project benefits from a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL) at a fixed tariff of ₹3.60 per unit. The agreement provides long-term revenue visibility, while a letter of credit offers payment security. The project also maintains a debt service reserve account equivalent to two quarters of debt servicing requirements.
Financial projections indicate that the average debt service coverage ratio is expected to remain above 1.5 times throughout the loan tenure. Support from Juniper Green Energy Limited, including sponsor undertakings and financial assistance during the initial operating period, further strengthens the project’s credit profile.
However, the project remains exposed to variations in solar and wind resources, grid evacuation constraints, adverse weather conditions and regulatory requirements. The stable outlook reflects expectations of consistent power generation, steady cash flows and timely payments from MSEDCL, supporting the project’s long-term financial stability.
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