Juniper Green Energy Inks Rs 8,000 Crore Deal with Gujarat Gov for 1GW

In a strategic move to enhance India's renewable energy sector, Juniper Green Energy, a prominent player in the industry, has signed a significant Memorandum of Understanding (MOU) with the Gujarat government at the Investment Promotion Activity during the Vibrant Gujarat Summit 2024. The announcement, made through a company statement, outlines an ambitious partnership aimed at establishing an impressive 1 gigawatt (GW) of wind and solar projects within the state.

The MOU represents more than just a financial commitment, signaling a significant step towards sustainable energy generation. With an investment of Rs 8,000 crore allocated for these projects, the signing ceremony took place on January 3, 2024, in Gandhinagar, Gujarat, emphasizing Juniper Green Energy's dedication to strengthening India's renewable energy infrastructure. At the core of this collaboration is a commitment not only to advancing clean energy solutions but also to enhancing the socio-economic landscape of the region. The proposed initiative is expected to create around 1,500 jobs and make a meaningful contribution to the local socio-economic development of Gujarat.

Speaking on this occasion, Naresh Mansukhani, the CEO of Juniper Green Energy, expressed enthusiasm, stating, "We are thrilled to partner with the government of Gujarat in this monumental venture. This MOU is a testament to our shared commitment to a sustainable and prosperous future". Juniper Green Energy, a subsidiary of the AT Group, has an extensive portfolio within the renewable energy domain, with a valuation of approximately $2.4 billion. The group has been at the forefront of building utility-scale renewable energy projects in India since 2010 and has previously spearheaded projects like Orange Renewable, a 1GW renewable energy platform.

Founded in October 2018 in Delhi NCR, Juniper Green Energy has experienced substantial growth, presently managing an operational portfolio of around 800 megawatts (MW). Furthermore, the company has over 500 MW under construction and a developmental pipeline surpassing 3 GW, which includes solar, wind, and hybrid projects. The company's in-house capabilities cover the entire spectrum, including Engineering, Procurement, and Construction (EPC) as well as Operations and Maintenance (O&M) services for its renewable projects.

This isn't Juniper Green Energy's first collaboration in Gujarat. In August 2023, the company inked an initial pact with the state government to develop 1GW of wind and solar projects, representing an equivalent investment of Rs 8,000 crore, a precursor to the current milestone agreement. Moreover, Juniper Green Energy's recent alliance with Suzlon Energy Ltd. for a 50.4MW wind power project in Dwarka district, Gujarat, further cements its dedication to expanding renewable energy initiatives. The project, slated for commissioning in 2025, will feature 16 wind turbine generators, each boasting a rated capacity of 3.15MW. Suzlon Energy Ltd. will oversee project execution, including erection and commissioning, and provide comprehensive post-commissioning operations and maintenance services.

The connection between Renewable Energy Certificates (RECs) and the broader renewable energy market is clear. Yet, to advance India's RE market, there is an immediate requirement for policy backing to enhance the demand for RECs. Such support would not only strengthen the REC framework but also encourage greater participation, thereby boosting the momentum of the entire renewable energy sector in the country.