Juniper Green Energy Limited IPO

A significant portion of its revenue from operations is derived from the sale of electricity generated at the company's projects and its top two off-takers collectively contributed 94.69%, 97.00%, 96.76% and 87.92% of its revenue from operations for the nine months period ended December 31, 2024 and Fiscals 2024, 2023 and 2022, respectively. The loss of any such key commercial relationships could adversely affect the company's business, results of operations, financial condition and cash flows.

The company participates in highly competitive renewable energy project auctions. Any change in the auction process, and factors that influence its decision to participate in the bidding process may adversely impact the company's ability to expand our portfolio and impact its business, results of operations and cash flows.

The company's past performance may not be indicative of its future growth. The company's future growth is significantly dependent on successfully executing its projects. In the event the company is not successful in executing these projects, the company's business, results of operations and cash flows may be adversely impacted.

Operational problems may reduce energy production below the company's expectations and repairing any failures could require the company to expend significant amounts of capital and other resources which could have a material adverse effect on its business, cash flows, financial condition and results of operations.

The company has entered into power purchase agreements with several central government or state government entities and have limited ability to negotiate the terms of such power purchase agreements which may contain onerous terms and any breach of these terms could result in the termination, and in turn could have a material adverse effect on its business, cash flows, financial condition and results of operations.

The company is required to provide bid bond guarantees at the time of bidding, connectivity bank guarantees in relation to its grid permits and performance bank guarantees under the company's power purchase agreements. Any default, contractual or regulatory, on its part may result in invocation of the company's guarantee claims and payment of liquidated damages which could have an adverse effect on its business, cash flows, financial condition and results of operations. The company has also provided corporate guarantees for certain debt of its Subsidiaries, which, if invoked, could lead to a material adverse effect on the company's business, cash flows, financial condition and results of operations.

The company is a capital-intensive business with a debt to equity ratio (times) of 1.83, 1.54, 2.72 and 2.15 and net debt to equity ratio (times) of 0.78, 1.00, 2.47 and 1.72 as at December 31, 2024, March 31, 2024, March 31, 2023 and March 31, 2022, respectively, and the company is subject to restrictive covenants under its financing arrangements. Any inability to obtain financing could adversely affect the company's business, cash flows, financial condition and results of operations.

The company has significant working capital requirements. Any failures in arranging adequate working capital for its operations may adversely affect the company's business, results of operations, cash flows and financial condition.

The company may suffer significant construction delays and any increase in finance or construction costs in excess of its expectations, leading to time and cost overruns, could have a material adverse effect on its business, cash flows, financial condition and results of operations.

If the company's off-takers with whom the company has entered into power purchase agreements are unable to enter into subsequent power sale agreements with distribution companies and/or are unable to obtain the requisite approvals from their respective electricity regulatory commissions, there may be delays in commissioning our projects, or the company's projects may be postponed, and our revenue from operations, financial conditions and cash flows may be impacted consequently.