Credit Rating

September 16, 2026 The BSE Limited The National Stock Exchange Corporate Relations Department, of India Limited P.J. Towers, Dalal Street, Department of Corporate Services, Mumbai-400 001. Exchange Plaza, 5th Floor, Bandra-Kurla Scrip Code: 533263 Complex, Mumbai-400051. Scrip Code: GREENPOWER Respected Sir/Ma’am, Sub: Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Upgrade in Credit Rating of Beta Wind Farm Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) and our earlier intimation dated September 09, 2026, we would like to inform you that M/s. CRISIL Ratings Limited (“CRISIL”) has upgraded the credit rating in respect of the company’s material subsidiary M/s. Beta Wind Farm Private Limited (“BETA”) debt facilities by one notch to CRISIL BBB / Stable from CRISIL BBB- / Positive. The upgrade in ratings reflects the healthy operational performance resulting from improved generation and cash accruals while strengthening the debt servicing capacity of BETA. The details are as follows Facility Lender Facility Amount Rating Rs. Crores* Indian Renewable Energy Rupee Term Loan Development Agency 187.00 CRISIL BBB / Limited (IREDA) Stable (upgraded Indian Renewable Energy from CRISIL BBB- Rupee Term Loan Development Agency 430.79 / Positive) Limited (IREDA) *Actual Loan outstanding with IREDA as on date stands at Rs. 456.68 crores (Rs.478.74 crores as on March 31, 2026) Note: Ratings with ‘CRISIL BBB’ status indicate a moderate degree of safety regarding the timely servicing of financial obligations. Please take note of the above information for your records. Thanking you, Yours faithfully, For Orient Green Power Company Limited G. Srinivasa Ramanujan Company Secretary & Compliance Officer 9/15/26, 8:57 PM Rating Rationale Rating Rationale September 15, 2026 | Mumbai Beta Wind Farm Private Limited Rating upgraded to 'Crisil BBB/Stable' Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.617.79 Crore Instrument Crisil BBB/Stable (Upgraded from 'Crisil Long Term Rating RBI BBB-/Positive') Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has upgraded its rating on the long-term bank facilities of Beta Wind Farm Private Limited (BWFPL) to ‘Crisil BBB/Stable’ from ‘Crisil BBB-/Positive’. The rating upgrade factors in the expected sustenance of the improvement in machine availability in the Andhra Pradesh plant due to the management's ongoing refurbishment and restoration initiatives. Furthermore, BWFPL has demonstrated healthy plant-load-factor (PLF) in fiscal 2026. The resultant improvement in generation and cash accruals is expected to strengthen debt servicing, subsequently leading to improvement in the Crisil Ratings estimated average debt service coverage ratio (DSCR). Machine availability in Andhra Pradesh has steadily improved over the fiscal 2023- fiscal 2026 and is expected to continue, supported by the ongoing refurbishment of the remaining machines, which are expected to become operational in the current fiscal. Furthermore, PLF improved to 19.8% in fiscal 2026 from 18% in fiscal 2025. The PLF levels will remain a key monitorable. The rating is also supported by the undertaking given by the parent, Orient Green Power Company Ltd (OGPL), that a liquidity buffer of Rs 15 crore will be maintained at the group level towards meeting debt obligation of BWFPL till the tenure of the loan. Furthermore, the undertaking covers support in the form of unsecured loans on need basis to BWFPL to meet any funding shortfall. The company is planning to add 6.6 megawatt (MW) of wind capacity in the current fiscal. The project is intended to serve existing customers. However, the power purchase agreement (PPA) is yet to be executed, and financial closure yet to happen. The estimated capital expenditure (capex) is expected to be funded through a combination of debt, internal accruals, and promoter support. The rating continues to reflect stable revenue visibility for the company through PPAs with counterparties and its stable receivables profile, supported by adequate liquidity buffer. These strengths are partially offset by the sizeable debt obligation in the next five fiscals and the limited track record of sustained operational performance. Analytical Approach Crisil Ratings has considered the standalone business and financial risk profiles of BWFPL. Key Rating Drivers - Strengths Stable revenue visibility through PPAs with counterparties The counterparties primarily comprise group captive consumers (68%), followed by the Central Power Distribution Company of Andhra Pradesh Ltd (AP discom; 21%), Gujarat Urja Vikas Nigam Ltd (GUVNL; 10.5%), and Mangalore Electricity Supply Company Ltd (MESCOM; 0.5%). BWFPL has a track record of full and timely collections from GUVNL, MESCOM, and group captive customers, with payments typically received within 30 days from the invoice date. The company operates under short-term PPAs with group captive consumers. The company has demonstrated a strong renewal track record, with contracts historically being https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/BetaWindFarmPrivateLimited_September 15_ 2026_RR_404878.html 1/8 9/15/26, 8:57 PM Rating Rationale renewed, extended, or suitably amended upon expiry at a healthy tariff, supporting revenue visibility. Furthermore, tariffs have witnessed periodic revisions broadly in line with prevailing market conditions. The continuity of PPA renewals, and tariff adjustments will remain monitorable. Stable receivables profile, supported by adequate liquidity buffer There was a significant build-up of receivables from AP discom owing to differential tariff issues in Andhra Pradesh. The company has recovered long-pending dues of ~Rs 76 crore from AP discom, including the differential tariff between Rs 4.70 per unit and Rs 2.43 per unit. There is a reduction in receivables to 96 days as on March 31, 2026, from 103 days as on March 31, 2025. Moreover, AP discom has started paying within 75 days from the date of invoice. The company has created a debt service reserve account (DSRA) in the form of fixed deposits of Rs 69 crore (equivalent to six months of debt servicing), lien marked in favour of the lender, Indian Renewable Energy Development Agency (IREDA), and complied with the terms of sanction. In addition, the company's free cash balance stood at above Rs 32 crore as on August 26, 2026. Furthermore, the parent company, OGPL, has provided an undertaking to maintain surplus funds of Rs 15 crore at the group level to support BWFPL's debt-servicing obligations throughout the tenure of the loan. Any deviation from this articulated liquidity support mechanism will remain a key monitorable. Key Rating Drivers - Weaknesses Sizeable debt repayment in the next five fiscals, leading to modest DSCR BWFPL had outstanding debt of ~Rs 479 crore as on March 31, 2026, which is repayable over 9 years until fiscal 2035. However, around 60% of the debt has to be repaid in the next five fiscals. The large debt obligation will limit the DSCR and any decline in cash flow (through lower generation or higher expenses) limiting the DSCR further will be a key rating sensitivity factor. Weak operational history, though improvement seen in fiscals 2025 and 2026 The PLF of the wind power asset was weak over fiscals 2021-2023, declining from 19.2% in fiscal 2021 to 17% in fiscal 2023. Some wind energy generators (WEG) in Andhra Pradesh had problems with the generator and main bearing. The repairs and component upgradation initiated in the previous yea [Showing first 8,000 characters — download PDF for full document]