Credit Rating

September 16, 2026 To, To, National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1 Block G, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex Bandra (East), Dalal Street, Mumbai – 400 051 Mumbai - 400 001 Symbol: JNPR Scrip Code: 544853 Sub: Intimation of upgrade/assignment of Credit Rating by ICRA Limited Dear Sir/ Madam, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we wish to inform you that ICRA Limited vide its press release dated September 16, 2026, as enclosed, has upgraded /assigned the Credit Rating AA- (Stable)/ A1+ to Juniper Green Energy Limited as detailed below: Amount Instruments Rating Rating Action (in Crores) Long term/Short term – AA- (Stable) / Upgraded from A+ (Positive)/ 2,175.00 Non-fund based limits A1+ A1 Long term – Fund based – 2,628.44 AA- (Stable) Upgraded from A+ (Positive) Term loans AA- (Stable) / Unallocated limits 83.24 Assigned A copy of press release published by ICRA Limited is enclosed herewith and available at https://www.icra.in/Rationale/ShowRationaleReport?Id=145615 We request you to kindly take the same on record. Thanking You, For Juniper Green Energy Limited Prashant Pandia Company Secretary and Compliance Officer FCS 12077 Encl: as above Juniper Green Energy Limited (Formerly known as Juniper Green Energy Private Limited) Registered office: 1103A & 1103B, 11th Floor, Hemkunt Chamber, 89, Nehru Place, New Delhi- 110019 Corporate office: 3rd and 4th Floor, Building 4, Candor TechSpace, Sector 48, Gurugram – 122001, Haryana CIN: L40100DL2011PLC228318 Email: cs@junipergreenenergy.com; website: www.junipergreenenergy.com/ Tel +91-124 4739600, Fax +91-124 4739666 September 16, 2026 Juniper Green Energy Limited: Ratings upgraded; outlook revised to Stable and rated amount enhanced Summary of rating action Financial Previous rated amount Current rated amount Instrument* Rating action sector (Rs. crore) (Rs. crore) regulator# [ICRA]AA- (Stable)/[ICRA]A1+; upgraded Long term/Short from [ICRA]A+ (Positive)/[ICRA]A1 and term – Non-fund 1,893.50 2,175.00 RBI outlook revised to Stable from Positive; based limits ratings assigned for enhanced amount [ICRA]AA- (Stable); upgraded from [ICRA]A+ Long term – Fund (Positive) and outlook revised to Stable 950.00 2,628.44 RBI based – Term loans from Positive; rating assigned for enhanced amount Unallocated limits 0.00 83.24 [ICRA]AA-(Stable)/[ICRA]A1+; assigned RBI Total 2,843.5 4,886.68 *Instrument details are provided in Annexure I #SEBI's grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI. Rationale The rating upgrade factors in the increase in Juniper Green Energy Limited’s (JGEL/Group) operational capacity, the strengthening of its capital structure following the Rs. 1,800-crore initial public offering (IPO) concluded in August 2026, and the satisfactory execution track record demonstrated across its sizeable under-construction portfolio. The ratings continue to factor in JGEL’s strong execution track record of timely commissioning the projects with many of them getting completed ahead of their schedule, in addition to the satisfactory progress in terms of land acquisition and connectivity for the entire under-construction portfolio. With some of the under-construction projects nearing completion, the company’s overall operational portfolio is expected to increase significantly to over 3 GWp and ~1.4 GWh of battery capacity by March 2027, thereby reducing the execution risk for this portfolio. ICRA also notes the satisfactory generation performance of the operational portfolio and the visibility of stable and long-term cash flows, given the 25-year power purchase agreements (PPAs) tied up for the entire operational and under- construction capacity with diversified counterparties. Nonetheless, the execution risk related to the under-construction capacity and a timely achievement of the financial closure for the pending capacity remain important monitorables. At present, the company has an operational portfolio of 2,689 MWp with 503 MWh battery energy storage system (BESS) capacity. It has 3,448 MWp of renewable energy and 3,586 MWh of BESS capacity under construction, all backed by long-term PPAs. The development pipeline remains strong, with letters of award (LOAs) secured for an additional ~5.1 GWp of projects along with ~4.9 GWh of BESS capacity, although the corresponding PPAs are yet to be executed. The upcoming portfolio primarily comprises hybrid, firm and dispatchable renewable energy (FDRE) and round-the-clock (RTC) power projects. JGEL is the first developer in the country to partially commission one of its FDRE projects. In August 2026, JGEL raised Rs. 1,800 crore through an initial public offering, resulting in a ~14.0% equity dilution by the promoter, Juniper Renewable Holdings Pte. Ltd. (JRHPL). The proceeds of the issue will be mainly used to prepay a mezzanine facility of Rs. 600 crore and refinance certain project loans worth Rs. 811.92 crore and the remaining as equity for general corporate purpose, primarily for growth capex. This is expected to deleverage JGEL’s balance sheet, reduce the finance costs through lower-cost debt and strengthen its overall capital structure. While ICRA notes that the company has downsized the IPO from what was envisaged earlier, further dilution in promoter holding to meet regulatory requirements would support the liquidity and funding requirement www .icra.in S ensitivity Label : Public Page for the Group’s under-construction capacity. The ratings continue to factor in the company’s established parent arm, AT Holdings Pte. Ltd. (ATH), Singapore, that has a track record of developing renewable projects and an experienced management team for the Indian operations. ATH had previously developed renewable energy capacity (~959 MW) under the Orange Renewable Platform, which was subsequently sold to the Greenko Group in FY2019. Further, the Group’s portfolio has a diversified offtaker profile comprising various Central counterparties like Solar Energy Corporation of India Limited {SECI, rated [ICRA]AAA (Stable)/[ICRA]A1+}, NHPC Limited {NHPC, rated [ICRA]AAA (Stable)}, NTPC Limited {NTPC, rated [ICRA]AAA (Stable)}, SJVN Limited (SJVN), the state discoms such as Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Gujarat Urja Vikas Nigam Limited (GUVNL; rated [ICRA]AA (Stable)/ [ICRA]A1+), and The TATA Power Company Limited {TATA Power rated [ICRA]AA+ (Stable)}. ICRA also notes that the entire capacity of the Group, apart from two projects of 210 MWp and 101 MWh, have long-term PPAs with these counterparties typically for a period of 25 years at competitive tariffs, thereby providing long-term revenue visibility. ICRA also notes the highly competitive tariffs offered under the PPAs, ranging from Rs. 2.63-4.76 per unit, which are in line with the prevailing bid tariffs. ICRA also draws comfort from the strong credit profile of the offtakers and the timely payments from them in the past. The collections from the counterparties have remained timely and regular for the Group at a consolidated level over the past few years. ICRA notes that while such a large project pipeline provides healthy visibility for earnings growth, it has heightened the risk of execution, given the complexity in executing capital-intensive and multi-location FDRE projects. However, the execution risk is partly mitigated by the company’s timely project execution in the past, supplier agreements and the satisfactory progress made towards land acquisition and connectivity approvals for its under-construction projects. In ICRA’s opinion, there are risks related to battery performance, generation variability and minimum guaranteed capac [Showing first 8,000 characters — download PDF for full document]