Credit Rating

September 26, 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 in Credit Ratings to the Subsidiaries 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 25, 2026, as enclosed, has upgraded the Credit Ratings to the Subsidiaries of Juniper Green Energy Limited, as detailed below: Rated Name of Subsidiaries Instruments Amount Ratings Rating Actions (in Crores) Juniper Green Gamma Long term – Fund AA- Upgraded from A+ 315.75 One Private Limited based – Term loan (Stable) (Stable) https://www.icra.in/Rationale/ShowRationaleReport?Id=145851 Juniper Green Kite Long term fund based Upgraded from A- 484.00 A (Stable) Private Limited - Term loan (Stable) https://www.icra.in/Rationale/ShowRationaleReport?Id=145854 Juniper Green ETA Long term fund based Upgraded from A- 515.78 A (Stable) Five Private Limited - Term loan (Stable) https://www.icra.in/Rationale/ShowRationaleReport?Id=145855 Juniper Green Power Long term fund based Upgraded from A- 516.00 A (Stable) Five Private Limited - Term loan (Stable) https://www.icra.in/Rationale/ShowRationaleReport?Id=145853 Long term - Fund Upgraded from A- 400.00 A (Stable) based – Term loan (Stable) Juniper Green Beam Long term - Non-fund Upgraded from A- Eight Private Limited 8.00 A (Stable) based -Bank guarantee (Stable) https://www.icra.in/Rationale/ShowRationaleReport?Id=145849 Copies of the press releases issued by ICRA Limited are enclosed herewith and the same are also available at the respective links provided in the table above. 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 25, 2026 Juniper Green Gamma One Private Limited: Rating upgraded to [ICRA]AA- (Stable) Summary of rating action Previous Current rated rated Instrument* amount Rating action Financial sector regulator# amount (Rs. crore) (Rs. crore) Long term – Fund based - Term [ICRA]AA- (Stable); upgraded from 315.75 315.75 RBI loan [ICRA]A+ (Stable) Total 315.75 315.75 *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 of Juniper Green Gamma One Private Limited (JGGOPL) factors in an improvement in the credit profile of its parent, Juniper Green Energy Limited {(JGEL); rated [ICRA]AA- (Stable)/[ICRA]A1+}, following the successful equity raise of Rs. 1,800 crore through an initial public offering (IPO) in August 2026. . The upgrade also reflects JGEL’s expanding operating capacity and the satisfactory execution track record demonstrated across its sizeable under-construction portfolio. The proceeds from the IPO has been utilised to prepay a mezzanine facility of Rs. 600 crore and refinance certain project loans worth Rs. 811.92 crore; the balance has been allocated for general corporate purposes, primarily for growth capex. This is expected to deleverage JGEL’s balance sheet and reduce the financing costs, thereby strengthening its capital structure. A significant proportion of JGEL’s project capacity is already operational, while some under-construction projects are nearing completion. Hence, the Group’s overall operational portfolio is expected to increase significantly to over 3 GWp of renewable energy and ~1.4 GWh of battery energy storage systems (BESS) capacity by March 2027, reducing the execution risks and providing cash flow visibility. At present, JGEL has an operational portfolio of 2,689 MWp of renewable capacity and 503 MWh of BESS, while another 3,448 MWp and 3,586 MWh of BESS are under construction. Further, the development pipeline remains strong, with letters of award (LOAs) secured for an additional ~5.1 GWp of renewable projects along with ~4.9 GWh of BESS capacity. The diversified project profile, the availability of long-term PPAs at competitive tariffs, the satisfactory generation performance of the assets under JGEL and the strong financial flexibility supported by the sponsor profile and access to long- term project financing at competitive interest rates underpin JGEL’s strong credit profile and comfortable coverage metrics. However, ’the credit profile remains constrained by the significant capital expenditure plans for its under-development projects. The rating continues to factor in the need-based support available from the parent (JGEL) in case of a fall in generation levels, evident from the financial support extended to the various group SPVs over the years. The propensity to support is expected to be high, given the strategic focus of the Group towards renewable energy, the budgeted capital outlay plans for expansion over the medium to long term and the economic incentives for maintaining asset performance and debt servicing, as reflected in the comfortable cumulative debt service coverage ratio (DSCR) for this SPV over the loan tenure. The rating factors in the satisfactory generation performance demonstrated by JGGOPL’s 75-MW (AC)/105-MW (DC) project. The project achieved more than P90 generation in FY26 while generation in FY25 was lower than P90. The project's ability to consistently achieve generation levels in line with the appraised P-90 estimates will remain a key monitorable for the rating. The rating also factors in the limited demand and tariff risks for JGGOPL because of its 25-year long-term power purchase agreement (PPA) for its 75-MW (AC) solar power capacity with Maharashtra State Electricity Distribution Company Limited (MSEDCL) at a fixed tariff of Rs. 2.90 per unit, providing revenue visibility. The tariff rate offered by the company is at a www.icra.in 1 Sensitivity Label : Public Page | significant discount compared to the average power procurement cost of MSEDCL, thus enhancing the likelihood of sustained power offtake over the long term. A healthy operational performance coupled with the long debt repayment tenure with an amortising structure and the project’s competitive interest rate are expected to support the company to achieve adequate debt coverage metrics, with the average DSCR estimated to remain above 1.35x. Additionally, the company’s liquidity remains adequate with the creation of a debt service reserve of two quarters. However, ICRA notes that the company’s cash flows and debt protection metrics remain sensitive to its generation performance, given the single-part tariff under the PPA. This constraint would be amplified by the geographic concentration of the asset. Any adverse variation in weather conditions and equipment performance can impact the generation levels and consequently the cash flow. However, ICRA notes there is a healthy buffer available between the current and breakeven PLF. Also, the lender can exercise the option to call back the loan at the end of 10 years which could expose the company to refinancing risk. Also, the rating remains constrained by the counterparty credit risk arising from the exposure to a single buye [Showing first 8,000 characters — download PDF for full document]