Credit Rating

September 29, 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 Credit Ratings assigned to the Subsidiaries of Juniper Green Energy Limited by Rating Agencies 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 India Ratings and Research Private Limited and ICRA Limited vide their respective press releases dated September 29, 2026, as enclosed, have assigned the Credit Ratings in respect of certain debt facilities of the subsidiaries of Juniper Green Energy Limited, as detailed below: Rated Name of Rating Rating Agency Instruments Amount Ratings Subsidiary Actions (in Crores) Bank loan facilities 367.00 Assigned India Ratings (Stable) Juniper Green and Research AA Sigma Limited Bank loan facilities 50.00 Assigned Private Limited (Stable) https://www.indiaratings.co.in/pressrelease/85953 Long-term -fund Juniper Green 472.16 A+ (Stable) Assigned based - Term loan Spark Ten ICRA Limited https://www.icra.in/Rationale/ShowRationaleReport?Id=14595 Private Limited Copies of the respective press releases issued by India Ratings and Research Private Limited and ICRA Limited 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 India Ratings Converts Provisional Rating on Juniper Green Sigma’s Bank Loans to Final ‘IND AA’/Stable; Rates Additional Limits Sep 29, 2026 | JUNIPER GREEN SIGMA LIMITED (Formerly Juniper Green Sigma Private Limited) | Power Generation India Ratings and Research (Ind-Ra) has taken the following rating actions on Juniper Green Sigma Limited's (JGSL, erstwhile Juniper Green Sigma Private Limited) bank loan facilities: Details of Instruments Size of Rating Regulator of Date of Coupon Maturity Rating Instrument Type Issue (INR Assigned with Instrument Issuance Rate Date Action million) Outlook/Watch Bank loan IND RBI - - - 3670 Assigned facilities AA/Stable Bank loan IND Converted RBI - - - 500 facilities* AA/Stable to Final *The assignment of the final rating follows the receipt of key executed transaction documents in line with the information already received by Ind-Ra. The final rating is, therefore, the same as the provisional rating assigned. The key documents received are sanction letter, executed facility agreement and executed Trust and Retention Account (TRA). Analytical Approach Ind-Ra has analysed the project on a standalone basis. In addition to the plain equity, as on 31 March 2026, the sponsor had infused funds into the project in the form of unsecured loans worth INR579 million. As per the transaction documents, these instruments are equity-like in nature and fully subordinated to the senior secured term-debt. They will be paid off only after all the restricted payment conditions of the senior term loan have been met and have no right to call for an event of default, as per the transaction documents. The waterfall arrangement also delineates the subservient nature of sponsor debt obligations. Detailed Rationale of the Rating Action The ratings reflects the presence of JGSL’s long-term power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) for the entire capacity of the project for 25 years, the project’s satisfactory operational track record of five years, the experienced sponsor group, the moderate debt structure, including comfortable debt coverages, and presence of adequate liquidity. However, the rating is constrained by the risk related to resource variability for solar power projects. List of Key Rating Drivers Strengths Firm offtake by strong counterparty; fixed revenue Experienced group Satisfactory generation performance In-house operations and maintenance (O&M) Moderate debt structure Weaknesses Inherent risks associated with solar project, including solar resource variations Detailed Description of Key Rating Drivers Firm Offtake by Strong Counterparty; Fixed Revenue: In FY20, JGSL entered into a 25-year PPA with Gujarat Urja Vikas Nigam Limited for the entire project capacity at a fixed tariff of INR2.67/kWh. The company is also entitled to additional tariff of about INR15.97 paisa/kWh for safeguard duty. Since the past three years, the company has been receiving payments from the distribution company within 10 days from the invoice date. The PPA also includes provisions for compensation specific to grid unavailability. The rating derives comfort from the certainty of long-term revenue. Experienced Group: Singapore-based Juniper Renewable Holdings Pte Limited (JRHPL) holds approximately 85.94% stake in Juniper Green Energy Limited (JGEL), while AT Holdings Pte Limited (ATHPL) and Vitol Holding BV own 75.01% and 24.99% stake, respectively, in JRHPL. ATHPL is a private investment firm, with interests in real estate, renewable energy, metals, mining and diversified industries. ATHPL has a significant experience in developing renewable capacity in India through Orange Renewable Power Private Limited, which was monetised in 2018. Vitol is a large trader in oil and petroleum products, and has investments in renewable energy projects across geographies. JGEL, including its subsidiaries, had a total operational capacity of 2.69-gigawatt peak (GWp) and battery energy storage system (BESS) of 503 megawatt-hour (MWh), as on 24 September 2026. Additionally, there is an under-construction capacity of 3.45GW, with 3.6GWh of BESS, and an awarded under-construction capacity of 5.1GW with 4.9GWh of BESS. The portfolio’s off-taker mix is healthy, with 98% of the total portfolio tied up with counterparties having strong financial risk profiles. Satisfactory Generation Performance: The project achieved COD in December 2020 and has a satisfactory operational track record of over five years. During the past three years, it has generated close to its P90 estimates. During the trailing 12 months ended June 2026, the plant operated at 26.27%, with healthy plant and grid availability. The generation was marginally lower than the P90 estimates due to lower solar irradiation. The plant operated at 26.1% in FY26 (FY25: 27.2%), with plant and grid availability remaining above 99% during FY25-FY26. Ind-Ra will monitor the generation performance. Any sustained underperformance relative to the P90 estimates could impact the ratings. In-house O&M: The O&M for the full capacity is being managed by in-house teams. The operating expenses stood at INR7.68 million during FY26. Efficient plant operations within the projected costs are crucial for the rating. Any significant increase in O&M costs beyond Ind-Ra’s estimates may impact the rating. Moderate Debt Structure: JGSL’s debt structure is comfortable and is characterised by a fixed rate of interest for the first five years, bundled with a fixed to floating interest rate swap structure, with principal repayments spread over a period of 15.5 years. The debt has strong contractual features such as the presence of a debt service reserve equivalent to three months of debt servicing, the stipulation of a separate trust and retention account (TRA) that manages the usage of project cash flows with a defined waterfall mech [Showing first 8,000 characters — download PDF for full document]