Credit Rating

October 6, 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 regarding Upgrade in Credit Ratings to the wholly owned subsidiaries of Juniper Green Energy Limited by the 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 ICRA Limited (“ICRA”) and India Ratings and Research Private Limited (“India Ratings”) vide their respective press releases dated October 6, 2026, as enclosed, have upgraded the Credit Ratings assigned in respect of term loan facilities of the wholly owned subsidiaries of Juniper Green Energy Limited, as detailed below: Name of wholly Rating Rated Amount owned Ratings Rating Actions Agency (in Crores) subsidiaries Nisagra Upgraded from A+ 210.52 AA- (Stable) Renewable Energy ICRA (Stable) Private Limited https://www.icra.in/Rationale/ShowRationaleReport?Id=146155 Juniper Green Upgraded from India 416.40 A- (Stable) Cosmic Private BBB+ (Stable) Ratings Limited https://www.indiaratings.co.in/pressrelease/86243 Copies of the respective press releases issued by ICRA and India Ratings 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 October 06, 2026 Nisagra Renewable Energy Private Limited: Rating upgraded to [ICRA]AA- (Stable) Summary of rating action Previous rated Current rated Instrument* amount amount Rating action Financial sector regulator# (Rs. crore) (Rs. crore) Long term - Fund based – Term [ICRA]AA- (Stable); upgraded from 223.13 210.52 RBI Loans [ICRA]A+ (Stable) Total 223.13 210.52 *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 Nisagra Renewable Energy Private Limited (NREPL) follows a change in ICRA’s analytical approach, which now factors in the implicit support from its parent, Juniper Green Energy Limited {JGEL, rated [ICRA]AA- (Stable)/[ICRA]A1+}, given the strong operational and financial linkages between the two. The upgrade also reflects the improvement in JGEL’s credit profile, supported by the successful equity raise of Rs. 1,800 crore through its initial public offering (IPO) in August 2026, the increase in its operating capacity and the satisfactory execution track record across its sizeable under-construction portfolio. The IPO proceeds have been utilised towards the prepayment of a mezzanine facility of Rs. 600 crore and refinancing of project loans of Rs. 811.92 crore, with the balance earmarked for general corporate purposes, primarily growth capex. This has deleveraged JGEL’s balance sheet and is expected to lower its financing costs, strengthening its capital structure. Additionally, with a significant project pipeline already operational and some under-construction projects nearing completion, the Group’s operational portfolio is expected to increase to over 3 GWp of capacity and ~1.4 GWh of battery energy storage systems (BESS) capacity by March 2027, reducing execution risks and providing cash flow visibility. At present, JGEL has an operational portfolio of 2,689-MWp renewable energy and 503-MWh BESS capacity, along with 3,448-MWp renewable and 3,586-MWh BESS projects under construction. Additionally, the development pipeline remains strong, with letters of award (LOAs) secured for ~5.1 GWp of renewable projects and ~4.9 GWh of BESS capacity. The diversified project profile, availability of long-term PPAs at competitive tariffs, the satisfactory generation performance of the assets under JGEL, strong financial flexibility arising from its ownership and the access to long-term project finance at competitive interest rates have resulted in a strong credit profile and comfortable coverage metrics for JGEL. However, JGEL’s credit profile is constrained by the significant capital expenditure plans for its under-development projects. The rating also factors in the demonstrated need-based support from the parent in addressing cash flow mismatches, evident from the financial aid extended to the Group’s special purpose vehicles (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, reflected in the comfortable cumulative debt service coverage ratio (DSCR) for this SPV over the loan tenure. The rating assigned factors in NREPL’s long-term power purchase agreements (PPAs) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) at a fixed tariff of Rs. 3.15 per unit for its 70-MW solar power capacity, providing long- term revenue visibility. The rating also factors in the satisfactory generation performance of the project, with the average plant load factor (PLF) since commissioning remaining close to the P-90 estimate. While the generation performance remained lower in FY2026 compared to FY2025 primarily on account of lower solar radiation, the cash accruals remained comfortable in www.icra.in 1 Sensitivity Label : Public Page | relation to the debt servicing requirement. Going forward, the company’s debt coverage metrics are expected to be healthy, with the cumulative debt service coverage ratio (DSCR) on the external debt estimated at ~1.34 times over the debt tenure, supported by a satisfactory generation performance and the availability of debt at a competitive cost. Further, ICRA notes that the company has secured additional tariff, as approved by the Maharashtra Electricity Regulatory Commission (MERC), under the change-in-law provision, in lieu of the safeguard duty imposed on imported solar modules. The company has been receiving payments in a timely manner from MSEDCL, including those for the supplementary invoices. Also, the rating favourably considers the cost-competitive tariff rate offered by the project, which is lower than the average power procurement cost (APPC) of MSEDCL. Further, the company had been accredited with Gold Standard, making it eligible to obtain voluntary emission reductions (VERs), thereby generating additional income. However, the income from VER has significantly declined to Rs. 0.22 crore in FY2026 from Rs. 1.27 crore in FY2025, mainly due to the fall in prices of renewable energy carbon credits. Accordingly, ICRA has not considered any VER income for its analysis. Further, as the projects are connected to 11-kV substations that also serve local agricultural feeders, the grid availability has remained at ~95% (95.21% in FY2026), lower than the plant availability of 98.76%, limiting generation. A healthy operational performance coupled with a long debt repayment tenure with an amortising structure and the project’s competitive interest rate are expected to help the company achieve adequate debt coverage metrics, with the cumulative DSCR estimated to remain above 1.34x [Showing first 8,000 characters — download PDF for full document]