Anzen India Energy Yield Plus Trust has informed the Exchange regarding Credit rating Review on 09/11/2026

ERAML/ANZEN/2026-27/75 Date: November 9, 2026 BSE Limited National Stock Exchange of India Limited P J Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Bandra (E), Fort, Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 974400, 976475, 977319 Symbol: ANZEN Dear Sir/Madam, Subject: Intimation regarding Credit Rating of Anzen India Energy Yield Plus Trust Pursuant to the provisions of Regulation 23 of the Securities Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, read with the Securities Exchange Board of India Master Circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025, and Regulation 51 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that following credit ratings has been received by Anzen India Energy Yield Plus Trust: Name of Credit Particular Size of the Rating Rating Rating Agency issue Action Non-Convertible Rs. 775 CRISIL AAA/ Reaffirmed Debentures crore Stable Non-Convertible Rs. 700 CRISIL AAA/ Reaffirmed Debentures crore Stable CRISIL Ratings Term Loan Rs. 324.66 CRISIL AAA/ Reaffirmed Limited Crore Stable Term Loan Rs. 650 CRISIL AAA/ Reaffirmed Crore Stable Term Loan Rs. 1535 CRISIL AAA/ Reaffirmed crore Stable We enclose rating rationale issued by CRISIL Ratings Limited for your information and records. Thanking you, For Anzen India Energy Yield Plus Trust (acting through its Investment Manager EAAA Real Assets Managers Limited) Sanket Shah Company Secretary & Compliance Officer (M. No. A24593) Place: Mumbai EAAA Real Assets Managers Limited (formerly known as Edelweiss Real Assets Managers Limited) Corporate Identity Number: U67110MH2021PLC362755 Registered Office: Plot 294/3, Edelweiss House, Off C.S.T. Road, Kalina, Santacruz East, Mumbai - 400098 +91 (22) 4019 4700 | www.anzenenergy.in Axis Trustee Services Limited Catalyst Trusteeship Limited Axis House, P B Marg, Worli, Mumbai – Unit No. 901, 9th Floor, Tower - B, Peninsula 400025. Business Park, Senapati Bapat Marg, Lower Parel (W), Mumbai – 400013. National Securities Depository Limited Central Depository Services (India) Trade World, A Wing, 4th Floor Limited Kamala Mills Compound, Senapati Bapat Marathon Futurex, A-Wing, 25th floor, Marg, Lower Parel, Mumbai – 400 013. NM Joshi Marg, Lower Parel, Mumbai – 400013. EAAA Real Assets Managers Limited (formerly known as Edelweiss Real Assets Managers Limited) Corporate Identity Number: U67110MH2021PLC362755 Registered Office: Plot 294/3, Edelweiss House, Off C.S.T. Road, Kalina, Santacruz East, Mumbai - 400098 +91 (22) 4019 4700 | www.anzenenergy.in Crisil Ratings Rating Rationale November 09, 2026 I Mumbai Anzen India Energy Yield Plus Trust Rating reaffirmed at 'Crisil AAA I Stable' Rs.2509.66 Crore Long Term Rating Crisil AAA/Stable (Reaffirmed) Regulator Of Instrument Ratings Instrument Rs. 700 Crore Non Convertible I I Crisil AAA/Stable (Reaffirmed) SEBI Debentures Rs. 775 Crore Non Convertible I I Crisil AAA/Stable (Reaffirmed) SEBI Debentures Rs.300 Crore Non Convertible I I Withdrawn SEBI Debentures . . . . .. Note: None of the D,rectors on Cnsil Ratings Llm1ted'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 reaffirmed its 'Crisil AAA/Stable' rating on the long-term bank facilities and non convertible debentures of Anzen India Energy Yield Plus Trust (Anzen). The rating on NCDs of Rs 300 crore (see 'Annexure: Details of Rating Withdrawn') has been withdrawn, as the instruments have been fully redeemed. Crisil Ratings has received independent confirmation from the debenture trustee for the same, and the action is in line with Crisil Ratings' withdrawal policy The ratings continue to reflect the stable revenue profile of Anzen lnvlT (an Infrastructure Investment Trust), with the underlying transmission special purpose vehicles (SPVs) under the point of connection (PoC) mechanism, Solzen Urja Private Limited (SUPL) having long-term offtake agreement (remaining life of ~20 years and fixed tariff) and Sekura assets with capacity weighted average remaining life of ~16.2 years. The transmission SPVs have a healthy operational track record. During fiscal 2026, Darbhanga Motihari Transmission Co Limited (DMTCL) had line availability of 99.41 % (fiscal 2025: 99. 79%) and NRSS XXXI (B) Transmission Limited (NRSS) had 99.91% (fiscal 2025: 99.86%) and has remained higher-than-normative levels over the past seven fiscals. SUPL also reported healthy PLF (AC) of 26.5% in fiscal 2026 (fiscal 2025: 27 .16% ). The Sekura assets have a total capacity of ~606 megawatt (MW) [AC] and an established operational track record of ~8 years with healthy plant load factor (PLF) of 22.74% for fiscal 2026 (23.35% in fiscal 2025, 23.37% in fiscal 2024 ). Overall healthy operational performance and long-term power purchase agreement (PPA) will ensure steady cash flow over the debt tenure for Anzen lnvlT with healthy DSCR and adequate debt service reserve account (DSRA), resulting in strong financial risk profile. Anzen completed acquisition of 100% stake in Kudgi Transmission Ltd (KTL) on May 19, 2026, for a purchase consideration of ~Rs. 19.3 billion (excl. cash and cash equivalents). The acquisition was funded through a unit swap arrangement, wherein Infrastructure Yield Trust entities (erstwhile shareholders of KTL) received ~8.03 crore units of Anzen as consideration of for the 100% stake in KTL. Furthermore, SEPL Energy Private Limited (SEPL), the erstwhile sponsor of Anzen India Energy Yield Plus Trust, was declassified as sponsor with effect from May 19, 2026, and Epic Green Urja Private Limited (rated 'Crisil AA/Stable'), with three schemes of Infrastructure Yield Trust, namely Infrastructure Yield Plus IIA, Infrastructure Yield Plus II and India Infrastructure Yield Plus II were inducted as the new sponsor and sponsor group for the trust. KTL is an interstate transmission asset comprising ~980 ckm in Karnataka, operating under a 35-year tariff service agreement with approximately 25 years of residual life as of September 30, 2026. The asset has a healthy operational track record with line availability at 99.80% for fiscal 2026 (fiscal 2025: 99.81 %; fiscal 2024: 99.85%) and has remained above normative levels since commissioning. Post-acquisition, the credit risk profile, including the debt service coverage ratio (DSCR), remains healthy, in line with the rating category. With assets under management (AUM) of Rs 86.5 billion as on September 30, 2026, the net debt to AUM ratio is ~48.8%, well within the 70% stipulated by the Securities and Exchange Board of India (SEBI). Anzen is likely to continue to add renewable and transmission assets to the lnvlT over the medium term. Given transmission and renewables sectors have different risk profiles, Crisil Ratings will continue to closely monitor further diversification and its impact on the credit profile of the lnvlT. These strengths are partially offset by exposure to operations and maintenance (O&M) risk for the underlying transmission and solar assets. AnalY.tical Arrnroach Crisil Ratings has combined the business and financial risk profiles of Anzen lnvlT and its SPVs, DMTCL, NRSS, KTL and Solzen, as Anzen lnvlT has direct control over the SPVs and will support them during exigencies. Furthermore, the SPVs will have to mandatorily dispense 90% of their net distributable cash flow (after meeting their debt obligations) to the lnvlT, leading to highly fungible cash flow. All external debt, except the debt of Pokaran Solaire Energy Private Limited, Solairedirect Projects India Private Limited (SPIPL), Suryauday Solaire Prakash Private Limited (SSPPL), Northern Solaire Prakash Private Limited, Solaire Power Priv [Showing first 8,000 characters — download PDF for full document]