Continuum Green Energy Ltd (subsidiary issuer): Growing scale and fresh equity support credit fundamentals

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Continuum Green Energy Ltd (subsidiary issuer): Growing scale and fresh equity support credit fundamentals

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Continuum Green Energy Ltd (subsidiary issuer)

Growing scale and fresh equity support

credit fundamentals

Credit Analysis

Expanded portfolio and equity backing support outlook 14 July 2026

While Continuum Green Energy Holdings Ltd (Continuum/COGREN, S/M/F: BB- Global Emerging Markets | Corporate

Negative/Ba3 Stable/B+ Stable) has not yet reported FY26 results (see page 2 for Credit

restricted group CGRNEG FY26 performance), the group's operating platform continued to Asia | India

Utilitiesexpand through FY26, with operating capacity reaching 3GW and under-constriction

capacity growing to 1.2GW. The restricted group (RG) portfolio has also increased to Asia Pacific Credit Rsch Grp

1,026MWp from 991MWp at issuance, providing additional EBITDA support to the RG. Merrill Lynch (Singapore)

Rachna Jain, CFA

Another supportive credit development has been the continued inflow of external equity Research Analyst

capital. Just Climate, together with one of its limited partners, invested USD150mn in Merrill+65 6678Lynch2972(Singapore)

September 2024 and subsequently committed an additional USD68mn in March 2026 to rachna.jain2@bofa.com

support expansion of Continuum's portfolio. Chubu Electric has also entered into Jing Peng

Research Analyst

agreements to invest approximately ~USD140mn into Continuum, although the primary- Merrill Lynch (Hong Kong)

secondary split has not been disclosed publicly. Continuum’s shareholder profile has jing.peng2@bofa.com

strengthened following investments from Just Climate LLP and Chubu Electric Power See Team Page for List of Analysts

Company which will own ~20% and ~13% respectively, with balance held by promoters.