Asia Pacific Credit Biweekly: What we published over the last 2 weeks

Research evidence excerpt

Asia Pacific Credit Biweekly: What we published over the last 2 weeks

Continuum Green Energy Ltd (subsidiary

issuer)

Rachna Jain +65 6678 2972

Growing scale and fresh equity support credit

fundamentals

(Published 14 July 2026)

Expanded portfolio and equity backing support outlook

While Continuum Green Energy Holdings Ltd (Continuum/COGREN, S/M/F: BB-

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

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

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

capacity growing to 1.2GW. The restricted group (RG) portfolio has also increased to

1,026MWp from 991MWp at issuance, providing additional EBITDA support to the RG.

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

capital. Just Climate, together with one of its limited partners, invested USD150mn in

September 2024 and subsequently committed an additional USD68mn in March 2026 to

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

agreements to invest approximately ~USD140mn into Continuum, although the primary-

secondary split has not been disclosed publicly. Continuum’s shareholder profile has

strengthened following investments from Just Climate LLP and Chubu Electric Power

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

Tweak FY27E leverage to under 9x from 9.5x previously

We expect operating earnings over next couple of years to benefit from the larger asset

base as recently commissioned assets complete stabilization and ramp-up. The

incremental equity infusion also lowers funding requirements and provides additional

balance-sheet flexibility.