Continuum Green: A darker shade of green

Research evidence excerpt

Continuum Green: A darker shade of green

J P M O R G A N Asia Pacific Credit Research

02 July 2026

▲Overweight

Continuum Green Previous: Underweight

COGREN

A darker shade of green S&P: BB- Outlook: Stable

Fitch: B+ Outlook: Stable

The above agency ratings are at the corporate level

We believe the proposed equity raise of Continuum Green Energy Ltd (India) Asia Pacific Credit Research

(CGELI) from strategic investors marks a meaningful inflection point in the AC Aman Aggarwal

company’s trajectory, following a period of uncertainty that included the (852) 2800-0081

divestment by its anchor investor, Morgan Stanley Infrastructure Partners (MSIP), aman.aggarwal@jpmchase.com

and the subsequent withdrawal of a proposed IPO earlier this year. Beyond Soo Chong Lim

providing growth capital and aiding the holdco's deleveraging, we believe the entry (852) 2800-7387

of strategic shareholders will strengthen corporate governance and contribute to soochong.lim@jpmorgan.com

lower funding costs down the line. We move to OW on the issuer and remain OW J.P. Morgan Securities (Asia Pacific) Limited

on the CGRNEG ‘33s (102.8 offer, z+290bps, 6.9% yield-to-avg life). We also

move from UW to N on the COGREN ’27s (100.6 offer, z+121bps, 4.9% ytw).

• Increased strategic shareholding is positive - Following a period of

uncertainty after MSIP’s exit, delays in commissioning new projects, and the

decision to pause an IPO earlier this year, we believe the latest development is

important for the company. Chubu’s proposed investment for a ~13% stake at

~Rs1,350cr (~US$142mn) implies an equity valuation of ~US$1.1bn for

CGELI. Of the total consideration, ~Rs287cr (~US$30mn) represents primary

equity injected into CGELI, with the balance (~US$112mn) reflecting a