Continuum Energy Aura issuer summary: credit review of Indian C&I renewables portfolio and the 2027 Aura notes

Report date: 2026-05-12

The target issuer is Continuum Energy Aura Pte. Ltd. The user-specified name “Continuum Energy Aur” is shown in public materials as Aura; this report therefore refers to the issuer as Continuum Energy Aura. The main bond under review is the U.S.$435,000,000 9.50% Senior Secured Notes due 24 February 2027. It should not be viewed as a simple operating-company bond, but as a bond issued by a Singapore SPV whose credit depends on cash upstreaming from Indian renewable-energy subsidiaries and refinancing capacity.

The main corporate relationships used in this report are as follows. Aura is the bond-issuing SPV. CGEHL is the consolidated disclosure entity for the fiscal year ending December 2025, and the parent guarantor at issuance, Continuum Green Energy Limited, corresponds to the current CGEHL. CGELI is the Indian operating holding / IPP company, and its former name, Continuum Green Energy (India) Private Limited (CGEIPL), remains in CRISIL materials. MRPL, CHEPL, DRPL, Continuum Power Trading (TN) Private Limited and others are Indian project SPVs, and the scope of domestic rating materials differs by document.

1. Business Snapshot and Recent Developments

Continuum Energy Aura Pte. Ltd. is the U.S. dollar bond-issuing SPV of the Continuum group, which operates renewable-energy businesses in India. The issuer itself is not an operating company that directly owns and operates power plants. In substance, bond investors are underwriting the generation portfolio of CGEHL, CGELI and their operating SPVs, the upstreaming of funds from those entities including dividends, principal and interest payments and hedging, and the group’s ability to execute refinancing before February 2027.

The group is an independent power producer in India with an emphasis on supplying green electricity to commercial and industrial customers. According to the official website, as accessed on 12 May 2026, it has a portfolio of about 4.7GWp, of which about 2.72GWp is operational, about 0.90GWp is under construction, and about 1.08GWp is under development. In CGEHL’s consolidated disclosure for 9MFY2026, operational capacity was 2,671MWp as of end-December 2025, and nine-month generation was 3,600 million kWh, up 20% and 35% year on year, respectively. The fact that scale expansion has actually appeared in generation volume and revenue indicates that the credit profile has matured compared with the time of the Aura note issuance in 2023.

At the same time, the issuer’s credit issue still comes down to whether an expanding renewables business can sufficiently absorb a high debt burden. Adjusted EBITDA for 9MFY2026 rose to Rs13,757 million, but total finance cost was heavy at Rs13,995 million, and recurring cash finance cost was also heavy at Rs11,745 million. CGEHL consolidated total borrowings had increased to Rs205,340 million and net borrowings to Rs157,178 million as of end-December 2025, meaning that both scale expansion and financial burden are progressing at the same time.

On ratings, S&P Global Ratings upgraded Continuum and the Aura notes to BB- / Stable in December 2024. The rationale was S&P’s view that cash flow and interest coverage would improve as existing and under-construction projects came on stream. In Indian domestic ratings, CRISIL rates CGEIPL, the former name of CGELI, at CRISIL A-/Stable, while CareEdge rates some project SPVs at CARE A-; Stable using a combined approach. However, these domestic ratings are on an Indian domestic scale and cannot be equated with investment-grade ratings on an international scale. CRISIL also rates Continuum Power Trading (TN) Private Limited at CRISIL BBB+/Negative, citing underperformance versus P90 and merchant risk, so the picture differs depending on project scope.

2. Industry Position and Franchise Strength

A defining feature of Continuum’s business base is its emphasis on supplying C&I customers within India’s renewable-generation portfolio. Compared with a model that depends only on selling power to state distribution companies, C&I customers tend to be relatively favorable in terms of contract tariffs and collections. The official website states that, as accessed on 12 May 2026, the company sells power to more than 170 diversified and high-credit-quality C&I customers. The 2023 Aura notes OM referred to more than 190 customers, so this report does not treat the customer count as a precise increase or decrease; rather, it treats the business as having a “diversified C&I customer base,” allowing for differences in timing and scope.

This C&I-focused model has two credit implications. First, as long as the group has long-term PPAs diversified across multiple customers and industries, it is easier to enhance revenue visibility than in a model dependent on a single state distribution company or a single project. Second, as long as customers have an incentive to purchase renewable power at a discount to grid tariffs, the group is likely to retain competitiveness in both contract retention and new customer acquisition.

However, the C&I model is not stable unconditionally. The economics are affected by India’s regulatory environment, including open-access rules, additional surcharges, state-level grid charges, banking systems and renewable purchase obligations. CareEdge notes that while C&I PPAs are linked to state grid tariffs, an increase in open-access charges or a decline in state grid tariffs could compress the safety margin. Therefore, a high C&I ratio is a credit strength, but it does not eliminate regulatory-change risk.

In operational terms, Continuum combines wind, solar and wind-solar hybrid assets, and follows a strategy of gradually hybridizing wind sites that have dedicated transmission infrastructure. Hybridization can contribute to improvements in generation hours and capacity utilization, but it also requires simultaneous management of construction, grid connection, wind resources, solar resources, land acquisition and transmission constraints. S&P’s December 2024 view that execution risk had declined, mainly because expansion was brownfield expansion around existing sites, is positive. On the other hand, individual SPV materials from CareEdge and CRISIL continue to treat wind-resource underperformance and the time required to reach stable operations as monitoring items.

3. Portfolio and Segment Assessment

Continuum’s portfolio has expanded substantially since the 2023 Aura note issuance. In the issuance OM, operational capacity was 1,299.8MW as of end-June 2023, with an additional 1,033.2MW expected to become operational in the short term. As of end-December 2025, CGEHL consolidated operational capacity was 2,671MWp, while the official website showed operational capacity of about 2.72GWp as of 12 May 2026. In terms of scale itself, the portfolio has moved from one with significant construction and ramp-up risk at issuance to a multi-GW operating portfolio.

What matters in this table is that the direction of capacity expansion is clear, but timing and scope are not aligned. The OM was an investor document at the time of issuance in 2023, the 9MFY2026 disclosure is on a CGEHL consolidated basis, and the official website is CGELI’s business overview; they are not exactly the same perimeter. Therefore, this report views capacity as having expanded to roughly 2.7GWp, while noting that the extent to which each project is directly linked to the repayment source for the Aura notes needs to be checked through Onshore Debt, the restricted group, parent guarantees and cash-upstreaming routes.

On offtake, the issuance OM showed a mix of sales to C&I customers, state distribution companies, SECI and power exchanges. As of 2023, C&I customers and power exchanges were said to account for the majority of post-proposed capacity, while sales to state distribution companies and SECI also existed to some extent. In the Continuum Restricted Group reviewed by CareEdge in March 2026, about 85% of the approximately 960MW portfolio was under C&I PPAs and about 15% was merchant exposure, with a weighted-average PPA tenor of 17.5 years for the C&I portion. This shows revenue visibility from C&I contracts, while also showing that the merchant portion and state-by-state tariff systems can become channels for revenue volatility.

Project risk cannot be dismissed simply because these are renewables assets. Downside in wind resources directly affects revenue, DSCR and ratings when generation falls below P90 levels. CRISIL’s Negative outlook on Continuum Power Trading (TN) Private Limited reflected the fact that generation at a stand-alone, fully merchant project was below P90 in FY2024 and FY2025. This is not representative of the group overall, but it shows that as long as parts of the portfolio depend on wind conditions and merchant prices, weakness at individual SPVs can spill over into funding headroom and refinancing assessments.

CGEHL’s 9MFY2026 disclosure states that banked energy increased to 85 million kWh as of end-December 2025 from 20 million kWh in the prior-year period, with corresponding unrecognized revenue of Rs277 million. Banking can shift the timing of revenue recognition, so an increase in generation should not be equated mechanically with an increase in revenue. At the same time, a short DRO of 15 days indicates that receivables accumulation is not the main source of credit concern.

4. Financial Profile and Analysis

The 9MFY2026 financials show that increased operating capacity has appeared in revenue and EBITDA, while the interest burden and increase in borrowings remain heavy. Revenue from operations was Rs17,677 million, up 33% year on year, and adjusted EBITDA was Rs13,757 million, up 29%. Together with the 35% increase in generation and the improvement in DRO from 24 days to 15 days, this indicates progress in operating expansion and collections.

The ratio of adjusted EBITDA to recurring cash finance cost was only about 1.17x in 9MFY2026. This is not an official covenant ratio of the company or a rating agency; it is a simple comparison based on disclosed figures. It differs substantially from S&P’s FFO cash interest coverage in definition, adjustments and forecast assumptions, so the two should not be directly compared. Even so, on company-disclosed numbers, current cash interest absorption capacity does not look thick. Compared with total finance cost, adjusted EBITDA is almost at the same level, and profit after depreciation and amortization remains negative. Improvement in the group’s credit depends not only on EBITDA growth, but also on commissioning of assets under construction, restraint in borrowing growth, stability in funding costs and management of hedging costs.

The quality of 9MFY2026 revenue growth also needs to be checked. Power-sales revenue increased, but it included Rs897 million of delayed-payment surcharge income, while the Generation Based Incentive (GBI) declined by Rs87 million. The Rs277 million corresponding to 85 million kWh of banked energy is explained as unrecognized revenue, and adjusted EBITDA including this item was Rs14,034 million. In other words, expansion of the operating base is clear, but some of the profit-growth drivers are not recurring generation and power-sales margin itself.

The borrowing mix is large not only in the Aura notes but also in other U.S. dollar notes and domestic borrowings. On a contractual principal basis as of end-December 2025, Aura’s US$435 million notes were Rs39,115 million, term loans from banks and financial institutions were Rs110,030 million, and the US$650 million 7.50% senior secured notes issued in 2024 were Rs54,984 million. Even when analyzing the Aura notes, it is important not to forget that the group’s overall U.S. dollar notes, hedging, domestic borrowings and construction funding needs draw on the same funding access.

On rough multiples, if 9MFY2026 adjusted EBITDA is annualized, total borrowings / adjusted EBITDA is about 11x and net borrowings / adjusted EBITDA is about 8.6x. This is not a formal rating-agency-adjusted leverage ratio, but a reference figure that simplifies seasonality and the full-year contribution of newly commissioned assets. Even so, it is clear that this is a highly leveraged credit that is sensitive to changes in refinancing markets.

5. Structural Considerations for Bondholders

The starting point for the Aura notes’ structure is the separation between the issuer and the cash-generating assets. Continuum Energy Aura Pte. Ltd. is a Singapore SPV, and under the issuance OM, the notes are guaranteed on a senior basis by the Singapore holding company. The issuer itself has no substantive power-generation business and accesses repayment sources through Onshore Debt-related payments from Indian operating SPVs, hedging and parent-level treasury management.

The notes are senior secured notes, and under the issuance OM, the collateral includes a first-ranking share charge over the issuer’s shares by the parent, fixed security over the issuer’s assets, and a floating charge over all assets and undertakings of the issuer. There is a 101% repurchase provision upon a change of control. The parent’s cash flow coverage ratio of 1.1x is not treated in this report as a continuously maintained maintenance covenant, but as a ratio that may be referred to in determining whether additional debt or certain restricted actions are permitted.

However, this collateral is not the same as direct security over the Indian generation assets themselves. The OM excludes Onshore Debt, income and proceeds of Onshore Debt held in India for the issuer, and rights under Onshore Debt-related documents restricted by Indian regulations from the fixed security and floating charge. In addition, the collateral also secures certain hedging obligations, and in an enforcement scenario, the counterparties to those hedging obligations may be repaid ahead of noteholders. Therefore, even though the bond name includes “secured,” investors do not have direct access to the value of the Indian operating assets.

This structure complicates both recovery prospects and refinancing capacity. In normal times, power-generation revenue from the Indian operating SPVs flows to the issuer and guarantor level through Onshore Debt and other routes, supporting interest and principal payments on the U.S. dollar notes. In stress, however, bank borrowings at Indian subsidiaries, project finance, regulatory restrictions on upstreaming, hedge close-out, foreign-currency remittance and the effectiveness of collateral can all become issues at the same time. Therefore, the Aura notes are both “secured high-yield notes” and a holding-company-type risk dependent on cash flow that can be upstreamed from Indian renewable assets.

6. Capital Structure, Liquidity and Funding

The 24 February 2027 maturity of the Aura notes is currently the most important event. As of 12 May 2026, only about nine and a half months remain until maturity, and consolidated cash and bank deposits of Rs48,162 million as of end-December 2025 look numerically large relative to the Rs39,115 million contractual principal of the Aura notes. However, it would be dangerous to treat this cash balance as a direct redemption source for the Aura notes. The location of cash, restricted accounts, DSRA, funding for projects under construction, domestic borrowing agreements, and restrictions on upstreaming from subsidiaries to the parent and issuer need to be separated.

On a CGEHL consolidated basis, operating cash flow increased to Rs13,243 million in 9MFY2026, while investing cash flow was an outflow of Rs11,008 million, and payments for property, plant and equipment and capital advances were stated at Rs18,147 million. When generation assets are coming on stream, operating cash flow grows, but construction and development investment also continues. The structure therefore still does not appear to generate consistently large surplus free cash flow. The increase in total borrowings by about Rs49,557 million from end-March to end-December 2025 also shows that growth and borrowing dependence are advancing at the same time.

The track record of refinancing domestic borrowings is a credit support. CGEHL’s disclosure explains funding from banks and financial institutions such as PFC, IREDA and SBI, repayment of existing borrowings and new borrowings, while the official website also cites relationships with SBI, IREDA, IIFCL, ICICI Bank, IndusInd Bank and others. Primary equity investment from Just Climate-related investors is also evidence of access to external capital. These may support refinancing of the 2027 notes.

However, dependence on the U.S. dollar bond market remains. In June 2024, a group subsidiary issued US$650 million of 7.50% senior secured notes, and another U.S. dollar bond separate from the Aura notes is now part of CGEHL’s consolidated capital structure. Interest payments, hedging, maturity management, rating maintenance and investor communication are viewed on a group-wide basis, so refinancing capacity for the Aura notes is not self-contained. Ahead of the 2027 Aura maturity, ratings, Indian domestic interest rates, the U.S. dollar HY market, rupee/dollar hedging costs, and IPO or equity-funding progress will all matter at the same time.

An IPO is a potential support factor, but not executed funding. Continuum Green Energy Limited’s official IPO page provides links to the DRHP and Addendum, confirming on the official website that the company had been preparing an IPO. Secondary sources such as the Economic Times confirm that it obtained a SEBI observation letter on 15 April 2025, planned a fresh issue of Rs12,500 million and an offer for sale of Rs24,000 million, and that the main use of proceeds from the fresh issue was repayment or prepayment of subsidiary borrowings and general corporate purposes. This is a possible deleveraging avenue, but as of 12 May 2026, actual listing, receipt of funds and allocation to the Aura notes have not been confirmed. This report therefore does not treat the IPO as completed refinancing or as confirmed redemption funding.

7. Rating Agency View

S&P’s international rating is the most directly relevant external assessment for the Aura notes. The confirmed original rating action is dated 18 December 2024, when S&P raised Continuum’s issuer credit rating and the Aura notes’ issue rating from B+ to BB-, with a Stable outlook. S&P expected recently commissioned projects to contribute for a full year and thereby improve FFO cash interest coverage to about 1.5x in FY2026 and to 1.7-1.8x in FY2027-FY2028. This FFO cash interest coverage includes S&P’s adjustments and forecasts, so it is close to incomparable with a simple calculation of Adjusted EBITDA / Recurring cash finance cost from 9MFY2026 company disclosure. In direction, however, it is consistent with this report’s business view that operating expansion is feeding into financial metrics.

However, S&P’s improvement scenario assumes timely commissioning of projects under construction, sufficient funding arrangements and prudent management of growth investment. S&P itself also viewed the February 2027 Aura note maturity as a rating constraint. Therefore, BB- does not mean that refinancing risk has disappeared; rather, it indicates an assessment that the credit has improved relative to the B+ stage because of increased operating capacity and funding access.

CRISIL’s CRISIL A-/Stable on CGEIPL is a domestic Indian-scale view. CGEIPL is treated as the former name of CGELI. CRISIL recognized business risk, diversification of C&I and utility customers, and the expansion of operating assets, while pointing to average financial risk, high leverage, counterparty risk, construction and stabilization risk, and refinancing risk for the CEAPL bond. A- on a domestic scale indicates relative debt-servicing capacity within India and does not imply investment-grade status on an international scale.

CareEdge’s March 2026 material is useful as a more recent assessment of a project pool. CareEdge reviewed MRPL, CHEPL, DRPL and Continuum Power Trading (TN) Private Limited using a combined approach and rated their long-term bank facilities at CARE A-; Stable. The subject pool consisted of about 960MW of wind and wind-solar hybrid assets, with about 85% under C&I PPAs, about 15% merchant exposure, average DSCR above 1.25x, and a one-quarter DSRA. At the same time, the report explicitly noted generation underperformance versus design levels, an expectation that TD/EBITDA would remain above 7x through end-FY2027, and risks related to open-access charges, grid tariffs and merchant prices.

CRISIL’s BBB+/Negative on Continuum Power Trading (TN) Private Limited does not so much contradict CareEdge’s A- assessment as show a difference in scope. The stand-alone company is burdened by full merchant exposure and underperformance versus P90, whereas the combined approach gives credit to cash pooling with other SPVs, C&I PPAs and DSRA. For Aura note investors, the point is to look not only at the strength of the group average, but also at whether weaker stand-alone projects could impair cash flow or the refinancing story.

For Fitch, the 2023 Aura note OM stated an expected rating of B+ at issuance, but this report has not confirmed the latest original rating action as of the date of preparation. The latest original rating reports from Moody’s, India Ratings and ICRA on the Aura notes or the same debt have also not been confirmed. Therefore, this ratings review mainly uses S&P, CRISIL and CareEdge.

8. Credit Positioning

The natural positioning of the Aura notes is as BB- class high-yield notes providing exposure to the growth of an Indian renewables C&I portfolio. They are not pure project bonds where a single, stably operating project amortizes debt according to a long-term PPA and an amortization schedule. Conversely, they are not fully unsecured operating-company bonds either. They are a growth-stage holding-company and portfolio-type credit combining collateral, a parent guarantee, covenants, C&I PPAs and domestic bank borrowings.

The relative business strengths are Indian renewables demand, the C&I customer base, expansion to multi-GW scale, increased generation and short DRO. These features make it easier to diversify business risk than for issuers dependent on a single state distribution company or a single asset. On the financial side, however, the constraints are high leverage, losses, heavy interest burden, the 2027 bullet maturity, and the currency and hedging structure between U.S. dollar notes and rupee revenue.

This report does not check price, yield or spread, so it does not draw a conclusion on investment value. The relevant comparables are Indian renewables HY, Asia ex-Japan renewables and infrastructure BB/B notes, project-related debt with a C&I/merchant mix, and the US$650 million 7.50% notes within the same Continuum group. The comparison axis should not be coupon alone, but time to maturity, refinancing visibility, effectiveness of collateral, the proportion of operating assets, cash interest coverage and the latest rating-agency views.

9. Key Credit Strengths and Constraints

The first factor supporting credit quality is portfolio scale expansion. Operational capacity has roughly doubled since issuance in 2023, and generation, revenue, adjusted EBITDA and operating cash flow all improved in 9MFY2026. As operational capacity grows, the same refinancing story can be explained more easily on the basis of “assets that generate cash” rather than “assets planned for construction.”

Second, the C&I customer base and short collection period are relative strengths within the Indian power sector. A DRO of 15 days shows that, at least as of the latest disclosure, receivables collection is not materially clogged. C&I PPAs can be more favorable for collections than dependence on state distribution companies.

Third is access to external funding. The S&P BB- rating, CRISIL/CareEdge domestic ratings, Just Climate-related equity, domestic borrowing relationships with PFC/IREDA/SBI and others, and the 2024 issuance of US$650 million notes show that the group has not lost access to refinancing markets. Given the near maturity of the Aura notes, this is an important support.

The first constraint is the large maturity in February 2027. Even with improved operating cash flow and cash, the US$435 million Aura notes are large for the group. Until it is confirmed what combination of cash balance, IPO, domestic borrowings, the U.S. dollar bond market and hedging will be used, this will remain the central risk in the credit assessment.

Second is financial leverage and interest burden. Even in 9MFY2026, the group remained loss-making, and consolidated equity was negative. Adjusted EBITDA / Recurring cash finance cost was only about 1.17x, so even small deterioration in interest rates, FX, hedging costs or PLF can quickly erode headroom.

Third is structural cash-upstreaming risk. The Aura notes are secured, but Onshore Debt and related income in India are excluded from the collateral package. Because Indian operating SPVs have borrowings, DSRA, regulatory constraints, hedging and remittance restrictions, CGEHL consolidated cash and business value are not automatically freely available recovery sources for Aura noteholders.

Fourth is business risk. Wind-resource shortfalls, downside versus P90, merchant prices, revenue recognition from banking, open-access charges, state grid tariffs, counterparty payments, and contractual issues with SECI or state distribution companies all affect the quality of earnings and the refinancing assessment.

10. Downside Scenarios and Monitoring Triggers

The most direct downside is a scenario in which refinancing of the Aura notes due February 2027 is delayed and the market starts to question execution feasibility before maturity. In that case, a deterioration in the outlook from S&P or domestic rating agencies, a decline in bond prices, deterioration in hedging and bank-borrowing terms, and ring-fencing of short-term liquidity could easily reinforce each other. In particular, if no clear refinancing route is visible six months before maturity, the credit view needs to become more conservative.

The second scenario is one in which generation underperforms plan and DSCR for the C&I/merchant portfolio declines. The average DSCR of above 1.25x shown for CareEdge’s combined RG indicates some cushion, but in its downside sensitivity, a sustained deterioration in average DSCR below 1.15x was cited as a downgrade factor. Underperformance versus P90, weak wind conditions, lower equipment availability and changes to the banking system are leading indicators to monitor.

The third scenario is deterioration in the economics for C&I customers due to changes in regulation and tariff systems. Changes in open-access charges, additional surcharges, state grid tariffs, banking and power-exchange prices would affect both the attractiveness of C&I contracts and profitability of the merchant portion. C&I customer churn, PPA renegotiation and lower tariff realization are important monitoring items.

The fourth scenario is one in which growth investment absorbs more funds than expected, and borrowing growth exceeds EBITDA growth. As of end-December 2025, capacity under construction and development remained, and the official website also shows 0.90GWp under construction and 1.08GWp under development. If construction delays, cost overruns, transmission-connection delays and higher funding costs overlap, the improvement story behind the BB- rating would weaken.

Monitoring items going forward are FY2026 full-year results, generation and DRO in the next nine-month and full-year disclosures, banked energy, adjusted EBITDA / recurring cash finance cost, total and net borrowings, the maturity profile including the US$650 million notes and the Aura notes, concrete progress on refinancing the Aura notes, IPO or equity funding, updates from S&P, CRISIL and CareEdge, and the latest original rating reports from Fitch and others.

11. Credit View and Monitoring Focus

Continuum Energy Aura should be viewed as an Indian renewables HY credit that has improved to the BB- category on international ratings, but still has high leverage and high refinancing dependence. The credit direction is modestly improving due to increased operational capacity and improved operating cash flow in 9MFY2026, but the pace of improvement is strongly constrained by refinancing execution for the February 2027 maturity. The likelihood of rapid changes in level or direction is relatively high, and refinancing measures, rating actions, IPO or equity funding, or downside in generation performance could change the view over a short period.

On the business side, the multi-GW portfolio centered on C&I customers, short collection period and increased generation support credit quality. Operating assets have increased compared with the time of issuance in 2023, and S&P’s upgrade to BB- is understandable. In particular, if assets under construction come on stream smoothly and EBITDA and operating cash flow rise further from FY2026 full-year results onward, the thin interest coverage shown in the end-December 2025 disclosure could improve.

However, financial and structural factors still define the ceiling for the credit assessment. Adjusted EBITDA in 9MFY2026 was not far above recurring cash finance cost, and consolidated equity was negative. Because the collateral for the Aura notes does not directly capture Onshore Debt or income in India, bondholders need to confirm not only consolidated financial improvement, but also which cash is actually upstreamed from which entity and when.

The current view is that the business base is improving, but refinancing visibility for 2027 remains insufficient for an investment decision. S&P’s BB- is a reasonable improvement signal that recognizes operating expansion and funding access. At the same time, the Aura notes have a short remaining tenor, and credit stress could emerge quickly if liquidity, refinancing, hedging or regulation deteriorates even in one area. The next review should prioritize FY2026 full-year disclosure and refinancing progress.

12. Short Summary & Conclusion

Continuum Energy Aura is a Singapore SPV issuer effectively backed by an Indian C&I renewables portfolio, and the target bond is the US$435 million 9.50% senior secured notes due February 2027. Operating capacity and operating cash flow are improving, but the interest burden, negative equity, high leverage, structure dependent on Onshore Debt, and refinancing of the near maturity are the central constraints on the credit assessment. The credit view is improving on the business side, but careful monitoring is required until refinancing visibility for the 2027 maturity is confirmed.

This report has been kept more concise than a standard listed operating-company report, and clearly identifies the scope of available materials, because the issuer is an SPV of a private group and public information is dispersed across CGEHL consolidated disclosures, CGELI, domestic-rated SPVs and the Aura note OM.

13. Sources

Primary company and bond sources

• Continuum Energy Aura Pte. Ltd., Aura 2 - Final Offering Memorandum dated August 17 2023, https://continuumholdings.sg/uploads/assign_document/1732868764_Aura%202%20-%20Final%20Offering%20Memorandum%20dated%20August%2017%202023.pdf
• Continuum Green Energy Holdings Limited, CGEHL Management Discussion and Analysis Q3 FY 2025-26, https://continuumholdings.sg/uploads/assign_document/1777514442_CGEHL%20Management%20Discussion%20and%20Analysis%20Q3%20FY%202025-26.pdf
• Continuum Green Energy Holdings Limited, CGEHL Consolidated Financials Statement Q3 FY 2025-26, https://continuumholdings.sg/uploads/assign_document/1777514534_CGEHL%20Consolidated%20Financials%20Statement%20Q3%20FY%202025-26.pdf
• Continuum Green Energy Limited official overview, https://continuumenergy.in/overview
• Continuum Green Energy Limited official projects page, https://continuumenergy.in/projects
• Continuum Green Energy Limited IPO 2025 page, https://continuumenergy.in/equity/ipo-2025

Rating agency and regulatory sources

• S&P Global Ratings, Continuum Green Energy Upgraded To 'BB-' On Improved Cash Flow Visibility, 18 December 2024, https://www.spglobal.com/ratings/pt/regulatory/article/-/view/type/HTML/id/3301263
• CRISIL Ratings, Continuum Green Energy (India) Private Limited, 31 July 2024, https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/ContinuumGreenEnergyIndiaPrivateLimited_July%2031_%202024_RR_348991.html
• CRISIL Ratings, Continuum Power Trading (TN) Private Limited, 19 May 2025, https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/ContinuumPowerTradingtnPrivateLimited_May%2019_%202025_RR_369123.html
• CRISIL Ratings, Continuum Trinethra Renewables Private Limited, 8 April 2025, https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/ContinuumTrinethraRenewablesPrivateLimited_April%2008_%202025_RR_361534.html
• CareEdge Ratings, CGE Hybrid Energy Private Limited (Revised), 30 March 2026, https://www.careratings.com/upload/CompanyFiles/PR/202603140357_CGE_Hybrid_Energy_Private_Limited.pdf
• Economic Times, Continuum Green Energy gets Sebi nod for Rs 3,650 crore IPO, 21 April 2025, https://m.economictimes.com/markets/ipos/fpos/continuum-green-energy-gets-sebi-nod-for-rs-3650-crore-ipo/amp_articleshow/120491865.cms

Unverified or pending items

• The latest original Fitch rating report as of May 2026, and the latest ratings from Moody’s, India Ratings and ICRA on the same debt, have not been confirmed.
• The current market price, yield, spread, changes in outstanding amount, and whether any buyback has occurred for the Aura notes have not been confirmed.
• Details of hedging contracts, hedge fair value, the amount of priority repayment upon collateral enforcement, and the latest contractual terms of Onshore Debt have not been confirmed.
• The entity-by-entity location, restricted status, DSRA allocation, and freely available amount for Aura note redemption within CGEHL’s consolidated cash balance of Rs48,162 million have not been confirmed.
• FY2026 full-year results, IPO execution status, and any concrete refinancing mandate or commitment for the 2027 Aura notes have not been confirmed and are the highest-priority items to check in the next update.