Commentary & Deal Flow

Greenko Wind Projects (Mauritius) Ltd (the “Issuer”), an indirect subsidiary of Greenko Energy Holdings (the “Guarantor”) has appointed Barclays, BNP PARIBAS, Credit Agricole CIB, DBS Bank Ltd., Deutsche Bank, HSBC, J.P. Morgan, MUFG, SMBC Nikko and Standard Chartered Bank as Joint Lead Managers and Credit Agricole CIB as Green Structuring Agent to arrange a series of fixed income investor update calls in Asia, Europe and the United States commencing on March 17, 2025. A benchmark sized Rule 144A/Regulation S USD-denominated guaranteed senior green bond offering (the “Notes”) with 3.5 years door to door tenor and 3.36 years weighted average life may follow, subject to market conditions. The Notes are expected to be rated Ba2 by Moody’s and BB by Fitch.

The proceeds of the Notes will be used for refinancing the US$750m 5.50% Senior Notes due 2025, for general corporate purposes and to subscribe for or loan the rupee debt to be issued or borrowed by Greenko AP01 IREP Private Limited (“Pinnapuram SPSP Company”). The Pinnapuram SPSP Company intends to use the proceeds of the rupee debt primarily to repay existing indebtedness and capital expenditure in relation to the Pinnapuram standalone pumped storage project.

In connection with the offering of the Notes, the OC will follow and any investment decisions should be made solely on the basis of the OC.

FCA / ICMA stabilization applies.