Press Release July 07, 2025 ANNECY SOLAR PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	782.28	ACUITE A- | Stable | Assigned	-
Total Outstanding	782.28	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuite has assigned its long-term rating of 'ACUITE A-' (read as ACUITE A minus) on the Rs.782.28 Cr. of bank loan facilities of Annecy Solar Private Limited (ASPL). The Outlook is 'Stable'. Rationale for Rating The rating assigned reflects the successful commissioning of the 200 MW solar photovoltaic power plant in the district of Surendranagar, Gujarat dated 25th April 2025. The rating gets additional comfort with low offtake risk as long term (25 years) PPA (Power Purchase Agreement) tied for full capacity and presence of DSRA, escrow account and outflows will be based on waterfall mechanism. However, rating is constrained due to vulnerability of cash flows due to weather conditions.

About the Company

­Incorporated in 2022, Annecy Solar Private Limited is a Special Purpose Vehicle (SPV) engaged in business activities relation to generation of power through non-conventional and renewable energy sources. The directors of the company are Mr. Vinod Kawatraand Mr. Bharat Bhushan Garg. The registered office is located in Haryana

Unsupported Rating

Not Applicable.

Analytical Approach

­Acuite has considered the standalone business and financial risk profile of Annecy Solar Private Limited (ASPL).

Key Rating Drivers

Strengths

Highly experienced & Long track of Operations of the Group The project is promoted by AGP Group through its renewable energy arm i.e. AMPYR Global Holding Pte. Ltd. The AMPYR Group had developed / under development of more than 12GW of renewable energy assets across globe. Currently in India, APMPYR group is running the five renewable projects (solar & wind) with the total capacity of 585.5 MW under C&I (Counterparties & Industries) and Utility segments. ASPL is the first project under utility segment. Acuite believes that with the vast experience of the promoters, the company will benefit in long term.  ­Low off-take risk due to presence of long term PPAs The company had signed long term PPA (Power Purchase Agreement) for 25 years with Gujrat Urja Vikas Nigam Limited (GUVNL) indicating the low offtake risk for the project at a specified tariff. Acuite believes that the lock in period of 25 year reduces the demand risk in longer term.  Presence of DSRA, Escrow Account with Waterfall mechanism The company is required to maintain DSRA equivalent to three months of debt servicing (principle & interest) to be created within 12 months from commencement of commercial operations and to be maintained throughout the tenor of the facilities. In addition to that, all the cash inflows will route through the escrow account and payment will be utilized as per the waterfall mechanism. Acuite believes that such structured mechanism allows a the company to have better control over its cash flows and debt servicing abilities.

Weaknesses

­Cash flows vulnerable to variation in weather conditions The project's cash flow is highly vulnerable to unfavourable weather conditions. Since tariffs are fixed, the company could see reduced revenue if power generation drops due to weather or equipment issues, negatively impacting its cash flow and ability to service debt. This generation risk is amplified by the geographical concentration of assets.

Assessment of Adequacy of Credit Enhancement under various scenarios including stress scenarios (applicable for ratings factoring specified support considerations with or without the “CE” suffix)

­The company is required to maintain DSRA for three months of debt obligation along with the escrow and waterfall mechanism.

Rating Sensitivities

­Decline in overall power generating leading to lower cash accruals.

Liquidity Position

Adequate

­The liquidity position of the company is adequate marked by healthy expected cash inflows routed through escrow mechanism and presence of DSRA for three months resulted into additional cushion. The repayment of the debt obligation will start from October 2025. The average projected DSCR from FY 26 to FY 35 is 1.15 times. Acuite believes that the company will be able to pay debt obligations timely from their cash flows as the project got commenced and capacity is fully tied up with long term PPA.

Outlook - Stable

­

Other Factors affecting Rating

­None.

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	0.00	0.00
PAT	Rs. Cr.	(0.06)	0.00
PAT Margin	(%)	0.00	0.00
Total Debt/Tangible Net Worth	Times	(287.19)	0.00
PBDIT/Interest	Times	(1.63)	(166.67)

Status of non-cooperation with previous CRA (if applicable)

None

Any other information

­None.

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History :

­Not Applicable.

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 83.81 Simple ACUITE A- | Stable | Assigned Indian Renewable Energy Development Agency Ltd. (IREDA) Not avl. / Not appl. Term Loan 25 Oct 2024 Not avl. / Not appl. 30 Sep 2045 698.47 Simple ACUITE A- | Stable | Assigned

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Kartik Arora Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.