#1JSW Energy Delivering Promises Realising True Potential Corporate Presentation | January 2024#2Forward Looking and Cautionary Statement (1/2) JSW Energy THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA. Important Notice This presentation and the accompanying slides (the "presentation") contains selected information about the activities of JSW Energy Limited (the "Company") as at the date of the presentation. It does not purport to present a comprehensive overview of the Company or contain all the information necessary to evaluate an investment in the Company. No Offering This presentation is for information purposes only and is not a prospectus, disclosure document or other offering document under any law, nor does it form part of any present or future invitation, recommendation or offer to purchase or sell securities of the Company in any jurisdiction. 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Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of any member of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Similarly, statements about market and industry trends are based on interpretations of current market conditions which are also subject to change. These statements may also assume the success of the Company's business strategies. The success of any of these strategies is subject to uncertainties and contingencies beyond the Company's control, and no assurance can be given that any of the strategies will be effective or that the anticipated benefits from the strategies will be realised in the period for which the forward-looking statements may have been prepared or otherwise. Attendees are cautioned not to place undue reliance on forward-looking statements. No representation, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. Third Party Data This document contains data sourced from and the views of independent third parties. In replicating such data in this document, the Company makes no representation, whether express or implied, as to the accuracy of such data. The replication of any third party views in this document should not necessarily be treated as an indication that the Company agrees with or concurs with such views. By participating in this presentation, attendees agree to be bound by the foregoing limitations. JSW Energy Corporate Presentation - Jan 24 ***** 3#4JSW Energy ■ Power producer with 9.8 GW of generation portfolio by CY24, ■ Targeting 20GW generation + 40GWh of Storage by FY30 ■ Market Cap: ~US$ 9.8 Bn Steel JSW Energy ■ India's largest steel producer in terms of installed capacity ■ Capacity of 29.7 mtpa, growing to 38.5 mtpa by FY25 ◉ Targeting 50 mtpa capacity by FY31 ■ Market Cap: ~US$ 24.0 Bn JSW Group Overview JSW Better Everyday Infrastructure ■ Second largest commercial port operator (as per Crisil Report) with 170 mtpa capacity ■ Operates environmental-friendly seaports & terminals ■ Equity listing in Oct 2023, Market Cap: ~US$ 5.6 Bn Cement Current capacity of 18.6mtpa, with a medium term target of 25mtpa ■ Product range includes PSC, GGBS, Concrete & Construction Chemicals JSW vertures Ventures Amongst India's leading Conglomerates with a turnover of US$23 Bn¹ Paints ▪ India's new age Paints company offering a path-breaking Any Colour at One Price ■ State-of-the-art Facilities in Maharashtra and Karnataka Early-stage, tech-focused, VC fund ■ Portfolio: Purple, LimeTray, Homelane, CureSkin and Zvlov JSW Energy Corporate Presentation - Jan 24 Sports ■ Supporting Indian sports ecosystem Foundation ■ Social development arm of JSW Group ■ Teams Owned: Bengaluru FC, Delhi Capitals, Haryana Steelers ■ Positively impacts more than a million lives across India Note: Market cap data as of January 31, 2023 | 1. As of FY23 4#5JSW Energy: Transitioning towards green energy Mission Providing Reliable, Affordable and Sustainable power Vision To be a leading integrated power company with presence across value chain Vijayangar Solar Plant FY2030 To become a 20 GW company and 40GWh Energy Storage FY2050 To become carbon neutral by 2050#6Thermal Solar Hydro 1 RE 5.9 GW Thermal 3.9 GW JSW Energy - Presence across the value chain JSW Energy Well placed to achieve 10 GW of generation capacity ahead of stated timeline of 2025 with foray into New Age Businesses Energy Storage Energy Products & Services Power Generation 9.8 GW Installed Capacity by CY24 3.4 GWh of locked in capacity Solar Module & Green H2 Wind Battery Storage Hydro Pump Storage 3.9 GW 0.7 GW 1.6 GW 3.6 GW 39% 7% 17% 37% 1.0 GWh 2.4 GWh 1.0 GW 3,800 TPA H₁₂ 2 Solar Module manufacturing Green Hydrogen & Derivatives 6#7Pan India Footprint of Diverse Asset Base by CY24 Operational Capacity by CY 24 (9,792 MW) Rajasthan 258 MW 1,080 MW 1,000 MWh Gujarat 78 MW Maharashtra 447 MW 1,200 MW Karnataka 695 MW 860 MW 278 MW Punjab 50 MW 2,400 MWh H, 3,800 TPA 2 Himachal Pradesh 1,631 MW Madhya Pradesh 30 MW JSW Energy Wind Solar Hydro BESS Thermal PSP Green Hydrogen 2 Telangana Odisha 700 MW Andhra Pradesh 101 MW 365 MW 18 MW 327 MW - 10 MW Tamil Nadu 1,654MW Map of India representation - scaling may not be accurate 7#8- Well Diversified Portfolio – Focused on Maximising Cash Returns Generation 9,792 MW Under-construction 2,603 MW Wind 2,013 MW Thermal 350 MW* Hydro 240 MW Capacity Breakdown Commissioning by CY24 Storage 3.4 GWh locked in BESS 30% 29% 1.0 GWh 9,792 MW JSW Energy Current Exposure to Group Captive - 20% Diversified Offtakers Current open capacity -15% Open Capacity, 14% Group Captive, 22% Installed 7,189 MW Others, 7% Thermal 3,508 MW* HP, 3% Wind 1,615 MW Hydro 1,391 MW 9,792 MW Maharashtra, 4% Solar 675 MW 70% AP, 4% SECI, 19% Telangana, 4% PTC, 10% Rajasthan, 14% Open Capacity 12% 3.4 GWh 71% Hydro PSP 2.4 GWh SECI 18% 3.4 GWh PCKL 70% JSW Energy Corporate Presentation - Jan'24 * Ind-Barath Unit-1 (350 MW) was commissioned post the quarter ended Q3 FY24 8#9Agenda Safety & Sustainability Healthy Operations and Financials Why JSW Energy? JSW NEO - at a Glance Appendix JSW Energy 9#10Safety & Sustainability SW SKILLS SCHOOL BHADRESH JSW Energy, Barmer IL C E JUKI JUKI F GARMENT CENT#11Sustainability: Framework and Policies 17 Focus Areas with 2030 Targets from 2020 as Base Year Climate Change: Committed to being carbon neutral by 2050 Reduce our carbon emissions by more than 50% Waste Water: Zero Liquid Discharge Renewable Power: Enhance the renewable power to 2/3rd of our Total Installed Capacity Waste: 100% Ash (Waste) utilization Biodiversity: No Net Loss for Biodiversity Independent JSW Energy Governance & Oversight by Sustainability Committee Mr. Sunil Goyal 2 Directors Ms. Rupa Devi Singh 1 Executive Director Mr. Sharad Mahendra Water Resources: Reduce our water consumption per unit of energy produced by 50% ESG Ratings - best amongst peers CDP* A- (Leadership Level) Sustainalytics: 23.9 (Medium Risk) Operational Health & Safety Resources Social Sustainability Local Considerations Indigenous People Human Rights S&P Global (DJSI): 71/100 Supply Chain Sustainability Employee Wellbeing Air Emissions Business Ethics Cultural Heritage Energy Aligned to National & International Frameworks IFC International Finance Corporation WORLD BANK GROUP Creating Markets, Creating Opportunities >>OECD JSW Energy Corporate Presentation - Jan 24 IN GLOBAL ISO OMPACT United Nations Global Compact SUSTAINABLE DEVELOPMENT GOALS UNITED NATIONS GUIDING PRINCIPLES ON BUSINESS & HUMAN RIGHTS NATIONAL GUIDELINES ON RESPONSIBLE BUSINESS CONDUCT *based on CDP climate change rating 2022. CDP water security rating 2022 is B (Management). CDP Supplier Engagement rating 2022 is A (Leadership) FTSE4Good Index constituent Carbon Neutrality by 2050 SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION Committed to set science based targets to keep global warming to 1.5°C under SBTi Integrated Reporting since FY19 ACCELERATING FY19 FY20 FY21 FY22 FY23 11#12Sustainability: Targets and Strategy SD Targets Climate Change FY20 Actuals FY30 Improvement Targets GHG Emissions tCO₂e/MWh 0.76 0.215* 60% Water Security ■ Specific fresh water intake (m³/MWh) 1.10 0.591 46% Waste ■ Specific Waste (Ash) Generation (t/MWh) 0.070 0.032 54% ■ Waste Recycled - Ash 100 100 (%) JŚW SW Energy Strategic Initiatives and Approach ■ TCFD - Identified associated short tem, medium term and Long term risks ■ Supply Chain Sustainability - development of Digital Platform is in progress for value chain partners. ■ Increased share of renewable energy for decarbonization - Total capacity added till Q3 FY24-3,681 MW ☐ Maintaing zero liquid discharge across operations Optimising utilisation of rain water harvesting system ■ Installation of technology for operating cooling towers with higher Cycles of Concentration with modified chemical regime Reuse of treated effluent of Sewage Treatment Plan for horticulture Integrated Strategy towards efficient waste management - Ash Management, of waste water, handling hazardous waste through authorized recycler. ■ Utilisation of low ash coal in Ratnagiri and Vijayanagar ■ Re-utilisation of pond ash as well as Bottom ash in Boiler recycling 45000 MT Capacity Ash Silo constructed in Ratnagiti to export the Fly Ash through sea route to the prospective buyers in the International Markets. Specific process ☐ emissions(Kg/MWh) Ensuring ESP (Electrostatic Precipitator) Fields availability Air 0.16 0.053 67% PM ☐ Emissions 1.78 0.683 61% Optimising Lime dozing system efficiency SOX 1.01 63% ☐ Process efficiency improvements NOX 0.373 Achieve Biodiversity ■ Biodiversity at our operating sites 'no net loss' of biodiversity JSW Energy Corporate Presentation - Jan'24 Implementation of Bodiversity Assessment plan at our operating plants in a phasewise manner to achieve No Net Loss of Biodiversity by 2030. ■ Increased green cover across operations ☐ Implementation of Biodiversity Management plan at Barmer Plant. * Aligned with SBTi 12#13Sustainability: Q3 FY24 Performance Climate Change . Key Highlights Increased share of renewable energy for deep decarbonisation Wind Projects - Tuticorin - generation started and commissioned 232.2 MW till Q3 FY 24. Continuous focus on process improvements to reduce GHG emission Performance Ash Utilisation (%) 100% 100% 100% 100% JŚW SW Energy • Maintained zero liquid discharge across operations Water Security • Optimizing utilization of rain water harvesting system. 44,866 m3 water utilized by Ratnagiri Plant by this method FY22 FY23 FY24 Target 9M FY24 • Reuse of treated effluent of Sewage Treatment Plant for horticulture CO2 intensity (tCO2e/MWh) PM Emissions (kg/MWh) 0.68 0.68 . Reutilising pond ash as well as bottom ash in Boiler. 0.140 0.60 0.59 0.122 0.110 0.103 Waste • Continue 100% Ash utilization initiatives at all plants through tie-ups with cement factories & similar businesses Over 19,200 MT Fly ash exported by Ratnagiri Plant FY22 FY23 • Ensuring ESP (Electrostatic Precipitator) Fields availability FY24 Target 9M FY24 FY22 FY23 FY24 Target 9M FY24 Air Emissions . Process efficiency improvements being done in all plant locations • Lime Dozing system availability and parameters optimization at Barmer to reduced air emissions SOx Emissions (kg/MWh) NOx Emissions (kg/MWh) 1.55 0.81 0.69 0.65 1.25 0.54 1.15 1.03 • Biodiversity In Q3 FY24 2,271 saplings of various native species planted around the operational boundaries of Plants. Mango plantation of 7,800 trees out of 10,000 planned completed at Ratnagiri Plant. • Biodiversity Assessment - Phase 2 is in process for Ratnagiri Plant JSW Energy Corporate Presentation - Jan 24 FY22 FY23 FY24 9M FY24 FY22 FY23 FY24 Target 9M FY24 Target FY 2024 Targets include generation from Ind-Barath Thermal Power Plant for part of the year 13#14Awards and Recognition Ce Certificate of Recognition G2 The CEE 3 National Energy Efficiency Award 2023 Awarded to JSW ENERGY LIMITED - VIJAYANAGAR The WINNER Best Energy Efficient Unit CPP COAL Above 135 MW category In Recognition of Exceptional Performance & Outstanding Achievements Pankaj Batra Pankaj Batu Advry Se Marb 1 December 2023 AWARD VN Choudhary VN Choudhary 10 NTPC JSW Energy Limited, Vijayanagar received CEE Best Energy Efficient Award for CPP-4 unit in Dec 23 POWERED BY ONE MIDW (Sustainable Development Foundation) EK KAAM DESH KE NAAM MAKEEN Received Green Maple Foundation Wellness at work Diamond Award in Nov 23 Galaxy Z Folds 24 November 2023 JSW Energy Vijayanagar Plant Received British Safety Council Sword of Honor at London in Nov 23 Sustainable Development Foundation 15 EXCEED OHS & SECURITY AWARD 2023" HEALTH STY PLATINUM AWARD JSW ENERGY (BARMER) LIMITED UNIT-BARMER STHAN) (RAJASTE ERATION DEGENERA "Platinum Award in the Power generation sector for outstanding achievement in Occupational Health and safety" Organized by Sustainability Development Foundation Greent 2 Annost Greentech Environment AWARD 2023 WINNER JSW ENERGY LTD. RATNAGIRI PLANT MAHARASHTRA CATEGORY ENVIRONMENTAL EXCELLENCE Greentech Foundation Ratnagiri Plant received 23 rd Greentech Environment award-2023 for Environment Excellence at Sonmarg-J & K. GMF SPOTLIGHT (HORTICULTURE DEVELOPMENT) AWARDS-2023 DIAMOND M/s ASW Energy (armer) Ltd GREEN MAPLE FOUNDATION JN MUVEMA AF NEW SILLIO "Horticulture Development Award" Organized by Green Maple Foundation 14#15Strong Board Oversight and Leadership Mr. Sajjan Jindal Chairman & Managing Director Mr. Parth Jindal Non-Executive, Non- Independent Director Mr. Sharad Mahendra Joint Managing Director & CEO Mr. Pritesh Vinay Director (Finance) Mr. Ashok Ramachandran Whole time Director & COO Ms. Rupa Devi Singh Independent Director Mr. Sunil Goyal Independent Director Mr. Rajeev Sharma Independent Director Mr. Desh Deepak Verma Independent Director Majority Independent Board: 6/11 Directors are Independent Fully Independent Audit and Compensation and Remuneration Committees Our Core Principles Accountability Social Responsibility JSW Energy Corporate Presentation - Jan 24 Transparency Mr. Rajiv Chaudhri Independent Director JŚW SW Energy Mr. Munesh Khanna Independent Director Audit Committee Compensation & nomination & remuneration Committee Risk management Committee Stakeholder's relationship Committee Corporate social responsibility Committee Sustainability Committee Permanent invitees to Sustainability Committee Environment Integrity Regulatory Compliance 15#16Healthy Operations and Financials Sholtu Hydro Power Plant - Turbine#17Operating Locations: Pan India presence as of Jan-24 Current Operational Capacity (7,189 MW) Rajasthan 258 MW 1,080 MW Gujarat 78 MW Maharashtra 52 MW 1,200 MW Punjab 50 MW Karnataka 95 MW 278 MW - 860 MW JSW Energy Corporate Presentation - Jan'24 Himachal Pradesh Tamil Nadu 636 MW Operating Plants across 11 states 1,391 MW Madhya Pradesh 30 MW Odisha 350 MW Telangana Andhra Pradesh 101 MW 327 MW 365 MW 18 MW 10 MW JSW Energy 10 MW Rooftop distributed across various sites Map of India representation - scaling may not be accurate 17#18Healthy Operations and Financials 85% ~90% Business model with steady cashflow generation despite sectoral headwinds Capacity under LT PPA1 EBITDA contribution from LT Net Generation (BUS) ~22BUS Net Generation Figures are for FY23 * 3,138Cr Cash PAT 2 20.0 20.8 JSW Energy Total Income³ (Crore) 10,867 21.9 21.5 8,736 9,062 7,160 ☐ Steady operations and robust financial: Track record of strong yearly cash profits of ~3,138 Crores. FY21 FY22 FY23 9M FY24 FY21 FY22 FY 23 9M FY24 ☐ High LT PPA tie-up rendering high cash flow visibility EBITDA & EBITDA Margin (Crore) Cash PAT² (Crore) and Return on Adj.Net Worth - Almost all LT PPA under two-part tariff (imported/domestic fuel cost/forex pass through) 4,545 4,138 2,570 2,551 3,817 2,395 Remaining Avg. Life of PPA: ~18 years Remaining Avg. Life of Assets: ~24 years ☐ Diversified off-takers 3,144 1,947 47% 50% 44% 35% - All plants placed favorably in Merit Order Despatch ― Hydro projects under 'must-run' status Trade receivables (excl. Acquired RE Portfolio) at 1,857 Cr equaling to 69 receivable days as on Dec'31, 2023 JSW Energy Corporate Presentation - Jan 24 17% 19% 18% 20% FY21 FY22 FY23 9M FY24 FY21 FY22 FY23 9M FY24 LT: Long Term, 1 Crore = 10Mn; 1 - As on Dec 31, 2023; 2- Calculated as PAT+ Depreciation+ Deferred Taxes+ Exceptional items (on TTM basis as on Dec 31, 2023); 3-Not comparable YoY in FY21 due to Change to Job Work Model Partially 18#19Robust balance sheet to support renewable-led growth 4.6x Net Debt/EBITDA 1.3x $ Bn 2 Net Debt/Equity JSW Energy Robust balance sheet & strong cashflow available to pursue growth 2.3 Net Worth Net Debt 3.2 2.7 2.5 2.3 8.58% 69 Wt. average cost of debt * Receivable Days** Figures as of December 31, 2023 ✓ Strong Liquidity with healthy cash balances: 2,867 Crore as of Dec 31, 2023 Financial flexibility enhanced by equity investments: 2.0 0.8 0.9 Mar'21 Mar'22 Mar'23 Dec'23 Holding 7Cr (70mn) JSW Steel shares of Value¹: * 5,640 Cr ND/EBITDA for Operational Projects at 3.2x (Dec-23) 3 ✓ Healthy Credit Ratings: ND/TTM Proforma EBITDA ⚫ND/EBITDA 4.7 4.4 4.6 4.6 . India Rating & Research: AA (Stable outlook) ND/Equity 3.7 38 3.5 3.2 . ICRA Ltd: ICRA AA (Stable) 2.3 ✓ Access to diverse pools of liquidity 1.8 1.2 1.2 1.2 1.3 ✓ Operating portfolio generating healthy CF & mid-teen equity IRR Weighted average cost of debt* is 8.58% as of Dec 31, 2023 0.5 0.5 1 Value of JSW Steel Share holdings as on Dec 31 2023 2 Conversion based on USD = INR spot rate as of respective date Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 * Including Acquired RE Portfolio's debt post refinancing and debt sizing package which is in place | ** Excl Acquired RE Portfolio receivables | #ND/Proforma EBITDA excluding debt on under-construction projects 19#20Net Debt Movement Particulars in * Cr Capital Work-in-Progress (CWIP) Operational Projects 24,260 5,850 18,410 4 2,580 1,095 113 424 26,286 7,890 18,396 JSW Energy ND/EBITDA# (excl. CWIP) at 3.2x Net Debt as on Sep 30,2023 New Debt Taken Forex restatement Repayment Movement in short term borrowings Change in Cash & Cash Eq.* Net Debt as on Dec 31,2023 JSW Energy Corporate Presentation - Jan 24 Sustainable ND/EBITDA is within the guided range of 3.5x-4.0x * Includes unencumbered bank balances, FDs, and liquid mutual funds. # ND/Proforma EBITDA excluding debt on under-construction projects 20#21Why JSW Energy? - Investment Story Key Highlights Committed to reaching Net Zero emissions by 2050#22JSW Energy | Investment Story Resilient Business, Consistent Performance and Strong financials ■ Steady operations and robust financials Robust balance sheet and cash flows ■ Internal accruals sufficient to support growth targets 3 JSW Energy Corporate Presentation - Jan 24 Resilient 1 Sustainable growth Business Model SW Energy JŚW SW Energy At the forefront of Energy Transition ■ Scaling to 20 GW & 40GWH / 5GW of storage by 2030 ☐ Being future-ready: New Energy Solutions including Energy storage (BESS & PSP), green hydrogen, ammonia and its derivatives 2 Prudent capital allocation Efficient capital allocation track record ■ Ensuring mid teen returns ■ Proven project execution ■ Sound operating efficiency characterized by one of the lowest O&M Cost/MW 22 222#23JSW Energy | Investment Story JSW Energy Corporate Presentation - Jan 24 1 Sustainable growth JSW Energy JŚW SW Energy At the forefront of Energy Transition ■ Scaling to 20 GW & 40GWH / 5GW of storage by 2030 ☐ Being future-ready: New Energy Solutions including Energy storage (BESS & PSP), green hydrogen, ammonia and its derivatives Resilient Business Model Prudent capital allocation 23#24Significant Market Opportunity: Power Demand Growth to be met by RE SW Energy Historical Power Demand Growth Similar growth expected in power demand over next decade FY02 (Actual) ■FY23 (Actual) 1,511 Sept-23 Peak demand was 243 GW IFY 23 ■FY30 estimated 216 2,280 +769 BU 1,511 5% CAGR 5% CAGR 523 Base Demand (in BU) 78 Peak Demand (in GW) Base Demand (BUS) 335 +119 GW 216 Peak Power Demand (in GW) Demand to be met incrementally with Renewable Energy Rapid Urbanization and universal electrification to drive power demand 67 FY23 ■FY30 293 125 100 43 466 Solar Wind JSW Energy Corporate Presentation - Jan 24 Total Renewable This 341 GW increase translates to ~775 BU, which is inline with base demand growth India is world's third largest power producer, however has a low per capita consumption (~1/3rd of world average), this provides huge opportunity for growth Sustained economic growth has driven power demand in India, going forward, unlocking of demand from increased rural electrification and rapid urbanization to drive demand for power Source: Central Electricity Authority, Optimal Generation Mix 2030 - April 2023 24#25Participating in India's Green Transition JSW Energy India's share of Renewables is projected to increase from 41% in FY 23 to 61% in FY 30 FY 23 FY 30 Changing Environment and our Approach Domain Environment 15 GW, 2% JSW Energy 4% Market Share at 20GW High cost of Capital 7 GW, 2% 276 GW, 36% 237 GW, 57% 416 GW 172 GW, 41% 758 GW 466 GW, 61% Supply Chain • borrowing due to interest rate hike BCD on imported Solar Panels/Cells Uncertainty of supply of Solar panels and WTGs • Our Approach Bidding assumptions take into account interest cycles through life of project De-risking of supply chain through backward integration ■Renewable (Hydro + Solar + Wind + Other Res) Thermal ■ Nuclear . . JSW Energy's strategy is to grow its capacity to 20 GW by FY30 mainly through renewable capacity addition, which is in line with India's renewable energy growth trajectory Being part of JSW Group which has its presence across multiple business including steel, cement, infra and paints gives us the opportunity to further grow through group captive JSW Energy Corporate Presentation - Jan 24 Policy and Fiscal Support • Draft Hydro PSP and Green Hydrogen policy Early Mover in hydro PSP and Budgetary support for Green Transition BESS Business Model Reduced bidding intensity combined with lower tariff discovery Bidding discipline with a targeted IRR at P90 Source: Optimal Generation Mix - April 2023 base case 25#26400 350 300 Energy Storage critical in India's Energy Transition Peak Demand vs Supply from Conventional Sources (GW) 250 - Peak Supply Conventional 200 150 Peak Demand Increasing Peak Demand-Supply Gap to be plugged by RE + Storage JSW Energy Storage Capacity GWh* 396 23.5 100 FY 18 FY19 FY 20 FY 21 FY 22 FY 23 FY 24e FY 25e FY 26e FY 27e FY 28e FY 29e FY 30e FY 31e FY 32e 2022 Peak Demand (GW) -Peak Supply (GW)- Conventional Sources (Thermal + Nuclear + Hydro) 2032 National Electricity Plan 2023 ☐ Projections of the order of 396 GWh of energy storage requirement by 2031-32 Renewable Energy + Storage Solutions required to plug increasing Peak Demand-Supply Gap going forward ■ Peak Power Demand is expected to grow at a CAGR of ~6% between FY23-30 ■ Old & Inefficient thermal capacities to keep on retiring YoY ■ Hence, Increasing gap between Peak Demand and Peak Supply from conventional power sources (Thermal+Nuclear+Hydro) will be needed to be plugged by supply from renewable + storage capacities JSW Energy Corporate Presentation - Jan 24 Source: Source: National Electricity Plan 2023, JSW estimates | * 6 hours storage for PSP as per company estimate 26#27Strategy 2.0 (2023-2030) - at glance 1 GW/ annum PV Module Solar Module manufacturing (W-C-M) under PLI scheme 2025 Growth driven by internal accruals JSW Energy Forward integration of RE generation 40 GWh/5GW ~3,800 TPA 20 GW GENERATION CAPACITY Locked in Sites with Solar / Wind Potential 2030 Backward Integration To PV modules ENERGY STORAGE Pump Hydro Storage Battery Energy Storage 2030 ELECTRONS TO MOLECULES Green Hydrogen Production, plant to be operational in 2025 2025 Normalised Net Debt/EBITDA to be in the range in 3.5x-4.0x Balance Sheet Size to grow at 22% CAGR 27 22#28Strategy 2.0 - 20 GW Generation + 40 GWh of Storage by FY30 CAPACITY 20 • Pillars for Self sustainable and Integrated road map Sustainable value creation focused on Cash Returns Internal Accruals and BS Headroom (no external capital) Organisational Capability and competency Growth Multipliers Portfolio generating healthy cash flows & 20% cash return¹ Steady operations and robust financials Portfolio TTM Cash PAT of 3,138 Crore p.a. Incremental cash accruals from commissioning of Under construction projects and integration of M&A deals 85% of portfolio tied-up under Long Term PPA 85% of portfolio tied-up under Long Term PPA; Remaining Avg. Life of Assets/PPA: ~24years / ~18 years Financial flexibility enhanced by equity investments: JSW Steel shares: 7 Cr shares held (Value as on Dec 31, 2023: 5,640 Cr) Healthy receivables management and low working capital cycle JSW Energy Corporate Presentation - Jan'24 6.6 3.0x JŚW SW Energy 40GWh/5GW Energy Storage by FY30 1GW Solar Module Manufacturing Current Generation FY30 Capacity EBITDA ~3.5-4x PAT 3.25-3.75x FY23 normalised EBITDA FY30 FY23 normalised PAT FY30 ND/EBITDA 4.4x 3.5-4.0x FY23* FY30 1 Adjustment in net worth by excluding the value of shares of JSW Steel * Proforma Net Debt 28#29Battery Storage (BESS) and Hydro Pump Storage (HPSP) Capacity Mix for FY 2031-32 National Electricity Plan 2023 Base Case Energy Storage Capacity Total Generation (Inc. HPSP) Capacity Projection JSW Energy Corporate Presentation - Jan 24 PSP JSW Energy Upper Reservoir Control Room Power Intake Tunnel Discharge Tunnel 27 GW X 6 hours = 160 GWh Lower Reservoir BESS* 47.2 GW X 5 hours = 236 GWh 874 GW (FY 2031-32) Considering base capacity as capacity mix for 2021-22 JSW Energy 40GWh/5GW of energy storage capacity by FY 2030 3.4GWH of storage locked in (1GWh of BESS and 2.4 GWh of HPSP) Large Resources secured for ~80 GWh PSP Growth through internal accrual Existing portfolio generating healthy CF & mid-teen equity IRR 29#30Energy Storage - Enabler for New RE based products and services JSW Energy Hybrid RE with Energy Storage RE peak power Round the Clock RE power Higher CUF ■ Better utilization of transmission corridor ■ Firm dispatch-able RE power during peak hours ■ 4 to 6 hours peak power solutions possible 1 3 ☐ 2 Load following RE solutions RE coupled with Energy Storage Solutions designed specifically as per the load profile of customers 4 ■ Delinking contract and delivery Virtual Power Plant ☐ Devising contracts that creates a win- ☐ Oversized RE coupled with Energy Storage Solutions to provide > 80% yearly CUF and > 70% monthly CUF 5 win situation for JSW and offtaker - Such new solutions have potential to command a higher premium than plain vanilla RE projects – thereby creating a competitive edge combined with higher returns 6 Electrons to Molecules ■ Green Hydrogen, Ammonia and its derivatives into Ethanol, Methanol and SAF 30#31Electrons to Molecules: Green Hydrogen Potential Advantage India Significant Hydrogen demand Current demand ~6 MMT expected to grow to 24 MMT by 2050 Huge RE potential Existing RE capacity of ~181 GW (incl. Hydro) Target -50% of capacity share of RE by 2030 Low Tariffs RE tariffs in India (INR ~ 2.5-3.0) India's Import Bill India is 3rd largest consumer of oil & gas, imports 85% of oil and ~50% of Gas Clean energy Commitment GH adoption contributes to emission reduction & meet energy demand Infrastructure build Large part of India's infrastructure needs to be built out, allows better integration I H₂ JSW Energy • JSW Energy Contracted India's largest Commercial Scale Plant for production of Green H2. (Capacity- 3,800 TPA). This is towards production of Green Steel Signed MoU with JSW Steel for 85-90 KTPA of Green Hydrogen & 720 KTPA of Green Oxygen by 2030. Grey Hydrogen: Currently, more than 95% of hydrogen is produced from fossil fuels via carbon intensive processes. Main production route Characteristics Blue Hydrogen: Grey hydrogen whose CO₂ emitted during production is sequestered via carbon capture and storage (CCS) Main production route Characteristics Green Hydrogen: Low or zero-emission hydrogen produced using clean energy sources Main production route Steam Methane Reforming (SMR) Coal Gasification Intense Low CO2 Cost Characteristics SMR + CCS 4 + Electrolysis using renewables Low High Coal Gasification + CCS CO₂ Cost Zero CO₂ High Cost Source: Press Information Bureau - India, Company Market Research, Hydrogen Policy Study by ASSOCHAM. 31#32Progress on Strategy 2.0 Generation Capacity (GW) 4.56 2.6 GW under construction 0.35 0.22 0.76 7.19 0.73 I I 0.24 0.30 9.79 I JSW Energy 2.21 I 20.00 1.80 6.20 I MoUs with JSW Steel Operational Generation RE for Hydrogen Projects to bid 2030 Target 18% CAGR 38% CAGR FY21 Current Operational Ind-Barath SECI X Wind SECI IX Wind Group Captive Wind Kutehr SECI XII Wind by CY24 | I Progressive Commissioning -Unit 2 in Commissioning Q4 FY24 Sept 2024 March 2025 CoD 232 MW CoD 51 MW From Q4 FY24 PPA Offtaker Capital Expenditure JSW Energy Corporate Presentation - Jan'24 Energy Storage (GWh) 79.5 25 Years 25 Years 25 Years 35 Years 25 Years LoA/Lol received I 40.0 1.0 2.4 3.7 I Open SECI SECI JSW Steel Haryana Discom SECI + I SECI PCKL Total: 19,360 Cr | Committed: 17,534 Cr | Spent: *13,584 Cr (Including 225 MW Solar Operational) MoU with JSW Steel 2030 Target Resources tied up with ~*2,200 Cr I States I I 32#33JSW Energy | Investment Story Sustainable growth Resilient Business Model JSW Energy 2 Prudent capital allocation JSW Energy Efficient capital allocation track record ■ Ensuring mid teen returns ■ Proven project execution ■ Sound operating efficiency characterized by one of the lowest O&M Cost/MW 33#34Proven project execution and operational excellence... Prudent and consistent capital allocation strategy for growth over a 25 year history Selective bidding to ensure mid teen returns Successful integration of inorganic capacities Indexed to 100 2,500 JSW Energy JSW Capacity Addition India Capacity Addition Peak Deficit (RHS) 3,000 Period of reducing peak power deficits, projects with committed capex of JSW Energy completed until FY13 18% 16% 14% 12% Rising 10% Peak 8% Power 6% Deficit 4% 2% 2,000 1,500 Pre-IPO 1,000 500 0 0% One of the lowest project execution cost in the industry 2014 2014 2013 2014 2013 2011 2009 2010 2010 2000 2009 7.9 7.0 6.3 6.2 6.2 5.2 5.2 4.7 4.6 1.0 4.3 0.8 0.8 0.7 0.7 3.3 0.6 0.6 0.6 0.6 0.5 0.4 Nigre (1320 MW) Jangiri-Champa (1200 MW) Warora (600 MW) Chandrapur (600 MW) Padampur (540 MW) Maithon (1050 MW) Amarkantak (600 MW) Udupi (1200) 1st COD year $Mn/MW Rs. Cr/MW JSW: Ratnagiri2 (1200 MW) JSW Vijaynagar (260 MW) JSW Vijaynagar (600 MW) FY19 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Sound operating efficiency characterized by one of the lowest O&M Cost/MW (mn) 1.9 1.9 1.8 1.8 1.5 FY20 FY21 FY22 1 Crore 10Mn; 1- USD/ INR = 83.04 2- Includes FGD Cost Source: Respective Company filings FY23 34#35JSW Energy | Investment Story Resilient Business, Consistent Performance and Strong financials ■ Steady operations and robust financials Robust balance sheet and cash flows. ■ Internal accruals sufficient to support growth targets 3 Sustainable growth JSW Energy Resilient Business Model Prudent capital allocation JSW Energy 35#36Robust Balance Sheet & Cashflows JSW Energy Balance sheet headroom to pursue growth opportunities • Strong Financials . Particulars Networth Net Debt Net Debt/TTM Proforma EBITDA As on December 31, 2023 * 20,976 Cr * 26,286 Cr 4.6x Net Debt/TTM Proforma EBITDA 3.2x (excl. under construction projects) Net Debt/Equity 1.3x Wtd. Average Cost of Debt 8.58% Cash PAT TTM 3,138 Cr Healthy Credit Ratings and access to diverse pools of liquidity O India Rating & Research: IND AA (Outlook Stable) ICRA Ltd: ICRA AA/ Stable Strong Liquidity with healthy cash balances: *2,867 Cr* *Includes unencumbered bank balances, FDS, and liquid mutual funds 36#37Steady Operations and Robust Financials Net Generation (BUS) 20.0 20.8 21.9 Total Income¹ and EBITDA (Cr) Cash PAT (Cr) and Cash Returns 10,867 21.5 8,736 9,062 7,160 2,570 2,551 2,395 1,947 4,545 3,144 3,542 3,817 17% 19% 18% 20% FY21 FY22 FY23 9M FY24 FY21 FY22 FY 23 9M FY24 FY21 FY22 FY23 9M FY24 ND/EBITDA for Operational Projects at 3.2x Healthy receivables days ND/TTM Proforma EBITDA 4.7 # • ND/EBITDA* 4.4 4.6 4.6 14% 1,857 1,628 ND/Equity 3.7 38 3.5 3.2 2.3 1.8 1.2 1.2 1.2 1.3 0.5 0.5 Dec 31, 2022 Dec 31, 2023 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Receivable Days 69 69 * 1.Not comparable YoY from FY21 due to Change to Job Work Model Partially #ND/Proforma EBITDA excluding debt on under-construction projects * Includes Unbilled Revenue and excluding Acquired RE Portfolio receivables JSW Energy Steady operations and robust financial 85% of portfolio tied-up under Long Term PPA; Remaining Avg. Life of Assets/PPA: ~24 years / ~18 years Track record of strong yearly cash profits and mid-teen equity returns Financial flexibility Strong leverage ratio, Net Debt to operating EBITDA of 3.2x JSW Steel shares: 7 Cr shares held (Value as on Dec 31, 2023: 5,640Cr) Receivables All plants placed favourably in States' Merit Order Dispatch Payment security mechanism in force for power tied under long term PPA with discoms 37#38JSW Energy: Key Highlights Proven Execution Excellence Focus on Sustainability Proven project execution skills: Projects set-up in lowest cost & time ✓ Differentiated business strategy for growth to 20 GW, driven by Renewable Foraying in New Energy Platforms: Green Hydrogen, Energy Storage, Energy Products & Services - JŚW SW Energy Strong Focus on ESG – Leadership band with ‘A-' score in the 2022 CDP Climate Change rating Amongst the Highest rated power generation company in India by various independent ESG rating agencies - DJSI 71/100 To be Carbon Neutral by 2050; Committed to set science based emission reduction targets (SBTI) S ✓ Efficient O&M ✓ Sound operating efficiency characterized by one of the lowest O&M costs in the sector Barmer, Ratnagiri and Vijayanagar Plants awarded 'SWORD OF HONOUR' by British Safety Council Steady EBITDA and Cash accruals 85% of total portfolio tied up with LT PPA providing ~90% EBITDA and Cashflow generation in FY23 ✓ Two-part tariff structure mitigating fuel and forex risk & Healthy Receivables Strong Balance Sheet Receivables days at low levels in DSO terms. Favorable placement in Merit Order Despatch & diversified off-takers mitigate Receivable risk ✓ 4.6x, Net Debt/EBITDA; 1.3x Net Debt/Equity - Robust Balance Sheet Healthy debt metrics to be maintained while pursuing value accretive growth A healthy cash balance of ₹2,867 Cr and financial flexibility with JSW Steel equity shareholding ✓ Weighted average cost of debt at 8.58% $ Low Cost of Funding ✓ Executed attractive refinancing and debt sizing package for Acquired RE Portfolio RE assets, cost saving of > *240 cr Raised a US$ 707 million green bond to refinance debt for hydro entity in May'21 JSW Energy Corporate Presentation - Jan'24 38#39JSW Energy - at a glance Acquired RE Portfolio Solar Plant- Raibag, Karnataka#40Thermal Assets JSW Energy Ratnagiri 1,200 MW Barmer 1,080 MW Ind Barath 700 MW JSW Energy Limited Vijayanagar 860 MW#41JSW Energy - - Broad Corporate Structure Hydro Entities Solar/Wind Entities Products & Services Energy Generation Portfolio JSW Energy Limited 9,792 MW Standalone Ratnagiri 1,200 MW Vijayanagar - 860 MW Nandyal - 18 MW Solar 10MW Total 2,088 MW Other subsidiaries JSWEBL 1,080 MW Ind-Barath - 700 MW JSW Neo Energy 5,924 MW * JSW Hydro Energy Limited (1,391 MW) (Karcham & Baspa) JSW Renew Energy JSW Renew Energy JSW Energy (Kutehr) Limited (240 MW) Limited (810 MW SECI-IX) Two Limited (454 MW SECI-X) JSW Renewable Energy (Vijayanagar) Limited (863 MW Captive) JSW Renewable Energy (Dolvi) Limited (95 MW Captive) Acquired RE portfolio (1,753 MW Acquired) Vijayanagar Solar Power Plant Products & Services T PSP BESS-SECI Pilot (500MW/1000MWh) Lol for 2.4 GWh MOUS signed for 80 GWh Advanced high efficiency solar module (Awarded capacity under PLI) Green Hydrogen (3,800 TPA) & Its Derivatives I * Corporate structure post Acquisition and restructuring. Includes 18 MW of operational solar power plant for JSW group captive. All subsidiaries shown are wholly owned subsidiaries except RE CPP JSW Renew Energy Three Limited SECI XII 300 MW#42Thermal Assets | Q3 FY24 Highlights Overview Offtaker Profile Operational Assets JSW Energy Total Thermal Capacity Open, 34% 3,858 MW 3,858* MW Operational Capacity 3,508* MW Group Captive, 30% Installed Capacity PPA tied Fuel Type Rajastha n, 28% MSDECL 8% WIN Ratnagiri 1,200 MW سلالة Barmer 1,080 MW 1,100MW 1,080 MW Imported Coal Lignite Vijayanagar Ind Barath - 860 MW 338 MW Imported Coal 700 MW Unit 1 (350 MW) operational Merchant Domestic Coal Under Construction Ind-Barath 350 MW (Unit-2) Net Generation Q3 FY24 (MUs) LT Total 1,682 MUS (52% YoY) 2,062 MUS (82% YoY) 1,564 MUS (-3% YoY) 1,564 MUS (-3% YoY) 568 MUS (-13% YoY) 1,076 MUS (50% YoY) Located in coal belt Easy access to water PLF/ (Deemed PLF) Q3 FY24 LT Total 76%/(93%) 85%/(100%) 74%/(77%) 74%/(77%) 89%/(90%) 61%/(62%) Unit 1-Synchronised Unit 2-Q4 FY24 ~72% of Installed Thermal Capacity Tied-up under Long-Term PPA JSW Energy Corporation Jan 24 *Including 18 MW TPP at Nandyal; Ind-Barath Unit-1 (350 MW) was commissioned post the quarter end 42#43Renewable Assets - 5.9 GW JŚW SW Energy#44JSW Energy - Broad Structure JSW Hydro Energy Limited (1,391 MW) (Karcham & Baspa) Vijayanagar Solar Power Plant Energy Generation Portfolio JSW Energy Limited 9,792 MW Ratnagiri 1,200 MW Vijayanagar - 860 MW Nandyal - 18 MW Solar 10MW Total 2,088 MW - Hydro Entities Solar/Wind Entities Products & Services JSW Neo Energy * 5,924 MW JSW Energy (Kutehr) Limited (240 MW) JSW Renew Energy Limited JSW Renew Energy (810 MW SECI-IX) Two Limited (454 MW SECI-X) JSW Renewable Energy (Vijayanagar) Limited (863 MW Captive) Products & Services T PSP BESS-SECI Pilot (500MW/1000MWh) Lol for 2.4 GWh MOUS signed for 80 GWh Advanced high efficiency solar module (Awarded capacity under PLI) JSWEBL 1,080 MW Ind-Barath - 700 MW JSW Renewable Energy (Dolvi) Limited (95 MW Captive) Green Hydrogen (3,800 TPA) & Its Derivatives I * Corporate structure post Acquisition and restructuring. Includes 18 MW of operational solar power plant for JSW group captive. All subsidiaries shown are wholly owned subsidiaries except RE CPP Acquired RE portfolio (1,753 MW - Acquired) JSW Renew Energy Three Limited SECI XII 300 MW#45Solar 0.7 GW 11% JSW Neo - Presence across the value chain JSW Energy Well placed to achieve 10 GW of generation capacity ahead of stated timeline of 2025 with foray into New Age Businesses Power Generation 5.9 GW Energy Storage 3.4 GWh Installed Capacity by CY24 locked in capacity Energy Products & Services Solar Modules & Green H₂ JSW NEO-Assets Captive Solar, 243 Kutehr HEP, 240 SECI XII Wind, 300 Baspa HEP, 300 Mytrah Solar, 422 SECI X Wind, 454 Mytrah Wind, 1,331 5,924 MW Karcham Wangtoo HEP, 1,091 Hydro Wind Battery Storage Hydro Pump Storage 1.6 GW 3.6 GW 28% 61% 1.0 GWh 2.4 GWh 1.0 GW 3,800 TPA Commissioning by CY24 Beyond CY 24 Group Captive Wind, 733 H₂ SECI IX Wind, 810 JSW NEO-PPA Profile Solar Module manufacturing Green Hydrogen & Derivatives Raj, 4% Haryana, 4% Open Capacity, 2% HP, 5% SECI, 31% AP, 6% Telangana, 5,924 MW 7% Others, 8% Group Captive, 16% PTC, 17% Mytrah RE assets are referred as Acquired RE Assets 45#46JSW NEO Energy - At a Glance Generation 5.9 GW Renewable Installed-3,681 MW - Under Construction – 2,243 MW + Energy Storage 3.4 GWh Energy Storage BESS-SECI 500MW/1000MWh Hydro Pump Storage (HPSP) - PCKL 300 MW/ 2400 MWH + Energy Products Backward Integration Alloted 1 GW of solar wafer, cell and module (W-C-M) capacity under PLI scheme. Electrons to Molecules Received NoA for 6,500 TPA under SIGHT Program Contracted for 3,800 tonnes of Green Hydrogen. + MoUs 6.2 GW Group Captive MoUs MoUs 2.7 GWh Group Captive MoUs 80 GWh Across 7 states MoUs Green H₂ - 85-90 KTPA Green O2 - 720 KTPA Group Captive MoUs Vijayanagar Solar Power Plant#47JSW Neo - Multiple Growth Drivers Generation (GW) SECI X Tuticorin 0.3 5.9 0.7 0.2 0.8 3.7 0.2 Current Operational SECI - X SECI- IX Group Captive Wind Kutehr SECI-XII Operational by CY24 JSW Energy Products & Services LoA/Lol received 1.0 2.4 3.7 I SECI PCKL MoU with JSW Steel | I T 40.0 79.5 JŚW SW Energy 8.0 MoU with JSW Steel 5.9 I H₂ Green Hydrogen Contracted 3,800 TPA with JSW Steel MoU with JSW Steel 85k-90k TPA 2030 Target Resources I tied up with States PV module (W-C-M) 1 GW 47 2#48JSW Neo - Footprint of Diverse Asset Base by CY24 Operational Capacity by CY 24 (5,924 MW) Rajasthan 1,000 258 MW MWh Gujarat 78 MW Maharashtra 447 MW Punjab 50 MW Himachal Pradesh 1,631 MW Madhya Pradesh 30 MW JSW Energy Wind Hydro Solar BESS H₂ Green H2 PSP Telangana 101 MW Andhra Pradesh www 327 MW 365 MW - www 10 MW Karnataka 695 MW 278 MW H, 3,800 TPA 2 2,400 MWh Tamil Nadu 1,654MW Map of India representation - scaling may not be accurate 48#49Energy Storage - Unique Value Proposition as an Early Mover Battery Energy Storage System (BESS) LoA received for 500MW/1000 MWh SECI project in Jan-23 Build Own Operate Transfer (BOOT) with tenure of 12 years Battery Storage Purchase Agreement for 60% of the capacity with SECI and balance is open for sale Hydro Pump Storage (PSP) JSW Energy Received Lol for 2.4GWh (300 MW x 8 hours) PSP from Power Company of Karnataka Ltd (PCKL) • • Target commissioning: 36 months from signing of PPA PPA Duration: 40 years • JSW's proven experience with managing the largest hydro portfolio in the private sector • Identified site is at Fatehgarh, Rajasthan Participate in ancillary market with the open capacity Expected commissioning by CY24 Particulars Tender capacity No. of hours backup Purchase agreement tenure RTE No of cycles per day JSW Energy Corporate Presentation - Jan 24 Large Resources secured for ~80GWhr PSP/ 12.3 GW SECI (BESS) State Capacity (GW) Karnataka 0.4 500 MW/1000 MWh Maharashtra 3.0 Uttar Pradesh 1.7 2 hours Rajasthan 1.2 12 years Andhra Pradesh 1.5 Min 85% Telangana 1.5 2 Uttarakhand Resources Secured 3.0 12.3 LOA - Letter of Award | Lol - Letter of Intent 49#50Green Hydrogen Opportunity - JSW Energy's Positioning G RTC RE Power at competitive prices R E JSW Energy E N H₂ Monetization of byproducts Scalability Co-location with Offtaker Project Experience Mutually Beneficial • Power is ~65-70% of variable cost for Green H₂ production • • Green H₂ a natural progression path for power companies banking on its competitive power cost JSWEL has RE resources with good CUF and profile along with large energy storage resources • Valorization of Oxygen produced generating by-product credits • O₂ produced in the Green H₂ to also be a part of the offtake agreement JSW Energy Corporate Presentation - Jan 24 . • JSWEL's backward integration to solar module manufacturing along with secured energy storage resources, provides optionality of scaling up its Green H, capacity going ahead • Low LCoE for Green H₂ provides optionality for manufacturing further downstream derivatives • Co-location of Hydrogen Complex • with JSW Steel's ecosystem Sharing of common infrastructure like water, roads, rail, etc. • • Ability to execute and build plants at costs well below industry standards Industry leading efficiency & high Equity IRRs Green H₂ project win- win for JSWEL and JSW Steel Decarbonisation for hard to abate sector (Steel) Using Green H₂ increases the productivity of Direct Reduced Iron (DRI) process and will help offset Carbon Tax on Exports of Steel. 50#51Contracted Commercial Scale Green Hydrogen Project Produce Green Hydrogen for Production of Green Steel Commercial Scale Plant Green H₂ 3,800 TPA Green Power 25 MW RTC power Secured land for plant Cost plus Structure with Normalised Power Transmission Existing micro grid - No power banking needed Full amortization of capex in 7 years with normative mid-teen RoE JSW Energy Corporate Presentation - Jan'24 mid teen ROE H₂ Offtake agreement for both Green Hydrogen & Oxygen Leveraging existing Infrastructure Offtaker agreement for 7 years H₂ JŚW SW Energy & 02 Surety of Offtake Green Hydrogen Green Oxygen Commissioning in 2025 - Learning Curve from this project to offer Optionality to Scale Up for Future Projects 51#52Solar Module Manufacturing - Supply Chain De-risking NEED FOR BACKWARD INTEGRATION Solar power is critical to transition towards green power Tariff policy (BCD) restrictive, leading to high landed cost of cells and modules Grid connected projects must use modules listed in ALMM Supply reliability issue, limited domestic module capacity vs the requirement JSW Energy Corporate Presentation - Jan 24 1 GW under PLI JŚW SW Energy BACKWARD INTEGRATION AT JSW ENERGY Allocated 1 GW of capacity under PLI for W-C-M Supply Chain Derisking - strategic intent to utilize solar modules for captive usage Wafer-Cell-Module Eligible for 320 Cr benefits under PLI scheme. Additional Incentives from State Government are under negotiation Securing Resources - Location identified in Rajasthan, necessary approvals and ordering are in process Capital expenditure of ~1,600 Cr 52#53JSW Neo Growth Framework Value Accretive Business Model • • • Prudent selection of growth opportunities Bidding based on P90 generation assumption Conservative Interest rate assumptions Targeted selection- Targeting a niche segment of market offering healthy returns - Mid teen IRRS JSW Energy Corporate Presentation - Jan'24 • Implementation De-risking || Execution Efficiency III JŚW JSW Energy Life cycle approach Land acquisition, De- scoped project construction, power evacuation and O&M Power evacuation Group's project execution excellence • Fast execution while ensuring all safety guidelines • Proactive approach to get the PPA/PSA executed and tariff adoption 53#54Ensuring Consistent Value Creation • • • • • Protecting Returns Value Accretive Business Model Bidding based on P90 generation assumption Conservative Interest rate assumptions Targeted selection- Targeting a niche segment of market offering healthy returns - Mid teen IRRS Implementation De-risking Land acquisition, De- scoped project construction, power evacuation and in-house O&M Proactive approach to get the PPA/PSA executed and tariff adoption Execution Efficiency • . . Group's project execution: Fast execution while ensuring all safety guidelines . Enhancing IRRS De-scoped Project Execution No Turn key EPC contracts: instead creating value with split package approach Modular commissioning; Early onset of revenues Attractive Financing Solutions Debt loading coinciding with revenue generation Reducing Interest cost via refinancing Operational excellence Cost reductions due to Self O&M Technology Improvement JSW Energy Corporate Presentation - Jan 24 H₂ • • • JSW Energy Further Growth Opportunities Green Energy Needs of JSW Group and C&I customers JSW Group has aggressive growth plans in Steel, Cement and Paints businesses providing opportunities for group captive projects Power to X (PtX): Green Chemicals Green Hydrogen and Ammonia derivatives Green Methanol and derivatives Energy Storage: Hydro PSP and BESS www. Value Accretive M&A opportunities 54#55Growth Framework leading to industry-leading returns Single digit to lower teen IRR% Equity IRRS Current market returns due to highly competitive tariffs¹ Mid-teen IRR % Pre-Bid Preparation Project Execution JSW Energy Target Returns ■ Bidding with ■ No Turn key EPC contracts: instead creating value with split Targeting mid-teen post-tax equity IRRS conservative assumptions Targeting a niche market segment package approach ■ offering healthy returns ■ Pre-bid resources identification to reduce uncertainty on land & connectivity Modular commissioning; Early onset of revenues ▪ Debt loading coinciding with revenue generation 1- Company market analysis; COD: Commercial operations date; IRR: Internal Rate of Return JSW Energy Corporate Presentation - Jan'24 JSW Energy High-teen Returns Realized Potential Upside Levers Post COD Realized Returns ■ Cost reductions due to Self O&M Technology Improvement ■ Reducing Interest cost via refinancing Enhancement In Returns Realized 55#56Great Place To We are Great Place To Work® Certified™ WorkⓇ Certified NOV 2023 NOV 2024 INDIA Recognized by Great Place To Work India JSW Energy, Ratnagiri JSW JSW ENERGY LTD RATNAGIRI Investor Relations Contact: [email protected]#57Appendix Acquired RE Portfolio Solar Plant (Hungund, Karnataka)#58Acquired RE Portfolio Asset Optimisation & Performance Improvement progressing well Acquired RE Portfolio Wind (Chakla Maharashtra)#59Acquired RE Portfolio Progress on Track Acquired RE Portfolio Wind Site (Nidhi, Rajasthan): Blades Restoration EBITDA ND/EBITDA 1,187 Acquired RE Assets EBITDA FY 2023 >1,450 1,160 1,650 FY 2024 FY 2025 Acquired RE Portfolio Net Debt/EBITDA Pre-Acquisition FY 23 JŚW JSW Energy 9M FY24* FY24 Normalised *1,187 Cr *1,237 Cr 7.7x > * 1,450 Cr 5.2x *1,650 Cr 4.6x 7.2x * Proforma EBITDA 59#60JSW Neo - Acquired RE Portfolio Net Generation (MUs) 2,724 507 2,386 435 557 176 513 164 Solar Wind 2,167 330 1,873 271 Q3 FY23 Q3 FY24 9M FY23 9M FY24 Segmental Revenue from Operations (* Cr) 254 Q3 FY24 1,280 Wind PLF Solar 25% 12% 23% 19% 20% 18% 18% 10% Q3 FY23 03 9M FY24 FY23 9M FY24 Q3 03 FY23 FY24 9M 9M FY23 FY24 201 EBITDA (Cr) 1,132 9M FY24 Q3 FY24 9M FY24 JSW Energy Corporate Presentation - Jan 24 JSW Energy Operational Highlights • Net generation increased 16% YoY driven by 22% increase in wind generation Financial Highlights During the quarter revenue of 254 Cr resulted in EBITDA of 201 Cr • For 9M FY24 the revenue and reported EBITDA stands at 1,280 Cr and ₹ 1,132 Cr respectively (1,160 Cr on Proforma basis) * 9M FY24 generation is on proforma basis, Q3 FY23 & 9M FY23 numbers are unaudited 60#61Acquired RE - Progress on track Wind Generation (MUs) Wind Machine Availability (%) 97% 3 330 +1031 bps 271 73 1 4 12 86% 75 MUs increased due to focused interventions Q3 FY23 MA Benefit GA Loss Maniyachi Cyclone Wind Site Machaung impact restoration Q3 FY24 Q3 FY23 Q3 FY24 164 Solar Generation (MUs) 176 2 10 Q3 FY23 Performance Ratio gain GII Gain Q3 FY24 JSW Energy Corporate Presentation - Jan'24 97.94% JSW Energy 96% +801 bps 88% 9M FY23 9M FY24 Solar Plant Availability (%) 99.42% Q3 FY23 Q3 FY24 96.76% 99.15% 9M FY23 9M FY24 Q3 FY23 & 9M FY23 numbers are unaudited 61#62Receivables Cycle Improving Strong collection in Acquired RE Portfolio's Receivables* JSW Energy 1,859 Dec-22 Particulars in Cr 31% YoY improvement 1,532 Sep-23 1,279 Dec-23 Focused O&M Interventions leading to strong billing/collection growth 158% 145% Operating efficiency reflecting in strong 97% generation and billing growth Acquired RE Wind (Chakla Maharashtra) Q1 FY24 Q2 FY24 Q3 FY24 Billing (Indexed to 100) Collection Including LPS Continued focus on collection efficiency supports further reduction in the receivables Optimise Receivables Cycle to Healthy Levels within 12 months * Receivables of acquired RE assets pre-provisioning of 879 Cr upon acquisition 62#63Under Construction Projects Acquired RE Portfolio Solar Plant (Hungund, Karnataka) KARAM#64JSW Neo- Wind Power Projects - 2.3 GW 30/06/2023 06 54 JSW Wind Projects (SECI IX,X, XII and Group Captive) ■ SECI IX (810MW) : 51 MW Commisioned ■ SECI X (450 MW): 232 MW Commisioned ◉ Approx 2 GW is under construction and to be commissioned by CY24 JSW Energy Corporate Presentation - Jan 24 JSW Energy 64#65JSW Neo - Kutehr Hydro Power Plant - 240 MW • Barrage & Intake Barrage concreting completed 86% • Erection of spillway radial gate in Tunneling & Concreting ■ Completed tunneling work ~100% Completed HRT lining ~25% advanced stages JSW Energy Corporate Presentation - Jan 24 Power-House works SW Energy • Power house civil works completed for Unit-1 & Unit-2 • Erection of draft tube liners, spiral casing and stay ring complete in all the three units 59 65#66JSW Energy - Ind-Barath Unit 2 (350 MW) Revival works in Progress JSW Energy Corporate Presentation - Jan'24 XXXX STOPY T SW Energy 66