Investor Presentaiton

Green 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

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