Investor Presentaiton

Participating 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

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