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Investor Presentaiton

Value Accretive Growth with Attractive Returns JSW Energy Current market returns due to highly competitive tariffs* Single digit to lower teen IRR% Bidding with conservative assumptions Targeting a niche market segment offering healthy returns Pre-bid resources identification to reduce uncertainty on land & connectivity No Turn key EPC contracts: instead creating value with split package approach Modular commissioning; Early onset of revenues Debt loading coinciding with revenue generation Targeting mid- teen post-tax equity IRRs Mid-teen IRR % Cost reductions due to Self O&M Technology Improvement Reducing Interest cost via refinancing Enhancement In Returns Realized More than mid-teen IRR% Equity IRRs Pre-Bid Preparation Project Execution JSW Energy Target Returns Potential Upside Levers Post COD Realised Returns JSW's differentiated business strategy to enhance project equity IRRS *Company market analysis; COD: Commercial operations date; IRR: Internal Rate of Return 14

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