Investor Presentaiton

Revenue visibility through long term PPAs 3 Project Capacity under PPA (MW) Fixed RoE Off-taker PPA period Evacuation Himachal Pradesh Baspa II 300 MW* 16.0% (HPSEB) 40 Years (till 2043) (provision to extend for further 20 years) 400 kV D/C Baspa II-Naptha Jhakhri dedicated transmission line Karcham Wangtoo 1000 MW* 16.5% PTC India (Haryana, Punjab, UP and Rajasthan Discoms) 35 Years (till 2046) (provision to extend for mutually agreed upon period) 400 KV D/C Karcham Wangtoo - Abdullapur Transmission Line | > > Levelized tariff after the new trajectory of HPO for Discoms under RPO is ~Rs. 4.5/kWh for any newly constructed hydro projects Both assets have long-term PPAs in place (20-25 years remaining) Long term PPAs on cost-pass through basis, allowing fixed return on equity Project cost has already been approved by respective regulator for both projects, leaving less room for any tariff dispute ** Low scheduling risk as hydro plants are under 'Must-run status' and in top 2 quartiles of Merit Order Dispatch for all state Discoms SW Energy * Includes 12% Free power to Himachal Pradesh Govt. **Kutehr-Levelized tariff of Rs. 4.50/kWh HPO: Hydro power Purchase Obligation; RPO: Renewable Purchase Obligation 28

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