Investor Presentaiton

Key Risks/Concerns Demand risk (Clearing of PPA Backlogs) Receivable risk Domestic industry for capacity addition Adequately Addressing Key Risks and Concerns (1/2) • • Favourable Policy Support and Market Interventions Well established central agencies (SECI, NTPC) for managing PPAS Tripartite agreement (between developer, SECI, discom) to provide payment security to developers Discoms/offtakers entering into new renewable long-term PPAs at commercially attractive tariff given pick-up in economic activity resulting in increase (~12.6% YoY) in spot electricity prices Renewable Power Obligation for RE and Hydro Projects 40GW of solar parks planned - grid connectivity, land, water supply, clearances to be provided Payment security through mandatory provision of LCs before power off-take Late payment surcharge fees are charged for delays (at ~12% p.a) US$41bn reforms based, results linked scheme for Discoms Defined framework for recovery of costs due to ‘Change in Law' ~$600mm production linked incentive scheme for high efficiency PV modules ~$2,400mm scheme for ACC batteries • • • • JSW Energy Mitigation Strategy by JSW Energy Existing portfolio: 86 % PPA signed which forms about 94% of EBITDA U/C portfolio: All renewable projects PPA signed (except Kutehr, in advance discussion) Mix of Discom and C&I customer base Targeting new areas of demand through Green Hydrogen and Energy storage All plants placed favorably in States' Merit Order Dispatch Portfolio diversified across multiple off-takers No history of any bad debts from routine LT trade receivables Recovery of late payment surcharge in case of delayed payments from discoms Technology agnostic approach To benefit from domestic capacity addition JSW Energy Investor Presentation 19

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