Accelerating for a Better Tomorrow

Corporate Presentation
February 2023
Forward Looking and Cautionary Statement

This presentation has been prepared by JSW Energy Limited (the “Company”) based upon information available in the public domain solely for information purposes without regard
to any specific objectives, financial situations or informational needs of any particular person. This presentation should not be construed as legal, tax, investment or other advice.
This presentation is strictly confidential, being given solely for your information and for your use, and may not be copied, distributed or disseminated, directly or indirectly, in any
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extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Company.

This presentation contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the
Company or its directors and officers with respect to the results of operations and financial condition of the Company. These statements can be recognized by the use of words
such as “expects,” “plans,” “will,” “estimates,” “projects,” or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and
involve risks and uncertainties, and actual results may differ from those specified in such forward-looking statements as a result of various factors and assumptions. The risks and
uncertainties relating to these statements include, but are not limited to, (i) fluctuations in earnings, (ii) the Company’s ability to manage growth, (iii) competition, (iv) government
policies and regulations, and (v) political, economic, legal and social conditions in India. The Company does not undertake any obligation to revise or update any forward-looking
statement that may be made from time to time by or on behalf of the Company. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to
place undue reliance on these forward-looking statements.

The information contained in this presentation is only current as of its date and has not been independently verified. The Company may alter, modify or otherwise change in any
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The Potential investors shall be in compliance with the applicable Insider Trading Regulations, with respect to the Company in reference to the information provided under this
presentation.

2
 JSW Energy Steel

 Power producer with 9.9 GW locked-in portfolio,  India’s leading integrated steel producer
 Targeting 20GW by 2030 (81% renewable capacity)  Installed crude steel capacity of 29.2mtpa, growing to 38.5mtpa
 Market Cap: ~US$ 4.6 Bn  Market Cap: ~US$ 21.4 Bn

Infrastructure Cement
JSW Group
 Amongst Top 5 Indian port companies  India's leading Green cement company
Overview  Operates environment-friendly seaports & terminals  Current capacity of 17mtpa, with a medium term target of 25mtpa
 Targeting 200mtpa cargo handling capacity in next few years  Product range includes PSC, GGBS, Concrete & Construction
Chemicals

Paints Ventures
 India's new age Paints company offering a path-breaking Any
Colour at One Price  Early-stage, tech-focused, VC fund
Amongst India’s leading  Portfolio: Purple, LimeTray, Homelane, CureSkin and Zvlov
 State-of-the-art Facilities in Maharashtra and Karnataka
Conglomerates with a  Ranks Number 1 in Industrial Coil Coatings
turnover of US$22 Bn
Sports Foundation

 Supporting Indian sports ecosystem  Social development arm of JSW Group

 Teams Owned: Bengaluru FC, Delhi Capitals, Haryana Steelers  Footprint across 11 states and 15 districts
 Positively impacts more than a million lives across India
Note: Market cap data as of Feb 1, 2023 3
JSW Energy : Our Vision

Bringing positive transformation to

every life we touch
SECI X Wind Project
4
JSW Energy : Transitioning towards green energy

FY2025 FY2030 FY2050

To become a 10 GW company To become a 20 GW company To become carbon neutral by 2050

Electrons to Molecules
Foraying into products and services through energy storage solutions, green hydrogen and its derivatives
Baspa Hydro Power Plant
5
 Agenda

JSW Energy at a Glance

Sustainability

Strategy & Vision

Asset Overview

Why JSW Energy?

Risk Mitigation

Annexures

Vijayanagar
Acquisition of Renewable Portfolio of 225MW Solar Power Plant
Mytrah Energy 6
 JSW Energy –Company Overview
At a Glance
The company is well placed to achieve its capacity growth target of 10 GW much ahead of the stated timeline
of FY25 and being future-ready with increased share of renewables and new energy solutions.

9.9 GW 4.8 GW 3.3 GW 1.8 GW

Diversified Asset Installed Capacity Under Construction Under Acquisition
Portfolio - Thermal – 3,158 MW - Entirely Renewable – 2,206 MW - Mytrah Energy
(61% Renewable) - Hydro– 1,391 MW Acquired RE assets- 1,753 MW
- Solar – 235 MW - Ind-Barath Thermal Power - 700 MW
- Wind- 27 MW In Pipeline
Vijayanagar Solar Power Plant - Entirely Renewable – 426 MW
7
Healthy Operations and Financials (4.8 GW Operational)
Resilient business model with steady cashflow generation
despite sectoral headwinds
85% ~95% Net Generation (BUs) Total Income3 (₹ Crore)
Capacity under LT PPA1 EBITDA contribution from LT

21.3 20.8 8,560 8,736

20.0 8,061
21BUs ₹ 2,625 Cr 16.8 7,160

Net Generation Cash PAT 2

Figures are for FY22

 Steady operations and robust financial: Track record of strong yearly cash profits of FY20 FY21 FY22 9M FY23 FY20 FY21 FY22 9M FY23
~₹2,300 Crores.
 High LT PPA tie-up rendering high cash flow visibility EBITDA & EBITDA Margin (₹ Crore) Cash PAT2 (₹ Crore) and Return on Adj.Net Worth
– Almost all LT PPA under two-part tariff (imported/domestic fuel cost/forex pass
through) 4,138 2,395
– Remaining Avg. Life of PPA: ~19 years 3,244 2,936 2,099 1,947 1,983
3,144
– Remaining Avg. Life of Assets: ~28 years
 Diversified off-takers 44% 47%
38% 36%
– All plants placed favorably in Merit Order Despatch
19% 17% 19% 21%
– Hydro projects under ‘must-run’ status
– Consolidated Trade receivables at ₹ 1,628 Cr equaling to 69 receivable days as on FY20 FY21 FY22 9M FY23 FY20 FY21 FY22 9M FY23
Dec 31, 2022

LT : Long Term, ₹1 Crore = 10Mn; 1 - As on Dec 31, 2022 ; 2- Calculated as PAT+ Depreciation+ Deferred Taxes+ Exceptional items ( on TTM basis as on Dec 31, 2022); 3-Not comparable YoY in FY21 due to Change to Job Work Model Partially 8
Robust balance sheet to support renewable-led growth
Large balance sheet headroom & strong cashflow available to pursue growth

2.30x 0.54x $ Bn 4
Net Worth Net Debt
Net Debt/EBITDA Net Debt/Equity
2.5 2.3 2.2
2.0
2.0 1.7
1.5
8.29% 69 1.5
1.5
1.2 1.2
Wt. average cost of debt Receivable Days 1.0 0.8 0.9

0.5
Figures as of Dec 31, 2022
0.0
Mar'19 Mar'20 Mar'21 Mar'22 Dec'22
 Strong Liquidity with healthy cash balances: ₹ 3,029 Crore ($ 366 Mn3)

 Financial flexibility enhanced by equity investments: Net Debt/Equity Net Debt/EBITDA

3.12
2.76
• Holding 7Cr (70mn) JSW Steel shares of Value1: ₹ 5,379 Cr ( ~$650 Mn3) 2.30
1.97
 Healthy Credit Ratings: 1.68

• India Rating & Research: AA (Stable outlook) 0.85 0.77

0.43 0.40 0.54
• ICRA Ltd: ICRA AA (Stable)

 Access to diverse pools of liquidity

Mar'19 Mar'20 Mar'21 Mar'22 Dec'22
 Existing portfolio of 4.8 GW generating healthy CF & mid-teen equity IRR2

 Weighted average cost of debt is 8.29% as of Dec 31, 2022 ND/EBITDA for Operational Projects at 1.5x (Dec-22) 5

1 Value of JSW Steel Share holdings as on Dec 31, 2022. Net Worth is impacted by change in value of listed equity investments through Other Comprehensive Income,
2. Calculated as FCFE Yield on Adj. NW is ~14%; Adj NW : Net worth adjusted for non-strategic equity investments held
3. 1 USD =82.7 INR
4 Conversion based on USD = INR spot rate as of respective date
5. Based on net debt for operational projects of ₹3,365 crores; total net debt at the group level stands at ₹9,840 crores on Dec-22. 9
Sustainability at JSW Energy
Continuing our Health & Safety Excellence Journey
Awards &
Zero severe injuries/fatalities (Q3 FY23 & YTD) Recognitions
92% of contractors covered by JSW CARES audit
9 Contractors achieve 5 Star rating & 3 contractors achieve 4 Star in a stringent Internal Safety
Assessment

63,000+ Cumulative Safety Observations Resolved YTD

Influencing ‘positive safety behavior’ of our workforce by reporting smallest of the safety
considerations thereby avoiding any major / minor incident

474 employees enrolled for ‘Safety Champion Program’ as per

British Safety Council (BSC) Certification
474 employees across all major locations enrolled for Safety Champion Program covering 10
safety high standard eLearning modules with final examination conducted in association with BSC

Enhancing Safety Understanding of Contractor Employees

• Barmer – Mock drill on fire in lignite conveyor belt and primary crusher conducted. Health
and safety training on PPE and 10 critical rules undertaken
• Vijayanagar – On site ‘emergency mock drill’ conducted
• Ratnagiri – ‘Mass tool box talk’ on electrical portable tools safety conducted
• Baspa – Conducted a training session on "Fire Safety- Fire Prevention and Fire Fighting“

11
Sustainability: Framework and Policies
17 Focus Areas with 2030 Targets from 2020 as Base Year Governance & Oversight by
Sustainability Committee
Climate Change: Renewable Power: Biodiversity:
Committed to being carbon Enhance the renewable power to No Net Loss for Biodiversity Mr. Sunil Goyal
Independent
neutral by 2050 2/3rd of our Total Installed
Capacity 2 Directors
Ms. Rupa Devi Singh
Reduce our carbon emissions by
more than 50%

Waste Water: Waste: Water Resources:

1 Executive
Director
Mr. Prashant Jain

Zero Liquid Discharge 100% Ash (Waste) utilization Reduce our water consumption
per unit of energy produced by
50%
ESG Ratings – best amongst peers
MSCI : BB

CDP* : A- (Leadership Level)

Operational Resources Social Local Indigenous Human Rights Sustainalytics: 27.8 (Medium Risk)
Health & Safety Sustainability Considerations People
FTSE4Good Index constituent

Carbon Neutrality by 2050

Supply Chain Employee Air Emissions Business Ethics Cultural Heritage Energy
Sustainability Wellbeing Committed to set science based
targets to keep global warming to
1.5°C under SBTi
Aligned to
National &
Integrated Reporting since FY19
International
Frameworks

FY19 FY20 FY21 FY22

*based on CDP climate change rating 2022. CDP water security rating 2022 is B (Management) 12
Sustainability: Targets and Strategy
FY20 FY30
SD Targets Actuals Targets Improvement Strategic Initiatives and Approach

 Increased share of renewable energy for deep decarbonization

 GHG Emissions  Process efficiency improvements
Climate Change 0.76 0.304 60%
tCO2e/ MWh
 Replacement of condenser tubes with graphene coatings

 Maintaing zero liquid discharge across operations

 Optimising utilisation of rain water harvesting system
 Specific fresh water 1.10 0.591 46%
Water Security  Installation of technology for operating cooling towers with higher Cycles of Concentration
intake (m3/MWh)
with modified chemical regime
 Reuse of treated effluent of Sewage Treatment Plan for horticulture

 Specific Waste (Ash)

Generation (t/MWh) 0.070 0.032 54%  Integrated Strategy towards efficient waste management
Waste  Waste Recycled - Ash
-  Optimizing utilisation of low ash coal
(%) 100 100

Specific process
emissions(Kg/MWh)  Ensuring ESP (Electrostatic Precipitator) Fields availability
Air Emissions  PM 0.16 0.053 67%  Optimising Lime dozing system efficiency
 SOx 1.78 0.683 61%
 Process efficiency improvements
 NOx 1.01 0.373 63%

 Continue to enhance Biodiversity at all our locations and operations to acheive ‘no net loss’
- Achieve
 Biodiversity at our ‘no net loss’  Increase green cover across operations
Biodiversity
operating sites of biodiversity  Eco-system studies (all seasons) in progress for finalising a Bio-diversity management plan at
Barmer location.

13
Sustainability: Q3 FY23 Performance
Key Highlights Performance

• TCFD assessment initiated by reputed ESG consultant Ash Utilisation (%)

Climate • Value Chain survey of suppliers initiated for assessment of supply chain
Change sustainability. 100% 100% 100% 100%
• Increased share of renewable energy for deep decarbonization
• Wind Projects –SECI X – Progressive Commissioning Started

• Maintain zero liquid discharge across operations

Water • Reuse of treated effluent of Sewage Treatment Plant for horticulture FY21 FY22 FY23 9M FY23
Security target
• Plan to review & improve water monitoring methodology by 3rd party to
measure inconsistencies
CO2 intensity (tCO2e/MWh) PM Emissions (kg/MWh)
0.68 0.68
• Ash silo (45000 MT) completed in Ratnagiri. Testing & Commissioning in 0.14 0.14 0.14
progress. 0.65 0.11
Waste • Continue 100% Ash utilization initiatives at all plants through tie-ups with
0.64
cement factories & similar businesses

FY21 FY22 FY23 9M FY23 FY21 FY22 FY23 9MFY23

• Ensuring ESP (Electrostatic Precipitator) Fields availability target target
• Process efficiency improvements
Air Emissions • Lime Dozing system availability and parameters optimization at Barmer for SOx Emissions (kg/MWh) NOx Emissions (kg/MWh)
reduced air emissions
1.65 1.55 0.95
1.50 0.81 0.79
1.17 0.67
• Eco-System Study at Barmer - Summer and monsoon season report submitted by
CII team. Winter assessment in progress.
Biodiversity • Biodiversity Assessment and Management Plan - Initiated the process at all the
plants FY21 FY22 FY23 9M FY23 FY21 FY22 FY23 9M FY23
target target

14
 Advantage JSW: Superior ESG Profile
Board & Governance Air Emissions Water & Waste Management

% Board Independent CO2 Internsity (t CO2e/MWh)

Specific Fresh Water Consumption
63 60 1.02 (m3/MWh)
50 50 50 50 0.79 0.85
40 0.68
0.47 2.8 3.2
2.2 2.5
1.1
JSW Peer 2 Peer 1 Peer 5 Peer 3 Peer 6 Peer 4 Peer 2 JSW Energy Peer 1 Peer 3 Peer 4
Energy JSW Energy Peer 1 Peer 3 Peer 4 Peer 2

% Audit Committee Independent Specific NOx Emissions(Kg/MWh) Ash Utilisation (%)

1.64 1.78
1.55 100 100 100 100 100
100 100 83 83 82
80 75 67 0.81
0.14
JSW Peer 2 Peer 1 Peer 6 Peer 4 Peer 5 Peer 3 JSW Peer 1 Peer 2 Peer 5 Peer 3 Peer 4
Energy Peer 2 JSW Energy Peer 3 Peer 1 Peer 4 Energy

ESG Ratings
% Nomination & Remuneration Committee Specific SOx Emissions(Kg/MWh)
Independent
4.13 4.50
100 100 80 75 71 67 67 3.00
JSW Energy A- JSW Energy BB
1.52 Peer 6 C Peer 6 A
JSW Peer 1 Peer 4 Peer 6 Peer 5 Peer 2 Peer 3 0.01 Peer 1 B Peer 1 BBB
Energy Peer 3 B Peer 3 CCC
Peer 2 JSW Energy Peer 1 Peer 3 Peer 4
Peer 4 D Peer 4 CCC
Peer 2 F
Peer 5 F

Peers include: Adani Green, Adani Power, CESC, NTPC, Tata Power, Torrent Power Source: Company Annual Reports, Maybank Kim Research; Data as of FY22, as per available public disclosures 15
Sustainability: Initiatives and Disclosures

 Assessment initiated by reputed ESG

Consultants.
 Increased focus on achieving climate
change target of 2030 and subsequently
of becoming Carbon Neutral by 2050.

Task Force on Climate related Sustainability Assessment for Supply Chain and Plantation drives spanning across Vijayanagar,
Financial Disclosures Biodoversity Assessment for all plants Initiated Barmer & Hydro Power Plants

Comprehensive ESG Data profile with ~300 factors across 15 sustainability frameworks JSW Energy JSW Hydro Energy

Click on the above links or scan the QR code to find out more about our initiatives 16
Sustainability: Empowering Our Communities

Sports Promotion & Development Health & Nutrition

 Project Shikhar: Bringing powerful  Total 3,725 individuals across
transformation in the field of sports Dharapuram (TN) and Ratnagiri (MH)
with Project Shikhar screened at camps for eye problems,
 Shikharite won the silver medal in the 634 received eye glasses.
6th Elite Women's National Boxing  2,089 patients benefitted through
Championship, held at Bhopal from ambulatory services in Barmer (RJ),
20th to 26th December, 2022 Kutehr (HP), Ratngiri (MH)

Education Community Development & Support

 Project Margdarshak: To empower rural
 15,760 children from Zila Parishad
India with access to applicable welfare
and other schools benefited through
schemes of central and state governments.
various education initiatives in
5,000 individuals got access via this
Ratnagiri
program.
 16 Schools from Zila Parishad and
 Solar Street Lights: Installed 236 solar
other schools benefited through
street lights in in Barmer, Kutehr,
infrastructure interventions in
Dharapuram and Tuticorin.
Ratnagiri

Health & Nutrition Water & Waste Agri-livelihoods Education Women’s BPO & Skill Enhancement Art, Culture & Sports
Environment Management Livelihoods Heritage
Click on the links above to find out more about our initiatives 17
Strong Board Oversight and Leadership

Mr. Prashant Jain Mr. Pritesh Vinay • Majority Independent Board: 5/9
Mr. Sajjan Jindal
Chairman & Managing
Joint Managing Director Director (Finance) Directors are Independent
& CEO
Director • Fully Independent Audit and
Remuneration Committees

Audit Committee
Mr. Parth Jindal Mr. Sunil Goyal
Ms. Rupa Devi Singh
Non-Executive, Non- Compensation & nomination & remuneration Committee
Independent Director Independent Director
Independent Director
Risk management Committee

Stakeholder’s relationship Committee

Corporate social responsibility Committee

Mr. Munesh Mr. Desh Deepak
Khanna Mr. Rajeev Sharma Verma Sustainability Committee
Independent Director Independent Director Independent Director
Permanent invitees to Sustainability Committee

Our Core Principles

Social Regulatory
Accountability Transparency Environment Integrity
Responsibility Compliance
18
 Vision and Strategy

Site Bridge: Karcham Wangtoo (1,091MW)

19
Vision & Strategy
Scaling towards 20 GW installed capacity by 2030 Transitioning towards Energy Products and Services

Operational Under-Construction Pipeline * Under Acquisition**

Energy Storage

Hydro Pumped Storage (PSP) - Targeting 10 GW

 Resources tied-up for ~7.6 GW (~50 GWh) PSP
9.9 in various states
20.0
1.8
0.4
Battery Energy Storage System (BESS)
2.9
10.0  Received LoA for SECI BESS project of
4.6 4.8 4.8 500MW/1000MWh

FY22 Current Locked in FY25e FY30e

Electrons to Molecules
19%
31% 34% 39% 39% Green Hydrogen /Ammonia
69% 66% 61% 61% 81%
 Intend to foray into production of Green
Hydrogen and its derivatives
Thermal Renewable

Current locked-in capacity of 9.9 GW; Comprising of 61% Renewable capacity

Net-zero by 2050
*Pipeline includes: SECI XII 300 MW wind & Chhatru 126 MW HEP ** Acquisition includes: Mytrah RE assets of 1,753 MW 20
 Asset Overview

Karcham-Wangtoo Hydro Power Plant

Asset Overview – 9.9 GW Locked-In
Green portfolio driving capacity growth
Division of locked-in capacity (9,896) MW

Installed (MW) Locked In Growth (MW)

39.0% 48.6%
27 2,293 Installed
Thermal
235

1,331
1,391
4,811 9,896 3,158
422 36.6% Under- 29.4%
3,158 construction
Wind
1,757
700

Ind-Barath
Pipeline 4.3%
17.8%
Group Captive 28% Group Captive 21%
Hydro
Hydro Thermal Wind Solar
Under-
acquisition 17.7%
Total locked-in capacity (9,896) MW 6.6%
Renewable constitutes 61% of total locked-in capacity
Solar

Locked In 9.9 GW Installed Capacity 4.8 GW Under construction & Pipeline 3.3 GW Under Acquisition 1.8 GW 22
Installed Portfolio – 4.8 GW
Barmer: 1,080MW 4.8 GW installed Baspa II: 300MW & Karcham Wangtoo: 1,091MW 4
 Configuration: 8 X 135MW 34% Renewable  Configuration: 3x100MW (Baspa II) ; 4x272.75MW (Karcham)
 Units operating: since 20093 66% Thermal  Units operating: Baspa II since 20033 and Karcham Wangtoo since
 Technology: Sub-critical pithead Lignite based TPP 20113
 Fuel Source: Captive Lignite mines of BLMCL1  Technology & Fuel Source: Hydro
 Power Offtake: Long Term PPA : 100%  Power Offtake: Long Term(1300MW), Short Term(45MW)
 Project Cost: INR 7,165 Crore/ $866mn2  Asset Value to JSW Energy: INR 9,275 Crore/$1,121mn2

Ratnagiri: 1,200MW Solar: 10 MW

 Configuration: 4 X 300MW  Ground based and rooftop solar power projects across various
 Units operating: since 20103 locations with captive power tie-up within JSW Group
 Technology: Sub-critical TPP
 Fuel Source: Imported Thermal Coal Vijayanagar Solar: 225 MW
 Power Offtake: Long Term PPA: 91%
 Configuration: 225 MW AC
 Project Cost: INR 5,516 Crore/ $667mn2
 Power Offtake: PPA with JSW Steel

SECI X Wind : 27 MW
Nandyal: 18 MW
 Configuration: 450 MW (Part commissioning of 27 MW)
• 1x18MW Thermal Power Plant
 Power Offtake: PPA with SECI
• 100% LT PPA under Group Captive scheme

Vijayanagar: 860 MW Remaining Avg. Life of PPA: ~19 years

 Configuration: 2 X 130MW and 2 X 300MW Remaining Avg. Life of Assets: ~28 years
 Units operating: since 20003
 Technology: Sub-critical TPP
 Fuel Source: Imported Thermal Coal & Gas 1. Long term FSA with BLMCL for supply of lignite from its captive mines
 Power Offtake: Long Term PPA : 39% Map for illustrative purposes, 2. USD/ INR = 82.7
 Project Cost: INR 3,096 Crore/ $374mn2 showing project locations 3. Denotes start of first unit in respective calendar year; TPP – Thermal Power Plan
4. Current approved operational capacity at 1,045 MW. CEA approval received for
uprating from 1,000 MW to 1,091 MW, in a phased manner over CY21 and CY22

Locked In 9.9 GW Installed Capacity 4.8 GW Under construction & Pipeline 3.3 GW Under Acquisition 1.8 GW 23
3.3 GW Projects - Under construction | Pipeline | Acquired

Under construction Pipeline Acquired

2.2 GW 426 MW 700 MW
9.9
1.8

0.7 8.1
0.3 0.1
0.7
0.8 0.2
0.4
4.8
Installed

Kutehr HEP

Installed +
SECI - X

SECI- IX

Chhatru HEP

(Acquired)

Total locked
Mytrah RE
Capacity

Ind Barath
Captive

SECI- XII

Pipeline
Group

Assets
U/C +

in
2.2 GW of Renewable Projects Under Construction | 700 MW of Thermal (acquired) | 426 MW Projects in Pipeline*
*LoA/LoI received
Locked In 9.9 GW Installed Capacity 4.8 GW Under construction & Pipeline 3.3 GW Under Acquisition 1.8 GW 24
 Under Construction Projects – 2.2 GW
Under Construction Portfolio
Capacity Scheduled Target
Plant Segment Location PPA/Offtaker
(MW) Commissioning Commissioning
SECI - IX 810 Wind Tamil Nadu 25-Year; SECI Dec-23 progressively from
SECI - X 450 Wind Tamil Nadu 25-Year; SECI Jun-23 Q3 FY23

Karnataka,
Group Captive Maharashtra progressively from
733 Wind 25-Year; JSW Steel NA
– JSW Steel & Tamil Q1 FY24
Nadu

Himachal 35-Year; Haryana

Kutehr 240 Hydro - Sep-24
Pradesh Discom

Metrics for RE projects (Incl. 225 MW of solar projects commissioned at Vijayanagar)

Blended tariff ₹ 3.08/unit (excl. hydro)

PPA PPAs Signed

Map for illustrative purposes,

Under-Construction:  Total : ~ ₹ 16,660 Crore
showing project locations Capex  Committed: ~₹ 11,650 Crore
1,966 MW *
 Spent: ~₹ 5,500 Crore
240 MW

* Excludes 27MW of SECI X Wind project for which part-CoD has been received

Locked In 9.9 GW Installed Capacity 4.8 GW Under construction & Pipeline 3.3 GW Under Acquisition 1.8 GW 25
Update on Under Construction Projects (1/2)
SECI-IX & X Wind, Tamil Nadu (1,260 MW)

Blades and WTG erection followed by progressive commissioning (27MW commissioned)

Locked In 9.9 GW Installed Capacity 4.8 GW Under construction & Pipeline 3.3 GW Under Acquisition 1.8 GW 26
Update on Under Construction Projects (2/2)
Kutehr HEP, Himachal Pradesh (240MW)

Completed ~90% (19.0 km) tunneling work (up from ~84% in Q2) well ahead of timelines

Downstream Left Half Barrage DC Chamber lining in progress HRT concrete lining

Locked In 9.9 GW Installed Capacity 4.8 GW Under construction & Pipeline 3.3 GW Under Acquisition 1.8 GW 27
Pipeline Projects
Generation Storage Systems
426 MW Pipeline Projects Battery Energy Storage System

SECI XII Wind

• Letter of Award received in Jan-23 for 500
• Letter of Award received in Jul-22 for MW /1000 MWh Battery Energy Storage
300 MW ISTS connected Wind power Systems from SECI
capacity

Pumped Hydro Storage

Chhatru Hydro Power Plant
• Letter of Intent received in Oct-22 for • Approvals and preparatory works in progress
allotment of 126 MW Chhatru HEP for ~7.6GW (~50 GWh); MoUs/LoI signed
• Leveraging expertise on executing large
• First project will be a captive PSP at
Vijayanagar (Karnataka)
hydro projects
o Construction expected to commence in
CY2023

Locked In 9.9 GW Installed Capacity 4.8 GW Under construction & Pipeline 3.3 GW Under Acquisition 1.8 GW 28
Acquired - Ind-Barath 700 MW
Ind-Barath: Asset Overview

o Location: Jharsuguda, Odisha

o Configuration: 2 x 350 MW | Thermal Power Plant
o Technology: Sub-critical TPP
o Fuel Source: Domestic coal
o Transaction completed in Dec-22

Acquisition Rationale

o Attractive purchase consideration of ₹1,048 crore;

Ind-Barath
further capex envisaged
o Located near the coal rich belt of IB Valley of
Mahanadi Coalfields
o Ease of water access, from Hirakud Dam
o Optionality of varied offtake arrangements
o Accessibility: Rail: (Belpahar), Airport: (Raipur) and
Maps for illustrative purposes, showing project locations
Port: (Paradip)

Locked In 9.9 GW Installed Capacity 4.8 GW Under construction & Pipeline 3.3 GW Under Acquisition 1.8 GW 29
Mytrah Acquisition at Advance Stage

Value Accretive Deal Mytrah RE Assets: Geographically diverse

 Acquired portfolio consists of 422 MW solar and 1,331 MW wind

 The assets were acquired at an EV of approximately ₹ 10,530 Cr
after adjusting for net current assets implying a EV/EBITDA
multiple of 6.4x on a normalized EBITDA of ₹ 1,650 Cr

Progress Update on Acquisition

 Received CCI approval for acquisition

 Progressing towards completion of other conditions precedent
and expect consummation of the deal in Q4 FY23.

Map for illustrative purposes, showing

project locations

Locked In 9.9 GW Installed Capacity 4.8 GW Under construction & Pipeline 3.3 GW Under Acquisition 1.8 GW 30
Why JSW Energy ?

Committed to reaching
Net Zero emissions by 2050
Compelling Investment Story
1
At the forefront of Energy Transition
 Scaling to 20 GW (81% renewable) by 2030
 Being future-ready : New Energy Solutions
including energy storage, green hydrogen,
Sustainable growth ammonia and its derivatives

Resilient Business, Consistent

Performance and Strong financials Efficient capital allocation track
 Steady operations and robust financials
record
 Best-in class balance sheet and cash flows 3 2  Proven project execution excellence
to support renewable-led growth Resilient Prudent capital  Sound operating efficiency characterized by one
Business Model allocation of the lowest O&M Cost/MW

32
Compelling Investment Story
1
At the forefront of Energy Transition
 Scaling to 20 GW (81% renewable) by 2030
 Being future-ready : New Energy Solutions
including energy storage, green hydrogen,
Sustainable growth ammonia and its derivatives

Resilient Business, Consistent

Performance and Strong financials Efficient capital allocation track
 Steady operations and robust financials
record
 High Long Term PPA tie-up rendering high  Proven project execution excellence
cash flow visibility Resilient Prudent capital  Sound operating efficiency characterized by one
 Best-in class balance sheet to support Business Model allocation of the lowest O&M Cost/MW
renewable-led growth

33
Scaling to 20 GW by 2030
JSW Energy Ltd Ahead of FY25 capacity target
20.0
4x Well ahead of near term target of 10 GW capacity by FY25…
…While foraying into Energy Storage projects (BESS & PSP)
10.0

4.8 Growth driven by…

Strong Balance Sheet

Current FY 25 FY30

JSW Neo Energy (Green Platform) Net debt/EBITDA 2.30x

Net debt/Equity 0.54x as on Dec-22
16.0

10x
Sufficient Internal Accruals

6.0 Steady operations:

1.6 Track record of strong yearly cash profits of ~₹2,300 Cr

Strong Liquidity with healthy cash balances: ₹3,029 crore
Current FY 25 FY30 JSW Steel shares worth ₹5,379 crore
34
Significant Market Opportunity: Power Demand Growth to be met by RE
Historical Power Demand Growth Similar growth expected in power demand over next decade

FY 22 Actual FY 32 Estimated
FY02 (Actual) FY22 (Actual)
2290 335
1380 202 + 910 BU
+ 133 GW

5% CAGR 5% CAGR 1380 202

523 78

Base Demand (in BU) Peak Demand (in GW) Base Demand (in BU) Peak Power Demand (in GW)

Demand to be met incrementally with Renewable Energy Rapid Urbanization and universal electrification to drive power demand

FY 22 FY 32 487
India’s is world’s third largest power producer, however has a
This 377 GW increase
333 low per capita consumption (~1/3rd of world average), this
translates1 to 990 BU,
provides huge opportunity for growth
which is inline with
134 base demand growth
110 Sustained economic growth has driven power demand in India,
54 of 910 BU
40 going forward, unlocking of demand from increased rural
electrification and rapid urbanization to drive demand for
Solar Wind Total Renewable Capacity power

Source: Central Electricity Authority, NEP Sep’22. 1 JSW Energy Analysis 35

Capacity growth in the next decade of to be driven majorly by renewables

Share of Renewables is projected to increase from 27% in FY 22 to 57% in FY 32 Factors key for growth of renewables

FY 22 FY 32
Capital Adequacy
59% 32%
• Availability of debt at lower interest rates

8%
2% 3% Policy Support
399 GW 847 GW
16% • Tariff related support for renewables
12%
4%
2% • PLI for Solar PV modules
10% 13%
39%
Shift from Thermal

• Structural shift of industries towards green

27% Share of Renewable in total capacity 57% power to support their ESG mandates

Thermal Capacity Large Hydro Nuclear Solar Wind Other Renewables

36
Energy Storage Solutions critical in India’s Energy Transition

JSW Energy to investment in ESS and Electron to

Peak Demand vs Supply from Conventional Sources (GW) Molecules businesses, making it future ready
400
• Intermittency of renewable power stems the need
Peak Supply (GW)- Conventional Peak Demand (GW) for storage solutions or using excess renewable
350 Sources ( Thermal + Nuclear + Hydro)
energy for production of green chemicals

300
• We intend to be future ready by foraying into
Peak Supply - Conventional
250
Energy Storage Solutions (ESS)
200

Peak Demand Increasing Peak Demand-Supply Gap to be plugged Hydro Pumped Storage (PSP)
150 by RE + Storage

100
Battery Energy Storage System (BESS)
FY 18 FY19 FY 20 FY 21 FY 22 FY 23e FY 24e FY 25e FY 26e FY 27e FY 28e FY 29e FY 30e FY 31e FY 32e

Renewable Energy + Storage Solutions required to plug increasing Peak Demand-Supply Gap going forward Electrons to Molecules
 Peak Power Demand is expected to grow at a CAGR of ~5% between FY22-32
 Hence, Increasing gap between Peak Demand and Peak Supply from conventional power sources
Green Hydrogen /Ammonia
(Thermal+Nuclear+Hydro) will be needed to be plugged by supply from renewable + storage capacities

Source: NEP Sep’22 for capacity projections 37

Energy Storage Solutions: Battery Energy Storage Solutions (BESS)
India’s Market Potential JSW’s Plans

52GW/258GWh1 installed capacity by 2032  LoAs received for SECI bid for the utility scale pilot BESS
project (500MW/1000MWh)
• Facilitate RE capacity integration by addressing
intermittency • Capacity charge of ₹10.85 Lakh per MW per month
• Balancing grid against load fluctuations • Pilot project is Build Own Operate Transfer (BOOT)
• Better utilization of transmission infrastructure with tenure of 12 years
• Project will have Battery Storage Purchase
Agreement for 60% of the capacity with SECI and
balance is open for sale
Supporting India’s Clean Energy commitments • Identified site is at Fatehgarh, Rajasthan
• Waiver of ISTS charges allowed for BESS • Participate in ancillary market with the open
• Integral to RTC power infrastructure for clean energy capacity

Source: 1 National Electricity Plan (Draft) Sept- 2022 38

Energy Storage Solutions: Hydro Pumped Storage Projects (PSP)
India’s Market Potential JSW’s Plans
State MoU/LoI Dates Capacity (GW)
Only 3.3 GW operational out of 97 GW potential Sep-21
Maharashtra 2.5
Sep-22
• Hydro Power Obligations to bolster development of
Telangana Apr-22 1.5
PSPs
Uttar Pradesh Nov-22 1.2
• Waiver of ISTS charges also allowed for Hydro PSP
Rajasthan Dec-21 1.0
Chhattisgarh Aug-22 1.0
Jun-22
Supporting 50% energy requirement from renewable Karnataka 0.4
Nov-22
sources by 2030 Resources Secured 7.6
Hydro PSP to provide adequate peaking reserves, reliable Target (by 2030) 10.0
grid operation and integration of variable renewable energy
sources  Benefit of JSW’s proven experience with managing the largest hydro
portfolio in the private sector
Key Highlights:  PSPs integrated with RE power can provide firm despatchable RE
• Long Project Life power
• Low construction cost and better PLF vis-à-vis
conventional hydro projects Expected Timeline:
• Supports Grid Stability • Project Clearances : 3 Years
• High tariffs with attractive returns • Project Construction: 3 Years

First project will be a captive PSP at Vijayanagar, construction expected

to commence in CY2023
Source: Central Electricity Authority, IEA 39
 Electrons to Molecules: Green Hydrogen Potential
Non- fossil fuel based
Advantage India
energy capacity target
of 500GW by 2030
Reduce carbon
Significant Hydrogen demand Huge RE potential Low Tariffs
emission by 1bn
tonnes by 2030 Current demand ~6 MMT expected Existing RE capacity of ~165 GW RE tariffs in India
to grow to ~24 MMT by 2050 (incl. Hydro) (INR ~ 2-2.5)
Target – 50% of energy
India’s
requirement from RE by 2030
50% of Energy commitment at
requirement till
COP - 26
2030
Reduce intensity India’s Import Bill Clean energy Commitment Infrastructure build
via RE
by 45% by 2030
India is 3rd largest consumer of oil & GH adoption contributes to Large part of India’s infrastructure
gas, imports ~85% of oil and ~50% emission reduction & meet energy needs to be built out, allows better
Net zero of Gas demand integration
by 2070

Blue Hydrogen: Grey hydrogen whose CO₂ emitted during

Grey Hydrogen: Currently, more than 95% of hydrogen is Green Hydrogen: Low or zero-emission hydrogen produced
production is sequestered via carbon capture and storage
produced from fossil fuels via carbon intensive processes. using clean energy sources
(CCS)
Main production route Characteristics Main production route Characteristics Main production route Characteristics

Electrolysis using
Steam Methane Reforming (SMR) SMR + CCS
renewables
Intense Low Low High Zero High
Coal Gasification Coal Gasification + CCS
CO2 Cost CO2 Cost CO2 Cost
Source: Press information Bureau – India, Company Market Research, Hydrogen Policy Study by ASSOCHAM. 40
Electrons to Molecules: Green Hydrogen

India’s Market Potential JSW’s Plans

Significant H2 demand
H2 • India - 2nd largest hydrogen demand base in the world
 To tap significant clean energy market opportunity in India
and become a front-runner in a future hydrogen economy
• H2 demand expected to grow to ~24 MMT by 2050; can spur  Utilisation potential across:
USD 65-70 Bn investments in incremental RE capacity
• green steel making
National Hydrogen Mission • green ammonia
• Announced in the Union Budget 2021 for making a • chemical derivatives
hydrogen roadmap for the country
• hydrogen mobility
• Government announced Green hydrogen obligation for
Fertilizers and Refinery sector • other industrial applications
• Incentives of ₹19,744 crores announced for development of
green hydrogen capacity of at least 5 MMT/annum

India’s Clean Energy commitments

• Green H2 adoption can contribute to emission reduction in
allied sectors
• India has low RE tariff's: Electricity is ~80% of Cost of Green
H2

Source: Press information Bureau – India, Company Market Research, Hydrogen Policy Study by ASSOCHAM. 41
Compelling Investment Story

At the forefront of Energy Transition

 Scaling to 20 GW (85% renewable) by 2030
 Being future-ready : New Energy Solutions
including energy storage, green hydrogen,
Sustainable growth ammonia and its derivatives

Resilient Business, Consistent

Performance and Strong financials Efficient capital allocation track
 Steady operations and robust financials
record
 High Long Term PPA tie-up rendering high 2  Proven project execution excellence
cash flow visibility Resilient Prudent capital  Sound operating efficiency characterized by one
 Best-in class balance sheet to support Business Model allocation of the lowest O&M Cost/MW
renewable-led growth

42
 Proven project execution and operational excellence…
Prudent and consistent capital allocation strategy for
growth over a 25 year history

One of the lowest project execution cost in the industry

Business model resilient despite several sectoral
headwinds over the last decade 2014 2014 2013 2014 2013 2011 2009 2010 2010 2000 2009

7.9
Sound operating efficiency characterized by one of the 7.0
6.3 6.2 6.2
lowest O&M Cost/MW 5.2 5.2
4.7 4.6 4.3
1.0
0.8 3.3
0.8 0.7 0.7
O&M Expenses (Rs Mn/MW) 0.6 0.6 0.6 0.6 0.5
0.4

1.9 1.9 1.9

1.8

Chandrapur

Amarkantak

JSW : Ratnagiri2
Padampur

(1200)
(600 MW)
Jangiri-Champa

JSW : Vijaynagar

JSW : Vijaynagar
(1320 MW)

(1050 MW)
(540 MW)

Udupi
(600 MW)

(600 MW)
Warora

Maithon
1.6

(1200 MW)

(1200 MW)
Nigre

(260 MW)

(600 MW)
1st COD year $Mn/MW Rs. Crore/MW

FY18 FY19 FY20 FY21 FY22

1 Crore= 10Mn; 1- USD/ INR = 82.7 2- Includes FGD Cost Source: Respective Company filings 43
Compelling Investment Story

At the forefront of Energy Transition

 Scaling to 20 GW (85% renewable) by 2030
 Being future-ready : New Energy Solutions
including energy storage, green hydrogen,
Sustainable growth ammonia and its derivatives

Resilient Business, Consistent

Performance and Strong financials Efficient capital allocation track
 Steady operations and robust financials
record
 Best-in class balance sheet and cash flows 3  Proven project execution excellence
to support renewable-led growth Resilient Prudent capital  Sound operating efficiency characterized by one
Business Model allocation of the lowest O&M Cost/MW

44
Steady Operations and Robust Financials
Consistent Asset Performance Low Trade Receivables 2

Net Generation (BUs) Total Income1 (₹ Crore)

1,628
21.3 20.8 8,560 8,736 1,356
20.0 8,061
16.8 7,160

Dec 31, 2021 Dec 31, 2022

FY20 FY21 FY22 9M FY23 FY20 FY21 FY22 9M FY23 Receivable Days 75 69

EBITDA & EBITDA Margin (₹ Crore) Cash PAT (₹ Crore) and Return on Adj.Net Worth

4,138 2,395  All plants placed favourably in States’ Merit Order Dispatch
3,244 2,936 2,099 1,947 1,983
3,144 o Further, Hydro plants under ‘Must-run status’ with no scheduling risk
 No history of any bad debts from routine long term trade receivables
47%  Payment security mechanism in force for power tied under long term PPA
38% 44%
36% with discoms
19% 19% 21%  Recovery of late payment surcharge in case of delayed payments from
17%
discoms
FY20 FY21 FY22 9M FY23 FY20 FY21 FY22 9M FY23

1.Not comparable YoY in FY21 due to Change to Job Work Model Partially 2. Includes Unbilled Revenue 45
Best-in class balance sheet & cash flows to support renewable-led growth
Large balance sheet headroom to pursue growth opportunities Healthy internal accruals to support growth

Strong credit metrics : Operational Portfolio (4.8 GW):

 Steady operations and robust financial: Track record of strong yearly cash profits of
Figures in ₹ Crore As on Dec 31, 2022 ~₹2,300 Crores1
Networth 18,392
Net Debt 9,840 Cash PAT (₹ Cr)
Net Debt/EBITDA 2.30 2,395
2,099 1,947 1,983
Net Debt/Equity 0.54
Wtd. Average Cost of Debt 8.29%

• Healthy Credit Ratings and access to diverse pools of liquidity

FY20 FY21 FY22 9M FY23
 India Rating & Research: AA (Stable outlook)
 Generating healthy CF & mid-teen equity returns
 ICRA Ltd: ICRA AA (Stable)
 85% of portfolio tied-up under Long Term PPA
Wt. Average Cost of Debt
 Remaining Avg. Life of PPA: ~19 years
Repo Rate up by 225bps
 Remaining Avg. Life of Assets: ~28 years
1-Yr- MCLR up by ~100 to 130 bps 8.29%
 Strong Liquidity with healthy cash balances2: ₹3,029 Crore
Wt. Avg. Cost up by 55bps
8.04%
7.94%  Financial flexibility enhanced by equity investments:
7.82% 7.87%
7.74%  JSW Steel shares: 7 crore shares held (Value as on Dec 31, 2022: ~ ₹5,379
Crore)

Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22

1. Applying the average return of 18% on current adjusted net worth 2. Includes unencumbered bank balances, FDs, and liquid mutual funds 46
Risk Mitigation
Adequately addressing key risks and concerns (1/2)

Key Risks/Concerns Favourable Policy Support and Market Interventions Mitigation Strategy by JSW Energy

 Well established central agencies (SECI, NTPC) for managing PPAs  Existing portfolio: 85 % PPA signed which forms about 95% of
 Discoms/offtakers entering into new renewable long-term PPAs at EBITDA
Demand risk (Clearing of commercially attractive tariff given pick-up in economic activity resulting in  U/C portfolio: PPA signed for all renewable projects
PPA Backlogs) strong spot electricity prices  Mix of Discoms and C&I customer base
 Renewable Power Obligation for RE and Hydro Projects, energy storage  Targeting new areas of demand through Green Hydrogen and
obligations also introduced thereby promoting energy storage projects Energy storage

 All plants placed favorably in States’ Merit Order Dispatch

 Payment security through mandatory provision of LCs before power off-take
 Portfolio diversified across multiple off-takers
 Late payment surcharge fees are charged for delays
Receivable risk  No history of any bad debts from routine LT trade receivables
 Cabinet approves US$37 bn for power discom reforms
 Recovery of late payment surcharge in case of delayed
 Defined framework for recovery of costs due to ‘Change in Law’
payments from discoms

Domestic industry for  ~$2.9 bn production linked incentive scheme for high efficiency PV modules  Technology agnostic approach
capacity addition  ~$2.2 bn scheme for ACC batteries  To benefit from domestic capacity addition

48
Adequately addressing key risks and concerns (2/2)

Key Risks/Concerns Favourable Policy Support and Market Interventions Mitigation Strategy by JSW Energy

 Hydro plants under ‘Must-run status’ with no scheduling risk

 Must-run status for renewable; Rule notified to provide regulatory support
 ~98% of LT PPA under two-part tariff; Plant Availability
Offtake Risk towards ‘Must-run’ status - Electricity (Promotion of generation from
maintained above normative across locations to recover fixed
(revenue/volume) renewable sources of energy by addressing Must Run and other matters)
charge; fluctuations in fuel cost and forex are completely pass
Rules, 2021
through

 Highest ever single bid standalone capacity secured under any

 Efficient and Transparent competitive bidding process
Soundness of Auction of the Indian renewable auction – 810 MW wind capacity
 Innovative models emerging: Hybrid solar, Renewable-plus-storage , Round-
framework awarded under SECI IX
the-clock (RTC) renewable power
 Participating in RTC bids

 Pump Storage and battery storage solutions offer opportunity to

Grid Infrastructure address grid balancing issues
 Development of dedicated Green Energy Corridors for evacuating RE capacity
capability  Received LOAs for 500MW/1,000 MWh SECI battery energy
storage project

49
JSW Energy : Key Highlights
 Superior project execution skills: Projects set-up in lowest cost & time
Proven Execution
 Differentiated business strategy for growth to 20 GW, driven by Renewable
Excellence
 Foraying in New Energy Platforms: Green Hydrogen, Energy Storage, Energy Products & Services

 Strong Focus on ESG – Leadership band with ‘A-‘ score in the 2021 CDP Climate Change assessment
Focus on
 Amongst the Highest rated power generation company in India by various independent ESG rating agencies
Sustainability
 To be Carbon Neutral by 2050; Committed to set science based emission reduction targets (SBTi)

 Sound operating efficiency characterized by one of the lowest O&M costs in the sector
Efficient O&M  Global best practices & recognition in Safety: Barmer and Ratnagiri Plants awarded ‘SWORD OF HONOUR’ by British Safety
Council

Steady EBITDA and  85% of total portfolio tied up with LT PPA providing ~95% EBITDA and Cashflow generation
Cash accruals  Two-part tariff structure mitigating fuel and forex risk

 Receivables days at low levels in DSO terms.

Healthy Receivables
 Favorable placement in Merit Order Despatch & diversified off-takers mitigate Receivable risk

 Amongst the Strongest Balance Sheet in the sector: 2.30x Net Debt/EBITDA; 0.54x Net Debt/Equity
Strong Balance Sheet  Healthy debt metrics to be maintained while pursuing value accretive growth
 A healthy cash balance of ₹3,029 Cr and financial flexibility with JSW Steel equity shareholding

 Proactive Debt Management: Weighted average cost of debt at 8.29%

Low Cost of Funding
 Raised a US$ 707 million green bond to refinance debt for hydro entity in May’21

50
 Investor Relations Contact:
[email protected]

ESG Data Profile: Link

Pooling Substation – SECI X 51

Annexures
Broad Corporate Structure : Existing
Ratnagiri – 1,200 MW
Vijayanagar – 860 MW Hydro Entities
JSW Energy Limited Nandyal – 18 MW
Solar – 10 MW Solar/Wind Entities
Total – 2,088 MW

JSW Hydro Energy Limited

JSW Energy (Barmer) Limited Jaigad Power Transco JSW Power Trading Co. (1,391 MW) JSW Future Energy Limited ^ JSW Neo Energy
(1080 MW) Limited* Limited
( Karcham & Baspa )

JSW Energy (Kutehr) Limited JSW Renew Energy Limited (810

Barmer Lignite Mining (240 MW) MW SECI-IX)
Company Limited #

JSW Renew Energy Two Limited

(450 MW SECI-X)

JSW Renewable Energy

(Vijayanagar)
Limited (863 MW Captive)

JSW Renewable Energy (Dolvi)

Limited (95 MW Captive)

All subsidiaries shown are WOS except the following - * JPTL is a 74:26 JV between JSWEL and Maharashtra State Electricity Transmission Company Limited (MSETCL) # BLMCL is a 51:49 JV between Rajasthan State Mines and Minerals Limited
(RSMML) and JSWE(B)L ^ JSW Future Energy Limited will be merged with JSW Neo Energy Limited under the scheme of Amalgamation wherein all the assets and liabilities of JSW Future Energy Limited will be transferred to JSW Neo Energy Limited.
Approved by NCLT subject to certain customary approvals. 53
 JSW Neo Energy – Green Energy Vehicle of JSW Energy (Post-Restructuring)

Hydro Entities
JSW Energy Limited
Solar/Wind Entities

JSW Neo Energy *

6,028 MW

Renewable Portfolio Pipeline

JSW Hydro Energy JSW Renewable
JSW Renew Energy JSW Renew Energy JSW Renewable of Mytrah Energy SECI XII 300 MW
Limited (1,391 MW) JSW Energy (Kutehr) Energy (Vijayanagar)
Limited Two Limited Energy (Dolvi) Limited
Limited (240 MW) Limited (1,753 MW - Pipeline
( Karcham & Baspa ) (810 MW SECI-IX) (450 MW SECI-X) (95 MW Captive)
(863 MW Captive) Acquired) Chhatru HEP 126 MW

6.0 GW 1.6 GW 1.8 GW 2.7 GW

Diversified Asset Portfolio Installed Capacity Under Acquisition Under-Construction
(100% Renewable) Renewable – 1,643 MW Renewable Portfolio of Entirely renewable - 2,206 MW
Mytrah Energy (1,753 MW) Pipeline
* Corporate structure post Acquisition and restructuring.
Entirely renewable - 426 MW
All subsidiaries shown are wholly owned subsidiaries 54
 JSW Neo Growth Framework
Value Accretive Business Implementation Execution Efficiency
Model De-risking

Prudent selection of growth opportunities Life cycle approach Group’s project execution excellence

• Bidding based on P90 generation assumption • Land acquisition, De- scoped project • Fast execution while ensuring all safety
• Conservative Interest rate assumptions construction, power evacuation and O&M guidelines
• Targeted selection- Targeting a niche segment of market
offering healthy returns – Mid teen IRRs • Power evacuation
• Proactive approach to get the PPA/PSA
executed and tariff adoption

55
 Growth Framework leading to industry-leading returns
Single digit to lower Mid-teen High-teen
teen IRR% IRR % Returns Realized

Equity Pre-Bid Project Execution JSW Energy Potential Upside Realized

IRRs Preparation Target Returns Levers Post COD Returns

Current market returns  Bidding with  No Turn key EPC Targeting mid-teen  Cost reductions due Enhancement
due to highly conservative contracts: instead post-tax equity IRRs to Self O&M In Returns Realized
competitive tariffs1
assumptions creating value with split  Technology
 Targeting a niche package approach Improvement
market segment  Modular  Reducing Interest
offering healthy returns commissioning; Early cost via refinancing
 Pre-bid resources onset of revenues
identification to reduce  Debt loading coinciding
uncertainty on land & with revenue
connectivity generation

1- Company market analysis; COD: Commercial operations date; IRR: Internal Rate of Return 56
1
Value Accretive Business Model

Conservative assumptions for business model

Targeting India’s ~4% of incremental renewable capacity addition to reach 20 GW by 2030

Resulting in prudent selection of growth opportunities to target a niche segment of market offering healthy returns – Mid teen IRRs

High quality offtakers - SECI and Captive PPAs with JSW Group companies (strong credit ratings) at arm’s length pricing

Modular nature of commissioning of projects; potential for early onset of revenues and earnings

Bidding with prudent assumptions and approach backed by strong data backup
 Bidding based on P90 generation assumption
 Reasonable Interest rate assumptions
 Targeting mid-teen IRRs

57
2
Implementation De-risking

Long Term PPA ensuring steady cashflow

Typical timelines for PPA signing & Tariff adoptions

 PPA signing – 90 days from LoA issuance

 Tariff Adoption – 120 days from the Effective date of the PPA

JSW approach:

 Proactive approach to get the PPA/PSA executed and tariff adoption

 Faster resolution of proposed changes in PPA in consultation with SECI & Discoms
 Quick submission of requisite information and performance bank guarantees to cut short timelines
 Continue follow up with SECI, Discoms & Regulators to fast track tariff adoption process

58
2
Life-cycle Approach towards Renewable (1/2)

Project Construction and Land Acquisition Power Evacuation

• De-scoping of EPC packages to have competitive

edge • Strategic selection of ISTS substations for connectivity
with high capacity margins to facilitate future
• Synergies with group businesses (steel, cement, expansions
paints, etc.) for better material availability
• Identification of land parcel near to substation in order
• Systematic approach of deploying in-house to reduce transmission line cost
experienced land acquisition team in all resource-
rich states • Effective due diligence & route surveys for risk
mitigation
• Deployed experienced legal teams for title search
and execution of lease deeds; dedicated team for • Futuristic planning & designing to optimize use of
securing Right-of-Way (RoW) evacuation infrastructure

59
2
Life-cycle Approach towards Renewable (2/2)

Quality
Supplier & Vendors O&M
Control

• Robust selection process • Dedicated team for quality • Skilled in-house O&M team
through competitive route; assurance
Award of packages to best-in- • Continuous implementation of
class / Tier-I vendors only • Standard operating procedure innovative practices to further
for quality checks optimize O&M cost through TQM
• Comprehensive Contracts with
strong performance & product • Special checks on quality & type • Operating Stations supported by
warranty and performance bank test certifications experienced professionals at
guarantee provisions corporate office in areas such as
• Implementation of TQM, ISO and Policy, Regulatory, Design &
• Developing strong relationships other relevant standards Engineering, Finance, Construction
with all major OEMs, EPC
& Maintenance and HR
contractors, BoP contractors

60
3
Execution Efficiency

Kutehr project completion expected well before

One of the fastest execution of the wind project
scheduled timelines

• Received part-CoD for 27MW of SECI X wind project in a progressive • 90% tunnelling (19.0 km) tunnelling work completed at the end of Q3FY23
commissioning • Expected to be completed by Sept 24 well ahead of scheduled timeline

61
JSW Energy’s Corporate Journey
260 MW 260 MW 260 MW 995 MW
1994 2000 2002 2007 2009

• Incorporated as Jindal • Commercial operation • Name changed to • Formation of JV

• Commercial operation of SBU-2
Tractbel Power of SBU-1 2*130 MW Jindal Thermal between Rajwest
2*300 MW units at Vijaynagar
Company Limited units at Vijaynagar Power Company Ltd Power Ltd and
• Synchronization of first unit of
Rajasthan State Mines
Barmer plant 135 MW

4,531 MW 3,140 MW 2,660 MW 1,730 MW

2015 2013 2011 2010

• JSW Energy acquired 1,391 MW • Commercial operation of Unit -3&4 • IPO of JSW Energy at Rs 100/share
• Commercial operation of entire
of Himachal Baspa Power of 300 MW each at Ratnagiri plant • Commercial operation of Unit 1&2 of
8*135 MW Power plant of JSW
company (now JSW Hydro and Unit -3 & 4 of 135 MW each at 300 MW each at Ratnagiri and Unit 2
Energy (Barmer Ltd)
Energy Ltd) from JPVL Barmer plant of 135 MW at Barmer

4,559 MW 4,559 MW 4,811 MW 4,811 MW

2020 2021 2022 2023

• Commissioned Vijaynagar solar power plant of • LOAs for SECI Bid for 500MW
• Highest ever single bid capacity of 810 • Company announced transition
225 MW & part commissioning of 27MW SECI X BESS bid
MW standalone wind awarded under towards ‘Green’ business
• Raised $707 Million via green bonds • 1.75GW Mytrah RE assets acquisition announced
SECI IX tranche
• Completed 700 MW Ind- Barath TEP acquisition

Total installed capacity

62
Robust Cash Returns on Adjusted Net Worth
₹ crore (Unless mentioned otherwise)

Quarter ended Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22

Reported PAT 107 201 339 324 864 560 466 180

Add: Depreciation 294 288 284 281 277 289 294 295

Add/(less): Deferred Taxes 27 21 32 26 (7) 84 42 14

(Less): Dividend Received - - (46) - - - (122) -

Add/(less): One-offs* (83) - - - (492) (120) 0 -

Cash PAT 346 510 610 631 643 813 681 489

Cash PAT (TTM) 1,947 1,940 1,899 2,097 2,395 2,697 2,767 2,625

Adjusted Net Worth** 11,473 11,529 11,475 11,830 12,688 12,952 13,491 13,446

Cash Returns on Net Worth (%) 17% 17% 17% 18% 19% 21% 21% 20%

Strong cash returns of >18% translates to yearly cash profits of ~₹2,300 crores

*Refer note 4 of Q4FY21 release and note 5 of Q4FY22 release for Mar-21 and Mar-22 one-offs, respectively. Jun-22: Exceptional items ₹ 120 crore represents reversal of loss allowance made in earlier years on loan given to a party.
** Adjustment in net worth by excluding the value of shares of JSW Steel 63