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Q1 FY27 Results Presentation August 18, 2026
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Disclaimer This presentation contains financial measures which have not been calculated in accordance with International Financial Reporting Standards (“IFRS”), including EBITDA because they are a basis upon which our management assesses our performance and we believe they reflect the underlying trends and indicators of our business. Although we believe these measures may be useful for investors for the same reasons, these financial measures should not be considered as an alternative to IFRS financial measures as a measure of the Company's financial condition, profitability and performance or liquidity. In addition, these financial measures may not be comparable to similar measures used by other companies. We provide further descriptions of these non-IFRS measures and reconciliations of these non-IFRS measures to the corresponding most closely related IFRS measures in annual report on Form 20-F and other documents filed by ReNew Energy Global from time to time with the SEC filed with the Securities and Exchange Commission (the "SEC") on July 30, 2025. Forward-Looking Statements Non – IFRS Financial Measures Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. The Company cautions readers of this press release that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, that could cause the actual results to differ materially from the expected results. These forward-looking statements include statements regarding our future financial and operating guidance, operational and financial results such as estimates of nominal contracted payments remaining and portfolio run rate, and the assumptions related to the calculation of the foregoing metrics, and our expectations regarding any proposal received from the Consortium, including the timing or terms of any transaction with the Consortium or any other alternative transactions. The risks and uncertainties that could cause actual future events to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to: our ability to implement business plans, forecasts, and other expectations; our ability to identify and realize additional opportunities; our ability to meet our ESG targets; potential changes and developments in the highly competitive renewable energy and related industries; the availability of additional financing on acceptable terms; changes in the commercial and retail prices of traditional utility generated electricity; changes in tariffs at which long-term PPAs are entered into; changes in policies and regulations including net metering and interconnection limits or caps; the availability of rebates, tax credits and other incentives; the availability of solar panels and other raw materials; our limited operating history, particularly as a relatively new public company; our ability to attract and retain relationships with third parties, including solar partners; our ability to meet the covenants in our debt facilities; meteorological conditions; supply disruptions; solar power curtailments by state electricity authorities and such other risks identified in the registration statements and reports that our Company has filed or furnished with the U.S. Securities and Exchange Commission, or SEC, from time to time, including ReNew Energy Global's annual report on Form 20-F filed with the SEC on July 30, 2025. Portfolio represents the aggregate megawatts capacity of solar power plants pursuant to s, signed or allotted or where we have received a letter of award. There is no assurance that we will be able to sign the PPAs even though we have received a letter of award. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward- looking statements. 2
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AGENDA 1 Q1 FY27 Highlights 2 Our Key Strengths 3 Business Updates 4 Finance Updates 5 ESG and Sustainability 6 Guidance 7 Annexures 3
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OUR VISION To be a global leader of the clean energy transition OUR VALUES Pioneer Responsible Excellence Partner 4
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Q1 FY27 Highlights 01 5
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Consistent Project Execution Capital Recycling and Manufacturing Expansion ▪ 13.5 GW^ operational ( 26%* YoY) ▪ Commissioned over 1 GW YTD ▪ 2.8 GW commissioned TTM ▪ 20.5 GW^ committed portfolio (incl. 1.7 GW BESS) ▪ Pipeline of ~27 GW of projects (incl. BESS) ▪ 2.7x growth since listing ▪ Jun’26: Closed the sale of 100 MW Tamil Nadu solar asset ▪ Aug’26: Signed definitive documents for sale of over 1 GW assets, $190 mn cashflow expected from the transaction ▪ 4 GW cell expansion underway with production to begin in H2 FY27; expected to contribute meaningfully from FY28 ▪ 6.5 GW wafer facility announced after ALMM-3 on wafers – to be funded through internal accruals + fundraise Filed Form 20-F for FY26 and 3rd Integrated Report Continued profitability; DSO down to 54 days post Q1 ▪ Annual financials for FY26 published; fully compliant with SOX audit requirements ▪ Released Annual Integrated Report for Fiscal 2026, themed “Beyond Boundaries: Decarbonizing Value Chains to Deliver Climate Value at Scale” ▪ Sustainalytics ESG Risk Rating: Low Risk Score of 11.65 (13.1 in Fiscal 2024), placing ReNew in the Top 2nd Percentile in the Utilities sector and Top 5th Percentile globally ▪ Adj. EBITDA of INR 30.4 Bn; up by 12% YoY ▪ INR 5.7 Bn contribution from manufacturing ▪ PAT of INR 6.0 Bn; up by 16% YoY ▪ CFe of INR 12.8 Bn ▪ DSO at 71 days; INR 5.7 bn received from Andhra Pradesh post June 30, 2026 related to the long overdue GBI issue; current DSO at 54 days 6 Q1 FY27 Highlights *Grossing up for 400 MW sold | ^ 13.5 GW operational and 20.5 GW committed portfolios in this presentation are inclusive of the 1,055 MW sale announced in Aug’26.
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• On August 11, 2026, ReNew entered into a transaction agreement with the Consortium (comprising of CPPIB and Sumant Sinha) for the proposed acquisition (the "Transaction Agreement"). • The proposed acquisition will be effected via a UK scheme of arrangement (the “Scheme”), to be voted on by Non- Consortium shareholders. • The Special Committee, comprising of independent directors, having received Rothschild & Co’s opinion that the cash offer is fair, from a financial point of view, to the holders of cash-out shares, considers the cash offer and Transaction Agreement fair and reasonable and intends to unanimously recommend that shareholders vote in favour of the Scheme. • The Consortium has received irrevocable undertakings to vote in favour of the Scheme from JERA Nex and Platinum Cactus who collectively hold approximately 51.1% of the voting power of the shares subject to the Scheme. • Non-Consortium shareholders may either (i) receive cash of US$7.02 per share by transferring their shares to CPP Investments or its designated affiliates, or (ii) subject to certain conditions, elect to roll over and remain shareholders. • Shareholders who do not validly elect the rollover option before the court hearing sanctioning the Scheme will automatically receive US$7.02 per share. • Further details on the Scheme’s timing will follow in due course. The Form 6-K and the Transaction Agreement are available here. Take Private: Binding Offer received; Agreement signed b/w Consortium and ReNew 7
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Our Key Strengths 02 8
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Founded by Sumant Sinha Shri Narendra Modi inaugurated ReNew’s first utility-scale wind project at Jasdan, Gujarat Became the first Renewable Energy IPP to cross 1 GW commissioned capacity Doubled its operational capacity and crossed the 2 GW (including acquired assets) milestone Became the first Indian RE company to cross 5 GW Listed on the NASDAQ index and crossed 6 GW of operational capacity Entered the Solar PV manufacturing space, plants set-up at Jaipur & Dholera. Rebranded from ReNew Power to ReNew. Crossed 10+ GW of gross renewable assets 2011 2012 2016 2017 2019 2021 2023 2024 2025 2026 ReNew stepped into 15th year; secured $100M investment from BII to strengthen solar manufacturing in India. A 15 Year journey of leading Indian renewables 9 Secured $95 million investment from LeapFrog in our C&I business; Commissioned 2.4 GW – highest ever Announced 6.5 GW ingot-wafer plant
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3.7 GW Committed capacity Wind 5.9 GW Committed capacity Solar 7.2 GW* Committed capacity Firm Power 2.9 GW Committed capacity C&I 6.4 GW Modules Committed capacity of ~20.5 GW (incl. 1.7 GW BESS) | Total Pipeline of ~27 GW (incl. BESS) Market leading presence across the full spectrum of the Indian clean energy landscape 6.5 GW (2.5 GW operational) Cells Utility Corporates Manufacturing Self EPC Self O&M 100% Connectivity 10 *Incl. 1.7 GW BESS | Merchant projects are not included in the above chart $95 Mn investment from LeapFrog led consortium $100 Mn investment from BII 6.5 GW (U/C) Wafers 6.5 GW (2.5 GW operational) Cells
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Manufacturing capacity: One of the highest integrated capacities in India; captive offtake C&I: Leading player in India with 2.9 GW portfolio with high-quality offtakers; 2.6 GW installed Connectivity: Secured for entire pipeline & addnl. available, critical differentiator for long-term growth Capital Recycling/Fundraise: Raised ~$1.3 bn through capital recycling of 3.7 GW#/fundraise in Mfg. and C&I We are uniquely placed across India’s renewable market segments Self EPC and O&M: Execution capability at scale through minimal third-party dependence Installed RE capacity: One of the largest in India, operating portfolio of over 13.5 GW 11 #Includes 900 MW farmed down to minority partners and the 1,055 MW sale signed under definitive documents
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Business Updates 03 12
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18.5 28.7 50.9 13.3 5.8 3.9 2.3 2.2 1.5 0.8 4.3 0.7 25.7 33.4 57.5 16.1 FY24 FY25 FY26 Q1 FY27 RE provides majority of capacity additions (in GW) Others Thermal RE Electricity demand driving RE growth Peak demand hits a new high 13 ▪ Renewables contributed 86% of overall power capacity addition in Q1 FY27, in line with recent trends ▪ 14 GW renewables added including 12 GW solar, 1 GW wind and hydro ▪ Power demand to go up in FY27 supported by El Nino & favorable base year ▪ Peak demand already touched ~271 GW in FY27 ▪ Electricity demand in Jul’26 up 11% YoY; up 9% YoY for Apr-Jul ▪ Demand increasing more in non-solar hours, supporting installation of more batteries ▪ 289 GW RE (incl. large hydro) installed as on June 30, 2026 ▪ Includes 162 GW solar and 57 GW wind Source: CEA and MNRE Others refers to Nuclear and Hydro 148 148 149 154153 164 165 170 April May June July Electricity demand up every month – 2026 vs. 2025 (in Bn Units)
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Project Execution: Pace continues in Fiscal 2027, delivery de-risked 26% increase* in operating portfolio YoY One of the leading RE installations in the industry ▪ 13.5 GW operating portfolio (incl. 0.1 GW/250 MWh BESS) ▪ 22% growth in operating portfolio YoY , net of 400 MW solar assets sold TTM; 26% growth adjusting for asset sales ▪ Consistent project execution track record – 1,047 MW commissioned in YTD FY27 ▪ 1,027 MW solar, 20 MW wind 20.5 GW committed capacity (incl. 1.7 GW/6.2 GWh BESS) ▪ Total pipeline of ~27 GW (incl. BESS) ▪ 75%+ of committed capacity with high quality (credit rating) customers 14 *Grossing up for MWs sold | All YoY numbers are with a base of June 30, 2025 Continue to deliver at an ever increasing scale Solar ▪ 250 MW+ erected and in final stages of commissioning ▪ 50%+ modules required for rest of FY27, already at site ▪ Balance secured, locked in through in-house production ▪ Silver pricing exposure hedged already for the year BESS ▪ 100% pricing locked-in at attractive rates; ~50% reached sites already Wind ▪ 100% WTG for year locked-in within budgeted levels Land ▪ Land largely tied up/acquired for the next 12 months
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Continue to expand C&I footprint across India; 2.9 GW portfolio 2.6 GW commissioned capacity present across five states ReNew’s leading presence in C&I segment in India 2.9 GW total capacity (2.6 GW commissioned); 330 MW commissioned YTD Karnataka 207 MW 193 MW Rajasthan 850 MW C&I: Corporate and Industrial, iREC: International Renewable Energy Certificates; ^Industry report Well-placed to participate in new business opportunities such as energy management services, supply to Datacentres among others Maharashtra 544 MW 317 MW Solar: 1,825 MW Wind: 751 MW Gujarat 214 MW 224 MW 15 10.7 GW^ of data centre capacity expected by FY31, presenting a $20 Bn^ market opportunity, and 75 TWh^ power demand LeapFrog led consortium of investors invested $95 Mn equity in ReNew’s C&I business for an 11.3% stake Amazon, Microsoft and Google collectively account for ~50% of contracted offtake in the C&I business
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Dholera cell plant (2.5 GW) Dholera module plant (2.4 GW) Jaipur module plant (4 GW) ▪ 40-60% of production expected to be used captively by the IPP business at arm’s length pricing ▪ Margins could see some moderation in the second half of the year ▪ Module production scaled back in Q1 in line with demand & upcoming ALMM2; to pick up subsequently ▪ Producing cells with best in class efficiency of ~23.5% ▪ TOPCon Cell Plant: Civil and PEB works in final stage, ETP and Cleanroom progressing well, printing lines installed and first cell is expected to be produced in Q3 FY27 ▪ Ingot-Wafer Plant: Expected to be commissioned in early CY28. Land and major approvals already in place. To be funded by internal accruals + external fundraise. c. 1.1 GW External order book INR 16.4 bn External Revenue for Q1 FY27 Manufacturing: profitable scale-up with full backward integration on track INR 5.7 bn External Adj. EBITDA for Q1 FY27 USD 100 mn Investment from BII 16 Healthy Margins 34% EBITDA margin in Q1 FY27; some normalization expected 653 683 778 860 924 1,028 1,024 1,133 852 142 351 440 461 463 494 513 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Module and Cell Production (MW) Module Cell
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Finance Updates 04 17
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▪ Total portfolio ~20.5 GW (incl. 1.7 GW BESS) ▪ 13.5 GW (incl. 0.1 GW BESS) operating capacity; up 22% YoY and up 26% adjusted for asset sales ▪ Wind: 5.6 GW, Solar: 7.8 GW, Hydro: 99 MW, BESS: 100 MW/250 MWh ▪ 6.9 GW committed capacity ▪ Wind: 1.1 GW, Solar: 4.2 GW, BESS: 1.6 GW ▪ T otal capacity commissioned ▪ ~2.8 GW commissioned from Jul’25 ▪ 2+ GW solar, 611 MW wind and 25 MW BESS ▪ 1,047 MW commissioned FY27 YTD ▪ 1,027 MW solar and 20 MW wind ▪ Consolidated Financial performance ▪ Revenue up 14% YoY ▪ Adj. EBITDA up 12% YoY ▪ PAT up 16% YoY Notes: 1. Total Income includes finance income. However, finance income is not included in Adjusted EBITDA (refer reconciliation of Net Profit to Adjusted EBITDA) * Grossed up for 400 MW of solar assets sold during the TTM | # Refer to the Total Income post adjustments (calculation in the annexure) Strong Q1 FY27: capacity up 26%* YoY , PAT up 16% Financials metrics (INR bn) Header: Calibri 26 Sub header 18 Sde text 12 body 16 Footer 8 Particular IPP Business Manufacturing (external sales) Consolidated Total Adj. Income# 29,411 16,600 46,011 Adj. EBITDA 24,741 5,651 30,392 Margins 86.0% 34.0% 66.1% Segment metrics for Q1 FY27 18 41.2 39.5 47.9 39.0 31.8 44.6 27.2 23.7 30.4 7.7 0.8 8.3 Q1 FY26 Q4 FY26 Q1 FY27 Total Income Revenue Adjusted EBITDA Profit Before Tax (1)
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Disciplined in Capital allocation: Net Debt/EBITDA at 5.7x^ Consistent improvement in Net Debt/EBITDA Net Debt as of Q1'26 Net Debt as of Q1'27 OCD/CCD Net CWIP Leverage for operational projects 300.0x 350.0x 400.0x 450.0x 500.0x 550.0x 600.0x 650.0x 700.0x 750.0x Contribution from our JV partners Approximate debt related to under construction projects Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 Net Debt/TTM Adj. EBITDA under 6x ▪ Disciplined approach to capital allocation and focus on our capital recycling efforts, partly to be used for reducing debt ▪ 1,055 MWs for sale locked-in under definitive agreements, to result in $190 mn cashflow on closing ▪ CWIP: Includes debt partially drawn down for ~1.5 GWs of RE (including BESS) and manufacturing Topcon expansion 609.3 697.1 (25.9) (92.2) 579.0 19 Operational Projects: 5.7x Net debt/EBITDA (INR Bn)
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ESG and Sustainability 05 Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 20
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Key Highlights from Q1 FY 2026-27 – Release of ReNew’s Third Annual Integrated Report for FY 2025-26 21 Theme Beyond Boundaries Decarbonising Value Chains to Deliver Climate Value at Scale • 25.6% reduction in Scope 1 and 2 GHG emissions from baseline • 617,167 m3 of water saved across initiatives. • 84% of electricity sourced from renewable energy sources • Achieved Carbon Neutrality (Scope 1 and Scope 2 emissions) for the sixth consecutive year • 100% of operations assessed for Biodiversity Risk • 100% Zero Liquid Discharge across operations Environment • 1.95+ million lives positively impacted through socioeconomic programs till FY 2025-26 • INR 369 million CSR spending (18.6% YoY increase) • ~18% workforce gender diversity; ~15% representation in STEM roles • 0.10 Lost Time Injury Frequency Rate (LTIFR) (52% YoY reduction) • 100% critical suppliers assessed for ESG risk for three consecutive years • 100% locally sourced steel for wind tower plates Social • 55% Independent Directors on the Board • 98% Board Meeting attendance • Dedicated ESG factors linked to CEO and Executive leadership compensation • Independent Assessment of the Enterprise Risk Management (ERM) Framework • 27 organization wide and 8 Manufacturing specific ESG targets institutionalized Governance Annual Integrated Report FY 2025-26
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Value Additions in Integrated Report FY 2025-26 22 Sections Value Additions 02 Complete refresh of the Double Materiality Assessment In line with leading global standards, double materiality assessment refreshed with new set of prioritized material topics for ReNew 03 Updated ReSTART target framework 27 targets established across the IPP and Manufacturing business 04 ESG Targets for Manufacturing institutionalized 8 targets developed for the first time for the Manufacturing business across circularity, emissions, diversity and inclusion, innovation and risk management 05 Enhanced alignment with the EU Taxonomy Increased sustainable revenue alignment with the alignment of Manufacturing business 06 Inaugural ESG Databook Published our first ESG Databook as part of our efforts to consolidate our ESG performance metrics and enhance reporting across business units 07 Inventorisation of Scope 3 Downstream Emissions Quantification of Scope 3 emissions across 4 categories: Transportation and Distribution, Processing of Sold Products, Use of Sold Products, and End-of-Life Treatment of Sold Products Hybrid Reporting Structure – Pillar + Capital wise reporting Transition from a pure capital based reporting structure to a Pillar and Capital based reporting structure in alignment with leading global standards 01
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Bolstering Our ESG Targets 23 2030 Targets 2040 Targets FY 2026-27 Completed Our ESG Targets Update for Q1 – FY 2026-27 Status To be validated as carbon neutral (scope 1 & 2) annually till 2030 • Carbon neutrality verification for 150+ sites for FY 2025-26 completed (6 times in a row) Completed Calculation of Scope 1, 2 and 3 GHG emissions for FY 2025-26 • Assurance for FY 2025-26 completed • Integrated Report for FY 2025-26 released Completed SBTi Validated Net Zero Emissions by 2040 • 25.6% reduction in Scope 1 and 2 emissions in FY’26 from FY’22 baseline (exceeding our target)Decarbonization roadmap for manufacturing and IPP in progress • Aligned to Net Zero targets, KPIs are part of Management Committee members’ scorecards In Progress Be water positive by 2030 • 617,167 m3 of water saved in FY 2025-26 • 564,239 m3 of water saved through robotic cleaning of solar panels, 29.4% YoY increase • 2 sites certified as water positive as per Niti Aayog Guidelines In Progress Positively impact 2.5 million people through CSR initiatives by 2030 • 1.95 million+ lives impacted till FY 2025-26 • 30 schools electrified in 7 states in Q1; 100 smart classrooms established in 5 states • 13 lakes desilted and 18 household taankas constructed across Rajasthan In Progress Skill 10,000 beneficiaries under Project Surya as solar technicians by 2030 • 166 women trained as solar technicians in Q1, with 89 women currently undergoing training and 36 women successfully placed, advancing women's participation in the green energy workforce • In partnership with IIT (ISM) Dhanbad, 100 candidates are currently undergoing training to emerging green technologies • 1728 women successfully trained in Solar PV Technicians skills cumulatively In Progress 30% women in the workforce by 2030 • Board diversity at 22%; Workforce diversity at ~18% In Progress Rank among the “Top five (Globally)” in Energy and Utilities by CDP, S&P Global CSA, Sustainalytics and Refinitiv by 2030 S&P Global CSA 2025 ESG score of 84; highest for an India based energy company; Yearbook Member 2024 ESG score of 73; Yearbook Member In Progress LSEG (Refinitiv) Grade ‘A’; Score- 90.41; 2nd globally (Electric Utilities) Grade ‘A’; Score - 84.35 CompletedCDP ‘A’ in Climate Change ‘A-’ in Water ‘A’ in Supplier Engagement ‘B’ in Climate Change ‘A-’ in Water ‘A’ in Supplier Engagement MSCI ‘AAA’ highest rating AA rating retained Sustainalytics 11.6 (Low Risk) 13.1 Low Risk In Progress EmissionsWaterSocial ImpactRatings SocialGovernance Environment
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Guidance 06 24
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FY27 Total Committed Portfolio# Adjusted EBITDA INR 103-109 bn (includes INR 10-12 bn from Manufacturing and INR 1-2 bn from Asset sale gains) INR 134-140 bn Run-rate Adjusted EBITDA* MWs 1.6 - 2.4 GW 20.5 GW (incl. 1.7 GW BESS) Total Constructed Portfolio CFe 18-22 bn INR 32-36 bn Run-rate CFe* Guidance reiterated 25 Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 * Long-term guidance assumes normal weather patterns and excludes contribution from our manufacturing business | # Includes 1.055 GW for which definitive agreements to sell signed subsequent to the quarter end
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Annexures 07 26
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1. Includes NTPC, REC-DVC, SJVN, NHPC, REMCL and PTC 2. MSEDCL rating by Acuite Ratings & Research as on 18th June 2025; SECI Rating by ICRA as on 10th July 2025; APSPDCL rating by Acuite Ratings & Research as on 29th December 2025; MPPMCL rating by Care Ratings as on 8th April 2026; TSNPDCL rating by CRISIL Ratings as on 28th Jan 2025;GUVNL ratings by ICRA as on 10th June 2025; NTPC rating by ICRA as on 9th April 2026; PTC rating by Crisil Ratings as on 26th May 2025 Centre 7.3 GW State 2.4 GW C&I 1.8 GW Merchant 0.8 GW Centre 2.9 GW State 2.7 GW C&I 1.0 GW Centre 1.7 GW Commissioned 7.0 GW U/C 4.7 GW Hydro (Commissioned) 0.1 GW Commissioned 5.6 GW U/C 1.1 GW BESS (Commissioned) 0.1 GW U/C 1.6 GW Total 20.5 GWTotal Portfolio Technology Project Stage Counterparty Offtaker Capacity % Rating(2) SECI 32% AAA Other Central Affiliates(1) 26% AAA/A1+ Corporates 14% - APSPDCL 4% BBB MSEDCL 3% A GUVNL 3% AA MPPMCL 3% BB+ TSNPDCL 2% BB Others 13% - State Capacity % Rajasthan 51% Karnataka 13% Maharashtra 9% Gujarat 8% Andhra Pradesh 8% Madhya Pradesh 7% Other 4% Offtaker Profile (20.5 GW Portfolio) Location Split Counterparty overview and asset breakdown Solar 12.0 GW Hydro 0.1 GW Wind 6.7 GW BESS 1.7 GW Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 27
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AP 6% Central Govt 42% Corporates 19% Others 33% DSO^ at ~54 days post Q1; money recovered from AP ▪ IPP DSO(4) 71 days at Jun’26, improved by 3 days YoY and 12 days in 2 years ▪ Manufacturing business had a DSO of 5 days ▪ Received INR 5.7 Bn from AP in July 2026 ▪ Share of high quality offtakers (< 30 DSO) is over 75% in 20.5 GW Notes: 1) As of June 30, 2026, 2) Includes SECI, NTPC, PTC and exchange traded, 3) GJ – Gujarat, AP – Andhra Pradesh, MP – Madhya Pradesh, TG – Telangana, KA – Karnataka, MH– Maharashtra, TN – Tamil Nadu, RJ – Rajasthan; normal payment due date is 60 days from billing, 4) Excluding unbilledrevenue and receivables | ^ Total billed annualized revenue compared to total billed receivables 1 US$ = INR 94.66 FED rate at June 30, 2026 DSOs improve as central govt becomes a larger % of assets AP 4% Central Govt 58% Corporates 14%Others 24% 20.5 GW13.5 GW 83 94 72 7174 84 66 63 71 Q1 Q2 Q3 Q4 FY25 FY26 FY27 Offtaker DSO % share in total receivables Days Contribution to DSO Corporates, GJ(3), Central Govt.(2) 0-30 days 12% 9 MH, MP , TG(3) 30-45 days 12% 8 KA(3) 45-60 days 5% 4 RJ(3) 60-90 days 4% 3 AP(3) >90 days 67% 47 Total 71(1) Ageing of billed receivablesConsistent reduction in the DSO across quarters Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 Quarterly split of DSO 28
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Wind PLF performance Source: CEA | Billed PLFS 29.9% 41.3% 17.0% 18.4% 28.4% 38.3% 13.5% 17.3% 32.8% 37.3% 18.1% 18.3% 32.0% Q1 Q2 Q3 Q4 FY24 FY25 FY26 FY27 ReNew PLFs fare better than national average Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 29 ReNew Wind PLF ReNew Wind PLFs FY24: 26.4% FY25: 24.4% FY26: 26.3% Q1 FY27: 32.0% 30% 35% 14% 15% 28% Q1 Q2 Q3 Q4 All India Wind PLFs (FY23 – FY26) FY24 FY25 FY26 FY27
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11.0% 19.1% 18.8% 9.2% 5.0% 36.9% GS CPPIB ADIA JERA Founder Entities Public Shareholders 32.9% 21.6%10.6% 4.2% 30.7% 35.6% 13.8%13.6% 6.7% 3.6% 7% GS CPPIB ADIA JERA Founder Entities Public Shareholders Updated shareholders and diluted shares 1. Economic Shareholding excludes management ESOPs / unexercised ESOPs, public and private warrant holders 2. RMG is liquidated and its shareholding has been transferred to its investors thereof. The shares have been included in Public Shareholders for purposes of representation. Public Shareholders includes SPAC + PIPE + Warrant exercise + RMG + GEF SACEF + ESOP exercised + RSUs issued – buyback 3. One Class B share represents the number of votes from time to time equal to 11,437,723 Class A Ordinary Shares and one Class D Ordinary Share represents the number of votes from time to time equal to 12,345,678 Class A Ordinary Shares 4. ESOPs Dilution calculated using treasury stock method and a trading price of $10 Economic Shareholding(1) Particulars Shares (mn) Class A Shares 246.2 Class B Shares(3) - Class C Shares 118.4 Class D Shares(3) - Total Outstanding Shares 364.6 Particulars Shares (mn) Class A Shares (existing) 246.2 Class A Shares to be issued to CPP Investments(3) 12.3 Class C Shares (existing) 118.4 Class A Shares to be issued to Founder(3) 11.4 ESOPs(4) 13.5 Total Diluted Shares 401.9 Total Shares Outstanding For ReNew Energy Global PLC Total Diluted Shares For ReNew Energy Global PLC (2) Voting Shareholding 53.4% 15.0% 7.3% 2.9% 21.4% August’21 (Listing date) Current (2) CurrentAugust’21 (Listing date) Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 30
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Note: Debt doesn’t include unsecured CCDs/OCDs 1. Senior US$ Green Bonds stated based on the actual US$ amount raised 2. For dollar bonds, assumes cost basis average annual depreciation in INR over the last 20 years, excludes upfront costs 3. Excludes acceptances, working capital and other non-fund based borrowings 4. Computed basis the total debt at a consolidated level, as reported on the B/S *70%+ of the bonds maturing are asset backed and will be refinanced as has been done in the past Debt profile Interest cost (excluding non-cash MTM) for the O/S Debt as of 30th Jun 2026 is ~8.96%(2) By Debt Type By CurrencyBy Source(4) By Maturity Working Capital Loan 7% INR Bonds 6% Senior Overseas Green Bonds 28% Secured Loan from FI 29% Secured Bank Loan 30% US Dollars, 33% INR , 64% Others, 3% 0 - 2 years, 26%* 2 - 5 years, 31% 5+ years, 43% Debt Amortization (INR bn)(3) FY27 FY28 Bond Maturities* 56.0 33.3 Long term Debt 32.0 32.3 Total 88.0 65.6 (1) Fixed 56% Variable 44% By Project Type By Repayment HoldCo, 14%Commissioned, 73% Under Construction, 13% Amortizing 63% Non Amortizing 37% Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 31
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FY25 FY26 Wind Solar Wind Solar Operational capacity (GW) 4.9 5.7 5.6 6.8 Weighted average operational capacity(1) (GW) 4.8 5.2 5.2 6.0 Plant load factor (%)(4) 26% 25% 27% 22% Electricity generated(2) (kWh mn) 10,749 10,986 12,594 11,624 Revenue from contract with customers(3) (INR mn) 41,786 37,290 46,935 38,996 Average Selling Price 4.07 3.43 3.88 3.38 Operating performance and seasonalityHeader: Calibri 26 Sub header 18 text 12 body 16 Footer 8 1. Weighted average operational capacity is calculated as electricity generated divided by the plant load factor and weighted by number of days for the reporting period 2. Electricity sold is approximately 4% lower than the electricity generated as a result of electricity lost in transmission or due to power curtailments 3. Our total revenue from contract with customers primarily comes from sale of power for the above reporting periods. 4. The PLFs here are based on generation and do not account for the energy loss in transmission 32 Q4 FY25 Q4 FY26 Q1 FY26 Q1 FY27 Wind Solar Wind Solar Wind Solar Wind Solar Operational capacity (GW) 4.9 5.7 5.6 6.8 5.0 6.1 5.6 7.3 Weighted average operational capacity(1) (GW) 4.9 5.7 5.5 6.1 4.9 5.9 5.6 7.0 Plant load factor (%)(4) 19% 26% 19% 23% 34% 25% 33% 22% Electricity generated(2) (kWh mn) 2,005 3,215 2,294 3,034 3,681 3,127 4,043 3,378 Revenue from contract with customers(3) (INR mn) 7,179 10,839 8,074 10,097 14,349 10,565 15,056 11,155 Average Selling Price 3.92 3.46 3.68 3.40 3.90 3.38 3.86 3.27
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Segment Performance – Core* and Manufacturing * Core includes new business areas 33 Particulars Quarter ended June 30, 2025 Quarter ended June 30, 2026 Core Mfg. Total Core Mfg. Total Revenue 25,919 13,078 38,998 28,206 16,375 44,581 Other operating income 191 - 191 308 - 308 Finance income 1,138 115 1,253 999 177 1,176 Other income 711 30 741 1,565 226 1,791 Change in fair value of warrants - - - 8 - 8 Total income 27,959 13,223 41,182 31,087 16,777 47,864 Raw materials and consumable (net) 67 21,128 21,505 751 9,587 10,338 Employee benefits expense - 1,797 6,586 1,391 599 1,990 Other expenses 1,172 3,764 20,055 3,520 812 4,331 Depreciation and amortization 5,529 1,959 26,738 6,781 551 7,332 Finance costs and fair value change in derivative instruments 13,910 2,618 61,754 15,024 504 15,528 Change in fair value of warrants 24 - 24 - - - Total expenses 24,564 8,886 33,449 27,468 12,053 39,521 Adjusted EBITDA 21,928 5,292 27,220 24,742 5,651 30,392
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All figures in millions Adjusted Q1 FY26 Q1 FY27 Q1 FY27 Adjustments Adjusted Q1 FY27 YoY % growth Q1 FY26 Adj. Vs Q1 FY27 Adj. Comments (INR) (INR) (USD) (INR) (USD) (INR) (USD) Revenue from contracts with customers 38,998 44,581 471 - - 44,581 471 14% Includes INR 16.4 bn from our manufacturing business Other operating income 191 308 3 - - 308 3 61% Finance income - 1,176 12 (1,176) (12) - - - Removal of interest income for adjusted EBITDA calculation Other income 740 1,791 19 - - 1,791 19 142% Change in FV of warrants - 8 0 (8) (0) - - - Removal of revaluation of share warrants Total income 39,929 46,680 493 17% Raw materials and consumables used # 6,691 10,338 109 - - 10,338 109 55% Primarily related to our manufacturing business Employee benefits expense 1,402 1,990 21 (372) (4) 1,618 17 15% Adjustment for share based payment expense compensation Other expenses and provisions 4,616 4,332 46 - - 4,332 46 (6%) Lower provision during Q1 Fy27 Total expenses 12,709 16,288 172 28% Adjusted EBITDA 27,220 30,392 321 12% $321 mn Adj. EBITDA in Q1 FY27 Includes INR 5.7 bn from manufacturing Adj. EBITDA Margin (MFG) 40.4% 34.0% Adj. EBITDA Margin (ex MFG) 81.8% 86.0% Refer notes US$ 321 mn adj. EBITDA for Q1 FY27 FY represents fiscal year end 31st March; 1 US$ = INR 94.66 FED rate at Jun 30, 2026 | N/M - Not Meaningful (change more than +/- 100%) # Net of increase in inventories of finished goods | Margins have been adjusted for one of our foreign JVs which has been reclassified to a subsidiary. 34
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Particulars As of March 31, 2026 INR mn (Audited) As of June 30, 2026 INR mn (Unaudited) As of June 30, 2026 US$ mn (Unaudited) Cash and cash equivalents, bank balances and investments (including short and long term)(1) 80,628 88,992 940 Property, plant and equipment, net(2) 809,882 833,969 8,810 Total Assets 1,056,602 1,085,514 11,468 Current liabilities: Interest-bearing loans and borrowings 56,857 57,444 607 Current portion of long-term debt (included in other current liabilities) 183,287 214,233 2,263 Non-current liabilities: Interest-bearing loans and borrowings 527,621 514,438 5,435 Gross debt (current + long term) 767,767 786,115 8,305 Net Debt(3) 661,923 671,202 7,091 Consolidated balance sheet summary 1. Refer to Liquidity Position in the Q1 FY27 6-K filing, includes investment in liquid funds. 2.Includes ~US$ 1.3 bn of CWIP 3. Gross debt less OCDs/CCDs (INR 25.2 bn for FY26 and INR 25.9 bn for Q1 FY27), cash and cash equivalents, bank balances other than cash and cash equivalent 4. 1 US$ = INR 94.66 FED rate at Jun 30, 2026 Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 35
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All figures in millions For the quarter ended June 30, Particulars 2025 (INR) 2026 (INR) 2026 (US$) Total Income Revenue from Operations 16,114 19,359 205 Other income 146 335 4 (-) Expenses Cost of raw material and components consumed 9,629 10,552 111 Change in inventories of finished goods (884) 841 9 Employee benefits expense 410 519 5 Other expenses 911 1,577 17 Depreciation and amortization expense 556 597 6 Finance costs 689 385 4 PBT 4,949 5,223 55 Tax expense 872 895 9 PAT 4,077 4,328 46 Standalone Manufacturing Financials 1 US$ = INR 94.66 FED rate at Jun 30, 2026 * Net of Change in inventories of finished goods 36
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All figures in millions For the three months ended June 30, 2025 (Unaudited) (INR) 2026 (Unaudited) (INR) 2026 (Unaudited) (US$) Profit/Loss for the period 5,131 5,953 63 Less: Finance income (1,252) (1,176) (12) Less: Share in profit of jointly controlled entities 2 - - Add: Depreciation and amortization 6,047 7,332 77 Add: Finance costs and fair value change in derivative instruments(2) 14,453 15,529 164 Add/(less): Change in fair value of warrants 24 (8) (0) Add: Income tax expense 2,600 2,390 25 Add: Share based payment expense and others related to listing 216 372 4 Adjusted EBITDA 27,220 30,392 321 Adj. EBITDA reconciliation 1 US$ = INR 94.66 FED rate at Jun 30, 2026 2. INR/USD moved from INR 85.43, as of March 31, 2025 to INR 93.83 as of March 31, 2026, compared to INR 94.66 as of June 30, 2026 37
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Cash flow to equity reconciliation 1 US$ = INR 94.66 FED rate at Jun 30, 2026 (1) Includes total payment made towards debt servicing during the period, less unscheduled payment or payments for non-amortizing debt Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 38 All figures in millions For the three months ended Jun 30, Particulars 2025 (Unaudited) (INR) 2026 (Unaudited) (INR) 2026 (Unaudited) (US$) Adjusted EBITDA 27,220 30,392 321 Add: Finance income 1,253 1,176 12 Less: Interest paid in cash (9,841) (12,944) (137) Less: Tax paid 1,268 1,355 14 Less: Normalised loan repayment(1) (4,692) (7,072) (75) Less: Other non-cash items 117 (69) (1) Total CFe 15,325 12,838 136
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EBITDA Walk 39 27.2 27.2 29.2 29.6 30.4 2.0 0.4 0.8 Q1 FY26 actual New Project EBITDA Manufacturing EBITDA Lower cost vs PY Q1 FY27 actual Q1FY26 to Q1FY27 (INR Bn)
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Consistent positive cash profits 131.1 144.5 34.4 39.5 11.9 21.6 13.5 14.6 0 20 40 60 80 100 120 140 160 Q1 FY26 Q1 FY27 Total Equity Total Income Cash from operations Cash Profit INR bn During Q1 FY27, we delivered: ▪ Cash from operations INR 21.6 bn in Q1 FY27; 82% higher YoY ▪ INR 11.9 bn in Q1 FY26 ▪ Cash profit* of INR 14.6 bn in Q1 FY27; 8% higher YoY ▪ INR 13.5 bn in Q1 FY26 *Cash Profit = PAT+ depreciation and amortization + share-based payments + deferred taxes | Cash from operations as from the financial statements | Cash ROE = Cash Profit/Opening Equity Cash flow generation outpacing revenue growth 40 Ad Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 40
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ReNew’s Green Bonds Bond Issue Date Maturity Current Outstanding ($ mn) Coupon Hedging Arrangement Security Structure RPVIN 27 Jan 2020 Mar 2027 (7NC2.5) 270 5.88% CCS Asset Backed Holdco Issuance IGPH 27 Feb 2021 Feb 2027 (6NC3) 368 4.00% ATMF Call Option + CoS Restricted Group Issuance RPVIN 28 Apr 2021 Jul 2028 (7.25NC2.5) 585 4.50% CCS Restricted Group Issuance INCLEN 27 Jan 2022 Apr 2027 (5.25NC3.5) 400 4.50% Call Spreads + CoS HoldCo Issuance RPVIN 31 Feb 2026 Feb 2031 (5NC3) 600 6.50% CoS + PoS Asset Backed HoldCo Issuance Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 41
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42 Influencing Communities With Sustainability Initiatives Over 1.95 million lives impacted till 31st March 2026 Lighting Lives An initiative focusing on last mile electrification of schools with less than 3 hours of electricity through solar energy, thereby changing the education delivery and creating a force of young green ambassadors through clean energy advocacy. Women for Climate A socio-economic empowerment program focusing on building climate resilience amongst rural and urban women through skilling on green jobs and climate entrepreneurship. Water security A Community-Corporate (CC) based partnership to address the need for ensuring access to safe drinking water by establishment of water filtration units in community and schools and rejuvenating existing community water structures. Infrastructure Initiatives A programme to understand infrastructural needs of the communities (hospital support, street lights, school construction/renovation, toilet construction etc.) and developing common infrastructures across the project sites. Gift warmth Donating blankets to vulnerable populations across India during harsh winters. The program was recognized by the Honorable President of India and is now being scaled up through partnerships. Rice Bucket Challenge Donating rice to the needy and contributing towards a hunger free India, the rice bucket challenge is an annual campaign which focusses on employees distributing rice and engaging with communities. Flagship Programs Site Specific & Employee Driven Programs • 470+ schools electrified • 127 Digital labs established • 490 Smart Classrooms installed • 1728 women trained as solar technicians, • 266 women placed • Partnered with IIT(ISM) Dhanbad to upskill women coal mine workers, 360 candidates trained. • 524 taankas built • 78 lakes de-silted & repaired 7.65L + meals distributed to over 4259 students across 3 years in partnership with The Akshaya Patra Foundation More than 1.02 million blankets distributed till date Note: Impact numbers are till date
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Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) Tenure at COD Utility Scale Wind Energy Commissioned Projects (3,680 MW) Jasdan 25.2 Gujarat Mar-12 23.1MW: APPC Rate + escalation linked to State APPC tariff; 2.1MW: INR 3.25/unit GUVNL (23.1), 3rd Party (2.1) 23.1 MW: 25 years; 2.1MW: 10 years (4) SREI 60.0 Rajasthan May-12 4.74(3) JVVNL, AVVNL 20-25 Vaspet-I 25.5 Maharashtra Nov-12 5.73 MSEDCL 13 Vaspet-I 19.5 Maharashtra Jan-14 5.73 MSEDCL 13 Jath 34.5 Maharashtra Nov-12 5.75 MSEDCL 13 Jath 50.2 Maharashtra Jun-13 5.75 MSEDCL 13 Bakhrani 14.4 Rajasthan Mar-13 5.39(3) JVVNL 25 Jamb 28.0 Maharashtra May-13 5.81 MSEDCL 13 Vaspet-II & III 49.5 Maharashtra Jun-13 5.81 MSEDCL 13 Welturi-I 50.4 Maharashtra Sep-13 5.81 MSEDCL 13 Budh-I 30.0 Maharashtra Feb-14 5.81 MSEDCL 13 Welturi-II 23.1 Maharashtra Mar-14 5.81 MSEDCL 13 Dangri 30.0 Rajasthan Oct-14 5.78(3a) AVVNL 25 Vaspet-IV 49.5 Maharashtra Nov-14 5.79 MSEDCL 13 Pratapgarh 46.5 Rajasthan Mar-15 6.08(3a) JVVNL, AVVNL 25 Pratapgarh 4.5 Rajasthan Jul-15 6.08(3a) JVVNL, AVVNL 25 Ostro – Tejuva 50.4 Rajasthan Jul-15 5.88(3a) JVVNL 25 KCT Gamesa 24 Kalyandurg 24.0 Andhra Pradesh Aug-15 4.83+Tax Pass-through to offtaker(6) APSPDCL 25 KCTGE 39.1 Molagavalli 39.1 Andhra Pradesh Aug-16 4.83+Tax Pass-through to offtaker(6) APSPDCL 25 KCT Gamesa 40 Molagavalli 40.0 Andhra Pradesh Feb-17 4.84+Tax Pass-through to offtaker(6) APSPDCL 25 Vinjalpur 12.0 Gujarat Sep-15 4.15 GUVNL 25 Rajgarh 25.6 Rajasthan Oct-15 5.88(3a) AVVNL 25 Ostro-Rajgarh 25.6 Rajasthan Oct-15 5.88(3a) AVVNL 25 Mandsaur 28.8 Madhya Pradesh Oct-15 5.69 MPPMCL 25 Mandsaur 7.2 Madhya Pradesh Mar-17 5.69 MPPMCL 25 Bhesada 100.8 Rajasthan Dec-15 5.88(3a) JDVVNL 25 Nipaniya 40.0 Madhya Pradesh Feb-16 5.92 MPPMCL 25 Kod and Limbwas 90.3 Madhya Pradesh Mar-16 5.92 MPPMCL 25 Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 43 Project level details (as of Aug 12, 2026) 1. Applicable tariff is based on s or the latest invoices issued and in the case of group captive customers is a weighted ave rage figure based on invoices issued to the customer 2. MSEDCL: Maharashtra State Electricity Distribution Co. Ltd; JVVNL: Jaipur Vidyut Vitran Nigam Ltd; APSPDCL: Andhra Pradesh Southern Power Distribution Co. Ltd; AVVNL: Ajmer Vidyut Vitran Nigam Ltd ; MPPMCL: M.P. Power Management Co. Ltd; GUVNL: Gujarat Urja Vikas Nigam Ltd; JdVVNL: Jodhpur Vidyut Vitran Nigam Ltd; BESCOM: Bangalore Electricity Supply Co. Ltd; MESCOM: Mangalore Electricity Supply Co. Ltd; GESCOM: Gulbarga Electricity Supply Co. Ltd; HESCOM: Hubli Electricity Supply Co. Ltd; CESC: Chamundeshwari Electricity Supply Corp. Ltd; NTPC: National Thermal Power Corp. Ltd; PSPCL: Punjab State Power Corp. Ltd; RREC: Rajasthan Renewable Energy Corp. Ltd; SECI: Solar Energy Corporation of India Ltd; TANGEDCO: Tamil Nadu Generation & Distribution Corp. Ltd; TSSPDCL: Telangana State Southern Power Distribution Co. Ltd; TSNPDCL: Telangana State Northern Power Distribution Co. Ltd; KSEBL: Kerala State Electricity Board Limited; MPPTCL: MP Po wer Trading Company Ltd.; RVPN: Rajasthan Rajya Vidyut Prasaran Nigam Ltd; Third Party refers to private commercial & industrial customers and power sold through IEX 3. Tariff grossed up by 4% to include transmission loss reimbursement as per the relevant; (3a)Tariff grossed up by 2.5% to i nclude transmission loss reimbursement as per the relevant ; 4.10 years from date of first supply in September 2020; 5. HT tariff refers to high tension tariff, which is the tariff charged by the electricity distribution companies for power supplied at high voltage. The electricity distribution company typically publishes a tariff chart which categorizes tariffs at different voltage levels. The rate varies from state to state and from year-to-year; 6. Any income tax paid by us is “passed-through” to our offtakers in addition to the tariff; 7. Hybrid Projects; 8. COD for operational projects are weighted average CODs; 9. Transaction closed in first week of November 2021; 10. Other Commissioned Projects includes our merchant capacity 11. BESS Capacity of 150 MWh in PP -1, 100 MWh in RTC-1. for other projects the BESS is subject to change * Subject to transmission network readiness
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Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) Tenure at COD Utility Scale Wind Energy Commissioned Projects (3,680 MW) Ostro-Lahori 92.0 Madhya Pradesh Mar-16 5.92 MPPMCL 25 Ostro-Amba 66.0 Madhya Pradesh Mar-16 5.92 MPPMCL 25 Ostro-Nimbagallu 100.0 Andhra Pradesh Sep-16 4.84+Tax Pass-through to offtakers(6) APSPDCL 25 Limbwas 2 18.0 Madhya Pradesh Oct-16 4.78 MPPMCL 25 Ellutala 119.7 Andhra Pradesh Nov-16 4.84+Tax Pass-through to offtakers(6) APSPDCL 25 Batkurki 60.0 Karnataka Jan-17 4.50+Tax Pass-through to Offtakers(6) HESCOM 25 Bableshwar 50.0 Karnataka Mar-17 4.50+Tax Pass-through to Offtakers(6) HESCOM 25 Veerabhadra 100.8 Andhra Pradesh Mar-17 4.84+Tax Pass-through to offtakers(6) APSPDCL 25 Amba-1 44.0 Madhya Pradesh Mar-17 4.78 MPPMCL 25 Amba-2 8.0 Madhya Pradesh Mar-17 4.78 MPPMCL 25 Patan 50.0 Gujarat Mar-17 4.19 GUVNL 25 Lahori 0 Madhya Pradesh Mar-17 4.78 MPPMCL 25 Molagavalli 46.0 Andhra Pradesh Mar-17 4.84+Tax Pass-through to offtakers(6) APSPDCL 25 Ostro-Sattegiri 60.0 Karnataka Mar-17 4.50+Tax Pass-through to offtakers(6) HESCOM 25 Ostro-Ralla Andhra 98.7 Andhra Pradesh Mar-17 4.84+Tax Pass-through to offtakers(6) APSPDCL 25 Ostro-Ralla AP 98.7 Andhra Pradesh Mar-17 4.84+Tax Pass-through to offtakers(6) APSPDCL 25 Ostro-AVP Dewas 27.3 Madhya Pradesh Mar-17 4.78 MPPMCL 25 Ostro-Badoni Dewas 29.4 Madhya Pradesh Mar-17 4.78 MPPMCL 25 Sadla 38.0 Gujarat Mar-17 3.86 GUVNL 25 Sadla 10.0 Gujarat May-17 3.86 GUVNL 25 Ostro-Taralkatti 100.0 Karnataka Feb-18 4.50+Tax Pass-through to offtakers(6) GESCOM 25 Bableshwar 2 40.0 Karnataka Mar-18 3.74+Tax Pass-through to offtakers(6) BESCOM 25 Bapuram 50.0 Karnataka Mar-18 3.74+Tax Pass-through to offtakers(6) GESCOM 25 Nirlooti 60.0 Karnataka Mar-18 3.74+Tax Pass-through to offtakers(6) GESCOM 25 Borampalli 50.4 Andhra Pradesh Mar-18 4.84+Tax Pass-through to offtakers(6) APSPDCL 25 Kushtagi-1 71.4 Karnataka Mar-18 3.72+Tax Pass-through to offtakers(6) HESCOM, GESCOM 25 Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 44 Project level details (as of Aug 12, 2026) 1. Applicable tariff is based on s or the latest invoices issued and in the case of group captive customers is a weighted ave rage figure based on invoices issued to the customer 2. MSEDCL: Maharashtra State Electricity Distribution Co. Ltd; JVVNL: Jaipur Vidyut Vitran Nigam Ltd; APSPDCL: Andhra Pradesh Southern Power Distribution Co. Ltd; AVVNL: Ajmer Vidyut Vitran Nigam Ltd ; MPPMCL: M.P. Power Management Co. Ltd; GUVNL: Gujarat Urja Vikas Nigam Ltd; JdVVNL: Jodhpur Vidyut Vitran Nigam Ltd; BESCOM: Bangalore Electricity Supply Co. Ltd; MESCOM: Mangalore Electricity Supply Co. Ltd; GESCOM: Gulbarga Electricity Supply Co. Ltd; HESCOM: Hubli Electricity Supply Co. Ltd; CESC: Chamundeshwari Electricity Supply Corp. Ltd; NTPC: National Thermal Power Corp. Ltd; PSPCL: Punjab State Power Corp. Ltd; RREC: Rajasthan Renewable Energy Corp. Ltd; SECI: Solar Energy Corporation of India Ltd; TANGEDCO: Tamil Nadu Generation & Distribution Corp. Ltd; TSSPDCL: Telangana State Southern Power Distribution Co. Ltd; TSNPDCL: Telangana State Northern Power Distribution Co. Ltd; KSEBL: Kerala State Electricity Board Limited; MPPTCL: MP Po wer Trading Company Ltd.; RVPN: Rajasthan Rajya Vidyut Prasaran Nigam Ltd; Third Party refers to private commercial & industrial customers and power sold through IEX 3. Tariff grossed up by 4% to include transmission loss reimbursement as per the relevant; (3a)Tariff grossed up by 2.5% to i nclude transmission loss reimbursement as per the relevant ; 4.10 years from date of first supply in September 2020; 5. HT tariff refers to high tension tariff, which is the tariff charged by the electricity distribution companies for power supplied at high voltage. The electricity distribution company typically publishes a tariff chart which categorizes tariffs at different voltage levels. The rate varies from state to state and from year-to-year; 6. Any income tax paid by us is “passed-through” to our offtakers in addition to the tariff; 7. Hybrid Projects; 8. COD for operational projects are weighted average CODs; 9. Transaction closed in first week of November 2021; 10. Other Commissioned Projects includes our merchant capacity 11. BESS Capacity of 150 MWh in PP -1, 100 MWh in RTC-1. for other projects the BESS is subject to change * Subject to transmission network readiness
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Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) Tenure at COD Utility Scale Wind Energy Commissioned Projects (3,680 MW) Ostro - Kutch (SECI 1) 250.0 Gujarat Oct-18 3.46 PTC 25 SECI II 230.1 Gujarat Oct-19 2.64 SECI 25 GUVNL 35.0 Gujarat Oct-19 2.45 GUVNL 25 MSEDCL Bid 76.0 Maharashtra Dec-19 2.85 MSEDCL 25 SECI III 300.0 Gujarat Dec-20 2.44 SECI 25 SECI VI 199.5 Karnataka Dec-21 2.82 SECI 25 SECI VII 50.6 Gujarat Feb-22 2.81 SECI 25 Total Utility Scale Wind Energy 3,680.2 Utility Scale Solar Energy Commissioned Projects (4,621 MW) VS- Lexicon 10.0 Rajasthan Feb-13 8.69 NTPC 25 VS- Symphony 10.0 Rajasthan Feb-13 8.48 NTPC 25 Sheopur 50.0 Madhya Pradesh Jun-15 6.97 MPPMCL 25 VS-Star Solar 5.0 Rajasthan Jul-15 6.45 RREC 25 VS-Sun Gold 5.0 Rajasthan Jul-15 6.45 RREC 25 Adoni 39.0 Andhra Pradesh Mar-16 5.98 for year 1 with 3% escalation till year 10, 10th year tariff applicable from 11th year APSPDCL 25 SECI Raj 110.0 Rajasthan Feb-21 2.49 SECI 25 GUVNL 105.0 Gujarat Apr-21 2.68 GUVNL 25 SECI IV 300.0 Rajasthan Sep-21 2.54 SECI 25 Acquisition - Telangana(9) 260.0 Telangana Jun-17 5.65 TSNPDCL, TSSPDCL 25 SECI IX 100.0 Rajasthan Mar-24 2.37 SECI 25 SECI IX (IB Vogt) 300.0 Rajasthan Mar-26 2.37 SECI 25 Bhadla 50.0 Rajasthan Apr-19 2.49 SECI 25 SECI XVIII 250.0 Multiple Jun-25 3.04 SECI 25 GUVNL – XIX 400.0 Rajasthan Mar-26 2.71 GUVNL 25 REC-DVC 200.0 Rajasthan Mar-26 2.69 DVC 25 Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 45 Project level details (as of Aug 12, 2026) 1. Applicable tariff is based on s or the latest invoices issued and in the case of group captive customers is a weighted ave rage figure based on invoices issued to the customer 2. MSEDCL: Maharashtra State Electricity Distribution Co. Ltd; JVVNL: Jaipur Vidyut Vitran Nigam Ltd; APSPDCL: Andhra Pradesh Southern Power Distribution Co. Ltd; AVVNL: Ajmer Vidyut Vitran Nigam Ltd ; MPPMCL: M.P. Power Management Co. Ltd; GUVNL: Gujarat Urja Vikas Nigam Ltd; JdVVNL: Jodhpur Vidyut Vitran Nigam Ltd; BESCOM: Bangalore Electricity Supply Co. Ltd; MESCOM: Mangalore Electricity Supply Co. Ltd; GESCOM: Gulbarga Electricity Supply Co. Ltd; HESCOM: Hubli Electricity Supply Co. Ltd; CESC: Chamundeshwari Electricity Supply Corp. Ltd; NTPC: National Thermal Power Corp. Ltd; PSPCL: Punjab State Power Corp. Ltd; RREC: Rajasthan Renewable Energy Corp. Ltd; SECI: Solar Energy Corporation of India Ltd; TANGEDCO: Tamil Nadu Generation & Distribution Corp. Ltd; TSSPDCL: Telangana State Southern Power Distribution Co. Ltd; TSNPDCL: Telangana State Northern Power Distribution Co. Ltd; KSEBL: Kerala State Electricity Board Limited; MPPTCL: MP Po wer Trading Company Ltd.; RVPN: Rajasthan Rajya Vidyut Prasaran Nigam Ltd; Third Party refers to private commercial & industrial customers and power sold through IEX 3. Tariff grossed up by 4% to include transmission loss reimbursement as per the relevant; (3a)Tariff grossed up by 2.5% to i nclude transmission loss reimbursement as per the relevant ; 4.10 years from date of first supply in September 2020; 5. HT tariff refers to high tension tariff, which is the tariff charged by the electricity distribution companies for power supplied at high voltage. The electricity distribution company typically publishes a tariff chart which categorizes tariffs at different voltage levels. The rate varies from state to state and from year-to-year; 6. Any income tax paid by us is “passed-through” to our offtakers in addition to the tariff; 7. Hybrid Projects; 8. COD for operational projects are weighted average CODs; 9. Transaction closed in first week of November 2021; 10. Other Commissioned Projects includes our merchant capacity 11. BESS Capacity of 150 MWh in PP -1, 100 MWh in RTC-1. for other projects the BESS is subject to change * Subject to transmission network readiness
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Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) Tenure at COD Utility Scale Solar Energy Commissioned Projects (4,621 MW) Mah Ph I 250.0 Rajasthan Oct-19 2.72 MSEDCL 25 Karnataka 40 40.0 Karnataka Oct-19 3.22 MESCOM, BESCOM, GESCOM, CESC 25 Cumbum 21.0 Andhra Pradesh Mar-16 5.98 for year 1 with 3% escalation till year 10, 10th year tariff applicable from 11th year APSPDCL 25 Mehbubnagar-1 100.0 Telangana May-16 6.73 TSSPDCL 25 Sadashivpet 24.0 Telangana Jun-16 6.8 TSSPDCL 25 Mandamarri 48.0 Telangana Feb-17 5.59 TSNPDCL 25 Alland 20.0 Karnataka Mar-17 4.86 BESCOM 25 Bhalki 20.0 Karnataka Mar-17 4.85 BESCOM 25 Sirugu 20.0 Karnataka Mar-17 4.76 HESCOM 25 Humnabad 20.0 Karnataka Mar-17 4.86 HESCOM 25 Charanka 40.0 Gujarat Mar-17 4.43 SECI 25 Mulkanoor 30.0 Telangana Mar-17 5.59 TSNPDCL 25 Chincholi 20.0 Karnataka Apr-17 4.84 BESCOM 25 Minpur 65.0 Telangana Jun-17 5.59 TSSPDCL 25 Dichipally 143.0 Telangana Jun-17 5.59 TSNPDCL 25 Devdurga 20.0 Karnataka Sep-17 4.76 MESCOM 25 Ostro-Wanaparthy 50.0 Telangana Sep-17 5.59 TSSPDCL 25 MPSolar II 51.0 Madhya Pradesh Oct-17 5.46 MPPMCL 25 Yadgir 20.0 Karnataka Oct-17 4.85 BESCOM 25 Honnali 20.0 Karnataka Nov-17 5.05 BESCOM 25 Turuvekere 20.0 Karnataka Nov-17 4.84 BESCOM 25 Mahbubnagar 2 100.0 Telangana Nov-17 4.66 NTPC 25 Ostro-Rajasthan 60.0 Rajasthan Nov-17 5.07 NTPC 25 Pavagada 50.0 Karnataka Dec-17 4.8 NTPC 25 SECI Raj IV 975.0 Rajasthan Oct-24 2.18 SECI 25 SECI VIII 200.0 Rajasthan May-25 2.51 SECI 25 Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 46 Project level details (as of Aug 12, 2026) 1. Applicable tariff is based on s or the latest invoices issued and in the case of group captive customers is a weighted ave rage figure based on invoices issued to the customer 2. MSEDCL: Maharashtra State Electricity Distribution Co. Ltd; JVVNL: Jaipur Vidyut Vitran Nigam Ltd; APSPDCL: Andhra Pradesh Southern Power Distribution Co. Ltd; AVVNL: Ajmer Vidyut Vitran Nigam Ltd ; MPPMCL: M.P. Power Management Co. Ltd; GUVNL: Gujarat Urja Vikas Nigam Ltd; JdVVNL: Jodhpur Vidyut Vitran Nigam Ltd; BESCOM: Bangalore Electricity Supply Co. Ltd; MESCOM: Mangalore Electricity Supply Co. Ltd; GESCOM: Gulbarga Electricity Supply Co. Ltd; HESCOM: Hubli Electricity Supply Co. Ltd; CESC: Chamundeshwari Electricity Supply Corp. Ltd; NTPC: National Thermal Power Corp. Ltd; PSPCL: Punjab State Power Corp. Ltd; RREC: Rajasthan Renewable Energy Corp. Ltd; SECI: Solar Energy Corporation of India Ltd; TANGEDCO: Tamil Nadu Generation & Distribution Corp. Ltd; TSSPDCL: Telangana State Southern Power Distribution Co. Ltd; TSNPDCL: Telangana State Northern Power Distribution Co. Ltd; KSEBL: Kerala State Electricity Board Limited; MPPTCL: MP Po wer Trading Company Ltd.; RVPN: Rajasthan Rajya Vidyut Prasaran Nigam Ltd; Third Party refers to private commercial & industrial customers and power sold through IEX 3. Tariff grossed up by 4% to include transmission loss reimbursement as per the relevant; (3a)Tariff grossed up by 2.5% to i nclude transmission loss reimbursement as per the relevant ; 4.10 years from date of first supply in September 2020; 5. HT tariff refers to high tension tariff, which is the tariff charged by the electricity distribution companies for power supplied at high voltage. The electricity distribution company typically publishes a tariff chart which categorizes tariffs at different voltage levels. The rate varies from state to state and from year-to-year; 6. Any income tax paid by us is “passed-through” to our offtakers in addition to the tariff; 7. Hybrid Projects; 8. COD for operational projects are weighted average CODs; 9. Transaction closed in first week of November 2021; 10. Other Commissioned Projects includes our merchant capacity 11. BESS Capacity of 150 MWh in PP -1, 100 MWh in RTC-1. for other projects the BESS is subject to change * Subject to transmission network readiness
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Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) Tenure at COD Utility Scale Solar Energy Committed Projects (1,300 MW) UPPCL 300.0 Rajasthan H1 FY28 2.56 UPPCL 25 PSPCL 100.0 Rajasthan H2 FY27 2.33 PSPCL 25 SECI XI 600.0 Rajasthan 24 months from PPA date* 2.60 SECI 25 SECI XII 300.0 Rajasthan 24 months from PPA date* 2.52 SECI 25 Total Utility Scale Solar Energy 5,921.0 Corporate Wind Energy Commissioned Projects (751 MW) Corporate Projects(7) 751 Multiple Multiple 3.35 – 5.97 3rd Party - Corporate Wind Energy Committed Projects (264 MW) Corporate Projects(7) 264 Multiple FY27-FY28 3.23 – 3.81 3rd Party - Corporate Solar Energy Commissioned Projects (1,825 MW) Corporate Projects(7) 1,825 Multiple Multiple 2.81 – 5.95 3rd Party - Corporate Solar Energy Committed Projects (15 MW) Corporate Projects(7) 15 Multiple FY27-FY28 3.31 – 3.81 3rd Party - Total Corporate Projects 2,855 Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 47 1. Applicable tariff is based on or the latest invoices issued and in the case of group captive customers is a weighted avera ge figure based on invoices issued to the customer 2. MSEDCL: Maharashtra State Electricity Distribution Co. Ltd; JVVNL: Jaipur Vidyut Vitran Nigam Ltd; APSPDCL: Andhra Pradesh Southern Power Distribution Co. Ltd; AVVNL: Ajmer Vidyut Vitran Nigam Ltd ; MPPMCL: M.P. Power Management Co. Ltd; GUVNL: Gujarat Urja Vikas Nigam Ltd; JdVVNL: Jodhpur Vidyut Vitran Nigam Ltd; BESCOM: Bangalore Electricity Supply Co. Ltd; MESCOM: Mangalore Electricity Supply Co. Ltd; GESCOM: Gulbarga Electricity Supply Co. Ltd; HESCOM: Hubli Electricity Supply Co. Ltd; CESC: Chamundeshwari Electricity Supply Corp. Ltd; NTPC: National Thermal Power Corp. Ltd; PSPCL: Punjab State Power Corp. Ltd; RREC: Rajasthan Renewable Energy Corp. Ltd; SECI: Solar Energy Corporation of India Ltd; TANGEDCO: Tamil Nadu Generation & Distribution Corp. Ltd; TSSPDCL: Telangana State Southern Power Distribution Co. Ltd; TSNPDCL: Telangana State Northern Power Distribution Co. Ltd; KSEBL: Kerala State Electricity Board Limited; MPPTCL: MP Po wer Trading Company Ltd.; RVPN: Rajasthan Rajya Vidyut Prasaran Nigam Ltd; Third Party refers to private commercial & industrial customers and power sold through IEX 3. Tariff grossed up by 4% to include transmission loss reimbursement as per the relevant; (3a)Tariff grossed up by 2.5% to i nclude transmission loss reimbursement as per the relevant ; 4.10 years from date of first supply in September 2020; 5. HT tariff refers to high tension tariff, which is the tariff charged by the electricity distribution companies for power supplied at high voltage. The electricity distribution company typically publishes a tariff chart which categorizes tariffs at different voltage levels. The rate varies from state to state and from year-to-year; 6. Any income tax paid by us is “passed-through” to our offtakers in addition to the tariff; 7. Hybrid Projects – includes a 20 MW commissioned captive project; 8. COD for operational projects are weighted average CODs; 9. Transaction closed in first week of November 2021; 10. Other Commissioned Projects includes our merchant capacity 11. BESS Capacity of 150 MWh in PP-1, 100 MWh in RTC-1. for other projects the BESS is subject to change * Subject to transmission readiness | # Currently being sold on merchant Other Commissioned Projects(10) 810 Multiple Multiple - 3rd Party - Project Type Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) Tenure at COD Utility Scale Firm Power Commissioned Projects (1,861 MW) RTC-I Wind 602 Karnataka Q3 FY25 2.9 for year 1 with 3% escalation till year 15, from 16th to 25th year 15th year tariff will apply SECI 25Wind 139 Maharashtra Q3 FY26 BESS 25 MW/100 MWh Rajasthan Q3 FY26 Solar 400 Q4 FY24 PP-I Wind 322 Karnataka Q4 FY24 Off Peak - 2.88; Peak - 6.85 SECI 25Solar 81 Q3 FY25 BESS 75 MW/150 MWh Q3 FY25 SJVN FDRE-I Solar 217 Rajasthan Q2FY27 4.38# SJVN 25 Project level details (as of Aug 12, 2026)
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1. Applicable tariff is based on s or the latest invoices issued and in the case of group captive customers is a weighted ave rage figure based on invoices issued to the customer; 2. MSEDCL: Maharashtra State Electricity Distribution Co. Ltd; JVVNL: Jaip ur Vidyut Vitran Nigam Ltd; APSPDCL: Andhra Pradesh Southern Power Distribution Co. Ltd; AVVNL: Ajmer Vidyut Vitran Nigam Ltd ; MPPMCL: M.P. Power Management Co. Ltd; GUVNL: Gujarat Urja Vikas Nigam Ltd; JdVVNL: Jodhpur Vidyut Vitran Nigam Ltd; BESCOM: Bangalore Electricity Supply Co. Ltd; MESCOM: Mangalore Electricity Supply Co. Ltd; GESCOM: Gulbarga Electricity Supply Co. Ltd; HESCOM: Hubli Electricity Supply Co. Ltd; CESC: Chamundeshwari Electricity Supply Corp. Ltd; NTPC: National Thermal Power Corp. Ltd; PSPCL: Punjab State Power Corp. Ltd; RREC: Rajasthan Renewable Ener gy Corp. Ltd; SECI: Solar Energy Corporation of India Ltd; TANGEDCO: Tamil Nadu Generation & Distribution Corp. Ltd; TSSPDCL: Te langana State Southern Power Distribution Co. Ltd; TSNPDCL: Telangana State Northern Power Distribution Co. Ltd; KSEBL: Kerala State Electricity Board Limited; MPPTCL: MP Power Trading Company Ltd.; RVPN: Rajasthan R ajya Vidyut Prasaran Nigam Ltd; Third Party refers to private commercial & industrial customers and power sold through IEX; 8. COD for operational projects are weighted average CODs * subject to transmission network readiness Total Portfolio 20,482.9 Total Commissioned 13,547.3 Total Committed 6,935.6 Project Type Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) Tenure at COD Utility Scale Firm Power Committed Projects (5,357 MW) SJVN FDRE-I Solar 483 Rajasthan 24 months from PPA date* 4.38 SJVN 25BESS 441 MW/1.7 GWh SECI Hybrid 6 Solar 435 Andhra Pradesh H2 FY27* 4.69 SECI 25Wind 250 BESS 208 MW/415 MWh REMCL RTC II Solar 350 TBD 24 months from PPA date* 4.37 REMCL 25Wind 300 BESS 101 MW/404 MWh NHPC FDRE I Solar 420 Rajasthan 24 months from PPA date* 4.64 NHPC 25BESS 245 MW/980 MWh NTPC FDRE II Solar 650 Rajasthan H2 FY27* 4.72 NTPC 25BESS 357 MW/1.4 GWh SJVN FDRE II Solar 265 Rajasthan 24 months from PPA date* 4.25 SJVN 25BESS 129 MW/514 MWh REMCL RTC III Solar 300 TBD 24 months from PPA date* 4.37 REMCL 25Wind 300 BESS 123 MW/492 MWh Total Firm Power 7,217 Header: Calibri 26 Sub header 18 text 12 body 16 Footer 8 48 Project level details (as of Aug 12, 2026)
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