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Q2 FY27 Results Presentation November 3, 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, 2026. Forward-Looking Statements Non – IFRS Financial Measures This presentation 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 presentation 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 the timing or terms of any transaction with the Consortium. 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, 2026. Portfolio represents the aggregate megawatts capacity of power plants pursuant to being 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 presentation 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 Q2 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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Q2 FY27 Highlights 01 5
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Consistent Project Execution Continued profitability; Improving Credit Profile 13.8 GW^ operational ( 23%* YoY) Commissioned over 1.3 GW YTD in FY27, including 628 MW in Q2FY27 2.7 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 Raised lower end of the guidance from INR 103 bn to INR 105 bn backed by strong manufacturing performance Adj. EBITDA of INR 33.6 Bn in Q2 FY27; up by 28% YoY INR 4.1 Bn contribution from manufacturing PAT of INR 6.4 Bn in Q2 FY27; up by 37% YoY CFe of INR 10.2 Bn in Q2 FY27; up over 2x YoY DSO at 63 days; lowest ever despite seasonality Rating upgraded to Ba2 (positive) from Ba2 (negative) by Moody’s Manufacturing Business Updates Capital Recycling Momentum Continues Adj. EBITDA of INR 4.1 Bn from third party sales in Q2; INR 9.7 Bn in H1 PAT of INR 2.7 Bn in Q2; INR 6.6 Bn in H1 4 GW cell expansion in advanced stages with commercial operations to begin in Q4 FY27 6.5 GW wafer facility announced after ALMM-3 on wafers – to be funded through internal accruals + fundraise 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 Oct’26: Signed definitive documents for sale of controlling shareholding in 3E, a European RE asset performance management & analytics platform; $84 mn cashflow expected from the transaction 6 Q2 & H1 FY27 Highlights *Grossing up for 400 MW sold | ^ 13.8 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 signed a transaction agreement (“Transaction Agreement”) with a consortium comprising Canada Pension Plan Investment Board (“CPP Investments”) and Sumant Sinha, Founder, Chairman & CEO of ReNew ( collectively, the “Consortium”). The acquisition will be effected via a UK scheme of arrangement (the “Scheme”), subject to a vote by shareholders who are not members of the Consortium The Special Committee, comprising of independent directors, considers the cash offer and Transaction Agreement fair and reasonable, having received Rothschild & Co’s opinion as to the fairness of the cash offer, from a financial point of view, to holders of cash-out shares, and intends to unanimously recommend voting in favour of the Scheme JERA Power RN B.V. and Platinum Cactus A 2019 Trust, holding approximately 51.1% of the voting power of shares subject to the Scheme, have irrevocably undertaken to vote in favour of the Scheme Under the Scheme, Non-Consortium shareholders may receive US$7.02 per share in cash or, subject to certain conditions (as will be set forth in the scheme document to be published by the Company), elect to retain their shares and continue as shareholders in the company via a rollover arrangement. Shareholders who do not validly elect rollover before the later of (a) 80 calendar days after publication of the scheme document and (b) ten business days before the court hearing approving the Scheme will receive the cash consideration of US$7.02 per share On October 28, 2026, ReNew and the Consortium signed a Side Letter amending leaver provisions for certain replacement awards under the new incentive plan. The Transaction Agreement is otherwise unchanged ReNew continues to work towards obtaining the required regulatory approvals. The Schedule 13E-3 Transaction Statement, including the preliminary Scheme Document, has been filed with the SEC and amended on October 28, 2026 Subject to all conditions being satisfied, including regulatory approvals, the Scheme is expected to become effective in the first quarter of CY2027 The Company will provide further updates in due course Update on Take Private Process 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; 4GW near 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 ~$1.4 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 13.8 GW 11 #Includes 900 MW farmed down to minority partners, the 1,055 MW sale signed under definitive documents and sale of 3E
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Business Updates 03 12
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18.5 28.7 50.9 23.9 5.8 3.9 2.3 3.71.5 0.8 4.3 0.725.7 33.4 57.5 28.3 FY24 FY25 FY26 H1 FY27 RE continues to provides majority of capacity additions (in GW) Others Thermal Wind + Solar Electricity demand driving RE growth Peak demand hits a new high 13 Renewables contributed 85% of overall power capacity addition in H1 FY27, in line with recent trends 25 GW renewables added including ~21 GW solar, 3+ GW wind and 0.7 GW hydro Power demand up significantly in FY27 supported by El Nino & favorable base year Power demand in Oct’26* up 21% YoY; up 9.7% in H1 FY27 vs. H1 FY26 Peak demand increasing even higher, deficit averaging 2.5 GW in the evening during Sep’26. Peak demand up 24% YoY in Oct’26 Reflected in higher merchant prices (IEX) of INR 4.9/kWh (up 38% YoY) in Sep’26 and INR 4.8 in Oct’26 299 GW RE (incl. large hydro) installed as on Sep 30, 2026 Includes 171 GW solar and 59 GW wind Source: CEA (Executive Summary on Power Sector, Sep-2026) and MNRE Others refers to Nuclear and Hydro * Until Oct 25, 2026 148 148 149 154 150 146 153 164 165 170 168 162 April May June July August September Electricity demand up every month – 2026 vs. 2025 (in Bn Units)
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Project Execution: 1.3+ GW installed YTD; on track for annual guidance 23% increase* in operating portfolio YoY One of the leading RE operating portfolios in the industry 13.8 GW operating portfolio (incl. 0.1 GW/250 MWh BESS) 19% growth in operating portfolio YoY , net of 400 MW solar assets sold TTM; 23% growth adjusting for asset sales Consistent project execution track record – 1,336 MW commissioned YTD FY27 1,204 MW solar and 132 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 A+ credit rating customers 14 *Grossing up for MWs sold | All YoY numbers are with a base of Q2 FY26 earnings Future project execution tied up / in advanced stages Solar ~200 MW erected and in advanced stages of commissioning Majority modules for rest of FY27 execution already at site Balance secured, locked in through in-house production BESS 100% pricing locked-in at attractive rates; on track for yearly execution Wind ~300 MW erected and in advanced stages of commissioning 100% WTG for year locked-in within budgeted levels Land Land largely tied up/acquired for the next 12 months
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One of the largest C&I portfolios in India - 2.6 GW operating 2.9 GW total portfolio present across five states Increasing share of Big Tech & Hyperscalers in portfolio 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 Producing cells with best in class efficiency of ~23.5%; industry leading utilization TOPCon Cell Plant: Near operational. Civil and PEB works completed, ETP and Cleanroom almost complete, all tools on site, printing lines installed and first cell is expected to be produced by Q4 FY27. Ingot-Wafer Plant: Land & major approvals in place, construction begun – civil work started. Basic engineering almost done. To be funded by internal accruals + external fundraise. COD in 1HCY28 c. 3.3 GW External order book INR 12.0 bn External Revenue for Q2 FY27 Manufacturing: 4GW cell expansion near operational; ingot-wafer execution underway INR 4.1 bn External Adj. EBITDA for Q2 FY27 USD 100 mn Investment from BII 16 Healthy Margins 33%+ EBITDA margin in Q2 FY27; some normalization expected 653 683 778 860 924 1,028 1,024 1,133 852 890 142 351 440 461 463 494 513 528 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 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) 13.8 GW (incl. 0.1 GW BESS) operating capacity; up 19% YoY and up 23% adjusted for asset sales Wind: 5.7 GW, Solar: 7.9 GW, Hydro: 99 MW, BESS: 100 MW/250 MWh 6.6 GW committed capacity Wind: 1 GW, Solar: 4 GW, BESS: 1.6 GW Total capacity commissioned ~2.7 GW commissioned from Oct’25 2.2+ GW solar, 439 MW wind and 25 MW BESS 1,336 MW commissioned FY27 YTD 1,204 MW solar and 132 MW wind Consolidated Financial performance Revenue up 28% YoY for Q2; 21% for H1 Adj. EBITDA up 28% YoY for Q2; 20% for H1 PAT up 37% YoY for Q2; 26% for H1 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) &Excludes 3E which had an Adj. EBITDA margin of ~6% Strong Q2 FY27: capacity up 23%* YoY , PAT up 37% Financials metrics (INR bn) Particular IPP Business& Manufacturing (external sales) Consolidated Total Adj. Income# 35,570 12,267 48,482 Adj. EBITDA 29,466 4,081 33,588 Margins 82.9% 33.3% 69.3% Segment metrics for Q2 FY27 18 38.6 47.9 49.6 36.3 44.6 46.5 26.2 30.4 33.6 5.6 8.3 9.9 Q2 FY26 Q1 FY27 Q2 FY27 Total Income Revenue Adjusted EBITDA Profit Before Tax (1)
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Disciplined in Capital allocation: Leverage Improvement Continues Consistent improvement in Net Debt/EBITDA Net Debt as of Q2'26 Net Debt as of Q2'27 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 Net Debt/TTM Adj. EBITDA under 5.5x 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 Another $84 mn expected from sale of controlling shareholding in 3E Improved Ratings: Moody’s upgraded rating to Ba2 (positive) from Ba2 (negative) CARE (Leading Indian credit rating agency) upgraded rating to A (positive) from A (stable) CWIP: Includes debt partially drawn down for ~1.5 GWs of RE (including BESS) 652.8 711.3 (26.7) (104.7) 579.9 19 Operational Projects: ~5.3x Net debt/TTM EBITDA (INR Bn)
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ESG and Sustainability 05 20
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ESG Advancements and Recognition ESG LeadershipESG Initiatives and Advancements ReNew emerged as the only India-based Utility company to be recognized in the list Ranked 9th globally in the Utilities sector with a score of 78.83/100 TIME World’s Most Sustainable Companies 2026 ESG Leadership ReNew joins the TNFD Adopter community as the second India-based Electric Utility, reinforcing its leadership on nature-related action Advances ReNew’s commitment to advancing transparent nature-related disclosures Task Force on Nature Related Financial Disclosures (TNFD) adoption Sustainable Supply Chain Assessment 100% of critical suppliers assessed for the third consecutive year, supporting ReNew’s 2040 Net Zero ambition ZERO suppliers classified as High Risk Engagement extended to Tier-2 suppliers, successfully conducting a pilot with 15 value chain partners. Low Risk 91% Medium Risk 9% 21
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Bolstering Our ESG Targets 22 2030 Targets 2040 Targets FY 2026 -27 Completed Our ESG Targets Update for Q2 – 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) • 84% electricity sourced from clean sources in FY 2025-26; 35.4% of operational electricity sourced from renewables for the Manufacturing business till Q2 FY 2026-27 • Aligned to Net Zero targets, KPIs are part of Management Committee members’ scorecards; Net Zero Transition plan published In Progress Be water positive by 2030 • 617,167 m 3 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; Detailed assessment in progress for sites in Rajasthan and Gujarat In Progress Positively impact 2.5 million people through CSR initiatives by 2030 • 2 million+ lives impacted till Q2 FY 2026-27 • Electrification work in progress for 53 schools; 100 smart classrooms established in 5 states • 13 lakes desilted and 70 household taankas constructed across Rajasthan In Progress Skill 10,000 beneficiaries under Project Surya as solar technicians by 2030 • 532 women trained till Q2, and 115 women successfully placed, advancing women's participation in the green energy workforce • 2260 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 18.07% 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; Yearbook Member 2024 ESG score of 73; Yearbook Member In Progress LSEG (Refinitiv) Grade ‘A’; Score- 90.41; 2 nd 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 23
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FY27 Total Committed Portfolio# Adjusted EBITDA INR 105-109 bn (includes INR 12-14 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 - Lower end revised upwards 24 * 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 25
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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 7.9 GW U/C 4.1 GW Hydro (Commissioned) 0.1 GW Commissioned 5.7 GW U/C 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 26
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AP 6% Central Govt 43% Corporates 18% Others 33% DSO^ at 63 days; money recovered from AP in Q2 IPP DSO(4) 63 days at Sep’26, improved by 21 days YoY and 31 days in 2 years Manufacturing business had a DSO of 9 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 Sep 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 95.83 FED rate at Sep 30, 2026 DSOs improve as central govt offtakers becomes a larger % of assets AP 4% Central Govt 58% Corporates 14%Others 24% 20.5 GW13.8 GW 83 94 72 7174 84 66 63 71 63 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 14% 9 M P, TG(3) 30-45 days 8% 5 MH, RJ(3) 45-90 days 11% 7 KA(3) 90-150 days 15% 10 AP(3) >150 days 52% 33 Total 63(1) Ageing of billed receivablesConsistent reduction in the DSO across quarters Quarterly split of DSO 27
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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% 43.9% Q1 Q2 Q3 Q4 FY24 FY25 FY26 FY27 ReNew PLFs fare better than national average 28 ReNew Wind PLF ReNew Wind PLFs FY24: 26.4% FY25: 24.4% FY26: 26.3% H1 FY27: 38.0% 30% 35% 14% 15% 28% 37% Q1 Q2 Q3 Q4 All India Wind PLFs (FY24 – FY27) 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 32.8% 21.5%10.5% 4.2% 30.9% 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 $10 Economic Shareholding(1) Particulars Shares (mn) Class A Shares 246.8 Class B Shares(3) - Class C Shares 118.4 Class D Shares(3) - Total Outstanding Shares 365.2 Particulars Shares (mn) Class A Shares (existing) 246.8 Class A Shares to be issued to CPP Investments(3) 12.3 Class C Shares (existing) 118.4 Class A Shares to be issued to Founder(3) 11.4 ESOPs(4) 13.4 Total Diluted Shares 402.4 Total Shares Outstanding For ReNew Energy Global PLC Total Diluted Shares For ReNew Energy Global PLC (2) Voting Shareholding 53.3% 15.0% 7.3% 2.9% 21.5% August’21 (Listing date) Current (2) CurrentAugust’21 (Listing date) 29
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Note: Debt doesn’t include unsecured CCDs/OCDs 1. Senior US$ 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 Sep 2026 is ~8.92%(2) By Debt Type By CurrencyBy Source(4) By Maturity Working Capital Loan 7% INR Bonds 7% Senior Overseas Green Bonds 26% Secured Loan from FI 38% Secured Bank Loan 22% US Dollars, 32% INR, 62% Others, 6% 0 - 2 years, 35%* 2 - 5 years, 26% 5+ years, 39% 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 66% Non Amortizing 34% 30
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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 seasonality 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 31 Q1 FY26 Q1 FY27 Q2 FY26 Q2 FY27 Wind Solar Wind Solar Wind Solar Wind Solar Operational capacity (GW) 5.0 6.1 5.6 7.3 5.4 6.1 5.7 7.9 Weighted average operational capacity (1) (GW) 4.9 5.9 5.6 7.0 5.1 6.1 5.6 7.6 Plant load factor (%)(4) 34% 25% 33% 22% 39% 20% 44% 20% Electricity generated(2) (kWh mn) 3,681 3,127 4,043 3,378 4,379 2,628 5,629 3,373 Revenue from contract with customers (3) (INR mn) 14,349 10,565 15,056 11,155 16,556 8,396 21,572 10,962 Average Selling Price 3.90 3.38 3.86 3.27 3.96 3.24 4.06 3.26
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Segment Performance – Core* and Manufacturing * Core includes new business areas 32 Particulars (INR mn) Quarter ended Sep 30, 2025 Quarter ended Sep 30, 2026 Core Mfg. Total Core Mfg. Total Revenue 26,397 9,869 36,266 34,452 12,033 46,486 Other operating income 157 - 157 534 - 534 Finance income 899 146 1,046 935 195 1,130 Other income 833 112 945 1,228 234 1,462 Change in fair value of warrants 143 - 143 6 - 6 Total income 28,429 10,128 38,557 37,156 12,462 49,618 Raw materials and consumable (net) -57 5,665 5,607 84 6,462 6,546 Employee benefits expense 991 429 1,420 1,494 443 1,937 Other expenses 3,754 577 4,331 5,398 1,339 6,737 Depreciation and amortization 5,782 502 6,284 7,021 495 7,516 Finance costs and fair value change in derivative instruments 14,994 332 15,326 16,422 514 16,936 Change in fair value of warrants - - - - - - Total expenses 25,465 7,504 32,968 30,420 9,255 39,673 Adjusted EBITDA 22,911 3,330 26,240 29,508 4,081 33,588
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All figures in millions Adjusted Q2 FY26 Q2 FY27 Q2 FY27 Adjustments Adjusted Q2 FY27 YoY % growth Q2 FY26 Adj. Vs Q2 FY27 Adj. Comments (INR) (INR) (USD) (INR) (USD) (INR) (USD) Revenue from contracts with customers 36,266 46,487 485 - - 46,487 485 28% Includes INR 12 bn from our manufacturing business Other operating income 157 534 6 - - 534 6 N/M Finance income - 1,130 12 (1,130) (12) - - - Removal of interest income for adjusted EBITDA calculation Other income 945 1,462 15 - - 1,462 15 55% Change in FV of warrants - 6 0 (6) (0) - - - Removal of revaluation of share warrants Total income 37,369 49,618 518 48,483 506 30% Raw materials and consumables used # 5,607 6,546 68 - - 6,546 68 17% Primarily related to our manufacturing business Employee benefits expense 1,192 1,937 20 (325) (3) 1,612 17 35% Adjustment for share based payment expense compensation Other expenses and provisions 4,331 6,737 70 - - 6,737 70 56% Total expenses 11,129 15,221 159 14,896 155 53% Adjusted EBITDA 26,240 33,588 350 28% $350 mn Adj. EBITDA in Q2 FY27 Includes INR 4.1 bn from manufacturing Adj. EBITDA Margin (MFG) 33.3% 33.3% Adj. EBITDA Margin (ex MFG) 83.5% 82.9% US$ 350 mn adj. EBITDA for Q2 FY27 FY represents fiscal year end 31st March; 1 US$ = INR 95.83 FED rate on Sep 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. 33
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Particulars As of March 31, 2026 INR mn (Audited) As of Sept 30, 2026 INR mn (Unaudited) As of Sept 30, 2026 US$ mn (Unaudited) Cash and cash equivalents, bank balances and investments (including short and long term)(1) 80,628 95,082 992 Property, plant and equipment, net(2) 809,882 840,851 8,774 Total Assets 1,056,088 1,111,170 11,595 Current liabilities: Interest-bearing loans and borrowings 56,857 57,254 597 Current portion of long-term debt (included in other current liabilities) 183,287 188,341 1,965 Non-current liabilities: Interest-bearing loans and borrowings 527,621 560,813 5,852 Gross debt (current + long term) 767,766 806,409 8,415 Net Debt(3) 661,923 684,613 7,144 Consolidated balance sheet summary 1. Refer to Liquidity Position in the Q2 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 26.7 bn for Q2 FY27), cash and cash equivalents, bank balances other than cash and cash equivalent 4. 1 US$ = INR 95.83 FED rate at Sep 30, 2026 34
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All figures in millions For the quarter ended September 30, Particulars 2025 (INR) 2026 (INR) 2026 (US$) Total Income Revenue from Operations 14,926 17,837 186 Other income 199 238 2 (-) Expenses Cost of raw material and components consumed 11,551 11,541 120 Change in inventories of finished goods (2,388) 181 2 Employee benefits expense 469 547 6 Other expenses 1,118 1,214 13 Depreciation and amortization expense 570 623 7 Finance costs 553 306 3 PBT 3,250 3,661 38 Tax expense 536 630 6 PAT 2,715 3,031 32 Standalone Manufacturing Financials 1 US$ = INR 95.83 FED rate at Sep 30, 2026 * Net of Change in inventories of finished goods 35
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All figures in millions For the three months ended Sep 30, For the six months ended Sep 30, 2025 (Unaudited) (INR) 2026 (Unaudited) (INR) 2026 (Unaudited) (US$) 2025 (Unaudited) (INR) 2026 (Unaudited) (INR) 2026 (Unaudited) (US$) Profit/Loss for the period 4,675 6,422 67 9,806 12,375 129 Less: Finance income (1,046) (1,130) (12) (2,299) (2,306) (24) Less: Share in profit of jointly controlled entities 2 - - 4 - - Add: Depreciation and amortization 6,284 7,517 78 12,331 14,849 155 Add: Finance costs and fair value change in derivative instruments (2) 15,326 16,936 177 29,779 32,465 339 Add/(less): Change in fair value of warrants (143) (6) (0) (119) (14) (0) Add: Income tax expense 912 3,524 37 3,512 5,914 62 Add: Share based payment expense and others related to listing 229 325 3 445 697 7 Adjusted EBITDA 26,240 33,588 350 53,459 63,980 668 Adj. EBITDA reconciliation 1 US$ = INR 95.83 FED rate at Sep 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 95.83 as of Sep 30, 2026 36
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Cash flow to equity reconciliation 1 US$ = INR 95.83 FED rate at Sep 30, 2026 (1) Includes total payment made towards debt servicing during the period, less unscheduled payment or payments for non-amortizing debt 37 All figures in millions For the three months ended Sep 30, For the six months ended Sep 30, Particulars 2025 (Unaudited) (INR) 2026 (Unaudited) (INR) 2026 (Unaudited) (US$) 2025 (Unaudited) (INR) 2026 (Unaudited) (INR) 2026 (Unaudited) (US$) Adjusted EBITDA 26,240 33,588 350 53,459 63,980 668 Add: Finance income 1,046 1,130 12 2,299 2,306 24 Less: Interest paid in cash (14,946) (14,710) (154) (24,787) (27,654) (289) Less: Tax paid (1,222) (633) (7) 46 722 8 Less: Normalised loan repayment(1) (7,003) (10,049) (105) (11,695) (17,121) (179) Less: Other non-cash items 471 866 9 588 797 8 Total CFe 4,586 10,192 106 19,910 23,030 240
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EBITDA Walk 38 26.2 26.2 32.0 32.8 33.6 5.7 0.8 0.9 Q2 FY26 actual New Project EBITDA Manufacturing EBITDA Lower cost vs PY Q2 FY27 actual Q2 FY26 to Q2 FY27 (INR Bn)
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Consistent positive cash profits 140.7 160.5 140.7 160.5 36.3 49.5 79.7 97.6 28.8 30.9 40.7 52.5 11.1 16.7 24.5 31.3 0 20 40 60 80 100 120 140 160 180 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Total Equity Total Income Cash from operations Cash Profit INR bn During Q2 FY27, we delivered: Cash from operations INR 30.9 bn in Q2 FY27 INR 52.5 bn in H1 FY27; up 29% YoY Cash profit* of INR 16.7 bn in Q2 FY27 INR 31.3 bn in H1 FY27; up 28% YoY *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 3939
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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 40* A non-binding announcement regarding partial redemption of Indian NCDs was made on October 27, 2026, by the NCD issuers to India Green Power Holdings
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41 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 • 520+ schools electrified • 127 Digital labs established • 590 Smart Classrooms installed • 2260 women trained as solar technicians • 380+ women placed • 594 taankas built • 91 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 42 Project level details (as of October 30, 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 43 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 Project level details (as of October 30, 2026)
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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 44 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 Project level details (as of October 30, 2026)
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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 45 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 Project level details (as of October 30, 2026)
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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 (1,840 MW) Corporate Projects(7) 1,840 Multiple Multiple 2.81 – 5.95 3rd Party - Total Corporate Projects 2,855 46 1. Applicable tariff is based on or the latest invoices issued and in the case of group captive customers is a weighted average 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 (2,135 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 300 Rajasthan Q2FY27 4.38# SJVN 25 SECI Hybrid 6 Solar 79 Andhra Pradesh Q2 FY27 4.69 SECI 25Wind 112 Project level details (as of October 30, 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: 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 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 13,836.3 Total Committed 6,646.6 Project Type Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) Tenure at COD Utility Scale Firm Power Committed Projects (5,083 MW) SJVN FDRE-I Solar 400 Rajasthan 24 months from PPA date* 4.38 SJVN 25BESS 441 MW/1.7 GWh SECI Hybrid 6 Solar 356 Andhra Pradesh H2 FY27* 4.69 SECI 25Wind 138 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 47 Project level details (as of October 30, 2026)
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