ReNew Energy Global : Europe/US Roadshow March 2024

ReNew Roadshow

US/Europe Roadshow - Mar 2024

Disclaimer

Forward-Looking Statements

This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by ReNew Energy Global, the markets in which ReNew Energy Global operates and ReNew Energy Global's future potential financial and operational results. 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. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward- looking statements in this announcement, including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to identify and realize additional opportunities, and potential changes and developments in the highly competitive renewable energy and related industries. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in ReNew Energy Global's annual report on Form 20-F filed with the Securities and Exchange Commission (the "SEC") on July 31, 2023 and other documents filed by ReNew Energy Global from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ReNew Energy Global assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. ReNew Energy Global gives no assurance that it will achieve its expectations.

Non - IFRS Financial Measures

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 31, 2023.

OUR PURPOSE

Our total commissioned capacity is at 8.7 GW

4.4 GW	4.2 GW	0.1 GW
HYDRO
WIND	SOLAR

Overview

Our achievements

One of the largest Indian RE companies with an 8.7 GW operating portfolio.

Our presence

Leading decarbonization solutions company

Presence in 9 states, 150+ sites pan India including utility- scale wind, solar and hydro energy projects, and corporate PPA assets ~13.8 GW aggregate portfolio

Our contribution

Contributes 1.9% to India's power capacity

Helps avoid 1.1% of carbon emissions from India's power sector

Our funding

USD 15 bn+ raised in both equity and debt till date

Our Journey of Transformation

Shri Narendra Modi inaugurated ReNew's first utility-scale wind project at Jasdan, Gujarat

Became the first Renewable

Energy IPP to cross 1GW

commissioned capacityBecame the first Indian RE company to cross 5 GW

Signed framework agreement with the Egyptian government to establish a green hydrogen plant in the Suez Canal economic zone

2011

2012

2015

2016

2017

2019

2021

2022

2023

ReNew is founded and receives	Pioneered commercial	Doubled its operational capacity	Became the 1st Indian RE company	Enters the manufacturing space,
first round of equity funding	installation of India's tallest	and crossed the 2 GW (including	to be listed on the NASDAQ index	starting with two plants at Jaipur and
from Goldman Sachs	wind tower	acquired assets) milestone	and to cross 6 GW of operational	Dholera; crossed 13.8 GW of total RE
			capacity	Capacity

Our areas of strength: Delivering superior returns on projects

Complex Power Solutions (Firm Power)

Best return and fastest growing opportunity incurrent market

1.7 GW projects under development, 3.6 GW wins beyond current contracted pipeline

• First mover advantage: First company in India to develop unique RTC and Peak Power projects
• Firm Power: Overcoming the problem of intermittency, combining cheapest source of power in the country to provide firm power
• Better returns: 10-15% higher tariffs and hence better than vanilla projects
• Lower competition, subscription <100%: Limited players in the market with ability to do complex solutions
• Significant portion of growth: Won 3.6 GW of projects over and above the current under development pipeline at a tariff of INR 4.45 per kWh
• Integrated lab to digitize and simulate data for accurate modelling and predictive analysis
• Partnership with Fluence (A Siemens subsidiary) to provide battery solutions, bundled with other sources to provide cheapest firm power

Utility Scale Wind

In-house EPC key competitive advantage

4.4 GW - Largest operating wind portfolio in the country

• In-housewind EPC: Significant competitive advantage through in- house wind EPC capability, ensuring lower cost and timely delivery.
• Industry best wind PLF's, significantly higher than all-India average
• Agreement with Tier I suppliers to secure wind turbines, lower capex
• ~1 GW of wind assets acquired through M&A

Utility Scale Solar

Vertically integrated Solar platform

3.2 GW projects operational and 2.9 GW under development

• Strong track record of executing large projects

• Vertically integrated platform from solar module manufacturing, in- house EPC team, project management, and in-house O&M
• 2.3 GW new project wins in current year, at average tariff of INR 2.62 per kWh, ~7% higher than tariffs discovered in PY

Delivering IRRs of 16-20+%

*subject to the last published 20-F, dated 31 July 2023

Our Growth Trajectory since FY21
~55% Growth in Operating Capacity (in GW)	Adjusted EBITDA Increased by 54%
5.9 GW wins over	100
and above current
pipeline

15				80
			5.10	60
		5.
10
	3.10							INR 89 bn -
4.30				40				INR 90bn
				13.80		INR 62 bn	INR 64 bn
5				20
	7.60	8.00	8.70	INR 55 bn
5.60				INR 42 bn
				0
0				FY21	FY22	FY23	TTM Q3 FY24	Run Rate EBITDA
FY21	FY22	FY23	Q3 FY24	FY25/26
	Committed	Commissioned

Awards

Recognized by international and national platforms - 90+ awards won to date

Energy Transition Changemaker	WEF Lighthouse 2023

Launched by King Charles, Terra Carta recognized	Recognized by MIT among 15 climate tech	Recognized by the COP28 Presidency as an Energy	Recognized by the World Economic Forum for
ReNew for its efforts in conserving water	companies to watch	Transition Changemaker for ReNew's pioneering	pathbreaking work in the area of digital analytics and
		Round-the-Clock Power project	AI, 1st RE company in the world to have this
			distinction	9

Recent Updates Industry and Renew

Robust

environment

in RE industry: higher power demand, higher tariffs, lower solar module prices

Notes:

(1) CEA | (2) Media Reports | (3) Internal Data

• Power demand grew 9% YoY in 2023, expected to see the trend to continue in 2024
• ~40 GW auctioned YTD, RE auctioned capacity ~3.5x than prior year
• 60% decline in solar module prices; wind prices stable
• Wind PLFs better than previous year
• Raised bottom end of EBITDA guidance by 2%, now expect FY24 Adjusted EBITDA of
  INR 63-66 bn
• 5.9 GW won in auctions YTD, 15% market share at 10-15% higher tariffs
• 300 MW asset sale agreement signed in Jan'24
• Refinanced US$325 mn bond through domestic financing saving 200 bps in interest cost