ReNew Energy Global : Roadshow October 2023

ReNew Roadshow

October 2023

1

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 25, 2022 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 25, 2022.

2

Overview

Key Highlights of India's Attractive Renewable Energy Market

ReNew is largest and most differentiated developer in India

1	Third largest electricity market globally
	One of the lowest per capita electricity
2
consumption in the world, which will
	drive future demand
	Electricity demand will double in the next
3
8-10 years, most of it being met from
	renewable energy
	Renewable Energy tariffs are significantly
4
below grid parity without subsidies
	Government to add 50 GW of RE
5
annually to meet 500 GW of installed RE
	capacity by 2030.

4

Pursuing Higher Return Opportunities In RTC & Hybrid Bids

With an increase in pace of auctions from ~15 GW per annum to Pace of Auctions(1) ~50GW per annum there has been a shift in the market:

As the power demand in the country continues to rise, there is need to supply firm power to the Grid. With RTC auctions, renewable energy is set to take on traditional sources of energy.

Advantages of RTC/Hybrid auctions

• Lower competition in complex / hybrid auctions
• Higher tariffs as compared to plain vanilla auctions
• Unique ability to execute RTC/Hybrid projects

GW

50

45

40

35

30

25

20

15

10

5

-

FY21

FY22

FY23

FY24 (YTD)

FY24 MNRE Target

Wind / Solar		Complex Auctions

5

Note:

1. Internal and external data including SECI, MOP, and other sources

Government Target to Reach 500 GW by 2030

Government Target to Add 50 GW annually (1)

1,088

500

179*

16

Installed Capacity (2010)	Current Installed Capacity	Government	International Energy Agency
		Target 2030	Estimate 2040

Renewable sector to attract investments of US$ 280bn+ over the next decade (2)

* 116 GW of wind + solar installed as of September 2023, likely to drive the growth going forward

Notes:

1. Source: MNRE, CEA, International Energy Agency, IHS Markit, Department for Promotion of Industry and Internal Trade
2. Source: Bloomberg NEF

6

Industry Overview: Demand, Supply and Infrastructure

Industry trends indicate huge untapped potential

Record Energy and Peak Demand in FY23(1)

Electricity Shortages Across India(3)

Energy

BU

170

MU

1000

150	800

130

600

110

400

90

70	200

~0.24% of total energy demand, and ~0.08% shortage in peak demand

Apr May Jun Jul Aug Sep	Oct Nov Dec	Jan Feb Mar
					0
		2021 - 22		2022 - 23	2023 - 24

GW	Peak
240

220

200

180

160

140

120

100

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

April'23

May'23

June'23

July'23

August'23

As per the CEA, there has been an improvement in All India wind generation in Jul and Aug(3)

• ~30% improvement in Aug-23 wind generation over Aug-22
• ~15% improvement in Jul-23 wind generation over Jul-22

2021 - 22		2022 - 23	2023 - 24

Only 4% increment in wind capacity YoY

7

1. Source: Central Electricity Authority's website | 2. Source: IEX India's website | 3. Source: CEA Energy Power Supply-Demand May 2023. The deficit for Jharkhand is 4.8% which has only been shown till 2% for graphical representation

Our Growth Trajectory

~47% Growth in Operating MW

10	8.4 GW

5.7 GW

5

0

Q1 FY22

Q1 FY24

Adjusted EBITDA Increased by 41%

80

INR 60.4 bn

60

INR 42.8 bn

40

20

0

LTM Q1 FY22

LTM Q1 FY24

~28% Growth in Portfolio

15	10.7 GW	13.7 GW
10
5
0
	Q1 FY22	Q1 FY24

Run Rate EBITDA Increased by ~60%

100	INR 89-94 bn

75 INR 55-60 bn

50

25

0

Run Rate Q1 FY22 Run Rate Q1 FY24

8

Q1FY24 Updates

9

Favorable Market Enables Project Wins and Improved Returns

Pace of Auctions

GW

• ~3.5 GW (RE capacity) won in 5 auctions in YTD FY24
• IRRs expected to be at the high end of, or above, our targeted range, due to lower competition and complex auctions
• ~10x increase in auctions in Q1 FY24, compared to same time last year.
• • ~43.0 GW(1) of auctions announced YTD FY24
  • ~13.7 GW(1)(2) of auctions completed YTD

50
45
40
35
30
25
20
15
10
5
-			FY24 (YTD)(3)
FY21	FY22	FY23	FY24 MNRE Target
	Wind / Solar	Complex Auctions	Solar & Hybrid

• ~3 GW of ReNew's projects under construction benefitting from ~20% decline in module prices since last year
• In August, we signed the PPA for a 400 MW solar project with GUVNL at INR 2.71/kWh

Notes:

1. The above data has been collated internally and includes aggregation of sources such as Mercom, SECI, MOP, CEA and Bridge to India | Includes Wind, Solar, Hydro, etc
2. 13.7 GW completed auctions include ~11.6 GWs announced in FY23
3. Includes 10GW of tenders announced prior to Q1 FY23

Favorable Movement in Market

INR/watt				Average Tariffs			Module Price (RHS)		US$ /watt
				(LHS)			(US$) per Watt
3.0									0.28
2.5												0.26
2.0									Improvement			0.24
									In
1.5									Margins			0.22
1.0												0.20
0.5												0.18
0.0												0.16
H2 FY21	H1 FY22		H2 FY22	H1 FY23	H2 FY23	Q1 FY24	Q2 FY24 P
		10