SWSOLARNSE13 July 2022

Sterling and Wilson Renewable Energy Limited has informed the Exchange about Investor Presentation

Sterling and Wilson Renewable Energy Limited

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STERLING & wiLson<7

July 13, 2022

BSE Limited

Phiroze Jeejeecbhoy Towers Dalal Street Mumbai — 400 001

National Stock Exchange of India Limited Exchange Plaza Bandra Kurla Complex Bandra (East), Mumbai — 400 051

Scrip Code: 542760

Symbol: SWSOLAR

Dear Sir/ Ma’am,

Sub.:

Investor presentation on the Unaudited Standalone and Consolidated Financial results of Sterling and Wilson Renewable Energy Limited (“the Company”) for the quarter ended June 30, 2022

Ref.:

Regulation 30 read with Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 (“Listing Regulations”)

Dear Sir/ Madam,

Pursuant to the Listing Regulations, please find enclosed herewith a copy of the Investor presentation on the Unaudited Standalone and Consolidated Financial results of the Company for the quarter ended June 30, 2022.

Request you to take the same on record.

Yours faithfully, For Sterling and Wilson Renewable Energy Limited

Jagannadha Rao Ch. V. Company Secretary and Compliance Officer

Encl: As above

Mf Ponewe bie Sy

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AN ey

WIS

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Sterling and Wilson Renewable Energy Limited (Formerly Known as Sterling and Wilson Solar Limited) Regd. Office: Universal Majestic, 9th Floor, P. L. Lokhande Marg, Chembur (W), Mumbai — 400 043 Phone: (91-22) 25485300 | Fax:(91-22) 25485331 | CIN: L74999MH2017PLC292281 Email: info@sterlingwilson.com | Website: www.sterlingandwilsonre.com

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13 Jul 2022

STERLING AND WILSON RENEWABLE ENERGY LIMITED ONE OF THE LEADING SOLAR EPC AND O&M SOLUTIONS PROVIDER IN THE WORLD

Investor Presentation - 1Q FY23

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STERLING & witson<A>

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sterling and Wilson Renewable Energy Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions, regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.

STERLING & WILSON

g vy

Company Overview

Business Overview

Market Opportunity

Way Forward

06 16 28

Our Journey

Our Presence

Financial Highlights 23

Beyond Business 30

| WHO WE ARE

Leading Solar EPC and O&M Solutions Provider

We offer Design, Detailed Engineering, Procurement, Construction, Installation, Commissioning and Operations & Maintenance services under turnkey EPC and BoS (Balance of System) solutions for utility-scale, rooftop and floating solar power projects. We also offer solar plus storage solutions.

) ®

E C N E L L E C X E

L A N O I T A R E P O

EPC Portfolio 11.3 GWp*

Z A W

O&M Portfolio 6.6 GWp*

Global Manpower 2374

N O I T I N G O C E R

L A B O L G

EPC and O&M of Abu Dhabi

1,177 MWp One of the world’s largest single location PV plant

Regional presence across 25 countries Significant cost benefit and timely execution

End-to-end “concept to commission” solar EPC

STERLING & wuson>

Market Leader

Leading Solar EPC solutions provider in the world

Leading Sola r O&M player globally

No. 1 Solar EPC

player in Australia

| A GLOBAL LEADER IN SOLAR EPC IN 8 YEARS

STERLING 8 WILSON

2016

Diversified into Rooftop Solar

Started third-party O&M services

2013 Completed our first turnkey EPC project

Started international solar operations

2018

Expanded operations in Australia by acquiring a controlling stake in GCO Electrical Pty Ltd

2020 Ranked 2nd largest O&M player in the world by Wood Mackenzie

2022

Reliance New Energy acquired 40% stake in Sterling and Wilson Renewable Energy Limited

2015

Recognized as the largest Indian solar EPC player

Largest single-axis tracker plant in India (60 MWp)

2011

Ventured into

solar EPC business

2017

2019

Demerger of S&W Solar from S&W Group

Incorporated a subsidiary in Spain

Started operations in USA

Bagged world’s largest single location solar EPC project in Abu Dhabi

Listed on BSE and NSE

Commissioned our first floating solar project of 450 kWp

Ranked No. 1 solar EPC in the world by IHS Markit

2021 Expanded our offerings to include Hybrid Energy, Energy Storage and Waste-to- Energy solutions.

STERLING & wuson>

Turnkey EPC solutions for utility-scale and rooftop projects.

Sterling and Wilson Renewable Energy offers a range of turnkey and Balance of System (BoS) solutions for utility-scale, rooftop, and floating solar power projects. The company also offers solar plus storage solutions.

Our turnkey EPC solutions comprise design, engineering, procurement, construction, project management, testing, supply, installation and commissioning to operation and maintenance and connecting the solar power project to the grid.

All project design and execution services excluding the procurement of modules and components are offered as part of the BoS solutions. The rooftop solar systems offered includes off-grid / standalone solar PV systems, off-grid PV-DG synchronous system and on-grid / grid-tie solar PV systems.

Our Expertise

Utility Scale

Roof Top

Rich experience with both crystalline Single-axis tracker string inverter Solar PV+ storage & Floating Solar Bifacial Module (Experience with Robotic Cleaning)

* *

Solar PV on Carport Building-Integrated PV

Solar PV in RCC flat roofs Solar PV on sheet metal roofs & Floating Solar PV

Array on Space frames (elevated structures) Array Ground mounted Solar PV

Solar EPC

| CAPABILITIES AND SOLUTIONS

STERLING & wuson>

We offer a fully integrated Battery Energy Storage Solution

scone - Module

Power Converter +

DC & AC Breaker

faa)

WY) 1S) ae to) om Ls) = oO ~ Ww > 19) 179) Y) a

Solar + BESS System Modelling

Minute level charging & discharging profile

Temperature & irradiance modelling

Power system modelling & network performance assessment Transient stability analysis & short circuit analysis

Availability & reliability study

Grid impact studies including SCR level, HVRT, LVRT, harmonics etc.

BESS Modules & Tools

Equivalent circuit-based model

Degradation estimation model Detailed LCOE calculations

Augmentation optimization tool

Battery sizing optimization tool Frequency regulation support analysis

Battery performance use case generation

Controls and Automation

Market Interface

Energy Management Systems Battery Management and Controls

S&W Leverages Over

Procurement of Battery Racks & BMS from Tier 1

manufacturers through Long Term Supply Agreement Leveraging 10 GW of procurement experience from Tier 1

suppliers

Tie ups with leading EMS providers for customized solution

STERLING 8 WILSON

| SOLAR O&M PLAYER GLOBALLY

In GWp

FY 2022* Es 6.6

FY 2021

nn 8.4

FY 2020 Es 7.5

FY 2019 EN 5.6

FY 2018 MN 19

Growing O&M Portfolio * Total O&M capacity as of Mar 22

Solar O.M Best Practices Mark

solarmaintenancemark.com

O&M Manpower Strength

544+ in-house team with expertise in advanced technologies

Value Engineering For Clients

Designing innovative, customized and cost- effective solutions to improve PR and plant availability

Minimal operating expenses; adaptability to modern technologies like automation

Solar O&M Best Practices Mark

Our processes meet the highest international standards as O&M provider

We follow the best practices towards operation and maintenance of solar projects

We practice standard exhaustive checklist provided by Solar Power Europe and scored more than the threshold level

* O&M portfolio primarily declined in FY22 on account of transfer of assets (~2 GW) due to sale of assets by the Developer to a Group with its own O&M division

| WHAT DIFFERENTIATES US

Expeditious Quick Decision Making & well-defined internal processes leading to timely execution

Experience

Strong Track Record of executing complex & large-scale EPC projects leading to high customer retention and repeat business

Talent Pool Strong in-house Design and Engineering team providing customized solutions

e J

STERLING

& WILSON

Cost Effective

Leveraging the Low-Cost India Base for global execution providing cost competitive solutions

Global Presence

One of the only Global Pure-Play Solar EPC players with a significant presence and operational experience across geographies

Strong Relationships

A Bankable Player with strong relationships with customers and other key stakeholders

| TRACK RECORD

Strong Execution Record

Commissioned: 8,463.07 MWp Under-Construction: 2,797.36 MWp

Annual Global Installation in MWp

STERLING 8 WILSON

Strong Balance Sheet

June 22 Net worth: INR 596 cr June 22 Net D/E: 0.22x

Core of Project Execution

Global Manpower Strength: 2,374

Ratio of actual PR to guaranteed PR 1.04

Plant availability 99.7% +

Site accidents (Loss Time frequency rate) 0.22

Sites below availability & PR targets ZERO

| TECHNICAL AND SUPPLY CHAIN

MODULES

STERLING & wuson>

Bi-Facial Framed

Mono-PERC

Poly C-Si

Thin Film

Poly c-Si, DG

Total of 447 MWp

Total of 1266 MWp

Total of 5500+ MWp

Total of 220 MWp

Total of 1830 MWp

INVERTER

TRACKER

String Inverter Huawei /Sungrow Total of 460 MW

Central Inverter ABB / SMA / Sungrow / GE TMEIC / Ingeteam / Sineng/ Cee ay

Nex Tracker, Convert, Gamechange Total of 1032 MW

2P Soltec, Arctech, ATI Total of 390 MW

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| TECHNICAL AND SUPPLY CHAIN

FOUNDATION

STERLING & wuson>

Screw

Ramming

Concrete Pile

Pre-Drill with Ramming

Ballast Foundation

Total of 1177 MW

Total of 400 MW

Total of 4700+ MW

Total of 282 MW

Total of 54 MW

FIXED STRUCTURE

FLOATING STRUCTURE

CABLING SYSTEM

East - West Total of 1177 MW

South Facing Total of 3300+ MW

C&T Total of 4227 MW

CAB System Total of 28 MW

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| TECHNICAL AND SUPPLY CHAIN

MODULE CLEANING

Fully Automatic Robotic Total of 1177 MW

Semi Automatic Cleaning Truck with Brush Total of 388 MW

Manual With Water Truck Total of 151 MW

Manual With Pipelines Total of 3000+ MW

SUB STATION AND TRANSMISSION LINE

SCADA SYSTEM

33 & 66 kV 20+ Projects for a total capacity of 600+ MW

110 kV 3+ Projects for a total capacity of 300+ MW

132 kV and above 15+ Projects for a total capacity of 2600+ MW

Scada System Inaccess, Ingeteam, Armax Total of 1400+ MW

STERLING & wuson>

SOFTWARE

Inhouse Software

PV SYST E-TAP PSSE CIVIL-3D PV CASE ALL Pile

DETAILED STUDIES

Review Capabilities of studies

Hydrology Study Geotech Studies and Geophysical Studies Contour Mapping Corrosion Analysis Storm Water Pollution Prevention Plan Pullout and Lateral Tests On Piles Wind Studies for Wind Definition Wind Tunnel Studies

| ACROSS THE GLOBE

STERLING & wisonC>

Q UK

Spain

3 Jordan @

Kazakhstan

USA “SLIM

Morocco

Evo) EVP:

® UAE

Vietnam

MENA 2192,48MWp

Saudi Arabia. ©)

Oman

@ India

9 Kenya

India 6351.75 MWp

Thatland %

9 Malaysia

Philippines

Indonesia

Latin America 575.30 Mp

. Chile

Argentina

Namibia Q

South Africa

Rest of Aftica 250,11 MWpo

Singapore Southeast Asia 323,18 MWg °

Australia

vies

ne ‘

Projects in 17 Countries

| SOLAR IS CHEAPER.. FASTER.. CONSISTENT

SOLAR PV LCOE IS NOW THE LOWEST GLOBALLY

= = ~

“

‘ .

$/MWh

150

14% ~

420

Onshore wind

Fixed-axis PV

== @ Tracking PV as C0

Gas

2014

2015

2016

2017

2018

2019

2020

2021

2022

(1) The global benchmark is a country weighted-average using the latest annual capacity additions

pot ee ee eee eee nee eee ee ene nee

Source: BNEF

Years to install

Source: US EIA, Annual Energy Outlook, Feb 2021; Moody's, Apr 2017

Natural Gas

Wind

Nuclear

Solar

! i i ;

! i ; :

—_—_—_—_—_—_—_—_—_—_—_—_—_—_—_—_—_—_—_—_—_—_—_—_—_—_—

Hydro

/ ; Standard deviation (%) i ' § i i : ; i : i , '

Wind

Solar EE 4%

20%

| SOLAR INSTALLATIONS TO GROW AT ~15% CAGR IN KEY MARKETS

Annual Utility-Scale PV installations (GW)

2022E

2025E

CAGR 21-25E

India

South-East Asia & Australia

Middle East and North Africa

9.8

1.7

3.8

1.9

2.9

10.8

11.8

18.6

14.6%

Ad}

5.1

2.0

13.5

18.7

6.7

61.1

9.8

4.0

17.3

29.2

4.5

88.2

41.3%

35.6%

23.9%

10.7%

13.2%

5.0%

15.1%

1.2

1.7

USA

Europe

Rest of Africa

(2) Annual solar PV installations in India, SEA, Middle East, Africa, Europe, USA, Latin America and Australia.

Grand Total (excluding Rest of World)

(1) China and Japan constitute major countries in rest of world

Latin America

Source: BNEF

11.5

33.3

17.8

50.3

7.3

3.7

2.1

Solar EPC activity had stalled considerably in THCY22 due to Dept of Commerce investigation on import of modules from 4 South-East Asian countries

President Biden’s directive in June 2022 has given relief to module imports from the 4 countries for additional 2 years

Expiry of tax credits by 2025 likely to keep solar installation growth strong in the US for next 2-3 years

More than 30 GW of renewable power projects expected to be permitted on BLM lands between fiscal years 2022 and 2025. The vast majority of that capacity will be solar powered

EU voted to keep some specific uses of natural gas and nuclear energy in its taxonomy of sustainable sources of energy in some circumstances

EU countries have fast tracked renewable development to reduce dependence on Russian oil and gas

BCD imposition has increased module prices

Germany has fast-tracked its net-zero emission target. Solar and renewable installations have to grow nearly 4x between CY25 - CY30 to meet target

Major conglomerates have announced investments and commitments towards RE targets

Solar EPC activity in Rajasthan impacted by environmental issue of migratory birds (GIB)

PSUs have indicated a strong pipeline

Torrential rains impacted EPC activity

White/Blue collar resource shortage

New government has increased the 2030 target renewables supply to main grid to 82% (69% earlier)

Infrastructure Australia approved USD 22 bn project to provide Singapore renewable power supply

| MEGA PROJECTS

UAE

Oman

Saudi Arabia

Project Name

(Of: JeF- raja

Expected Start

Abu Dhabi PV scheme

Manah 1 and 2

PIF Phase 2

1.5 GW

1 GW

3.2 GW

2023

Project Name

Location

Technology

Timeline

HyDeal Ambition

Hydrogen City project

Svevind Energy JV

Western Green Energy Hub

AMAN

Green Energy Oman

Asian Renewable Energy Hub

Desert Bloom Hydrogen

HyEnergy Zero Carbon Hydrogen

Europe

USA

Kazaksthan

Australia

Mauritania

Oman

Australia

95 GW Solar

60 GW of Solar & Wind

45 GW of Solar & Wind

50 GW of Solar & Wind

30 GW of Solar & Wind

Completion by 2030

2 GW by 2025

Early stage

25 GW of Solar & Wind

One-third by 2028, Complete by 2038

16GW Onshore wind & 10GW Solar

Completion by 2028

Wind & Solar

2025

Completion by 2030

Murchison Renewable Hydrogen Project

Australia

3.7GW Onshore wind & 1.5GW Solar

Completion by 2028

Queensland Hydrogen Hub

Helios Green Fuels Project

Pacific Solar Hydrogen

Base One

H2-Hub Gladstone

Green Hydrogen & Chemicals

HyEx

Australia

Saudi Arabia

Australia

Brazil

Australia

Oman

Chile

Wind & Solar

Onshore wind & solar

Solar

Wind & Solar

Not specified

3.5GW of Wind & Solar

Solar

Start by 2024

Starting in 2025

Expected in 2024

Completion by 2025

Start by 2025

Completion by 2025

Completion by 2030

| PSU MARKET - A HUGE OPPORTUNITY TO TAP INTO

Commisoned capacity (GWp)

Under Execution (GWp)

Projected Pipeline (GWp)

FY22-23E

FY23-24E

FY24-25E

2.22

0.05

0.07

1.96

0.39

0.02

4.78

3.8

2.3

1.6

0.3

1.0

9.0

5.8

0.8

0.7

0.5

0.2

0.9

0.6

0.2

9.7

5.2

1.0

1.8

0.8

0.3

1.4

0.7

0.2

6.2

1.2

2.2

1.0

0.4

1.6

0.8

0.3

11.3

13.7

NTPC

NHPC

SJVNL

NLC

Coal India

REMCL / RITES

Source: Company websites, Press reports

GSECL

Total

SECI

| KEY COSTS HAVE BEGUN TO SUBSIDE

—=—=—_—_C————————————_—_—_

oe Se ee

0.28 .

0.27

0.26

= Australia 18,400

LATAM

15,000

14,000

f y :

, i ' : , i ! i i ,

0.22

0.19

re,

| Sep'20 i i

0,000

7,900

Mar’22 nn

200;

1,800

Sep’20

Mar’21

Sep‘21 Dec’21

—

i i

' i '

72,500

73,900

61,400

145 i i ' | i

t Sep’20

T Mar’21

T Sep‘21 Dec’21 Mar ’22

Mar'21

Sep'21 Dec'21.

Mar'22 ee

eee 4

II EEE

Aluminum Copper

i / ; : ' : :

** Module Prices are expected to decline in 2HCY22 and CY23E as per BNEF estimates.

T Dec‘'21 Mar ‘22 we

: ; i uy {Sep '20

f : ; 1745 7

T Mar’21

T Sep‘21

10.235

3,537

9,776

9,775

9,005

2.192

3,003

2,397

2,954

8,254

6719

i :

| 1Q FY 2023

STERLING 7

& WILSON

| KEY HIGHLIGHTS FOR 1Q FY23

e«

Revenue increased by 0.9% in 1QFY23 to Rs 1,206 crore

margins

Gross International EPC projects

remain

suppressed

primarily

account

Inthe US, labor cost increased due to shortage of labor supply

In Australia, labor cost/site overheads increased due to loss of productivity on account of unprecedented rain at site locations

Translation losses increased due to adverse QoQ exchange rate movement

\—~

STERLING & wuson>

Net debt of Rs 131 crore as of 30 June 2022 (0.22x Net D/E)

Advance and performance bank guarantees encashed by four customers amounting to Rs 588.5 crore of which

Final settlement agreement signed with customer for two projects and a sum of Rs 319.4 crore has been refunded

The Company is in discussion with the other two customers (projects completed)

No further impact on the results of the Company beyond 31 other matters in December 2021 on account of LDs and accordance with the Indemnity agreement

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| CONSOLIDATED PROFIT & LOSS - 1Q FY23

NTR Ol goy gs

Revenue from Operations

Gross Margin (post project MTM)

Gross Margin %

Other Income

Recurring Overheads

Recurring Overheads %

Non-recurring Overheads

MTM (gain)/ loss on cancellation of forward cover

Forex

EBITDA

EBITDA Margin %

EBIT

EBIT Margin %

PBT

PBT Margin %

PAT

PAT Margin

fonts)

oni 7,

1,206

(180) (14.9%)

1,195

28 2.3%

Q4FY22 1,071 (59) (5.5%)

FY2022

5,199

(503) (9.7%)

94 7.8%

(339)

(28.1%)

(342)

(28.3%)

(358)

(29.7%)

(356) (29.5%)

80 6.9%

(5)

(93) (7.8%)

(96) (8.0%)

(87) (7.3%)

(76) (6.4%)

84 7.8%

(13)

(27)

(102)

(9.4%)

(119)

(8.5%)

345 6.6%

(862)

(16.6%)

(896)

(17.2%)

(123)

(910)

(11.1%)

(17.5%)

(127) (12.0%)

(916) (17.7%)

INR Crore

Revenue from Operations

- International EPC - Domestic EPC - Operation and Maintenance Total YOY growth rate Gross margin - International EPC - Domestic EPC

- Operation and Maintenance

Total Gross margin %

STERLING & wuson>

Q1FY23

1,000 162 44 1,206

(202) 19

(180) (14.9%)

Revenue increased by 0.9% in LQFY23 to Rs 1,206 crore

O&M constitutes 3.7% of revenue in 1QFY23. O&M margins were suppressed in the quarter due to one-off final punch points as well as demobilization costs, incurred in the current quarter, relating to large projects handed over to developers in the previous year. Management anticipates O&M margins to normalize from the next quarter

Gross margins remain suppressed primarily on account of International EPC projects. In the US, labor cost increased due to shortage of labor supply, and in Australia, labor cost/site overheads increased due to loss of productivity on account of extreme weather conditions. Further, there was significant translation losses due to adverse movement in exchange rate of USD/INR and AUD/INR compared to March 22

STERLING & wuson>

CONSOLIDATED BALANCE SHEET

REO coy

Sources of Funds

Shareholders Funds Borrowings from Banks Total

Application of Funds

Fixed assets (including right to use assets)

Core Working Capital

Bank balance (including fixed deposit)

Other assets/ (liabilities)

Deferred tax and income tax balance

GST and VAT balances (net) Total

Jun-22

El ea

Breakdown of Net Debt (INR Crore)

596 403 999

(277)

272

547

137

279 999

905 435 1,340

(302)

508

620

143

330 1,340

Term debt

Working capital related debt

Total Debt

Less: Cash and Bank balance

Net Debt

403

(272)

131

435

(508)

(73)

Mix of receivables > 1 year as at Jun 2022 - Rs 261 crore

Breakdown of Core Working Capital (INR Crore)

Jun-22

Mar-22

Current Assets

Inventories

Receivables (net of LD provision)

Receivable days

Advances to suppliers

Current Liabilities

Trade payables Payable days

Advances from Customers

Net Working Capital

1,738

1,621

122

113

2,015

1,759 115

256

(277)

1,524

1,413

107

1,826

1,402 91

424

(302)

Others 24%

Related party”

Matter under NCLT 23%

Argentina 49%

(1) Related party receivables (~Rs 10 crore) is net of Rs 196 crore that the Company needs to pay back to the related party against advance received for Waste to Energy project

| ORDER BOOK & PIPELINE

Unexecuted Order Value Movement

Gross UOV as on 30 June 2022

STERLING & WILSON

g vy

-1,162

Europe

T Forex adjustments Order inflow in 1Q Projects executed in UOV as on 30 Jun

New order inflows can be lumpy - Impacted by cyclicality and seasonality

Australia 21.9%

LATAM 3.47

MENA 44.3%

1Q FY23

13.1%

FY23

2022

India

13.0%

FY23 Bid Pipeline remains robust - Expect orders to materialize from 2QFY23

UOV as on 31 Mar 2022

MENA &

SWREL is targeting ~ USD 1 bn of new EPC orders in International and Indian market in FY22 (ex Group companies)

| WAY FORWARD - REGAIN THE POSITION OF WORLD’S LARGEST SOLAR EPC PLAYER

Industry Outlook

Fa Target large e «, EPC markets

Expand new

Jet aah businesses

‘&

Grow O&M Portfolio

Unprecedented commodity super cycle over last 2 years coupled with COVID led to Solar Industry suffering huge losses and IPP’s deferring projects

Significant consolidation observed in the industry with stronger players expected to take a larger share of the market in the future

Solar industry well poised to grow in long term as IPPs have huge plans for global capacity additions

The global tariffs have already corrected upwards with the revision in prices and a lot of projects are expected to get finalized in FY23 including in H1

Reliance group’s investment in Company has led to strengthening of Company’s balance sheet and increased confidence to customers, suppliers, bankers and other stakeholders

Focus to grab large share of EPC capacity additions in FY23 like US (23 GW), Europe (16 GW), Australia (8 GW) and India GW)

(16

Pursue development activities In International markets to secure more EPC business

Round-The-Clock Renewable Energy Projects with Battery Storage are the future

Increased focus of countries globally towards Clean Hydrogen mission

Natural Hydrogen mission announced by Indian Govt to transform India into a global hub for green hydrogen production

Focus on large Solar PV + BESS projects in US, Europe and Australia

Leverage client relationships to gain meaningful market share in these new businesses

O&M market size to grow as more solar capacity are done

Increased focus on third party O&M in International markets through organic and inorganic route

Provide enhanced value to customers through O&M differentiators like drone thermography, strong analytics and predictions, underground cable fault finder etc.

In-house learning and training to upgrade the technical skills of the team

Outlook

| WAY FORWARD - DOMESTIC CAPACITY BUILDING UNDERWAY

SWREL has commenced preparations to scale domestic EPC team commensurate with the anticipated scale of work

srenune s.mson

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+33 see

far =

Mar-23E

Domestic Headcount (Mar-22)

Design & Engg

Procurement

Construction

Project Management

O&M

Corporate

SWREL’s Domestic EPC team has been historically bidding and executing orders of ~1.5 GW annually

(1) Domestic EPC Headcount comprises both on-roll and contractual

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Domestic Headcount (Mar-23E)

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As a responsible organization, we strive to ensure the well being of all our stakeholders, by placing sustainability at the heart of everything we do.

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For Participation in Resource Mobilization for Humanitarian Causes

IDF CSR Award of Excellence 2018

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Health

Natural Disasters

Tree Plantation

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Health & Nutrition

STERLING & eos

For further information, please contact:

Company :

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Mr Sandeep Mathew Head - Investor Relations

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