SWSOLARNSE15 February 2022

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

Sterling and Wilson Renewable Energy Limited

February 15, 2022

BSE Limited Phiroze Jeejeebhoy 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

Sub.: Investor presentation on the Unaudited Consolidated and Standalone Financial results of Sterling and Wilson Renewable Energy Limited (formerly known as Sterling and Wilson Solar Limited (“the Company”) for the quarter and nine months ended December 31, 2021

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 Consolidated and Standalone Financial results of the Company for the quarter and nine months ended December 31, 2021.

The above is for your information and record.

Thanking you.

Yours faithfully, For Sterling and Wilson Renewable Energy Limited

Jagannadha Rao Ch. V. Company Secretary and Compliance Officer

Encl.: As above

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 - 400043 Phone: (91-22) 25485300 | Fax: (91-22) 25485331 | CIN: L74999MH2017PLC292281 Email: info@sterlingwilson.com | Website: www.sterlingandwilsonre.com

STERLING AND WILSON SOLAR LIMITED STERLING AND WILSON RENEWABLE ENERGY LIMITED (Formerly Sterling and Wilson Solar Limited)

Noor Abu Dhabi - World’s Largest Single Location Solar Project

Analyst Presentation Q3 and 9m FY22 Investor Presentation 14 February 2022 November 2019

Safe Harbor

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.

RNEL completes acquisition of 40% stake in SWREL

✓ Reliance New Energy Limited (RNEL), a wholly-owned subsidiary of Reliance Industries Ltd (Reliance) has completed acquisition of 40% stake

in SWREL via combination of Primary Investment, Secondary Purchase and Open Offer through a series of transactions, as follows:

Dec ‘21

Jan ‘22

Feb ‘22

Preferential Allotment

Acquisition – Tranche 1

Open Offer

Acquisition – Tranche 2

~2.93 cr shares at Rs. 375 per share aggregating to Rs 1100 crore through a preferential allotment - representing 15.46% of post preferential issue equity share capital

~1.84 cr shares from Shapoorji Pallonji and Co Pvt Ltd at Rs. 375 per share - representing 9.70% of equity share capital

Acquired ~0.85 cr shares at Rs. 375 per share - representing 4.47% of equity share capital

~1.97 cr shares from Shapoorji Pallonji and Co Pvt Ltd & Mr. Khurshed Daruvala, at Rs. 375 per share - representing 10.37% of equity share capital

✓ Post Tranche 2 completion, RNEL now holds 40.00% of the total paid-up equity share capital of SWREL, while SP group and KYD group hold

25.71% and 12.85% respectively

✓ Mr. Khurshed Daruvala will continue to be Chairman of the Board and lead the next phase of growth for SWSL

✓ The Board will be reconstituted to include two directors from Reliance Group and additional independent directors

Solar Industry – Significant factors driving growth

Solar PV Installations – Utility scale (ex China) to grow by 15% CAGR by 2025

Tax incentives and favorable government policies globally for renewable sector will drive the sector growth. More concrete policy frameworks are opening the door for mega projects, hydrogen and storage investments

COP26 – Commitment to phase out coal power and investments announced in Renewables

Non-hydro renewables will account for 90% of new power generation capacity globally

The Levelized Cost of Energy (LCOE) for solar PV is lowest compared to traditional source of energy and other renewable sources

Oil &Gas companies have announced a significant strategic shift in their business plans towards renewables including Solar

Power demand is expected to grow 1.8 times over the next three decades (27 TWh to 48 TWh)

SWREL is well positioned to address global market opportunity through its well crafted Strategy

Strengthen brand and reputation

Offering Value add to Customers through early engagement

Digitalization and Automation in Execution and Operations & Maintenance

Strategy

Diversify into project development in large markets like US, Europe and Australia to address large opportunities in these markets

Move from Cheapest to Nearest sourcing

Advantages

Aggressively pursue Energy storage and Operations and Maintenance business by leverage existing relationships with Customers

Strategic tie ups with suppliers for mega projects

✓ Reputed EPC players (competitive, bankable, experienced) are limited

✓ Our global reach and presence is unparallel and are well positioned to capitalize on same

Our Global presence (11.8 GW EPC Portfolio)

Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness

Key Highlights for 9mFY22

✓ Revenue for 9mFY22 increased by 11% to Rs 4,128 crore

✓ Gross margins impacted significantly primarily on account of increase in modules prices and accounting for liquidated damages cost based on

settlement done/ under discussion

✓ Net debt free as at 31 Dec 2021 with net bank balances of Rs 578 crore

✓ Advance and performance bank guarantees encashed by four customers amounting to Rs 588 crore (including Rs 184 cr BG encashed in Dec

2021) of which

▪ Final settlement agreement signed with customer and encashed amount of Rs 176 crore has been refunded by the Customer in Jan 2022. Similar settlement agreement is in discussion with another customer of the same group on another project (84% completed) and is expected to be concluded in the near future

▪ The Company is in advanced stage of discussion with other two customers (projects virtually completed) and is confident of recovering the amount in

the coming quarters

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

Indemnity agreement (Refer note 10 of 9m results)

Key factors impacting order finalisation and execution timelines

✓ Pandemic leading to

postponement of planned auction and extended financial closure and PPA deadlines

Delayed Decision Making

Price Volatility

✓ Significant price volatility cross components and commodities impacting order finalization though they have softened in Jan 2022

Shipping and Logistics Bottlenecks

Increasing competition

✓ Container shortages, backlogs, lack of labor at the ports, price spikes impacting delivery timelines and project execution

Vendor and Subcontractor Pricing

✓ Price commitments and lead times are not being adhered

✓ Aggressive bidding by EPC

players in certain geographies;

✓ Cautious approach by SWREL in taking risks

Key input prices have slightly softened in recent months

Module price trends (price in USD per Wp)

Freight rates Ex China (per 40 feet container)

0.278

0.258

LATAM

Australia

18,400

Key Highlights

0.248

0.221

0.190

Sep ’20 Mar ’21

Jul ’21

Oct ’21 Jan ‘22

LME Index (USD /MT)

Aluminum

Copper

9,005

9,433

9,776

9,775

6,719

1,745

2,192

2,491

2,954

3,003

 There

has been an

unprecedented increase in costs of modules, commodities and freight since H2 of FY21

 The prices have softened in Jan 2022 but still continues to be at elevated level

 We expect prices to stabilize by H1FY23 which will drive the growth in order finalizations

13,500

15,000

9,300

11,500

10,000

7,500

2,000

4,900

1,800

Sep ’20

Mar ’21

Jul ’21

Oct ’21 Jan ’22

Indian Steel Price (Rs/ MT)

72,500

66,500

65,800

53,790

45,000

Sep ’20 Mar ’21

Jul ’21

Oct ’21

Jan ‘22

Sep ’20

Mar ’21 Jul ’21 Oct ’21

Jan ‘22

Unexecuted Order Value (UOV) Movement

INR Crore

9,127

-2,030

+1,969*

+33

-3,955

[EPC Revenue]

Gross UOV as on 14th Feb 2022

+183

7,097

+232

5,327

5,559

Adjustments

UOV as on 31 Mar 2021

Restated UOV as on 31 Mar 2021

Price variations approved

Orders in 9mFY22

Other adjustments

Projects executed in 9mFY22

UOV as on 31 Dec 2021

New Orders post Dec 2021

UOV as on 14 Feb 2022

Module exposure in UOV

Pending partial supply of modules for 1 projects

(332 MW aggregating ~ INR 760 crore)

# The Company believes that there are orders amounting to Rs 2,030 crore which may now be unviable for developers considering increased module and commodity costs and are subject to ongoing discussions with the Developers. The same have now been adjusted in the UOV given above.

* Order inflow includes an order amounting to Rs 1,500 crore relating to the Waste To Energy project in UK. Post the primary infusion in the company, our focus has shifted to scaling up the solar business to meet the huge demand which will be generated due to this strategic investment. The Board of Directors have taken a decision not to pursue this Contract at this point of time and focus our energies on our core business. The same shall be excluded from the UOV on completion of various formalities including novation of the Contract.

Europe 27.0%

India 10.5% Africa 0.4%

INR 5,559 crore

MENA 16.7%

Americas 17.3%

Australia 28.1%

Consolidated Profit & Loss – 9mFY22

INR Crore

Q3FY22 Q3FY21

9mFY22

9mFY21

FY2021

Key Highlights

Revenue from Operations

Gross Margin (post project MTM)

Gross Margin %

Less: Impact of LD and module price increase Gross margin

1,495

0.7%

(305)

(295)

1,312

7.2%

4,128

(72)

(1.7%)

(372)

(444)

Gross margin %

(19.7%)

7.2% (10.8%)

3,716

325

8.7%

325

8.7%

5,081

328

6.5%

(265)

1.2%

Other Income

Recurring Overheads

Recurring Overheads %

5.8%

5.9%

261

6.4%

240

6.5%

324

6.4%



Revenue increased by 11% in 9MFY22 to Rs 4,128 crore

 O&M constitutes 4.2% of revenue in 9MFY22

 Gross margins impacted in 9MFY22 due to continued increase in prices of modules, commodities, freight and related execution costs coupled with liquidated damages settled / under discussion

 Normalized gross margins for Q3FY22 would have been 0.7% after eliminating the impact of increase in module and related cost (Rs 147 crore) and liquidated damages cost (Rs 158 crore) based on settlements already done/ under discussion. Further, the normalized margins for 9M continue to remain lower on the account of the carry forward impacts of items which had affected FY21

Non-recurring Overheads MTM (gain)/ loss on cancellation of forward cover Forex

(37)

EBITDA

(385)

(759)

(363)



EBITDA Margin %

(25.8%)

1.3% (18.4%)

1.2%

(7.1%)

EBIT

(389)

(770)

(379)

EBIT Margin %

(26.0%)

1.1% (18.7%)

0.8%

(7.4%)

PBT

(416)

(787)

(340)

PBT Margin %

(27.8%)

1.8% (19.1%)

1.6%

(6.7%)

PAT

PAT Margin

(427) (28.6%)

22 1.7%

(789) (19.1%)

54 1.5%

(290) (5.7%)

Note: All margin % are based on Revenue from Operations

 Accelerated MTM represents loss on account of cancellation and rebooking of forward contracts on expiry relating to ongoing projects which resulted in accelerated accounting of losses (Refer note 12 of 9M results). The same has been flushed out from effective portion of cash flow hedge of OCI resulting in negligible impact on Shareholder's fund

There will be no further impact on the results of the Company beyond 31 December 2021 on settlement of liquidated damages pertaining to certain past and existing projects (as on the date of signing the transaction documents with RNEL), old receivables, direct and indirect tax litigations as well as certain legal and regulatory matters in accordance with the Indemnity agreement (Refer note 10 of 9m results)

Consolidated Balance Sheet

INR Crore

Dec-21

Mar-21

Key Highlights

Sources of Funds Shareholders Funds Borrowings from Banks Total Application of Funds Fixed assets (including right to use assets) Core Working Capital Inter Company Deposits Bank balance (including fixed deposit) Other assets/ (liabilities) Deferred tax and income tax balance GST and VAT balances (net) Total

1,062 280 1,342

45 (637) - 858 663 128 293 1,342

658 468 1,126

47 (530) 885 296 (26) 155 299 1,126

Breakdown of Core Working Capital

Dec-21

Mar-21

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

Net Working Capital days

1,600 5

1,471 98 124

2,237

1,861 112 376

(637)

1,652 3

1,431 103 218

2,182

1,857 136 325

(530)



Increase in shareholders’ fund is mainly on account of the preferential issue to RNEL amounting to Rs 1,100 crore. The same is partially offset against loss for the period

Borrowings from Banks as at Dec 21 reduced on account of the repayment from the proceeds against collection of ICD’s and preferential issue made to RNEL



Inter Company Deposits has been completely repaid

 Net debt position is as follows

Breakdown of Net Debt Term debt Working capital related debt Debt on BG encashment Total Debt Less: Cash and Bank balance Less: Intercompany debt Net Debt

 Core working capital

Dec-21 - 280 - 280 (858) - (578)

Mar-21 138 330 - 468 (296) (885) (713)

▪ Negative working capital of Rs 637 crore as at Dec 21 compared to negative

working capital of Rs 530 crore as at Mar 21

▪ Trade receivables as at Dec 21 includes Rs 403 crore due for more than a year.

Further details on receivables provided in the subsequent slide

 Other assets includes a) recoverable from customers towards bank guarantee encashment of Rs 588 crore and b) derivative assets of Rs 10 crore (as against derivative liability of Rs 97 crore as on Mar 21) relating to forward contracts

Analysis of receivables > 1 year as at Dec 2021

Mix of receivables > 1 year as at Sep 2021 – Rs 403 crore

Comments

Others 14%

Rs 55 cr

Rs 119 cr

Argentina 29%

Rs 168 cr

Rs 61 cr

Related party 42%

Matter under NCLT 15%

 Key receivables outstanding for more than 1 year of Rs 403 cr as at

Dec 2021 comprise

▪ Matter under NCLT - Net Receivables is Rs 61 crore (after ECL provision

of Rs 31 cr). The same has been explained in the subsequent slide

▪ Argentina receivables of Rs 119 cr – During the Q1FY22, the customer had initiated arbitration proceeding for LDs and unsubstantiated cost amounting to Rs 227 cr (including LD). The Company has also made a claim of Rs 94 cr towards prolongation cost, Interest on overdue payment etc. based on the contractual rights

recovery of

▪ Related party receivables of Rs 168 cr -

The Company has received business of ~Rs 1,320 cr from related parties over the last 4 years and receivables outstanding as at Dec 2021 is Rs 168 cr. This includes receivables of Rs 113 cr against which the Company has received unconditional assurance of proceeds from sale of plant. The same is expected to be realised by March 2022

▪ Other receivables of Rs 55 cr is net of LD provision based on the receivables Rs 9 cr has been the other

management estimate. Of recovered post Q3FY22

IL&FS Receivables assured by Embassy Energy

Claims Status

Management assessment

 During the year ended 31 March 2020, the Company has initiated legal proceedings in both these matters: the matter in respect of the customer / developer in currently pending with the NCLT and the matter in respect of the customers bank is currently pending with the National Company Law Appellate Tribunal  In FY20, the Company has also filed claim against the Developer for recovery of Rs 92.45 cr plus interest thereon which is now pending for Final Orders with the NCLT as the Arguments have been completed on 11th November 2021

 The Company has sought legal opinion regarding the amount due from the developer as per their assurance letter and from the customer’s bank due to failure to pay confirmed Letters of Credit and has been advised that the said amounts are recoverable  The amount of Rs 92.45 crore and Rs 64.10 crore is shown under the head Trade Receivables and Other Financial Assets, respectively

 Basis

the aforementioned legal opinion and the management assessment, inspite of being confident of full recovery, considering the expected credit loss requirement of Ind AS 109 "Financial Instruments", the recognised the provision to the management has extent of Rs Nil crore ( 31 March 2021: Rs 31.33 crore) for the Nine months ended 31 Dec 2021, based on management's best estimate of collection of the receivables as at 31 Dec 2021

Facts  The Company had entered into a contract for a 100 MW AC Photovoltaic plant in the state of Karnataka with IL&FS (“customer”) to cater to inhouse power the large office space facilities at demands of Bangalore of Embassy Energy Private Limited (“developer”)

 The works were majorly completed by end February 2018 and the balance work was pending due to non- availability of land, which was in the scope of the customer

 In October 2018, the National Company Law Tribunal ("NCLT") actions were initiated against the customer group and the Holding Company issued a work suspension notice to the customer, for balance of payments, with a copy to the developer

 The developer issued directions to the Company, vide a letter, to go ahead with the works/maintenance of the plant where in they also assured the Holding Company that they would make the payment if the customer failed to pay. As on date the customer owes SWPL Rs 92.45 crore

 In addition, an amount of Rs 64.10 crore under confirmed, irrevocable Letters of Credit arranged by the customer from their bank (‘Axis Bank’) mainly for the supplies which had been discounted by SWSL, after confirmation both from the customer and their bank, became due

 Due to the NCLT actions against the customer group, the customer’s bank refused to make the payment to the Company’s bank citing prevention against doing the same due to the NCLT order, and the Holding Company had to return the amount back to its bank

Consolidated Cashflow

INR Crore

(Loss) /Profit before tax

Adjustments for noncash / other items

Operating profit before working capital changes

Working Capital Adjustments

Cash flows generated from Operating Activities

(1,235)

Income tax (paid) / Forex translation

Net Cash flows generated from Operating Activities

(1,216)

Inter Company Loan repaid

Interest received

Fixed Deposit

Fixed Assets etc

Net Cash flows generated from Investing Activities

Proceed from issue of equity shares Proceeds from / (Repayment) External Borrowings (Net) Interest paid

Dividend

Others

Net Cash flows generated from Financing Activities

Net Cash increase

Net movement in currency translation Cash and cash equivalent at the beginning of the period Cash and cash equivalent at the end of the period

9MFY22

9MFY21

FY21

Key Highlights

(787)

180

(607)

(628)

885

(11)

924

1,100

157

(53)

104

(44)

(21

(340)

(244)

557

313

(112)

201

219

244

(38)

(16)

409

 Cash flow from Operations

▪ Increase in working capital on account of BG encashment of Rs 588

crore and payment to overdue vendors

 Cash flow from Investing activities

▪ Intercompany deposit fully recovered

 Cash flow from Financing activities

▪ Increase in cash flow from financing activity is mainly on account of

preferential issue of equity share amounting to Rs 1,100 crore.

▪ Reduction in borrowing is on account of repayment of term debt and

working capital loan

 Cash and cash equivalents

(188)

(317)

(756)

▪ Cash and cash equivalents represent Bank balances in various accounts

across the world

(57)

(69)

855

562

220

782

(385)

(218)

463

245

(93)

(5)

(853)

(243)

(0)

463

220

Way Forward

✓ Short term outlook continues to be challenging

✓ Majority of order finalization in H2FY22 pushed to FY23

✓ Market expected to get better from Q2FY23

✓ Significant opportunities in US, Europe and Australia market

✓ Pursue development activities to secure more EPC business and increase market

coverage in US, Europe and Australia

✓ Increased focus on third party O&M in International markets

✓ Provide enhanced value to customers through O&M differentiators

✓ Leverage client relationships to gain meaningful market share in rapidly growing

battery storage, green hydrogen business and other renewable projects

Industry Outlook

Target large EPC markets

Grow O&M portfolio

Expand new business

Target large Solar EPC markets – US, Europe and Australia

US PV Installation historical data and forecast, 2010-2026

US market

✓ Most prominent and steady market of ~25 GW in 2022 with 75% in utility scale

✓ The recent US government policies have given a significant impetus to the growth of Solar and Energy Storage which gives us an exciting growth opportunity in one of the largest global markets

✓ We have completed 7 projects aggregating 38 MW in US. Two large projects in US aggregating 400 MW are in progress and expected to be completed by Q1FY23

✓ Pursue development activities to secure more EPC business and increase market

coverage in US

Europe market

✓ ~ 16 GW+ steady market (fragmented) , Germany, Spain and Netherlands are

the large market

✓ ~ 200GW PV to be installed until 2030 (shutdowns of coal, gas and nuclear

plants)

✓ Pursue development activities to secure more EPC business and increase market

coverage in Europe

Australia market

✓ ~ 3 GW+ steady market (fragmented)

✓ ~ 35 GW of new utility scale to be installed until 2035 (shutdowns of coal, gas

and nuclear plants)

✓ SW is executing 1.1 GW of Solar PV projects and is the largest EPC player

Europe PV Installation historical & forecast,2011-2025

) c d

W G (

y t i c a p a C

✓ Pursue development activities to secure more EPC business and increase market

Residential

Commercial

Utility

coverage in Australia

Source: IHS Markit

Target large Solar EPC markets – India

✓ As of September 2021, India had 101.53 GW of renewable energy capacity

India PV Installation historical data, 2017-2021

and represents ~38% of the overall installed power capacity

✓ The country is targeting about 450 GW of installed renewable energy capacity

by 2030 – about 280 GW (over 60%) is expected from solar

✓ It is expected that by 2040, around 49% of the total electricity will be

generated by renewable energy as more efficient batteries will be used to store electricity

✓ As per the Central Electricity Authority (CEA) estimates, by 2029-30, the share of renewable energy generation would increase from 18% to 44%, while that of thermal is expected to reduce from 78% to 52%

✓ GOI has come up with Production Linked Incentive (PLI) scheme for Solar and

Storage manufacturing

✓ GOI has launched National Hydrogen Mission and announced its decision to

transform India into a global hub for green hydrogen production

✓ With the increased support of Government and improved economics, the sector

has become attractive from investors perspective

Source: IBEF | Mercom

Grow O&M portfolio in large International markets

✓ Global O&M market size of 180 GW in 2020

✓ O&M market size will grow as more Solar capacity additions are done

O&M market in 2020 (ex China and Japan)

Middle East & Africa, 10

Australia, 8

✓ Globally ranked as 4th largest O&M player in 2020 as per Wood Mackenzie report

218 GW

North & South America, 106

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

inorganic route

Asia, 58

✓ Provide enhanced value to customer through O&M Differentiators like drone

thermography, strong analytics and predictions, IV Curve Tracer, underground cable fault finder, etc

Europe, 35

Key Differentiators

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

Semi- Automatic & Robotic cleaning

IV Curve Diagnostic

In-house Cable fault locating system

Drone Thermography

Computerized Maintenance Management System

Strong Analytics & Predictions

Source: IHS Markit

Tap opportunities for pure BESS or Solar + BESS projects

✓ Battery Energy Storage Systems (BESS) and Energy storage systems (ESS) to grow 2x in next 4 years to

Annual installations of battery energy storage

$12 Billion annually

GW hrs

✓ US, China and Australia are the large markets in BESS

✓ UK + Europe will be the next big consolidated market with UK, Germany, France, Italy & Spain being

the top 5 countries.

✓ In the 82 GWh potential, nearly 28-30 GWh will be deployed in the Solar PV + BESS projects

✓ Team of battery experts, sales and execution team added to cater to the market opportunity

✓ Bid pipeline of 1.4 GW hrs across US, Australia, Europe and LATAM

2019

2020

2021

2022

2023

2024

2025

✓ Target order booking of 500 MWh with a value of US$ 150 mn

Source: marketresearchengine.com, BNEF, Energy Storage Grand Challenge Energy Storage Market Report 2020

THANK YOU

For further information, please contact:

Company :

Investor Relations Advisors :

Sterling and Wilson Renewable Energy Limited

Strategic Growth Advisors Private Limited

CIN: L74999MH2017PLC292281

CIN: U74140MH2010PTC204285

Mr Vishal Jain Head – Investor Relations

Mr Jigar Kavaiya / Mr. Parin Narichania

+91 9920602034 / +91 9930025733

Email: ir@sterlingwilson.com

Email: jigar.kavaiya@sgapl.net / parin.n@sgapl.net

www.sterlingandwilsonre.com

www.sgapl.net

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