JSW ENERGY: CO AND DRUK GREEN POWER CORPORATION SIGN SHA FOR 920 MW PUNATSANGCHHU-III HYDRO PROJECT

1. $JSWENERGY, through its subsidiary JSW Neo Energy, has signed a Shareholders’ Agreement with Bhutan’s state-owned Druk Green Power Corporation (DGPC) to jointly develop the 920 MW Punatsangchhu-III Hydroelectric Project. The JV will be 51% owned by DGPC and 49% by JSW Neo Energy, making this JSW Energy’s first power-generation project outside India. 2. The deal strengthens JSW Energy’s long-term renewable/hydro portfolio and marks its entry into Bhutan’s growing hydropower opportunity. The 920 MW project provides exposure to large-scale, long-life renewable generation and supports JSW Energy’s broader capacity-expansion strategy; however, near-term earnings impact should remain limited as the project is still at the development stage, with execution, financing and commissioning timelines key to monitor.