Execution of Shareholders' Agreement by JSW Neo Energy Limited with Druk Green Power Corporation Limited for the joint development of the 920 MW Punatsangchhu-III Hydroelectric Project, Bhutan

Energy Limited Regd. Office: JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, CIN: L74999MH1994PLC077041 Phone: 022-4286 1000 Fax: 022-4286 3000 Website: www.jsw.in SEC / JSWEL 12th August 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers “Exchange Plaza” Dalal Street Bandra-Kurla Complex, Bandra (E) Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 533148 Scrip Code: JSWENERGY-EQ Sub: Execution of Shareholders’ Agreement by JSW Neo Energy Limited with Druk Green Power Corporation Limited for the joint development of the 920 MW Punatsangchhu-III Hydroelectric Project, Bhutan Ref: Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Madam / Sir, We wish to inform you that today, JSW Neo Energy Limited (“JSWNEL”), a wholly owned subsidiary of the Company, has executed a Shareholders’ Agreement (“SHA”) with Druk Green Power Corporation Limited (“DGPC”), a company wholly owned by the Royal Government of Bhutan, for the joint development of the 920 MW Punatsangchhu-III Hydroelectric Project (“Project”), located on the Punatsangchhu River, Wangdue Phodrang District, Kingdom of Bhutan, on a Build-Own-Operate-Transfer basis, through a special purpose joint venture company proposed to be incorporated in Bhutan, in which DGPC and JSWNEL shall hold 51% and 49% equity stake, respectively. The relevant information required under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026, dated 30th January 2026 are given in the Annexure hereto. A Press Release in this regard is also attached. The above information is also available on the website of the Company, i.e., https://www.jswenergy.in/investors/stock-exchange-releases/. Yours faithfully, For JSW Energy Limited Monica Chopra Company Secretary Part of O.P. Jindal Group Annexure Disclosure under Schedule III pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Details of the Shareholders’ Agreement in terms of Listing Regulations Read with Part A, Schedule III of the Listing Regulations Particulars Details Name of the entity and Date of incorporation: Not applicable as the special purpose joint venture company Name of the entity, date & (“JV”) is yet to be incorporated. country of incorporation, etc. Proposed country of incorporation: Bhutan JSW Neo Energy Limited (“JSWNEL”), a wholly owned Name of holding company of subsidiary of the Company, will develop the Project jointly the incorporated company with Druk Green Power Corporation Limited (DGPC) and relation with the listed through a JV proposed to be incorporated as a public entity company in Bhutan. Industry to which the entity 3. Hydropower generation. being incorporated belongs The JV will develop the 920 MW Punatsangchhu-III Hydroelectric Project, a Run-of-the-River scheme on the Brief background about the Punatsangchhu River, Wangdue Phodrang District, 4. entity incorporated in terms of Kingdom of Bhutan, on a Build-Own-Operate-Transfer products / line of business (“BOOT”) basis. Brief details of any governmental or regulatory Corporate Regulatory Authority of Bhutan, Bhutanese FDI 5. approvals required for the approvals, etc. incorporation Nature of consideration – whether cash consideration JSWNEL shall subscribe to 49% of the equity stake of the 6. or share swap and details of JV in cash. the same JSWNEL initial contribution is BTN 245 million. Any further Cost of subscription / the infusion shall be based on further development of the 7. price at which the shares are project. subscribed Percentage of shareholding / 8. control by the listed entity and JSWNEL will hold 49% equity stake of the JV. / or number of shares allotted. Media Release August 12, 2026 JSW Energy and Druk Green Power Corporation Sign Shareholders' Agreement for 920 MW Punatsangchhu-III Hydroelectric Project in Bhutan Mumbai, India — August 12, 2026 – JSW Energy Limited ("the Company") today announced the signing of a Shareholders' Agreement with Druk Green Power Corporation Limited ("DGPC"), a wholly owned subsidiary of Druk Holding & Investments - the commercial arm of the Royal Government of Bhutan, for the joint development of the 920 MW Punatsangchhu-III Hydroelectric Project in Wangdue Phodrang District, Bhutan. The Agreement was signed in the gracious presence of the Honourable Prime Minister of Bhutan. Pursuant to the Agreement, the project will be developed through a joint venture company in which DGPC will hold 51% and JSW Neo Energy (wholly owned subsidiary of the Company) will hold 49% of the equity share capital. This marks the Company's first power generation venture outside India. The Detailed Project Report preparation is under way, jointly by DGPC and the Company. Bhutan is among the world's few carbon-negative countries, with a power system built entirely on clean hydropower and being expanded to other renewables such as solar. The country's Himalayan river systems offer substantial untapped hydroelectric potential. Bhutan has a long-established record of developing and operating large hydro assets, mostly in partnership with India — a relationship that exemplifies the excellent bilateral cooperation between the two countries. DGPC, as Bhutan's generation utility, brings decades of design engineering, development, and operating expertise across the country's hydropower assets to the partnership. Mr. Sharad Mahendra, Joint Managing Director and CEO of JSW Energy "We are privileged to partner with Druk Green Power Corporation on Punatsangchhu-III, our first power generation venture outside India — bringing together two organisations with deep experience in developing and operating large hydroelectric assets in Himalayan terrain. Bhutan is one of the world's few carbon-negative nations, and we are proud to contribute to the further development of its clean energy resources. At 920 MW, this project meaningfully strengthens our hydro portfolio and advances our green transition, adding clean, dispatchable capacity that complements wind and solar generation and supports stable, predictable cash flows. The partnership also reflects the enduring energy cooperation between India and Bhutan.” The Company has a total locked-in generation capacity of 32.4 GW, comprising 14.9 GW operational and 13.5 GW under construction across thermal, hydro and renewables, and a pipeline of 4.0 GW. In hydro, the Company has an operating portfolio of 1,781 MW and is the largest private hydropower generator in India. The Company also has 29.6 GWh of locked-in energy storage capacity, comprising 26.4 GWh of pumped hydro storage and 3.2 GWh of battery energy storage systems. JSW Energy aims to reach 30 GW of generation capacity and 40 GWh of energy storage capacity by 2030, and to achieve carbon neutrality by 2050. Page 1 of 2 MEDIA RELEASE ABOUT JSW ENERGY: JSW Energy Ltd is one of the leading Private sector power producers in India and part of the USD 25 billion JSW Group which has significant presence in sectors such as steel, energy, infrastructure, cement, sports among others. JSW Energy Ltd has established its presence across the value chains of power sector with diversified assets in power generation, and transmission. With strong operations, robust corporate governance and prudent capital allocation strategies, JSW Energy continues to deliver sustainable growth, and create value for all stakeholders. JSW Energy began commercial operations in 2000, with the commissioning of its first 2x130 MW thermal power plants at Vijayanagar, Karnataka. Since then, the company has steadily enhanced its power generation capacity from 260 MW to 14.9 GW, ensuring diversity in geographic presence, fuel sources and power off-take arrangements. The Compa [Showing first 8,000 characters — download PDF for full document]