Document:

EX-4.4

 Exhibit 4.4 

Execution Version 

REGISTRATION RIGHTS, COORDINATION AND PUT OPTION AGREEMENT 

THIS REGISTRATION RIGHTS, COORDINATION AND PUT OPTION AGREEMENT (this “Agreement”), dated as of August 23, 2021, is made and
entered into by and among: 
  

	(1)	 RENEW ENERGY GLOBAL PLC,
a public limited company incorporated in England and Wales with registered number 13220321 and having its registered office at c/o Vistra (UK) Ltd, 3rd Floor,
11-12 St. James’s Square, London, SW1Y 4LB (the “Company”); 

  

	(2)	 RENEW POWER PRIVATE LIMITED,
a company with limited liability incorporated under the laws of India and having its registered office at 138, Ansal Chambers II, Bhikaji Cama Place, Delhi, India—110066 (“ReNew India”); 

 

	(3)	 RMG SPONSOR II, LLC, a Delaware limited liability company and having its
registered office at 57 Ocean, Suite 403, 5775 Collins Avenue, Miami Beach, Florida 33140 (the “Sponsor”); 

  

	(4)	 GS WYVERN HOLDINGS LIMITED, a
company organized under the laws of Mauritius, having its principal office at c/o Intercontinental Trust Ltd., Level 3, Alexander House, 35 Cybercity, Ebene, Mauritius (“GSW”); 

 

	(5)	 CANADA PENSION PLAN INVESTMENT
BOARD, a Canadian crown corporation organised and validly existing under the Canada Pension Plan Investment Board Act, 1997, c.40 and having its registered office at One Queen Street East Suite 2500, Toronto,
Ontario, M5cC2W5, Canada (“CPP Investments”); 

  

	(6)	 PLATINUM HAWK C 2019 RSC LIMITED, having its
registered office at Level 26, Al Khatem Tower, Abu Dhabi Global Market, Al Maryah Island, Abu Dhabi, United Arab Emirates, in its capacity as trustee of Platinum Cactus A 2019 Trust, a trust established under the laws of Abu Dhabi Global
Market by deed of settlement dated 28 March 2019 between the Abu Dhabi Investment Authority and Platinum Hawk C 2019 RSC Limited (“Platinum Cactus”); 

 

	(7)	 GEF SACEF INDIA, a private company limited by shares incorporated under the laws of Mauritius and having
its registered office at c/o IQEQ, 33 Edith Cavell Street, 11324, Port Louis, Republic of Mauritius (“SACEF”); 

  

	(8)	 JERA POWER RN B.V., a company organized under the laws of the Netherlands having its
registered office at De entree 250, 1101EE Amsterdam (“JERA” and, together with the Sponsor, GSW, CPP Investments, Platinum Cactus, SACEF and any permitted assign or transferee of the foregoing that becomes a party to this Agreement
pursuant to Section 8.02, each, a “Significant Shareholder” and, collectively, the “Significant Shareholders”); 

 

	(9)	 MR. SUMANT SINHA,
passport number Z4966428 and presently residing at 1017 B, Aralias, DLF Golf Course Road, Gurgaon—122009 (the “Founder”); 

	(10)	 COGNISA INVESTMENT, a partnership firm, having its office
at 1st Floor, Penkar House, Jaishuklal Mehta Road, Santacruz (West), Mumbai, India – 400 054 (“Cognisa”), being represented by Mr. Sumant Sinha; and 

 

	(11)	 WISEMORE ADVISORY PRIVATE
LIMITED, a company incorporated under the provisions of the Companies Act, 2013 and having its registered office at 1017 B, Aralias, DLF Golf Course Road, Gurgaon, India – 122009 (the “SS
Entity” and, together with Cognisa and the Founder and their permitted assignees, each, a “Founder Investor” and, collectively, the “Founder Investors” and the Founder Investors, together with the
Significant Shareholders, each, an “Investor and, collectively, the “Investors”); 

 and the Company and the
Investors are hereinafter referred to individually as a “Party” and, collectively, as the “Parties”. 

RECITALS 
 WHEREAS, this
Agreement is being entered into in connection with the consummation (the “Closing”) of the transactions contemplated by the Business Combination Agreement, dated as of February 24, 2021, as amended from time to time, by and
among the Company, ReNew India, RMG Acquisition Corporation II (“RMG”) and the other parties thereto (the “Business Combination Agreement”); 

WHEREAS, RMG and the Sponsor have entered into that certain Securities Subscription Agreement, dated as of July 29, 2020, pursuant to
which the Sponsor subscribed for an aggregate of 10,062,500 Class B ordinary shares, par value US$0.0001 per share, of RMG (the “Sponsor Shares”); 

WHEREAS, on December 2, 2020, the Sponsor irrevocably surrendered an aggregate of 2,875,000 of its Sponsor Shares to RMG for nil
consideration; 
 WHEREAS, on December 9, 2020, RMG effected a share split with respect to the Sponsor Shares, resulting in an increase
in the total number of Sponsor Shares outstanding to 8,625,000 shares; 
 WHEREAS, on December 9, 2020, RMG and the Sponsor entered
into that certain Sponsor Warrants Purchase Agreement, pursuant to which the Sponsor agreed to purchase 7,026,807 warrants, the underwriters in RMG’s initial public offering having exercised their over-allotment option (the “Private
Placement Warrants”), in a private placement transaction occurring simultaneously with the closing of RMG’s initial public offering; 

WHEREAS, pursuant to the terms of the Business Combination Agreement, concurrently with the execution of this Agreement, among other matters,
(i) ReNew Power Global Merger Sub, a Cayman Islands exempted company, was merged with and into RMG with RMG continuing as the surviving entity and a wholly-owned subsidiary of the Company, (ii) at the effective time of such merger, each
Class A ordinary share of RMG was cancelled in exchange for the issuance by the Company of one Class A Share (as defined below) and each Class B ordinary share of RMG was converted into one Class A ordinary share of RMG and
cancelled in exchange for the issuance by the Company of one Class A Share, and, in each case, the allotment by the Company of Class A Shares and Class C Shares (as defined below) in accordance with the terms of the Business
Combination Agreement, (iii) at the effective time of the Merger, each Private Placement Warrant was adjusted to become a warrant exercisable for 1.0917589 Class A Shares following the Closing, (iv) certain shareholders of ReNew India
transferred to the Company, and the Company acquired, certain equity shares of ReNew India held by such shareholders (other than ReNew India Common Shares (as defined below) held by the Founder Investors as well as certain other individual employee
and ex-employee shareholders and ReNew India Common Shares issued upon conversion of CCPSs (as defined below) to CPP Investments and GSW) as consideration and in exchange for cash consideration and/or the
issuance by the Company to such shareholders of Class A Shares and, in the case of GSW, also Class C Shares (as defined below), (v) the Founder subscribed for and the Company issued one (1) Class B Share (as defined below) to the
Founder, and (vi) CPP Investments subscribed for and the Company issued one (1) Class D Share (as defined below) to CPP Investments; 

 WHEREAS, pursuant to the terms of the Business Combination Agreement, prior to the Closing,
the compulsorily and fully convertible preference shares, having a par value of INR 425 per preference share, of ReNew India (“CCPSs”) held by GSW, Platinum Cactus and CPP Investments were converted into ReNew India Common Shares,
in accordance with the terms of such CCPSs, and, on or after the Closing, GSW, Platinum Cactus and CPP Investments shall, or may, transfer such ReNew India Common Shares to the Company in accordance with the Business Combination Agreement in
exchange for the issuance by the Company to such Significant Shareholders of Class A Shares and, with respect to GSW, Class C Shares; 

WHEREAS, as of the Closing, the Founder Investors, CPP Investments and GSW will continue to hold ReNew India Common Shares; and 

WHEREAS, the Parties desire to enter into this Agreement, pursuant to which, among other things, (i) the Company shall grant the
Significant Shareholders and the Founder Investors certain registration rights with respect to certain securities of the Company, (ii) the Significant Shareholders (other than SACEF) shall coordinate with respect to certain sales of certain
securities of the Company and (iii) the Company shall grant to the Founder Investors certain put and swap options relating to their respective ReNew India Common Shares, in each case, as set forth in this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants, representations, covenants and agreements contained herein, and certain other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound hereby, agree as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective
meanings set forth below: 
 “ADIA” shall mean the Abu Dhabi Investment Authority. 

 “Adverse Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Board, after consultation with counsel to the Company, (i) would be required to be made in any Registration Statement or Prospectus in
order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any
preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona
fide business purpose for not making such information public. 
 “Affiliate” shall mean (a) with respect to any
specified Person (other than CPP Investments and Platinum Cactus (except, with respect to Platinum Cactus, for the purposes of Permitted Transfers)), any Person that, directly or indirectly, Controls, is Controlled by or is under common Control with
such specified Person, through one or more intermediaries or otherwise, (b) with respect to Platinum Cactus, except for the purposes of Permitted Transfers, any other entity or entities Controlled by ADIA and that has made or makes investments
pursuant to a decision by the investment committee of ADIA acting on the basis of a proposal submitted by the Infrastructure Division of its Real Estate and Infrastructure Department and (c) with respect to CPP Investments, the Restricted CPP
Investments Group, provided that the Company and each of its Subsidiaries shall not be deemed to be Affiliates of any Investor. 

“Agreement” shall have the meaning given in the Preamble. 

“Board” shall mean the Board of Directors of the Company. 

“Business Combination Agreement” shall have the meaning given in the Recitals. 

“Catch-Up Right” shall have the meaning given in subsection 2.01(d)(iii). 

“Cause” shall have the meaning given in the service agreement dated as of August 23, 2021 between the Company and the
Founder. 
 “CCPSs” shall have the meaning given in the Recitals. 

“Change of Control” shall mean any event resulting in transfer to or acquisition by any Person (together with its Affiliates)
of more than 50% of the share capital of the Company; provided, however, that a transaction will not be deemed to involve a Change of Control if (a) the Company becomes a direct or indirect wholly owned subsidiary of a holding
company, and (b)(i) the direct or indirect holders of the shares of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Shares immediately prior to that transaction or
(ii) immediately following that transaction no Person (together with its Affiliates) (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the shares of
such holding company. 
 “Class A Shares” shall mean the Class A ordinary shares of the Company,
nominal value US$0.0001 per share. 

 “Class B Share” shall mean the Class B ordinary
share of the Company, nominal value US$0.0001 per share. 
 “Class C Shares” shall mean the Class C
ordinary shares of the Company, nominal value US$0.0001 per share. 
 “Class D Share” shall mean the
Class D ordinary share of the Company, nominal value US$0.0001 per share. 
 “Closing” shall have the meaning given in
the Recitals. 
 “Cognisa” shall have the meaning given in the Preamble. 

“Commission” shall mean the U.S. Securities and Exchange Commission. 

“Company” shall have the meaning given in the Preamble. 

“Control” (including the terms “Controlled by” and “under common Control with”) shall mean
possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of a Person. 

“Coordinating Significant Shareholder” shall have the meaning given in subsection 5.01(a). 

“Coordination Transfer” shall have the meaning given in subsection 5.01(a). 

“CPP Investments” shall have the meaning given in the Preamble. 

“Demanding Significant Shareholder” shall have the meaning given in subsection 2.01(c). 

“Effective Economic Interest” shall mean, with respect to an Investor at a particular time of determination, the percentage
equal to (a) the number of such Investor’s Equivalent Economic Beneficial Shares as of such time, divided by (b) the number of Equivalent Outstanding Beneficial Shares as of such time. The Effective Economic Interest of
each Investor as of Closing is set forth opposite the name of such Investor on Schedule B hereto. 
 “Equivalent Economic
Beneficial Shares” shall mean, with respect to an Investor as of a particular time of determination, an amount (rounded down to the nearest whole number) equal to (a) (i) the number of ReNew India Common Shares, if any, held as of such
time by such Investor and its Affiliates, multiplied by (ii) 0.8289 (as proportionally adjusted for any share dividends, share combinations or consolidations, share splits, bonus issues or merger, consolidation or other reorganization or
recapitalization effected with respect to the Shares or the ReNew India Common Shares after the Closing), plus (b) the number of Class A Shares, if any, held by such Investor and its Affiliates as of such time, plus (c) the number of
Class C Shares, if any, held by such Investor and its Affiliates as of such time. The Equivalent Economic Beneficial Shares of each Investor as of Closing is set forth opposite the name of such Investor on Schedule B hereto. 

 “Equivalent Outstanding Beneficial Shares” shall mean, as of a particular
time of determination, an amount equal to (a) the aggregate of each Investor’s Equivalent Economic Beneficial Shares as of such time, plus (b) the number of issued and outstanding Class A Shares as of such time that are
held by Persons other than an Investor or any of its Affiliates, plus (c) the number of issued and outstanding Class C Shares as of such time, if any, that are held by Persons other than an Investor or any of its Affiliates. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time. 

“Exercise Notice” shall have the meaning given in Section 6.01. 

“Family Members” shall have the meaning given in the definition of “Permitted Transfer” in this
Section 1.01. 
 “Filing Date” shall have the meaning given in subsection 2.01(a). 

“Form F-1” shall mean such form under the Securities Act as in effect on the date
hereof or any successor registration form under the Securities Act subsequently adopted by the Commission. 
 “Form F-1 Shelf” shall have the meaning given in subsection 2.01(a). 
 “Form F-3” shall mean such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the Commission that permits forward incorporation
of substantial information by reference to other documents filed by the Company with the Commission. 
 “Form F-3 Shelf” shall have the meaning given in subsection 2.01(a). 

“Founder” shall have the meaning given in the Preamble. 

“Founder Indebtedness” shall have the meaning given in Section 6.03(e). 

“Founder Investor Change of Control Put Option” shall have the meaning given in subsection 6.04(a). 

“Founder Investor De-Minimis Put Option” shall have the meaning given in
subsection 6.02(a). 
 “Founder Investor Ordinary Put Option” shall have the meaning given in subsection
6.03(a). 
 “Founder Investor Put Financing Issuance” shall have the meaning given in
Section 6.01. 

 “Founder Investor Put Options” shall have the meaning given in subsection
6.05(a). 
 “Founder Investor Termination Put Option” shall have the meaning given in subsection 6.05(a). 

“Founder Investors” shall have the meaning given in the Preamble. 

“Founder Investors Lock-Up Period” shall mean, with respect to Lock-Up Securities that are held by a Founder Investor or his or its Permitted Transferees, the period ending one (1) year after the date hereof. 

“GS Affiliate” shall have the meaning given in Section 7.05. 

“GSW” shall have the meaning given in the Preamble. 

“GSW Lock-Up Transfer Right” shall have the meaning given in subsection
7.02(c). 
 “GSW Priority Offering” shall have the meaning given in subsection 2.01(d)(ii). 

“GSW Priority Offering Right” shall have the meaning given in subsection 2.01(d)(ii). 

“GSW Total Equity Interest” shall mean, with respect to GSW at a particular time of determination, the percentage equal to
(a) the number of GSW’s Equivalent Economic Beneficial Shares as of such time, divided by (b) an amount equal to (i) GSW’s Equivalent Economic Beneficial Shares as of such time, plus (ii) the number of
issued and outstanding Class A Shares as of such time that are held by Persons other than GSW or any of its Affiliates, plus (iii) the number of issued and outstanding Class C Shares as of such time, if any, that are held by Persons
other than GSW or any of its Affiliates. The GSW Total Equity Interest as of Closing is set forth opposite GSW’s name in Schedule B hereto. 

“GSW Voting Interest” shall mean, with respect to GSW at a particular time of determination, the percentage equal to
(a) the number of Class A Shares held by GSW or any of its Affiliates as of such time, divided by (b) the aggregate number of Class A Shares, Class B Shares and Class D Shares issued and outstanding as of such time. The
GSW Voting Interest as of Closing is set forth opposite GSW’s name in Schedule B hereto. 
 “Initiating Coordinating
Significant Shareholder” shall have the meaning given in subsection 5.01(b). 
 “Investors” shall have the
meaning given in the Preamble. 
 “INR” shall mean Indian rupee, the lawful currency of India. 

“JERA” shall have the meaning given in the Preamble. 

“Law” shall mean and include all applicable statutes, enactments, acts of legislature, laws, ordinances, rules, by-laws, regulations, binding directions, directives and orders of any governmental authority, statutory authority, tribunal, board, court or recognized stock exchange and, if applicable, international treaties,
having jurisdiction over the matter in question and having the force of law. 

 “Lock-Up Investor” shall have the
meaning given in subsection 7.01(a). 
 “Lock-Up Period” shall mean the
Private Placement Lock-Up Period, the Significant Shareholders Lock-Up Period and the Founder Investors Lock-Up Period, as
applicable. 
 “Lock-Up Securities” shall have the meaning given in subsection
7.01(a). 
 “Maximum Number of Securities” shall have the meaning given in subsection 2.01(d)(i). 

“Misstatement” shall mean an untrue statement of a material fact or an omission to state a material fact or alleged omission of a
material fact required to be stated in a Registration Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus, in the light of the circumstances under which they were made)
not misleading. 
 “Parties” shall have the meaning given in the Preamble. 

“Permitted Transfer” shall mean, with respect to an Investor, a Transfer by such Investor of its Registrable Securities, Lock-Up Securities or ReNew India Common Shares, as applicable, (i) to such Investor’s Affiliates (which, for the avoidance of doubt, includes a Transfer by a Founder Investor to its Affiliates pursuant to
its rights under Clause 4.5(b) (Founder Investor Exchange Rights) under the shareholders’ agreement dated the date hereof in respect of the Company), (ii) if such Investor is not a natural person, to its shareholders, partners or members
upon its liquidation, (iii) if such Investor is a natural person, (A) by bona fide gift to any immediate family members (including spouses, significant others, lineal descendants and ascendants (including adopted and step children and
parents of such Person)), brothers and sisters (including half-sibling and step-siblings) of such Investor or such Investor’s spouse or siblings (collectively, “Family Members”), (B) to a family trust, established for the
exclusive benefit of such Investor or any of his Family Members for estate planning purposes, (C) by virtue of laws of descent and distribution upon death of such Investor or (D) pursuant to a court order or settlement agreement related to
the distribution of assets in connection with the dissolution of marriage or civil union, or (iv) with respect to a Founder Investor, pursuant to a Put Sale or a Swap Option conducted in order to finance the purchase of ReNew India Common
Shares for the repayment, prepayment or other discharge of Founder Indebtedness, in each case of clauses (i) through (iv), in accordance with, and to the extent permitted by, this Agreement, and subject to any restriction in the organizational
documents of the Company and ReNew India and any other applicable agreement between such Investor and the Company or ReNew India. 

“Permitted Transferee” shall mean, with respect to an Investor, a transferee of a Permitted Transfer by such Investor. 

“Person” shall mean any individual, corporation, partnership, trust, limited liability company, association or other entity.

 “Piggyback Registration” shall have the meaning given in subsection 2.02(a). 

 “Platinum Cactus” shall have the meaning given in the Preamble. 

“Private Placement Lock-Up Period” shall mean, with respect to Private Placement
Warrants that are held by the Sponsor or its Permitted Transferees, and any Class A Shares issued, or issuable, upon the exercise or conversion of the Private Placement Warrants and that are held by the Sponsor or its Permitted Transferees, the
period ending thirty (30) days after Closing. 
 “Private Placement Warrants” shall have the meaning given in the
Recitals. 
 “Prospectus” shall mean the prospectus included in any Registration Statement, as supplemented by any and all
prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus. 

“Put Sale” shall have the meaning given in Section 6.01. 

“Put Shares” shall have the meaning given in Section 6.01. 

“Registrable Securities” shall mean (i) the Class A Shares held by the Significant Shareholders as of the date of
this Agreement, (ii) the Class C Shares held by GSW as of the date of this Agreement, (iii) the Class A Shares and the Class C Shares, as applicable, issuable to CPP Investments and GSW after the date hereof pursuant to the
terms of the Business Combination Agreement, (iv) the Class A Shares issued, or issuable, upon conversion of the Private Placement Warrants, (v) Class A Shares held by any Transferee of GSW resulting from the re-designation of Class C Shares as such Class A Shares in accordance with the Company’s articles of association upon a Transfer of such Class C Shares by GSW to such Transferee and to whom GSW
has assigned its rights, duties and obligations hereunder in accordance with Section 8.02, (vi) Class C Shares held by any Transferee of GSW where such Class C Shares are not
re-designated as Class A Shares under the Company’s articles of association upon a Transfer of such Class C Shares by GSW to such Transferee and to whom GSW has assigned its rights, duties and
obligations hereunder in accordance with Section 8.02, (vii) Class A Shares to be issued by the Company upon the exercise of any Founder Investor Put Option and/or Swap Option as set out herein,
(viii) Class A Shares issuable to a Founder Investor or its Affiliate pursuant to Clause 4.5(b) (Founder Investor Exchange Rights) of the shareholders’ agreement dated the date hereof in respect of the Company and (ix) any
other equity security of the Company issued or issuable with respect to any securities referenced in clauses (i) through (viii) above by way of a stock dividend or stock split or in connection with a recapitalization, merger, consolidation, spin-off, reorganization, rights issue or similar transaction; provided, however, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities upon the
earliest to occur of: (A) a Registration Statement with respect to the sale of such securities becoming effective under the Securities Act and such securities being sold, transferred, disposed of or exchanged in accordance with such
Registration Statement; (B) such securities being otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer being delivered by the Company and subsequent public distribution of such securities
not requiring registration under the Securities Act; (C) such securities ceasing to be outstanding; (D) such securities being permitted to be sold without registration pursuant to Rule 144 promulgated under the Securities Act (or any
successor rule promulgated thereafter by the Commission) without limitation on the amount of securities sold or the manner of sale or other restrictions or limitations; and (E) such securities being sold to, or through, a broker, dealer or
underwriter in a public distribution or other public securities transaction. 

 “Registration” shall mean a registration effected by preparing and filing a
registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective. 

“Registration Expenses” shall mean the
out-of-pocket expenses of the Company in a Registration, including, without limitation, the following: 

 

	 	(a)	 all registration and filing fees (including fees with respect to filings required to be made with the Financial
Industry Regulatory Authority, Inc.) and registration fees payable to any securities exchange on which any Shares are then listed; 

  

	 	(b)	 fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements
of outside counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities); 

  

	 	(c)	 printing, messenger, telephone and delivery expenses; 

 

	 	(d)	 reasonable fees and disbursements of counsel for the Company; 

 

	 	(e)	 reasonable fees and disbursements of all independent registered public accountants of the Company incurred
specifically in connection with such Registration; 

  

	 	(f)	 fees and expenses of the Company’s transfer agent; 

 

	 	(g)	 the Company’s reasonable roadshow and travel expenses (if any); and 

 

	 	(h)	 reasonable and documented fees and expenses of one (1) legal counsel selected by the Demanding Significant
Shareholder initiating an Underwritten Offering to be registered for offer and sale in the applicable Registration (not to exceed US$75,000 without the consent of the Company). 

“Registration Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the
provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by
reference in such registration statement. 
 “ReNew India” shall have the meaning given in the Recitals. 

“ReNew India Common Shares” shall mean the equity shares in the issued, subscribed and
paid-up share capital of ReNew India having a par value of INR 10 each. 

 “Requesting Significant Shareholder” shall have the meaning given in
subsection 2.01(c). 
 “Restricted CPP Investments Group” means the investment group within CPP Investments
administratively referred to, as of the date of this Agreement, as the “Fundamental Equities Asia” group of CPP Investments (but not including its direct or indirect portfolio companies, investee entities, investee funds or other
investments). For the avoidance of doubt, the Restricted CPP Investments Group shall not include any other investment group of CPP Investments (including the “Credit Investments” group or its credit investments). 

“RMG” shall have the meaning given in the Preamble. 

“SACEF” shall have the meaning given in the Preamble. 

“Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 

“Shares” shall mean the Class A Shares, the Class B Share, the Class C Shares and the Class D Share. 

“Shelf” shall mean the Form F-1 Shelf, the Form
F-3 Shelf or any Subsequent Shelf Registration, as the case may be. 
 “Shelf
Registration” shall mean a registration of securities pursuant to a registration statement filed with the Commission in accordance with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect).

 “Significant Shareholder” shall have the meaning given in the Preamble. 

“Significant Shareholders Lock-Up Period” shall mean, with respect to Lock-Up Securities (other than the Private Placement Warrants, which are subject to the Private Placement Lock-Up Period) that are held by a Significant Shareholder (other
than SACEF, which shall not be subject to any Lock-Up Period) or its Permitted Transferees, the period ending one hundred eighty (180) days after the date hereof. 

“Specified Executive Officers” shall mean each of Muthukumaran Doraiswami (Chief Financial Officer of the Company), Balram
Mehta (Chief Operating Officer of the Company), Sanjay Chacko Varghese (President of the Company) and Mayank Bansal (President of the Company). 

“Sponsor” shall have the meaning given in the Preamble. 

“Sponsor Shares” shall have the meaning given in the Recitals. 

“SS Entity” shall have the meaning given in the Preamble. 

“Subsequent Shelf Registration” shall have the meaning given in subsection 2.01(b). 

 “Subsidiary” shall mean, with respect to a Person, any corporation or other
organization (including a limited liability company or a partnership), whether incorporated or unincorporated, of which such Person directly or indirectly owns or controls a majority of the securities or other interests having by their terms
ordinary voting power to elect a majority of the board of directors or others performing similar functions with respect to such corporation or other organization or any organization of which such Person or any of its Subsidiaries is, directly or
indirectly, a general partner or managing member. 
 “Swap Option” shall have the meaning given in subsection 6.08.

 “Transfer” shall have the meaning given in subsection 7.01(a). 

“Underwriter” shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten
Offering and not as part of such dealer’s market-making activities. 
 “Underwritten Offering” or “Underwritten
Registration” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public. 

“Underwritten Shelf Takedown” shall have the meaning given in subsection 2.01(c). 

“US$” shall mean U.S. dollar, the lawful currency of the United States of America. 

“Withdrawal Notice” shall have the meaning given in subsection 2.01(e). 

ARTICLE II 

REGISTRATIONS 

Section 2.01 Shelf Registration. 

(a) Resale Registration Statement. As soon as reasonably practicable but no later than thirty (30) calendar days following the
Closing (the “Filing Date”), the Company shall file a Registration Statement for a Shelf Registration (a “Resale Shelf Registration Statement”) on Form F-1 (the “Form F-1 Shelf”) covering the resale of all the Registrable Securities (determined as of two (2) business days prior to such filing) on a delayed or continuous basis and shall use its commercially
reasonable efforts to have such Shelf declared effective as soon as practicable after the filing thereof. Such Shelf shall provide for the resale of the Registrable Securities included therein pursuant to any method or combination of methods legally
available to, and requested by, any Significant Shareholder or Founder Investor (or any permitted assign or transferee of the Founder Investor that becomes a party to this Agreement pursuant to Section 8.02) named therein.
The Company shall use its reasonable best efforts to maintain the Shelf in accordance with the terms hereof, and shall use reasonable best efforts to prepare and file with the Commission such amendments, including post-effective amendments, and
supplements as may be necessary to keep the Shelf continuously effective, available for use to permit all Significant Shareholders and Founder Investors (or any permitted assign or transferee of the Founder Investor that becomes a party to this
Agreement pursuant to Section 8.02) named therein to sell their Registrable Securities included therein and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable
Securities. Following the filing of a Form F-1 Shelf, the Company shall use its reasonable best efforts to register all of the Registrable Securities that are registered on a Shelf Registration on Form F-3 (the “Form F-3 Shelf”) as soon as practicable after the Company is eligible to use Form F-3. If during the first
year following the Closing, a Form F-1 Shelf has not been filed by the Company or if at any time when the Company is eligible to use Form F-3 the Company has not filed
and maintained an effective Form F-3 Shelf, each Significant Shareholder and Founder Investor shall be permitted to request the Company, and the Company shall use reasonable best efforts, to file and maintain
an effective Registration Statement on Form F-1 or Form F-3, as applicable. The Company undertakes to file a new, or supplement, or, if required, amend, any Registration
Statement to add as a selling stockholder therein (i) a party who receives, or who will receive, Registrable Securities pursuant to a Founder Investor’s exercise of its rights under Section 6.01(a) or
Section 6.08. The Company shall use its commercially reasonable efforts to file, in respect of any such supplement or amendment to a Registration Statement, as the case may be, within seven (7) Business Days of, or, in
respect of any filing of a new Registration Statement, within ten (10) Business Days of, receiving such notice. 

 (b) Subsequent Registration. If any Shelf ceases to be effective under the Securities
Act for any reason at any time while Registrable Securities are still outstanding, the Company shall, subject to Section 2.03, use its commercially reasonable efforts to as promptly as is reasonably practicable cause such
Shelf to again become effective under the Securities Act (including using its commercially reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness of such Shelf), and shall use its commercially reasonable efforts
to, as promptly as is reasonably practicable, amend such Shelf in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of such Shelf or file an additional registration statement as a Shelf Registration
(a “Subsequent Shelf Registration”) registering the resale of all Registrable Securities (determined as of two (2) business days prior to such filing), and pursuant to any method or combination of methods legally available to,
and requested by, any Significant Shareholder or Founder Investor named therein. If a Subsequent Shelf Registration is filed, the Company shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration to become
effective under the Securities Act as promptly as is reasonably practicable after the filing thereof (it being agreed that the Subsequent Shelf Registration shall be an automatic shelf registration statement (as defined in Rule 405 promulgated under
the Securities Act) if the Company is a well-known seasoned issuer (as defined in Rule 405 promulgated under the Securities Act) at the most recent applicable eligibility determination date) and (ii) keep such Subsequent Shelf Registration
continuously effective, available for use and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities. Any such Subsequent Shelf Registration shall be on Form F-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall be on another appropriate form. The Parties agree that, except for the Registrable Securities, no
other securities of the Company shall be included in the Shelf Registration and any Subsequent Shelf Registration. 

 (c) Requests for Underwritten Shelf Takedown. Subject to the provisions of
subsection 2.01(d), subsection 2.01(e), Section 2.03, Article V and Article VII hereof: 

(i) At any time and from time to time when an effective Shelf is on file with the Commission, any Significant Shareholder (a
“Demanding Significant Shareholder”) may request to sell all or a portion of its Registrable Securities in an Underwritten Offering that is registered pursuant to the Shelf (each, an “Underwritten Shelf
Takedown”). All requests for an Underwritten Shelf Takedown shall be made by giving written notice to the Company, which shall specify the number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown. The Company
shall, within ten (10) days of the Company’s receipt of a request for the Underwritten Shelf Takedown, notify, in writing, all other Significant Shareholders of such request, and each Significant Shareholder who thereafter wishes to
include all or a portion of its Registrable Securities in such Underwritten Shelf Takedown (each such Significant Shareholder that includes Registrable Securities in such Underwritten Shelf Takedown, a “Requesting Significant Shareholder”)
shall so notify the Company, in writing, within five (5) days after the receipt by such Significant Shareholder of the notice from the Company, which notice shall specify the number of Registrable Securities proposed to be sold in the
Underwritten Shelf Takedown; provided that subject to subsection 2.01(d)(ii), the maximum number of its Registrable Securities that each Requesting Significant Shareholder shall be entitled to have included in such Underwritten Shelf
Takedown shall equal and not exceed (A) the number of such Significant Shareholder’s Registrable Securities, multiplied by (B) a fraction, the numerator of which is such Significant Shareholder’s Effective Economic
Interest at such time and the denominator of which is the aggregate of the Effective Economic Interests of the Demanding Significant Shareholder and all Requesting Significant Shareholder(s) at such time. 

(ii) The Company shall use reasonable best efforts to effect, as soon thereafter as practicable, the offering of all
Registrable Securities requested by the Demanding Significant Shareholder and Requesting Significant Shareholders(s) in an Underwritten Shelf Takedown pursuant to and in accordance with this subsection 2.01(c). The Company shall have the
right to select the Underwriter(s) for such Underwritten Offering. The Company shall not be required to include any Significant Shareholder’s Registrable Securities in such Underwritten Shelf Takedown unless such Significant Shareholder accepts
the terms of the underwriting agreement as agreed upon between the Company and its Underwriter(s) (which shall, for the avoidance of doubt, only be such terms as are customary) and enters into an underwriting agreement in customary form with the
Underwriter(s) selected for such Underwritten Offering by the Company. Notwithstanding anything in this subsection 2.01(c) to the contrary, (A) each Significant Shareholder (including GSW, in connection with a GS Priority Offering) shall
be permitted to request (I) not more than two (2) Underwritten Shelf Takedowns pursuant to this subsection 2.01(c) during the one (1) year period following the Closing and (II) not more than one (1) Underwritten Shelf
Takedown pursuant to this subsection 2.01(c) in each calendar quarter after the date that is one (1) year following the Closing, and (B) the Company shall not be obligated to effect an Underwritten Shelf Takedown requested by a
Significant Shareholder (I) during the one (1) year period following the Closing if the Company had previously effected an Underwritten Shelf Takedown requested by such Significant Shareholder within the three (3) month-period
immediately prior to the date of such request or (II) during any calendar quarter after the date that is one (1) year following the Closing if the Company had previously effected in aggregate two (2) Underwritten Shelf Takedowns
requested by any Significant Shareholder in such calendar quarter. Notwithstanding anything to the contrary in this Agreement, the Company may effect any Underwritten Shelf Takedown pursuant to any then effective Registration Statement, including a
Form F-3, that is then available for such offering. The Company agrees to use reasonable best efforts to file any post-effective amendment to the Registration Statement or prospectus supplement to the
Prospectus reasonably necessary in order to effect any Underwritten Shelf Takedown. 

 (d) Reduction of Underwritten Shelf Takedown. 

(i) If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown advises the Company, the Demanding
Significant Shareholder and the Requesting Significant Shareholder(s) (if any) in writing that the aggregate dollar amount or number of Registrable Securities that the Demanding Significant Shareholder and the Requesting Significant Shareholder(s)
(if any) desire to sell pursuant to subsection 2.01(c), taken together with all other Class A Shares or other equity securities that the Company desires to sell and the Class A Shares or other equity securities, if any, that have
been requested to be sold in such Underwritten Shelf Takedown pursuant to separate written contractual piggy-back registration rights held by any other security holders of the Company, exceeds the maximum dollar amount or maximum number of equity
securities that can be sold in the Underwritten Shelf Takedown without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number
of such securities, as applicable, the “Maximum Number of Securities”), then, subject to subsection 2.01(d)(ii), the Company shall include in such Underwritten Shelf Takedown, as follows: (A) first, the Registrable Securities
of SACEF, if any, that SACEF has requested to be included in such Underwritten Shelf Takedown pursuant to subsection 2.01(c); (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A),
the Registrable Securities of the Demanding Significant Shareholder and the Requesting Significant Shareholder(s) (if any), in each case, other than SACEF (pro rata based on the respective number of Registrable Securities that each of the Demanding
Significant Shareholder and Requesting Significant Shareholder(s) (if any), other than SACEF, has requested be included in such Underwritten Shelf Takedown pursuant to subsection 2.01(c) and the aggregate number of Registrable Securities that
the Demanding Significant Shareholder and Requesting Significant Shareholder(s) (if any), other than SACEF, have requested be included in such Underwritten Registration pursuant to subsection 2.01(c)), that can be sold without exceeding the
Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), Class A Shares or other equity securities that the Company desires to
sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) through (C), Class A Shares or other
equity securities of other Persons that the Company is obligated to include in such Underwritten Shelf Takedown pursuant to separate written contractual arrangements with such Persons and that can be sold without exceeding the Maximum Number of
Securities. 

 (ii) Notwithstanding anything in subsection 2.01(d)(i) to the
contrary, in the case of a reduction of Registrable Securities in any Underwritten Offering pursuant to subsection 2.01(d)(i), if GSW has requested that all or a portion of its Registrable Securities be included in such Underwritten Shelf
Takedown pursuant to subsection 2.01(c), the Company shall, include in such Underwritten Offering, in priority to all other Registrable Securities and other equity securities that all other applicable Persons desire or have requested to be
included in such Underwritten Offering, such number of its Registrable Securities that it has requested to be included in such Underwritten Offering pursuant to subsection 2.01(c) determined as follows (such right of GSW, the “GSW
Priority Offering Right” and any Underwritten Offering in respect of which GSW exercises the GSW Priority Offering Right, a “GSW Priority Offering”): (A) if GSW is the Demanding Significant Shareholder with respect to such
Underwritten Offering, GSW shall have the GSW Priority Offering Right in respect of a number of its Registrable Securities equal to the greater of (I) such number of Registrable Securities that, when taken together with the number of all
Registrable Securities previously sold by GSW in all prior Underwritten Offerings in which GSW was the Demanding Significant Shareholder, in aggregate represent 5% of the Equivalent Outstanding Beneficial Shares at such time and (II) such
number of its Registrable Securities as may be necessary to enable GSW to reduce (x) its GSW Total Equity Interest to 33% and/or (y) its GSW Voting Interest to 4.9%; or (B) if GSW is not the Demanding Significant Shareholder with
respect to such Underwritten Offering, GSW shall have the GSW Priority Offering Right in respect of such number of its Registrable Securities as may be necessary to enable GSW to reduce (I) its GSW Total Equity Interest to 33% and/or
(II) its GSW Voting Interest to 4.9%. For the avoidance of doubt, once GSW has reduced its GSW Total Equity Interest to 33% and/or its GSW Voting Interest to 4.9%, no further GSW Priority Offering Right shall apply; provided that if
GSW’s GSW Total Equity Interest and/or the GSW Voting Interest goes back or is reasonably and imminently expected to go back above those levels as a result of a buyback of Shares by the Company or any action undertaken by a Person other than
GSW or any of its Affiliates and not caused by an act or omission on the part of GSW or any of its Affiliates, GSW may exercise the GSW Priority Offering Right to reduce its GSW Total Equity Interest to 33% and/or its GSW Voting Interest to 4.9%, on
the terms and subject to the restrictions contained in this Agreement. 
 (iii) In the event that GSW exercises the GSW
Priority Offering Right in respect of any Underwritten Offering, then, in each subsequent Underwritten Offering that is not a GSW Priority Offering, each other Significant Shareholder shall be entitled to sell its Registrable Securities in such
Underwritten Offering (pro rata based on the respective number of Registrable Securities that each such Significant Shareholder had requested be included pursuant to subsection 2.01(c) in all prior GSW Priority Offering(s) and the aggregate
number of Registrable Securities that all such Significant Shareholders had requested be included pursuant to subsection 2.01(c) in all prior GSW Priority Offering(s)) in priority to any Registrable Securities requested by GSW to be included
in such Underwritten Offering until each such Significant Shareholder has sold in such subsequent Underwritten Offerings such number of its Registrable Securities that it had requested and would have been entitled to sell in all GSW Priority
Offerings pursuant to subsections 2.01(c) and (d) but for GSW’s exercise of the GSW Priority Offering Right (such Significant Shareholder’s right, the “Catch-Up
Right”); provided that, (A) if, no Significant Shareholder participates in a GSW Priority Offering, then, for the avoidance of doubt, there shall be no reduction in the number of Registrable Securities proposed to be offered by
GSW in any subsequent Underwritten Offering that is not a GSW Priority Offering, (B) if a Significant Shareholder elects not to participate in a GSW Priority Offering, such Significant Shareholder shall not be entitled to a Catch-Up Right in respect of such GSW Priority Offering and (C) if a Significant Shareholder that had experienced a disproportionate cutback as a result of GSW’s exercise of the GSW Priority Offering Right
elects not to participate in one or more subsequent Underwritten Offering that is not a GSW Priority Offering in which GSW is the Demanding Significant Shareholder, such Significant Shareholder shall cease to be entitled to its Catch-Up Right in respect of such number of its Registrable Securities it would have been entitled to sell pursuant to its Catch-Up Right had it participated in such
subsequent Underwritten Offering. 

 (iv) In the event that securities of the Company that are convertible into
Class A Shares are included in the applicable Underwritten Offering, the calculations under this subsection 2.01(d) shall include such Company securities on an as-converted to Class A Shares
basis. 
 (e) Underwritten Shelf Takedown Withdrawal. Prior to the filing of the applicable preliminary or “red herring”
prospectus or prospectus supplement used for marketing such Underwritten Shelf Takedown, the Demanding Significant Shareholder initiating an Underwritten Shelf Takedown pursuant to subsection 2.01(c) shall have the right to withdraw
from such Underwritten Shelf Takedown for any or no reason whatsoever upon written notification (a “Withdrawal Notice”) to the Company and the Underwriter or Underwriters (if any) of its intention to withdraw from such Underwritten
Shelf Takedown. If withdrawn, a demand for an Underwritten Shelf Takedown shall constitute a demand for an Underwritten Shelf Takedown for purposes of subsection 2.01(c), unless such Demanding Significant Shareholder reimburses the Company
for all Registration Expenses with respect to such Underwritten Shelf Takedown. Following the receipt of any Withdrawal Notice, the Company shall promptly forward such Withdrawal Notice to any other Significant Shareholder(s) that had elected to
participate in such Underwritten Shelf Takedown. Any such other Significant Shareholder may elect to have the Company continue an Underwritten Shelf Takedown in which case such Underwritten Shelf Takedown shall instead count as an Underwritten Shelf
Takedown demanded by such other Significant Shareholder for purposes of subsection 2.01(c). Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with
an Underwritten Shelf Takedown prior to its withdrawal under this subsection 2.01(e), other than if the Demanding Significant Shareholder elects to pay such Registration Expenses pursuant to the second sentence of this subsection
2.01(e). 
 (f) Notwithstanding the registration obligations set forth in this Section 2.1, in the event the
Commission informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415 of the Securities Act, be registered for resale as a secondary offering on a single registration statement, the Company agrees
to promptly (i) inform each of the holders thereof and use its commercially reasonable efforts to file amendments to the Resale Shelf Registration Statement as required by the Commission and/or (ii) withdraw the Resale Shelf Registration
Statement and file a new registration statement (a “New Registration Statement”), in either case covering the maximum number of Registrable Securities permitted to be registered by the Commission, on Form F-3 or such other form available to register for resale the Registrable Securities as a secondary offering; provided, however, that prior to filing such amendment or New Registration Statement, the
Company shall be obligated to use its commercially reasonable efforts to advocate with the Commission for the registration of all of the Registrable Securities in accordance with any publicly-available written or oral guidance, comments,
requirements or requests of the Commission staff (the “SEC Guidance”). Notwithstanding any other provision of this Agreement, if any SEC Guidance sets forth a limitation of the number of Registrable Securities permitted to be
registered on a particular Registration Statement as a secondary offering (and notwithstanding that the Company used diligent efforts to advocate with the Commission for the registration of all or a greater number of Registrable Securities), unless
otherwise directed in writing by a holder as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement will be reduced in accordance with Section 2.01(d), provided that any Registrable
Securities requested by a Founder Investor to be registered on such Registration Statement pursuant to Section 2.01(c) shall be included in such Registration Statement, in each case subject to a determination by the Commission that certain
Investors must be reduced first based on the number of Registrable Securities held by such Investors. In the event the Company amends the Resale Shelf Registration Statement or files a New Registration Statement, as the case may be, under clauses
(i) or (ii) above, the Company will use its commercially reasonable efforts to file with the Commission, as promptly as allowed by the Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more
registration statements on Form F-3 or such other form available to register for resale those Registrable Securities that were not registered for resale on the Resale Shelf Registration Statement, as amended,
or the New Registration Statement. 

 Section 2.02 Piggyback Registration. 

(a) Piggyback Rights. Subject to Article V and Article VII, if, at any time on or after the date hereof, the Company
proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or
for the account of security holders of the Company (other than the Investors), other than a Registration Statement (i) filed in connection with any employee share option, share purchase or repurchase or other benefit plan, (ii) for an
exchange offer or offering of securities solely to the Company’s existing security holders, debt holders or other creditors, (iii) for an offering of debt that is convertible into equity securities of the Company, (iv) for a
registration on Form F-4 or Form F-8 or any similar or successor registration form under the Securities Act subsequently adopted by the Commission, (v) to give
effect to a Put Sale or Swap Option or (vi) for a dividend reinvestment plan, then the Company shall give written notice of such proposed filing to all of the Significant Shareholders that hold Registrable Securities and Founder Investors as
soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement or, in the case of an Underwritten Offering pursuant to a Shelf Registration, the applicable “red herring”
prospectus or prospectus supplement used for marketing such offering, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed
managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Significant Shareholders that hold Registrable Securities and the Founder Investors the opportunity to include in such registered offering such number
of Registrable Securities as such Significant Shareholders and the Founder Investors may request in writing within five (5) days after receipt of such written notice (such Registration, a “Piggyback Registration”); provided
that subject to subsection 2.01(d)(ii), the maximum number of its Registrable Securities that each Significant Shareholder and/or the Founder Investor shall be entitled to sell in such Piggyback Registration shall equal and not exceed (i) the
number of such Significant Shareholder’s or Founder Investors’ Registrable Securities, multiplied by (ii) a fraction, the numerator of which is such Significant Shareholder’s or Founder Investors’ Effective Economic
Interest at such time and the denominator of which is the aggregate of the Effective Economic Interests at such time of all Significant Shareholders and Founder Investors that hold Registrable Securities. Subject to subsection
2.02(b) the Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall, if applicable, use its reasonable best efforts to cause the managing Underwriter or Underwriters of such
Piggyback Registration to permit the Registrable Securities requested by the Significant Shareholders and/ or the Founder Investors, as the case may be, pursuant to this subsection 2.02(a) to be included in such Piggyback Registration on the
same terms and conditions as any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. The
Company shall have the right to select the Underwriter(s) for an Underwritten Offering by the Company. The inclusion of any such Significant Shareholder’s or Founder Investor’s Registrable Securities shall be subject to such Significant
Shareholder’s or Founder Investor’s, as the case may be, agreement to enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company. 

 (b) Reduction of Piggyback Registration. 

(i) If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback Registration, on
account of the market factors, advises the Company and the Significant Shareholders and the Founder Investors participating in the Piggyback Registration in writing that the aggregate dollar amount or number of Class A Shares or other
securities that the Company desires to sell, taken together with (x) the Class A Shares or other securities, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with Persons other than
the Investors, (y) the Registrable Securities as to which Registration has been requested pursuant to Section 2.02(a) hereof, and (z) the Class A Shares or other securities, if any, as to which Registration
has been requested pursuant to separate written contractual piggy-back registration rights of other security holders of the Company, exceeds the Maximum Number of Securities, then, the Company shall include in any such Registration as follows: 

(A) If the Registration is undertaken for the Company’s account: (I) first, if GSW has requested that all or a
portion of its Registrable Securities be included in such Piggyback Registration pursuant to subsection 2.02(a), such number of Registrable Securities that GSW has requested to be included in such Piggyback Registration pursuant to
subsection 2.02(a) as may be necessary to enable GSW to reduce (x) its GSW Total Equity Interest to 33% and/or (y) its GSW Voting Interest to 4.9%, (II) second, Class A Shares or other equity securities that the Company desires
to sell for purposes of a Founder Investor Put Financing Issuance (if any) and the Registrable Securities of SACEF (if any) that SACEF has requested to be included in such Registration, which can be sold without exceeding the Maximum Number of
Securities; (III) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (I) and (II), (x) Class A Shares or other equity securities that the Company desires to sell for purposes
other than a Founder Investor Put Financing Issuance (if any), (y) the Registrable Securities of Investors (other than SACEF) exercising their rights to register their Registrable Securities pursuant to subsection 2.02(a) hereof and
(z) Class A Shares or other securities, if any, for the account of other Persons that the Company is obligated to include in such Registration pursuant to separate written contractual arrangements with such Persons, pro rata, based on (aa)
in the case of the Company, the number of Class A Shares or other equity securities that the Company desires to sell for purposes other than a Founder Investor Put Financing Issuance (if any), and in the case of each of such Investors and
Persons referred to in this clause (III), the respective number of Registrable Securities, Class A Shares or other equity securities, as the case may be, that each such Investor or Person has so requested to be included in such Registration and
(bb) the aggregate number of all such Registrable Securities, Class A Shares and other equity securities of the Company that the Company desires to sell for such aforementioned purposes or that all such Investors and Persons referred to in this
clause (III) have requested to be included in such Registration, as the case may be, which can be sold without exceeding the Maximum Number of Securities, and provided that, if GSW has exercised its priority to register any Registrable
Securities in accordance with clause (I) above, then GSW’s pro rata entitlement to register Registerable Securities under this clause (III) shall be deemed reduced by the number of Registrable Securities that GSW registered in
accordance with (I) above. 

 (B) If the Registration is pursuant to a request by Persons other than the
Investors: (I) first, Class A Shares or other equity securities, if any, of such requesting Persons other than the Investors, which can be sold without exceeding the Maximum Number of Securities; (II) second, to the extent that the
Maximum Number of Securities has not been reached under the foregoing clause (I), if GSW has requested that all or a portion of its Registrable Securities be included in such Piggyback Registration pursuant to subsection 2.02(a), such number
of Registrable Securities that GSW has requested to be included in such Piggyback Registration pursuant to subsection 2.02(a) as may be necessary to enable GSW to reduce (x) its GSW Total Equity Interest to 33% and/or (y) its GSW
Voting Interest to 4.9%, (III) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (I) and (II), (x) Class A Shares or other equity securities that the Company desires to sell for
purposes of a Founder Investor Put Financing Issuance (if any) and (y) Registrable Securities of SACEF (if any) that SACEF has requested to be included in such Registration, which can be sold without exceeding the Maximum Number of Securities,
(IV) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (I), (II) and (III), (x) Class A Shares or other equity securities that the Company desires to sell for purposes other than a
Founder Investor Put Financing Issuance (if any), (y) the Registrable Securities of Investors (other than SACEF) exercising their rights to register their Registrable Securities pursuant to subsection 2.02(a) hereof and (z) Class A
Shares or other securities, if any, for the account of other Persons that the Company is obligated to include in such Registration pursuant to separate written contractual arrangements with such Persons, pro rata, based on (aa) in the case of the
Company, the number of Class A Shares or other equity securities that the Company desires to sell for purposes other than a Founder Investor Put Financing Issuance (if any), and in the case of each of such Investors and Persons referred to in
this clause (IV), the respective number of Registrable Securities, Class A Shares or other equity securities, as the case may be, that each such Investor or Person has so requested to be included in such Registration and (bb) the aggregate
number of all such Registrable Securities, Class A Shares and other equity securities of the Company that the Company desires to sell for such aforementioned purposes or that all such Investors and Persons referred to in this clause
(IV) have requested to be included in such Registration, as the case may be, which can be sold without exceeding the Maximum Number of Securities, and provided that, if GSW has exercised its priority to register any Registrable Securities in
accordance with clause (I) above, then GSW’s pro rata entitlement to register Registerable Securities under this clause (III) shall be deemed reduced by the number of Registrable Securities that GSW registered in accordance with
(I) above. 

 (ii) In the event that securities of the Company that are convertible into
Class A Shares are included in the applicable Piggyback Registration, the calculations under this subsection 2.02(b) shall include such Company securities on an as-converted to Class A Shares
basis. 
 (c) Piggyback Registration Withdrawal. Any Significant Shareholder or Founder Investor that has requested to participate in
a Piggyback Registration shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw
from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback Registration (or in the case of a Piggyback Registration pursuant to a Shelf Registration, the filing
of the applicable preliminary or “red herring” prospectus or prospectus supplement with respect to such Piggyback Registration used for marketing such transaction). The Company (whether on its own determination or as the result of a
request for withdrawal by Persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such
Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this
subsection 2.02(c). 

 (d) Unlimited Piggyback Registration Rights. For purposes of clarity, any
Registration effected pursuant to Section 2.02 hereof shall not be counted as a Registration pursuant to an Underwritten Offering effected under subsection 2.01(c) hereof. 

Section 2.03 Restrictions on Registration Rights. Notwithstanding anything herein to the contrary, if (A) during the period
starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company initiated Registration and
provided that the Company has delivered written notice regarding such Registration to the Significant Shareholders prior to receipt of a Demand Underwritten Registration pursuant to subsection 2.01(c) and it continues to actively employ, in
good faith, reasonable best efforts to cause the applicable Registration Statement to become effective, (B) with respect to a Demand Underwritten Registration, the Demanding Significant Shareholder has requested an Underwritten Registration and
the Company and the Demanding Significant Shareholder is (or are) unable to obtain the commitment of Underwriters to firmly underwrite the offer, or (C) in the good faith judgment of a majority of the Board such Registration would be seriously
detrimental to the Company and a majority of the Board concludes as a result that it is essential to defer the filing of such Registration Statement at such time, then in each case the Company shall furnish to such Significant Shareholders a written
notice to the effect of (A), (B) or (C) and that it is therefore necessary to defer the filing of such Registration Statement. In such event, the Company shall have the right to defer such filing for a period of not more than sixty
(60) days; provided, however, that the Company shall not defer its obligation in this manner for more than one hundred and twenty (120) days in any 12-month period. Notwithstanding
anything to the contrary contained in this Agreement but subject to Article VI, the Company shall not be required to effect or permit any Registration or cause any Registration Statement to become effective, with respect to any
Registrable Securities held by any Investor, until after the expiration of the Lock-Up Period applicable to such Registrable Securities. 

Section 2.04 Market Stand-Off Agreement. In connection with any Underwritten Offering of
equity securities of the Company, each Investor given an opportunity to participate in the Underwritten Offering pursuant to the terms of this Agreement agrees that it shall not Transfer any Shares or other equity securities of the Company (other
than those included in such offering pursuant to this Agreement), without the prior written consent of the Company, during the 90-day period beginning on the date of pricing of such offering or such shorter
period during which the Company agrees not to conduct an underwritten primary offering of Shares, except in the event the managing Underwriters otherwise agree by written consent, and each Investor agrees to execute a customary lock-up agreement in favor of the Underwriters to such effect (in each case on substantially the same terms and conditions as all such Investors); provided, however, that this Section 2.04 shall
not apply to (i) the Founder Investors in connection with the repayment, prepayment or other discharge of Founder Indebtedness, or (ii) GSW in connection with any Transfer of Shares or other equity securities of the Company necessary to
enable GSW to reduce (I) its GSW Total Equity Interest to 33% and/or (II) its GSW Voting Interest to 4.9%. 

 Section 2.05 Termination of Registration Rights. The right of any Investor, if
any, to request inclusion of Registrable Securities in any Registration pursuant to Article II shall terminate on the earlier of the date on which (x) all of the Registrable Securities held by such Investor hereof have been sold pursuant
to a Registration Statement (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission)) and such Investor does
not hold any ReNew India Common Shares and (y) all of the Investors with Registrable Securities are permitted to sell the Registrable Securities under Rule 144 (or any similar provision) under the Securities Act without limitation on the amount
of securities sold or the manner of sale or other restrictions or limitations and no Investor holds any ReNew India Common Shares. The provisions of Section 3.05 and Article IV shall survive such termination. 

ARTICLE III 
 COMPANY
PROCEDURES 
 Section 3.01 General Procedures. If at any time on or after the date hereof (x) the Company is
required to effect the Registration of Registrable Securities pursuant to Article II or (y) an Investor notifies the Company in writing of its intention to transfer (subject to this Agreement) Registrable Securities or any depositary
receipts or other instruments representing such securities, the Company shall use its reasonable best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof
and to facilitate such transfer of Registrable Securities or any depositary receipts or other instrument representing such securities, and pursuant thereto the Company shall, as expeditiously as possible: 

(a) prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use
its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration Statement have been sold; 

(b) prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to
the Prospectus, as may be reasonably requested by the Significant Shareholders that hold at least 5% of the Registrable Securities registered on such Registration Statement or any Underwriter of Registrable Securities or by any Founder Investor who
has exercised its rights pursuant to Section 6.01(a) or Section 6.08, or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by
the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in
such Registration Statement or supplement to the Prospectus; 
 (c) prior to filing a Registration Statement or Prospectus, or any amendment
or supplement thereto, furnish without charge to the Underwriters, if any, and the Significant Shareholders with Registrable Securities included in such Registration, and such Significant Shareholders’ legal counsel, and, with respect to any
Founder Investor that has exercised its rights pursuant to Section 6.01(a) or Section 6.08, such Founder Investor and Founder Investor’s legal counsel, copies of such Registration Statement as
proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each
preliminary Prospectus), and such other documents as the Underwriters and the Significant Shareholders with Registrable Securities included in such Registration or the legal counsel for any such Significant Shareholders may request in order to
facilitate the disposition of the Registrable Securities owned by such Significant Shareholders, or, with respect to any Founder Investor that has exercised its rights pursuant to Section 6.01(a) or
Section 6.08, as such Founder Investor may request in order to facilitate a Put Sale or the exercise of the Swap Option pursuant to such Registration; 

 (d) prior to any public offering of Registrable Securities, use its reasonable best efforts
to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Significant Shareholders with Registrable
Securities included in such Registration Statement (in light of their intended plan of distribution) or Founder Investors may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement
to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the
Significant Shareholders with Registrable Securities included in such Registration Statement or Founder Investors to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company
shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction
where it is not then otherwise so subject; 
 (e) cause all such Registrable Securities to be listed on each securities exchange or automated
quotation system on which similar securities issued by the Company are then listed; 
 (f) provide a transfer agent or warrant agent, as
applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration Statement; 
 (g) advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or
threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued; 

(h) at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such
Registration Statement, furnish a copy thereof to each seller of such Registrable Securities or its counsel; 
 (i) notify the Significant
Shareholders with Registrable Securities included in such Registration Statement or, with respect to any Founder Investor that has exercised its rights pursuant to Section 6.01(a) or Section 6.08,
such Founder Investor, at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration
Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.04 hereof; 

 (j) permit a representative of the Significant Shareholders with Registrable Securities
included in such Registration Statement, the Founder Investors, the Underwriters, if any, and any attorney or accountant retained by such Significant Shareholders or the Founder Investors or Underwriter, and with respect to any Founder Investor that
has exercised its rights pursuant to Section 6.01(a) or Section 6.08, such Founder Investor and any attorney or accountant retained by such Founder Investor, to participate, at each such
person’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or
accountant in connection with the Registration; provided, however, that such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or
disclosure of any such information; 
 (k) obtain a “comfort” letter from the Company’s independent registered public
accountants in the event of an Underwritten Registration, in customary form and covering such matters of the type customarily covered by “comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a
majority-in-interest of the participating Significant Shareholders and, in the case of a Founder Investor Put Financing Issuance and Swap Option, the Founder Investors;

 (l) on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion and negative assurance
letters, dated such date, of counsel representing the Company for the purposes of such Registration, addressed to the Significant Shareholders with Registrable Securities included in such Registration Statement and, in the case of a Founder Investor
Put Financing Issuance and Swap Option, the Founder Investors, the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given as
the Significant Shareholders, placement agent, sales agent, Underwriter or, in the case of a Founder Investor Put Financing Issuance and Swap Option, the Founder Investors may reasonably request and as are customarily included in such opinions and
negative assurance letters, and reasonably satisfactory to a majority-in-interest of the participating Significant Shareholders or, in the case of a Founder Investor Put
Financing Issuance and Swap Option, the Founder Investors; provided, however, that counsel for the Company shall not be required to provide any opinions with respect to any Investor; 

(m) in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter of such Underwritten Offering; 
 (n) make available to its security holders, as soon as reasonably
practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the Commission); 

(o) if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of US$50,000,000, use its
reasonable best efforts to make available senior executives of the Company to participate in customary “road show” presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; 

 (p) provide such certifications and opinions as may be reasonably required by the
Company’s share registrar and the relevant clearing systems in connection with transfers of Registrable Securities or any depositary receipts or other instruments representing such securities; and 

(q) otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Significant
Shareholders or, with respect to any Founder Investor that has exercised its rights pursuant to Section 6.01(a) or Section 6.08, such Founder Investor, in connection with such Registration or
transfer of Registrable Securities or any depositary receipts or other instruments representing such securities. 
 Section 3.02
Registration Expenses. Subject to Section 2.01(e), the Registration Expenses of all Registrations shall be borne by the Company. The Investors acknowledge that the Investors shall bear all incremental selling
expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,” all
reasonable fees and expenses of any legal counsel representing the Investors. 
 Section 3.03 Requirements for Participation in
Underwritten Offerings. Each Investor shall provide such information as may reasonably be requested by the Company, or the managing Underwriter or placement agent or sales agent, if any, in connection with the preparation of any Registration
Statement or Prospectus, including amendments and supplements thereto, in order to effect the Registration of any Registrable Securities under the Securities Act pursuant to Article II and in connection with the Company’s obligation to
comply with federal and applicable state securities laws. Notwithstanding anything in this Agreement to the contrary, if any Investor does not provide such information, the Company may exclude such Investor’s Registrable Securities from the
applicable Registration Statement or Prospectus if the Company reasonably determines, based on the advice of counsel, that such information is necessary to effect the Registration and such Investor continues thereafter to withhold such information.
No Person may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (a) agrees to sell such Person’s securities on the basis provided
in any underwriting arrangements approved by the Company and (b) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other
customary documents as may be reasonably required under the terms of such underwriting arrangements. The exclusion of an Investor’s Registrable Securities as a result of this Section 3.03 shall not affect the
Registration of the other Registrable Securities to be included in such Registration. 
 Section 3.04 Suspension of Sales; Adverse
Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Significant Shareholders shall forthwith discontinue disposition of Registrable Securities until he, she
or it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such
notice), or until he, she or it is advised in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would
require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving
prompt written notice of such action to the Significant Shareholders with Registrable Securities and, in the event any Founder Investor has exercised its rights pursuant to Section 6.01(a) or
Section 6.08, such Founder Investor, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more than forty-five (45) days,
determined in good faith by the Company to be necessary for such purpose; provided, however, that the Company shall only be entitled to exercise such right to delay or suspension for no longer than ninety (90) days in any consecutive
twelve (12) month period. In the event the Company exercises its rights under the preceding sentence, the Significant Shareholders and the Founder Investors agree to suspend, immediately upon their receipt of the notice referred to above, their
use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Significant Shareholders with Registrable Securities and, in the event any Founder
Investor has exercised its rights pursuant to Section 6.01(a) or Section 6.08, such Founder Investor of the expiration of any period during which it exercised its rights under this
Section 3.04. 
 Section 3.05 Reporting Obligations. As long as any Investor shall own Registrable
Securities, the Company, at all times while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by
the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly furnish the Investors with true and complete copies of all such filings. The Company further covenants that it shall take such further action
as any Investor may reasonably request, all to the extent required from time to time to enable such Investor to sell Class A Shares or Class C Shares held by such Investor without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission), including providing any legal opinions. Upon the request of any Investor, the Company shall deliver to such
Investor a written certification of a duly authorized officer as to whether it has complied with such requirements. 

 ARTICLE IV 

INDEMNIFICATION AND CONTRIBUTION 

Section 4.01 Indemnification. 

(a) The Company agrees to indemnify, to the extent permitted by Law, each Investor holding Registrable Securities, its officers, directors,
employees, members, Affiliates advisors and agents and each Person who controls such Investor (within the meaning of the Securities Act) and the Founder Investors (and their nominees and affiliates against all losses, claims, damages, liabilities
and out-of-pocket expenses (including, without limitation, reasonable outside attorneys’ fees) arising out of or that are based upon any Misstatement or alleged
Misstatement contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto, except insofar as the same are caused by or contained in any information or affidavit so furnished in writing
to the Company by such Investor expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors and each Person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as
provided in the foregoing with respect to the indemnification of the Investors. 

 (b) In connection with any Registration Statement in which an Investor is participating,
such Investor shall, to the extent permitted by Law, indemnify, the Company, its directors, officers, employees, members (except the participating Investor and its Affiliate(s)), Affiliates, advisors and agents and each Person who controls the
Company (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and out-of-pocket expenses (including without limitation reasonable
outside attorneys’ fees) arising out of or that are based upon any Misstatement or alleged Misstatement contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto, but only to
the extent that such Misstatement or alleged Misstatement was made in reliance upon and in conformity with information furnished in writing to the Company by such Investor expressly for use therein; provided, however, that the
obligation to indemnify shall be several, and not joint or joint and several, among such Investors (except the Founder Investors, in whose case such liability shall be joint and several among them), and the liability of each such Investor shall be
in proportion to and limited to the net proceeds received by such Investor from the sale of Registrable Securities pursuant to such Registration Statement. Such Investors shall severally, and not jointly or jointly and severally (except the Founder
Investors, who shall jointly and severally), indemnify the Underwriters, their officers, directors, employees, members, Affiliates, advisors and agents and each person who controls such Underwriters (within the meaning of the Securities Act) to the
same extent as provided in the foregoing with respect to indemnification of the Company. 
 (c) Any Person entitled to indemnification herein
shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification hereunder to
the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect
to such claim, or such indemnified and indemnifying parties have conflicting or different defenses with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified
party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld or delayed). An indemnifying
party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in
the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim, or such indemnified and indemnifying parties have conflicting or
different defenses with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of
money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release
from all liability in respect to such claim or litigation. 

 (d) The indemnification provided for under this Agreement shall remain in full force and
effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities. The Company and each Investor participating
in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Investor’s indemnification is unavailable for any reason. 

(e) If the indemnification provided under Sections 4.01(a) through (d) hereof from the indemnifying party is unavailable or
insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and out-of-pocket expenses referred to herein, then the
indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and out-of-pocket expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any Misstatement or alleged Misstatement was made by, or relates to information
supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided,
however, that the liability of any Investor under this subsection 4.01(e) shall be limited to the amount of the net proceeds received by such Investor in such offering giving rise to such liability, and no Investor shall have any
liability for contribution to the extent that such Investor would not have been liable for indemnification pursuant to this Agreement. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be
deemed to include, subject to the limitations set forth in subsections 4.01(a), 4.01(b) and 4.01(c) above, any legal or other fees, charges or
out-of-pocket expenses reasonably incurred by such party in connection with any investigation or proceeding. The Parties agree that it would not be just and equitable if
contribution pursuant to this subsection 4.01(e) were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this subsection 4.01(e). No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this subsection 4.01(e) from any Person who was not guilty of such fraudulent
misrepresentation. 

 ARTICLE V 

COORDINATION 

Section 5.01 Coordination and Cooperation. 

(a) Notwithstanding anything in Article II to the contrary, each Significant Shareholder, other than (x) SACEF and (y) the
Sponsor for so long as it is not an Affiliate of the Company (each, a “Coordinating Significant Shareholder”), hereby agrees, in order to ensure the orderly and equitable sale of Class A Shares and Class C Shares held by
the Coordinating Significant Shareholders, to use its best efforts to coordinate with each other Coordinating Significant Shareholder in respect of all Transfers of Class A Shares and Class C Shares, including with respect to the timing
and process of such Transfers of Shares, pursuant to the following (each, a “Coordination Transfer”): 
 (i)
any Underwritten Offering of Registrable Securities, except for underwritten block trades after two (2) years from Closing, or 

(ii) any registered offering that is not an Underwritten Offering, or any sale pursuant to Rule 144 sales (or any similar
provision) promulgated under the Securities Act occurring up to the earlier of: 
 (A) the date that is two (2) years
following the Closing; and 
 (B) in relation to any Coordinating Significant Shareholder, the date on which such
Coordinating Significant Shareholder’s Effective Economic Interest is less than or equal to 25% of the Effective Economic Interest held by such Coordinating Significant Shareholder immediately following the Closing. For purposes
of this provision, Effective Economic Interest excludes all unvested and vested but unexercised share options and other convertible securities, including CCPS. 

(b) Without limiting subsection 5.01(a), in the event that a Coordinating Significant Shareholder (an “Initiating Coordinating
Significant Shareholder”) proposes to Transfer Class A Shares or Class C Shares pursuant to a Coordination Transfer during any calendar quarter following the expiration of the Significant Shareholders Lock-Up Period, such Initiating Coordinating Significant Shareholder shall provide written notice thereof, including the number of Shares proposed to be Transferred and the type of the proposed Coordination
Transfer, to each other Coordinating Significant Shareholder no later than ten (10) days prior to the commencement of such calendar quarter; provided that if an Initiating Coordinating Significant Shareholder proposes to Transfer
Class A Shares or Class C Shares pursuant to a Coordination Transfer during the calendar quarter in which the expiration of the Significant Shareholders Lock-Up Period occurs, such Initiating
Coordinating Significant Shareholder shall provide such written notice no later than ten (10) days following the expiration of the Significant Shareholders Lock-Up Period. Upon receipt of such notice,
such Initiating Coordinating Significant Shareholder and any other Coordinating Significant Shareholders that desire to Transfer Class A Shares or Class C Shares pursuant to such Coordination Transfer shall discuss in good faith the timing
and process with respect to such Coordination Transfer to facilitate the orderly and equitable sale of Class A Shares and Class C Shares in such Coordination Transfer by such Initiating Coordinating Significant Shareholder and such other
Coordinating Significant Shareholders. Each such other Coordinating Significant Shareholder shall have the right to participate in such Coordination Transfer with such Initiating Coordinating Significant Shareholder pro rata based on the aggregate
number of Class A Shares and Class C Shares (if any) that all Coordinating Significant Shareholders propose to sell in such Coordination Transfer. 

 (c) Notwithstanding anything in subsections 5.01(a) and (b) to the
contrary, (i) this Section 5.01 shall not apply to any Transfer of Shares by GSW (A) pursuant to the GSW Lock-Up Transfer Right or (B) following the applicable Lock-Up Period, necessary to enable GSW to reduce (I) its GSW Total Equity Interest to 33% and/or (II) its GSW Voting Interest to 4.9% or, (ii) this Section 5.01 shall not
apply to any Transfer of Shares by a Coordinating Significant Shareholder to its Permitted Transferees and (iii) if a Coordination Transfer by a Coordinating Significant Shareholder would result in a Change of Control and if a Founder Investor
exercises the Founder Investor Change of Control Put Option in connection with such Change of Control, then such Coordination Transfer may only be consummated concurrently with or following the purchase by the Company in full of all ReNew India
Common Shares that such Founder Investor has elected to sell to the Company pursuant to the Founder Investor Change of Control Put Option. 

ARTICLE VI 
 FOUNDER
INVESTOR PUT OPTIONS 
 Section 6.01 General. 

(a) The Company hereby undertakes to, from time to time, purchase in accordance with, and subject to, the terms of this Article VI (each, a
“Put Sale”), from each Founder Investor, ReNew India Common Shares held, from time to time, by such Founder Investor (including any ReNew India Common Shares acquired by such Founder Investor after the date hereof or issued to such
Founder Investor upon exercise or conversion of options or other securities of ReNew India after the date hereof) (collectively, “Put Shares”), subject to the terms and conditions of this Article VI and the delivery by or, pursuant
to a power of attorney as described in Section 6.10, on behalf of, such Founder Investor to the Company of a written notice specifying either the number of ReNew India Common Shares or the aggregate purchase price of ReNew
India Common Shares, as the case may be, that it desires to sell to the Company and the applicable Founder Investor Put Option exercised by such Founder Investor pursuant to which such Put Sale is to be effected, in each case, in accordance with
this Article VI (each, an “Exercise Notice”). For so long as any Founder Investor Put Option remains outstanding and exercisable, the Company hereby agrees to, in the same manner and subject to the restrictions on registration and
the same level of efforts by which the Company is obligated to file, cause to become effective and maintain a Registration Statement (including through an underwritten shelf) pursuant to Section 2.01, Section 2.02 and Section 2.03,
file and maintain an effective Registration of Class A Shares (including by way of the filing of a new stand-alone Registration Statement for primary sales by the Company on Form F-1 or through an
amendment or supplement to an existing Registration Statement), and to issue Class A Shares, pursuant to such Registration or in reliance on exemptions from or transactions not subject to the registration requirements of the U.S. Securities Act
of 1933, as amended (together with any customary registration rights in connection with such exempt transaction), to the extent necessary to finance and facilitate the implementation of a Founder Investor Put Option and Swap Option in accordance
with this Article VI (including to the extent the Company does not have, at the relevant time, sufficient immediately available funds to pay any amount payable by the Company in connection with a Put Sale pursuant to a Founder Investor Put Option)
(each, a “Founder Investor Put Financing Issuance”). The Company (i) represents and warrants that true, accurate and complete copies of the Company’s articles of association and the Company’s board and shareholder
resolutions authorizing the Company to enter into and perform this Agreement have been provided to the Founder Investors and that such resolutions have not been amended, revoked or otherwise withdrawn, and (ii) the Company undertakes to use its
reasonable best efforts to procure, to the extent the Company is not already authorized, such authority as it may require under its articles of association to perform its obligations in connection with a Put Sale. 

 Section 6.02 Founder Investor De-Minimis Put
Option. 
 (a) Each Founder Investor shall have the right, by delivering an Exercise Notice, to require the Company, and the Company
agrees, to purchase such number of Put Shares that do not, in aggregate, exceed an aggregate purchase price payable by the Company, as determined in accordance with subsection 6.02(b), of US$12,000,000 per calendar year (the “Founder
Investor De-Minimis Put Option”); provided that the Founder Investor De-Minimis Put Option may only be exercised once for each calendar year concurrently
by one or more Founder Investor(s); provided, further, that a Founder Investor may also, at its election, exercise during a calendar year the Founder Investor De-Minimis Put Options in respect of
the next two (2) calendar years immediately subsequent to the current calendar year, in which case the Founder Investor De-Minimis Put Option in respect of such subsequent calendar years shall be deemed
to have been exercised on the first day of each such subsequent calendar year. For the avoidance of doubt, if the Founder Investor De-Minimis Put Option is exercised concurrently by one or more Founder
Investor(s) once for a calendar year, the Founder Investor De-Minimis Put Option shall not be exercisable at any other time during such calendar year. 

(b) The closing of a Put Sale pursuant to the exercise of the Founder Investor De-Minimis Put Option
shall occur as soon as practicable, and, in any event, no later than two (2) Business Days, after the first public announcement by the Company of its financial results following the date that is twelve (12) months after the date of the
Exercise Notice. The price per Put Share payable by the Company to the Founder Investors in connection with such Put Sale shall be an amount equal to (i) 0.8289 (as proportionally adjusted for any share dividends, share combinations or
consolidations, share splits, bonus issues or merger, consolidation or other reorganization or recapitalization effected with respect to the Shares or the ReNew India Common Shares after the Closing), multiplied by (ii) the volume weighted
average price per Class A Share reported on the Nasdaq Stock Market during the thirty (30) trading days-period ending on the trading day immediately prior to the closing date of such Put Sale. 

 Section 6.03 Founder Investor Ordinary Put Option. 

(a) In addition, and without prejudice, to the Founder Investor De-Minimis Put Option, each Founder
Investor shall, subject to Section 6.06, have the right to, from time to time (subject to blackout periods pursuant to and in accordance with the Company’s insider trading policy) and, in aggregate not more than once
each calendar quarter by all Founder Investors (and for the avoidance of doubt, once one or more Founder Investor(s) (individually or together) have made such a request during a calendar quarter, no further request shall be permitted to be made
during such calendar quarter), request the Company to purchase, and the Company agrees, subject to the terms and conditions of this Article VI, to purchase, all or any number of such Founder Investor’s Put Shares as may be set forth in
an Exercise Notice delivered by such Founder Investor to the Company (the “Founder Investor Ordinary Put Option”); provided that the Company shall not be obligated to purchase such Put Shares unless, and only to the extent
that, following its receipt of such Exercise Notice from such Founder Investor exercising the Founder Investor Ordinary Put Option, (i) (x) the Board, acting reasonably and in consultation with the applicable Underwriters, determines that
market circumstances and conditions are appropriate for the Company to undertake a Founder Investor Put Financing Issuance at such time to finance such purchase of Put Shares and (y) following such determination, the Company, using reasonable
efforts, successfully consummates such Founder Investor Put Financing Issuance, or (ii) the Board determines, in its sole and absolute discretion, to finance the purchase of such Put Shares set out in the Exercise Notice with cash on hand and
without consummating a Founder Investor Put Financing Issuance. The Exercise Notice for such Founder Investor Ordinary Put Option may specify that any portion of the Put Shares referred to therein comprise Put Shares in respect of which the Founder
Investor De-Minimis Put Option was previously exercised and the purchase of which has not completed, in which case such exercise of the Founder Investor De-Minimis Put
Option shall be deemed to have been revoked in respect of any such Put Shares that are sold pursuant to the Founder Investor Ordinary Put Option. 

(b) ReNew India hereby undertakes to, from time to time, perform such actions as may be required to give effect to any Put Sale in accordance
with this Agreement. ReNew India further undertakes that, to the extent required under applicable Law for the purposes of a Put Sale, ReNew India shall cooperate with and provide all information as may be reasonably required by the Founder Investor
in procuring a valuation report determining the fair market valuation of the ReNew India Common Shares from a valuer to be appointed by the Founder. The valuation report provided by the valuer shall be final and binding on the other Parties. For the
avoidance of doubt, the consideration payable by the Company for each Put Share pursuant to a Put Sale shall be as determined in accordance with the relevant provisions of this Article VI.  

 (c) The closing of any Put Sale pursuant to the exercise of the Founder Investor Ordinary
Put Option shall occur as soon as practicable, and, in any event, no later than (i) in the case of a Put Sale pursuant to Section 6.03(a)(i), two (2) Business Days following the consummation of any
applicable Founder Investor Put Financing Issuance undertaken by the Company in respect of such exercise of the Founder Investor Ordinary Put Option or (ii) in the case of a Put Sale pursuant to Section 6.03(a)(ii),
fifteen (15) Business Days following the issuance of the Exercise Notice in respect of such exercise of the Founder Investor Ordinary Put Option. The price per Put Share payable by the Company to the Founder Investors in connection with such
Put Sale shall be an amount equal to (i) 0.8289 (as proportionally adjusted for any share dividends, share combinations or consolidations, share splits, bonus issues or merger, consolidation or other reorganization or recapitalization effected with
respect to the Shares or the ReNew India Common Shares after the Closing), multiplied by (ii) (x) in the case of a Put Sale financed by a Founder Investor Put Financing Issuance, the consideration per Class A Share actually received
by the Company in connection with such Founder Investor Put Financing Issuance (being the gross proceeds received by the Company from the Founder Investor Put Financing Issuance less any Underwriters’ commissions and discounts and other
expenses of the type that would have been borne by the Investors pursuant to Section 3.02, calculated on a per Class A Share basis) or (y) in the case of a Put Sale financed with cash on hand pursuant to
Section 6.03(a)(ii), the volume weighted average price per Class A Share reported on the Nasdaq Stock Market during the thirty (30) trading days-period ending on the trading day immediately prior to the closing
date of such Put Sale. 
 (d) Notwithstanding anything to the contrary herein, the Parties acknowledge and agree that, subject to compliance
with applicable Law, the Founder Investor Ordinary Put Option may be exercised prior to the expiry of the Founder Investors Lock-Up Period if the proceeds from the exercise of such Founder Investor Ordinary
Put Option, net of costs and expenses and taxes incurred by the relevant Founder Investor in connection with the exercise of such Founder Investor Ordinary Put Option, shall be used by the Founder Investors solely to finance the repayment,
prepayment or other discharge of indebtedness of any Founder Investor existing as at the date of this Agreement (which shall include any indebtedness incurred by a Founder Investor after the date of this Agreement to refinance such indebtedness
existing as at the date of this Agreement, but only to the extent of the amount of such indebtedness refinanced) that is secured by any of the Founder Investor’s ReNew India Common Shares (“Founder Indebtedness”), including,
for the avoidance of doubt, where the Company conducts such Founder Investor Put Financing Issuance concurrently with, or as part of, its own larger primary capital raise. 

Section 6.04 Founder Investor Change of Control Put Option. 

(a) Notwithstanding the Founder Investors Lock-Up Period, in the event that (i) any Significant
Shareholder(s) proposes to Transfer securities of the Company, whether in a single transaction or series of related transactions, or (ii) the Company proposes to issue securities, whether in a single transaction or series of related
transactions, in each case of clauses (i) and (ii), that would result in a Change of Control, then each Founder Investor shall have the right to require the Company, and the Company agrees, to purchase all or any number of such Founder
Investor’s Put Shares as may be set forth in an Exercise Notice delivered by such Founder Investor to the Company (the “Founder Investor Change of Control Put Option”), simultaneously with the consummation of such transaction
or the first transaction in a series of related transactions that would result in such Change of Control. In the case of any proposed Transfer of securities of the Company by any Significant Shareholder(s) or an issuance of securities by the
Company, whether in a single transaction or series of related transactions, that would result in a Change of Control, such Significant Shareholder(s) shall notify the Founder Investors and the Company of such proposed Transfer, or, in the case of
the issuance of securities by the Company, the Company shall notify the Founder Investors of such issuance, as soon as practicable but in any event no later than 20 days prior to the consummation of such transaction or the first transaction in a
series of related transactions that would result in such Change of Control. 

 (b) The closing of any Put Sale pursuant to the exercise of the Founder Investor Change of
Control Put Option shall occur simultaneously with the consummation of such transaction or series of related transactions that would result in such Change of Control or at a time mutually agreed by such Founder Investor(s) exercising the Founder
Investor Change of Control Put Option and the Company. The price per Put Share payable by the Company to the Founder Investors in connection with such Put Sale shall be an amount equal to (i) 0.8289 (as proportionally adjusted for any share
dividends, share combinations or consolidations, share splits, bonus issues or merger, consolidation or other reorganization or recapitalization effected with respect to the Shares or the ReNew India Common Shares after the Closing), multiplied by
(ii) the consideration per Share actually received by the Company or the selling Significant Shareholder(s), as the case may be, in connection with such transaction or series of related transactions (being the gross proceeds received by the
Company or the selling Significant Shareholder(s), as the case may be, from such transaction or series of related transactions less any Underwriters’ commissions and discounts and other expenses of the type that would have been borne by the
Investors pursuant to Section 3.02, calculated on a per Class A Share basis). 
 Section 6.05 Founder Investor Termination
Put Option. 
 (a) Notwithstanding the Founder Investors Lock-Up Period, in the event that the
Founder’s employment with the Company and its subsidiaries is terminated or not renewed for any reason other than termination for Cause, then each Founder Investor shall have the right to require the Company, and the Company agrees, to purchase
all or any number of such Founder Investor’s Put Shares as may be set forth in an Exercise Notice delivered by such Founder Investor to the Company no later than one hundred fifty (150) days following the date of such termination of
employment (the “Founder Investor Termination Put Option” and, together with the Founder Investor De-Minimis Put Option, the Founder Investor Ordinary Put Option, the Founder Investor Change
of Control Put Option and the Swap Option, each, a “Founder Investor Put Option” and, collectively, the “Founder Investor Put Options”). 

(b) The closing of any Put Sale pursuant to the exercise of the Founder Investor Termination Put Option shall occur as soon as practicable,
and, in any event, no later than thirty (30) days, following the Company’s receipt of the applicable Exercise Notice or, in the event that the Company undertakes a Founder Investor Put Financing Issuance to finance such Put Sale, as soon
as practicable, and, in any event, no later than the earlier of (x) ten (10) days, following the consummation of such Founder Investor Put Financing Issuance and (y) ninety (90) days following the Company’s receipt of the applicable
Exercise Notice. The price per Put Share payable by the Company to the Founder Investors in connection with such Put Sale shall be an amount equal to (i) 0.8289 (as proportionally adjusted for any share dividends, share combinations or
consolidations, share splits, bonus issues or merger, consolidation or other reorganization or recapitalization effected with respect to the Shares or the ReNew India Common Shares after the Closing), multiplied by (ii) (A) in the event that
the Company undertakes a Founder Investor Put Financing Issuance to finance such Put Sale, the consideration per Class A Share actually received by the Company in connection with such Founder Investor Put Financing Issuance (being the gross
proceeds received by the Company from the Founder Investor Put Financing Issuance less any Underwriters’ commissions and discounts and other expenses of the type that would have been borne by the Investors pursuant to Section 3.02,
calculated on a per Class A Share basis), or (B) in the event that the Company does not undertake a Founder Investor Put Financing Issuance to finance such Put Sale, the volume weighted average price per Class A Share reported on the
Nasdaq Stock Market during the two (2) trading days-period ending on the trading day immediately prior to the closing date of such Put Sale. 

 Section 6.06 Founder Investors Lock-Up
Period. Notwithstanding anything in Sections 6.01 through 6.03 to the contrary, during the Founder Investors Lock-Up Period, no Founder Investor shall have the right to exercise the Founder
Investor Ordinary Put Option except in accordance with Section 6.03(d). The Founder Investors may only request that the Company purchase their Shares pursuant to the Founder Investor Ordinary Put Option in aggregate once in
each calendar quarter (provided that a Founder Investor’s participation in any Piggyback Registration under Section 2.02 shall not constitute a request for the Company to purchase its Shares pursuant to the Founder Investor Ordinary Put
Option). 
 Section 6.07 Expenses. Notwithstanding anything in this Agreement to the contrary, each Founder Investor shall bear
and be responsible for any and all stamp duties, taxes and tax-related costs and expenses (a) accruing to such Founder Investor in connection with any Put Sale or Swap Option in such Founder
Investor’s capacity as a seller of ReNew India Common Shares, (b) accruing to the lenders referred to in Section 6.09 in connection with any Put Sale and (c) accruing to the third party in connection with any
Swap Option referred to in Section 6.08. 
 Section 6.08 Third Party Sales. Without prejudice to the
other Founder Investor Put Options, following the Founder Investors Lock-Up Period (but subject to Section 7.02(b)), in the event that a Founder Investor identifies any third party
that desires to purchase from such Founder Investor its Renew India Common Shares (the “Swap Option Sale Shares”), the Company hereby agrees to facilitate such purchase by using commercially reasonable efforts to take all legally
permissible actions as may be required, and on terms reasonably acceptable to such third party and the Company, to issue Class A Shares to such third party in accordance with the following (the “Swap Option”): the Company shall
issue Class A Shares to such third party in consideration for cash payment from such third party to the Company at a price per Class A Share as may be determined mutually between the Founder Investor and the third party (the
“Agreed Per Share Price”), and the Company shall apply the proceeds (net of any applicable tax) of such issuance to purchase from such Founder Investor such number of Swap Option Sale Shares equal to the quotient of (i) the
number of Class A Shares issued to such third party divided by (ii) 0.8289; provided, that, the Agreed Per Share Price shall not to be lower than 10% of the volume weighted average price per Class A Share reported on the Nasdaq
Stock Market during the thirty (30) trading days period ending on the trading day immediately prior to the closing date of the Swap Option. 

 Section 6.09 Transfer of ReNew India Common Shares. Notwithstanding anything
herein to the contrary, the Company acknowledges that if the Founder Investors exercise the Founder Investor Ordinary Put Option or the Swap Option at any time to finance the repayment, prepayment or other discharge of the Founder Indebtedness, the
ReNew India Common Shares to be purchased by the Company pursuant to such Founder Investor Put Option or Swap Option, as the case may be, shall be transferred by the Founder Investors (and/or the lenders of the Founder Indebtedness to the extent
that they enforce their security interest over such ReNew India Common Shares) immediately following the receipt of the consideration payable by the Company in respect of such ReNew India Common Shares, and the Founder Investor represents, warrants
and undertakes that such ReNew India Common Shares will be transferred to the Company free and clear of any encumbrance, including any mortgage, deed of trust, pledge, hypothecation, security interest or other lien of any kind, except for such
encumbrance which will be automatically released or discharged without further action or discretion of the Founder Investors or any lender in respect of Founder Indebtedness following the payment of the consideration payable by the Company in
respect of such ReNew India Common Shares. The Founder Investors shall use reasonable best efforts to enter into an escrow arrangement with such lenders so that the applicable ReNew India Common Shares are placed into escrow in connection with any
such exercise of the Founder Investor Ordinary Put Option or Swap Option, as applicable, and released to the Company upon the payment by the Company of such consideration payable in respect of such ReNew India Common Shares. 

Section 6.10 Filings. Each Founder Investor hereby undertakes to, from time to time, make the necessary filings (including form FC-TRS) as required under applicable Law in connection with a Put Sale and to further deliver to the Company and ReNew India a copy thereof duly certified by such Founder Investor. The Company shall provide the
relevant Founder Investor with such documents as may be reasonably required by the Founder Investor for the purposes of making the filings. 

Section 6.11 Power of Attorney. Each of the Company and the Founder Investors hereby acknowledge and agree (i) that the
Founder Investors may enter into one or more powers of attorney (each, a “Power of Attorney”) with any lender, noteholder or other creditor of any Founder Indebtedness, or agent or trustee for such creditor, pursuant to which any
notices or instructions to be delivered hereunder in connection with a Founder Investor Put Option may be delivered on behalf of the relevant Founder Investor(s), (ii) that references herein to any instruction or notice to be delivered by a Founder
Investor shall include an instruction or notice delivered on such Founder Investor’s behalf pursuant to a Power of Attorney, (iii) that the Company will act, and procure that its agents and assigns act, on any such instruction or notice
delivered on behalf of a Founder Investor pursuant to a Power of Attorney as if delivered by the Founder Investor directly, (iv) that any instruction or notice received pursuant to a Power of Attorney shall be deemed to supersede any previously
delivered instruction or notice inconsistent therewith, (v) that any instruction or notice received directly from a Founder Investor that is inconsistent with a previous instruction or notice delivered pursuant to a Power of Attorney shall be
disregarded and (vi) the Company shall be entitled to assume that such Power of Attorney has not been rescinded and is continuing in full force and effect until it receives notice in writing otherwise from the attorney under such Power of
Attorney; provided, that, in the case of (iii) to (v), the Company shall have received an authorized copy of such Power of Attorney or such other document as may be reasonably requested by the Company to evidence or verify such
Power of Attorney. 

 Section 6.12 Insolvency Proceedings. Immediately upon the occurrence and during
the continuance of any corporate action of the Company or legal proceedings or other procedure or step in respect of the Company in relation to: (i) the suspension of payments or a moratorium of any indebtedness by reason of actual or
anticipated financial difficulties; (ii) an order for winding-up, dissolution, administration or reorganization (by way of voluntary arrangement, scheme of arrangement or otherwise); (iii) a composition,
compromise, assignment or arrangement with its creditors as a whole or any creditor holding all or a material portion of its indebtedness; (iv) the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory
manager or other similar officer; or (v) enforcement of any security over any assets, or any analogous procedure or step is taken in any jurisdiction, in each case other than any frivolous or vexatious action, proceedings or step or any order
or appointment which is being contested in good faith or is discharged, stayed or dismissed (collectively, “Insolvency Proceedings”), if any Founder Indebtedness remains outstanding, the Founder Investor De-Minimis Put Option shall be deemed to have been exercised (and shall become immediately due and payable, with no regard to the time periods specified in Section 6.02(b) above) in respect
of a Put Sale for an aggregate purchase price equal to the outstanding amount of Founder Indebtedness, provided that such amount shall not exceed (x) the aggregate purchase price that would have been payable by the Company in respect Put Sales
pursuant to the Founder Investor De-Minimis Put Option for three (3) calendar years had such Founder Investor De-Minimis Put Option been exercised in full during
such period minus (y) the aggregate purchase price that has actually been paid by the Company in respect of Put Sales pursuant to any exercise of the Founder Investor De-Minimis Put Option. For the
avoidance of doubt, Insolvency Proceedings shall include the filing of an involuntary proceeding in a court of competent jurisdiction in the US seeking relief under the United States Bankruptcy Code of 1978 (Title 11 of the United States Code), any
other applicable United States federal or state bankruptcy law (collectively, “US Bankruptcy Law”) in respect of the Company or an order or decree approving or ordering any of the foregoing shall be entered or the Company shall
consent to the institution of any such involuntary proceeding or the filing of a voluntary petition by any obligor or security provider under US Bankruptcy Law. The provisions of this Section 6.12 shall not apply to any
frivolous or vexatious action, proceeding or step or any order or appointment which is being contested in good faith or is discharged, stayed or dismissed. 

ARTICLE VII 

TRANSFER RESTRICTIONS 

Section 7.01 Lock-Up. 

(a) Subject to the provisions of this Agreement (including Section 7.02), each Investor (other than SACEF, which
shall not be subject to any Lock-Up Period) (each, a “Lock-Up Investor”) hereby agrees that during the Lock-Up
Period applicable to such Lock-Up Investor’s Lock-Up Securities, it or he shall not: (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge,
grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of
Exchange Act and the rules and regulations of the Commission promulgated thereunder, with respect to (A) Shares received by or issuable to such Lock-Up Investor pursuant to the Business Combination
Agreement, (B) any outstanding Shares or any other equity security (including Shares issued or issuable upon the exercise of any other equity security) of the Company received by or issuable to such
Lock-Up Investor in connection with the transactions contemplated by the Business Combination Agreement, (C) with respect to the Sponsor, the Private Placement Warrants or any Class A Shares issued,
or issuable, upon conversion of the Private Placement Warrants, (D) any Shares (or any securities convertible into or exercisable or exchangeable for Shares) acquired by such Lock-Up Investor after the
Closing during the applicable Lock-Up Period, (E) any Put Shares held by the Founder Investors and (F) any other equity security of the Company issued or issuable with respect to any such Share by
way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization (collectively, the “Lock-Up Securities”); (ii)
enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Lock-Up Securities, in cash or otherwise; or
(iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii) (any of the foregoing described in clauses (i), (ii) or (iii), a “Transfer”); provided that the foregoing shall not
apply to (I) any Transfer of any Shares or other securities convertible into or exercisable or exchangeable for Shares acquired in open market transactions after the Closing, provided, however, that no such transaction is required
to be, or is, publicly announced (whether on Form 4 or Form 5 (if applicable)) or otherwise, other than a required filing on Schedule 13F, 13D, 13D/A, 13G or 13G/A) during the applicable Lock-Up Period , or
(II) the entry, by such Lock-Up Investor, at any time after the Closing, of any trading plan providing for the sale of Shares by such Lock-Up Investor, which
trading plan meets the requirements of Rule 10b5-1(c) under the Exchange Act, provided, however, that such plan does not provide for, or permit, the sale of any Shares during the applicable Lock-Up Period and no public announcement or filing is voluntarily made or required regarding such plan during such Lock-Up Period; provided further that the Company
shall have the right, in its sole and absolute discretion, whether temporarily or permanently, to release all the Investors on the same terms from such Transfer restrictions or otherwise reduce the lockup restrictions at any time after Closing. 

 (b) Each Lock-Up Investor (i) authorizes the
Company during the Lock-Up Period applicable to such Lock-Up Investor’s Lock-Up Securities to cause its transfer agent for
the Lock-Up Securities to decline to transfer, and to note stop transfer restrictions on the share register and other records relating to, such Lock-Up Securities for
which such Lock-Up Investor is the record holder and, (ii) in the case of Lock-Up Securities for which such Lock-Up Investor
is the beneficial but not the record holder, agrees during the Lock-Up Period applicable to such Lock-Up Investor’s Lock-Up
Securities to cause the record holder to cause the relevant transfer agent to decline to transfer, and to note stop transfer restrictions on the share register and other records relating to, such Lock-Up
Securities, in each case of clauses (i) and (ii), if such transfer would constitute a violation or breach of this Agreement. The Company agrees to instruct its transfer agent to remove any stop transfer restrictions on the share register and
other records related to the Lock-Up Securities promptly upon the expiration of the applicable Lock-Up Period. If any Transfer is made or attempted contrary to the
provisions of this Article VII, such purported Transfer shall be null and void ab initio. 
 (c) During the applicable Lock-Up Period, each certificate evidencing any Lock-Up Securities shall be stamped or otherwise imprinted with a legend in substantially the following form, in addition to
any other applicable legends: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A
REGISTRATION RIGHTS, COORDINATION AND PUT OPTION AGREEMENT, DATED AS OF AUGUST 23, 2021, BY AND AMONG RENEW ENERGY GLOBAL PLC (“COMPANY”), THE HOLDER NAMED THEREIN AND THE OTHER PARTIES THERETO, AS AMENDED. A COPY OF SUCH AGREEMENT
WILL BE FURNISHED WITHOUT CHARGE BY COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 

 Section 7.02 Exceptions. Notwithstanding anything in this Article VII to
the contrary, a Lock-Up Investor may sell or otherwise Transfer, and subsection 7.01(a) shall not apply to such sale or other Transfer of, Lock-Up Securities
during its existence (if such Lock-Up Investor is not a natural person) or during his lifetime or on death (if such Lock-Up Investor is a natural person): 

(a) pursuant to a Permitted Transfer by a Lock-Up Investor; 

(b) that have been issued pursuant to the exercise by a Founder Investor of the Founder Investor Ordinary Put Option, the Founder Investor De-Minimis Put Option (but only if and to the extent the Founder Investor De-Minimis Put Option is exercised pursuant to Section 6.12) or the Swap
Option in order to finance the purchase of ReNew India Common Shares for the repayment, prepayment or other discharge of Founder Indebtedness; or 

(c) in the case of GSW, to any Person solely in respect of such number of its Lock-Up Securities that
shall not exceed the greater of (i) such number that, when taken together with the number of all Lock-Up Securities previously Transferred by GSW and its Affiliates, will result in GSW and its Affiliates
having Transferred Class A Shares and/or Class C Shares in the aggregate representing 5% of the Equivalent Outstanding Beneficial Shares as of immediately following the Closing and (ii) such number as may be necessary to enable GSW to
reduce (A) its GSW Total Equity Interest to 33% and/or (B) its GSW Voting Interest to 4.9% (the “GSW Lock-Up Transfer Right”); 

provided, however, that, in each case of clauses (a) and (c), any such Transfer shall be conditioned upon entry by such transferee(s) into
a written agreement, in form reasonably satisfactory to the Company, agreeing to be bound by the transfer restrictions set forth in this Article VII (which may be accomplished by an addendum or certificate of joinder to this Agreement). In
the case of any Transfer by GSW to a third party of Class A and/or Class C Shares that bear a restrictive legend, the Company shall, following the expiry of the applicable Lock-Up Period, assist in
removing such restrictive legend if such legend is not, in the reasonable determination of the Company upon advice of legal counsel, required to comply with applicable securities laws; provided, that the Company may require an opinion of
legal counsel reasonably acceptable to the Company prior to any such removal other than in connection with a Transfer made pursuant to an effective Registration Statement. For the avoidance of doubt, except for Transfers otherwise permitted by this
subsection 7.02 and subsection 7.01(a), each Lock-Up Investor shall retain all of its rights as a security holder of the Company with respect to its
Lock-Up Securities during the applicable Lock-Up Period, including the right to vote any Lock-Up Securities that are entitled to
vote and the right to receive any dividends or distributions in respect of such Lock-Up Securities. 

 Section 7.03 Representations and Warranties. Each Party hereby represents and
warrants that such Party has full power and authority to enter into this Agreement and that this Agreement constitutes the legal, valid and binding obligation of such Party, enforceable in accordance with its terms. Upon request by the Company, each
Lock-Up Investor will execute any additional documents reasonably necessary to give effect to the terms and conditions of this Article VII. 

Section 7.04 Specified Executive Officers. The Company shall procure that each Specified Executive Officer, (a) under the
terms of any employment agreement with such Specified Executive Officer or any equity entitlement program or incentive plan or equity award agreement pursuant to which such Specified Executive Officer is issued options or other instruments
exercisable or exchangeable for or convertible into Shares, will be subject to, or (b) enter into a lock-up agreement pursuant to which he or she agrees to be subject to, transfer restrictions during the
period ending one (1) year after Closing in respect of any Shares (or any securities convertible into or exercisable or exchangeable for Shares) such Specified Executive Officer may from time to time hold on substantially the same terms set
forth in this Article VII; provided that the Company shall have the right, in its sole and absolute discretion, to release such Specified Executive Officer from such transfer restrictions at any time after the date that is nine
(9) months following the Closing. Such transfer restrictions (x) shall continue to apply to such Specified Executive Officer during such lock-up period if such Specified Executive Officer’s
employment is terminated or if such Specified Executive Officer resigns from his or her position with the Company (other than cessation of employment for death or incapacitation as contemplated by the following clause (y)) but (y) shall
terminate and immediately cease to apply to such Specified Executive Officer upon his or her death or in the event such Specified Executive Officer’s employment is terminated as a result of being incapacitated and unable to perform his or her
duties for a prolonged period, in each case, prior to the expiration of such lock-up period. 

Section 7.05 GS Affiliates. Notwithstanding anything herein to the contrary, none of the provisions of this Agreement shall in any
way limit The Goldman Sachs Group, Inc. or any of its Affiliates (each such Affiliate, a “GS Affiliate” and, collectively, the “GS Affiliates”) from engaging in any brokerage, investment advisory, financial
advisory, anti-raid advisory, principalling, merger advisory, financing, asset management, trading, market making, arbitrage, investment activity and other similar activities conducted in the ordinary course of their business. Notwithstanding
anything to the contrary set forth in this Article VII, the restrictions contained in this Article VII shall not apply to any Shares or any securities convertible into or exercisable or exchangeable for Shares, in each case acquired by
The Goldman Sachs Group, Inc. or any GS Affiliate following the effective date of the first registration statement of the Company covering Shares (or other securities) to be sold on behalf of the Company in an Underwritten Offering. 

 ARTICLE VIII 

MISCELLANEOUS 

Section 8.01 Notices. Any notice, request or communication under this Agreement must be in writing and given by (a) deposit
with a reputable overnight courier service (charges prepaid), (b) delivery in person, or (c) transmission by hand delivery, electronic mail or facsimile. Each notice, request or communication that is mailed, delivered, or transmitted in the
manner described above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices through a reputable overnight courier service, on the first business day following the date on which it is deposited with a
reputable overnight courier service, in the case of notices delivered by hand delivery, electronic mail or facsimile, at such time as it is delivered to the addressee during nominal business hours (and otherwise as of the immediately following
business day) (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice, request or communication under this Agreement must be addressed, if to the Company, to:
C/O Vistra (UK) Ltd, 3rd Floor 11-12 St James’s Square, London, SW1Y 4LB, Attention: Muthukumaran Doraiswami, e-mail: D.Mkumar@renewpower.in (with a copy,
which shall not constitute notice, to: Mr. Sumant Sinha; address: C/O Vistra (UK) Ltd, 3rd Floor 11-12 St James’s Square, London, SW1Y 4LB; email: sumant@renewpower.in; attention:
Mr. Sumant Sinha), and, if to any Investor, at such Investor’s address or facsimile number as set forth on the Schedule of Investors attached as Schedule A hereto. Any Party may change its address for notice at any time and
from time to time by written notice to the other Parties, and such change of address shall become effective after delivery of such notice as provided in this Section 8.01. 

Section 8.02 Assignment; No Third Party Beneficiaries. 

(a) This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or transferred by the Company in whole
or in part without the prior written consent of the other Parties. 
 (b) This Agreement and the rights, duties and obligations of an
Investor hereunder may not be assigned or transferred by such Investor in whole or in part without the prior written consent of the other Parties, except: 

(i) in connection with a transfer of its Registrable Securities and/or ReNew India Common Shares, as applicable, to a Permitted
Transferee of such Investor; 
 (ii) in the case of GSW solely with respect to its rights, duties and obligations under
Articles II through IV of this Agreement (other than the GSW Priority Offering Right), in whole or in part, (x) to any Person to whom GSW transfers Class C Shares (including Class C Shares that are re-designated as Class A Shares upon such transfer pursuant to the terms of the Company’s articles of association) in accordance with this Agreement or (y) to any Person to whom GSW transfers
Class A Shares pursuant to the GSW Lock-Up Transfer Right; or 

 (iii) (A) in the case of the Founder Investors solely with respect to
their rights, duties and obligations under Articles II through IV and Article VI of this Agreement, to, and in favor or for the benefit of, (x) third parties purchasers in respect of a Swap Option exercised under
Section 6.08 or (y) the lenders of the Founder Indebtedness solely in connection with the creation, in favor of lenders under the Founder Indebtedness, of the security interest in the ReNew India Common Shares held by
the Founder Investors for securing the Founder Indebtedness or (B) in respect of the Founder Investors’ rights, duties and obligations under Article II through V and Article VI of this Agreement, to the extent such
rights, duties and obligations have been assigned by the Founder Investors to such lender, by any such lender in connection with the exercise by such lender of its security interest in the ReNew India Common Shares securing the Founder Indebtedness
or its assignee; 
 in each case of subsections (i) and (ii) above, subject to Section 8.02(e). 

(c) This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the Parties and their respective
successors and the permitted assigns. 
 (d) This Agreement shall not confer any rights or benefits on any persons that are not parties
hereto, other than as expressly set forth in this Agreement. 
 (e) No assignment or transfer permitted hereunder by any Party of such
Party’s rights, duties and obligations hereunder (other than an assignment described in subsection 8.02(b)(iii) or the granting of a Power of Attorney by a Founder Investor) shall be binding upon or obligate the Company or any of the
other Parties hereto unless and until the Company and such other Parties shall have received (i) written notice of such assignment as provided in Section 8.01 hereof, (ii) the written agreement of the assignee or
transferee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement) applicable to such Party and (iii) an
authorized copy of the duly executed Power(s) of Attorney, as the case may be; provided, that, (x) any assignee or transferee of GSW pursuant to subsection 8.02(b)(ii) shall not be entitled to GSW’s rights under, or bound by
the terms and provisions of Article V unless such Person acquires Class C Shares representing at least 5% of the total issued and outstanding Shares; and (y) any assignment pursuant to subsection 8.02(b)(iii) shall be binding
on the Company only upon the Company having received written notice of such assignment in accordance with subsection 8.02(e)(i). Any transfer or assignment made other than as provided in this Section 8.02 shall be
null and void. 

 Section 8.03 Counterparts. This Agreement may be executed in multiple
counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced. 

Section 8.04 Governing Law; Venue. Each Party expressly agrees that this Agreement, and all claims or causes of action
based upon, arising out of, or related to this Agreement or the transactions contemplated hereby, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to principles or rules of conflict of
laws to the extent such principles or rules would require or permit the applicable of Laws of another jurisdiction. Any claim or cause of action based upon, arising out of or related to this Agreement or the transactions contemplated hereby may be
brought in federal and state courts located in the State of Delaware, and each of the Parties irrevocably submits to the exclusive jurisdiction of each such court, waives any obligation it may now or hereafter have to personal jurisdiction, venue or
to convenience of forum, agrees that all claims in respect of any cause of action may be heard and determined only in any such court, and agrees not to bring any cause of action arising out of or relating to this Agreement or the transactions
contemplated hereby in any other court. Nothing herein contained shall be deemed to affect the right of any Party to serve process in any manner permitted by Law or to commence legal proceedings or otherwise proceed against any other Party in any
other jurisdiction, in each case, to enforce judgments obtained in any action brought pursuant to this Section 8.04. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON,
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 8.05 Amendments and
Modifications. Compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived only in writing and signed by the Party asserted to have granted such waiver, and any of such provisions, covenants or
conditions may be amended or modified only by a written instrument executed by the Parties. No course of dealing between any Investor or the Company and any other Party or any failure or delay on the part of any Investor or the Company in exercising
any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Investor or the Company. No single or partial exercise of any rights or remedies under this Agreement by a Party shall operate as a waiver or
preclude the exercise of any other rights or remedies hereunder or thereunder by such Party 
 Section 8.06 Term. This Agreement
shall terminate upon the mutual written consent of all Parties; provided that the provisions of Section 3.05 and Article IV shall survive such termination. 

Section 8.07 Severability. The invalidity or unenforceability of any specific provision of this Agreement shall not invalidate or
render unenforceable any of its other provisions. Any provision of this Agreement held invalid or unenforceable shall be deemed reformed, if practicable, to the extent necessary to render it valid and enforceable and to the extent permitted by Law
and consistent with the intent of the parties to this Agreement. 
 Section 8.08 Entire Agreement. This Agreement sets forth the
entire understanding of the Parties with respect to the subject matter hereof. There are no agreements, representations, warranties, covenants or understandings among the Parties with respect to the subject matter hereof other than those expressly
set forth herein and therein. This Agreement supersedes all other prior agreements and understandings between the Parties with respect to such subject matter. 

 Section 8.09 Specific Performance. Each Party acknowledges and agrees that in
the event of any breach of this Agreement by any of them, the other Parties would be irreparably harmed and could not be made whole by monetary damages. Each Party accordingly agrees to waive the defense in any action for specific performance that a
remedy at law would be adequate and agrees that the parties, in addition to any other remedy to which they may be entitled at Law or in equity, shall be entitled to specific performance of this Agreement. 

Section 8.10 Construction. The language used in this Agreement will be deemed to be the language chosen by the Parties to express
their mutual intent, and no rule of strict construction will be applied against any Party. Unless the context otherwise requires: (a) “or” is disjunctive but not exclusive; (b) words in the singular include the plural, and in the
plural include the singular; (c) the words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any particular provision of this
Agreement, and section and subsection references are to this Agreement unless otherwise specified; (d) the term “including” is not limiting and means “including without limitation”; (e) whenever the context requires, any
pronouns used herein shall include the corresponding masculine, feminine or neuter forms; (f) references to agreements and other documents shall be deemed to include all subsequent amendments and other modifications or supplements thereto; and
(g) references to statutes shall include all regulations promulgated thereunder and references to statutes or regulations shall be construed as including all statutory and regulatory provisions consolidating, amending or replacing the statute
or regulation. Where any Shares are held by the Depository Trust Company or any Person who operates a clearing system or issues depositary receipts (or their nominees) and/or a nominee, custodian or trustee for any Person, that Person shall (unless
the context requires otherwise) be treated for the purposes of this Agreement as the holder of those Shares and references to Shares being “held by” a Person, to a Person “holding” Shares or to a Person who “holds” any
such Shares, or equivalent formulations, shall be construed accordingly. 
 Section 8.11 Headings and Captions. The headings,
subheadings and captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof. 

[Signature Pages Follow] 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date
first written above. 
  

			
	COMPANY:
	
	RENEW ENERGY GLOBAL PLC
		
	By:	 	 /s/ Samir Rai

		 	Name: Samir Rai
		 	Title: Director

 [Nova—Registration Rights, Coordination and Put Option Agreement—Signature Page] 

 
			
	RENEW INDIA:
	
	RENEW POWER PRIVATE LIMITED
		
	By:	 	 /s/ Sumant Sinha

		 	Name: Sumant Sinha
		 	Title: Chairman and Managing Director

 [Nova—Registration Rights, Coordination and Put Option Agreement—Signature Page] 

 
			
	SIGNIFICANT SHAREHOLDER:
	
	RMG SPONSOR II, LLC
		
	By:	 	MKC Investments LLC, As Sole Managing Member of RMG Sponsor II, LLC
		
	By:	 	 /s/ Philip Kassin

		 	Name: Philip Kassin
		 	Title: President

 [Nova—Registration Rights, Coordination and Put Option Agreement—Signature Page] 

 
			
	SIGNIFICANT SHAREHOLDER:
	
	GS WYVERN HOLDINGS LIMITED
		
	By:	 	 /s/ York Shin Lim Voon Kee

		 	Name: York Shin Lim Voon Kee
		 	Title: Director

 [Nova—Registration Rights, Coordination and Put Option Agreement—Signature Page] 

 
			
	SIGNIFICANT SHAREHOLDER:
	
	JERA POWER RN B.V.
		
	By:	 	 /s/ Sachio Kosaka

		 	Name: Sachio Kosaka
		 	Title: Authorized representative

 [Nova—Registration Rights, Coordination and Put Option Agreement—Signature Page] 

 
			
	SIGNIFICANT SHAREHOLDER:
	
	GEF SACEF INDIA
		
	By:	 	 /s/ Katie Vasilescu

		 	Name: Katie Vasilescu
		 	Title: Director

 [Nova—Registration Rights, Coordination and Put Option Agreement—Signature Page] 

 
			
	SIGNIFICANT SHAREHOLDER:
	
	PLATINUM HAWK C 2019 RSC LIMITED
	in its capacity as trustee of Platinum Cactus A 2019 Trust
		
	By:	 	 /s/ Sultan Ai Mheiri

		 	Name: Sultan Ai Mheiri
		 	Title: Director
	
	PLATINUM HAWK C 2019 RSC LIMITED
	in its capacity as trustee of Platinum Cactus A 2019 Trust
		
	By:	 	 /s/ Karim Mourad

		 	Name: Karim Mourad
		 	Title: Director

 [Nova—Registration Rights, Coordination and Put Option Agreement—Signature Page] 

 
			
	SIGNIFICANT SHAREHOLDER:
	
	CANADA PENSION PLAN INVESTMENT BOARD
		
	By:	 	 /s/ Michael Koen

		 	Name: Michael Koen
		 	Title: Authorized Signatory
	
	CANADA PENSION PLAN INVESTMENT BOARD
		
	By:	 	 /s/ Sean Cheah

		 	Name: Sean Cheah
		 	Title: Authorized Signatory

 [Nova—Registration Rights, Coordination and Put Option Agreement—Signature Page] 

 
	
	FOUNDER INVESTOR:
	
	SUMANT SINHA
	
	 /s/ Sumant Sinha

 [Nova—Registration Rights, Coordination and Put Option Agreement—Signature Page] 

 
			
	 FOUNDER INVESTOR:

	
	 WISEMORE ADVISORY PRIVATE LIMITED

		
	By:	 	 /s/ Sumant Sinha

	 Name:
	 	 Sumant Sinha

		 	 Title: Director

 [Nova—Registration Rights, Coordination and Put Option Agreement - Signature Page] 

 
			
	FOUNDER INVESTOR:
	
	COGNISA INVESTMENT
		
	By:	 	 /s/ Sumant Sinha

	Name:	 	Sumant Sinha
		 	Title: Partner

 [Nova—Registration Rights, Coordination and Put Option Agreement - Signature Page] 

 Schedule A 

Schedule of Investors 
 GSW 

Address: Intercontinental Trust Ltd., Level 3, Alexander House, 35 Cybercity, Ebene, Mauritius 

Attention: Mr. Teddy Lo Seen Chong 
 Email:
teddylo@intercontinentaltrust.com 
 with a required copy (which copy shall not constitute notice) to: 

Cleary Gottlieb Steen & Hamilton LLP 
 2 London Wall
Place, London, EC2Y 5AU, United Kingdom 
 Attention: Sam Bagot and Nallini Puri 

Email: sbagot@cgsh.com; npuri@cgsh.com 
 CPP
Investments 
 Address: 18/F York House, The Landmark, 15 Queen’s Road Central, Central, Hong Kong 

Attention: Anuj Girotra, Managing Director, Fundamental Equities Asia 

Email: agirotra@cppib.com; legalnotice@cppib.com 
 with a
required copy (which copy shall not constitute notice) to: 
 Davis Polk & Wardwell London LLP 

Address: 5 Aldermanbury Square, London EC2V 7HR 
 Attention: Simon
Witty; Leo Borchardt 
 Email: Simon.Witty@davispolk.com; Leo.Borchardt@davispolk.com 

Platinum Cactus 
 Address: Level 26, Al Khatem Tower,
Abu Dhabi Global Market, Al Maryah Island, Abu Dhabi, United Arab Emirates 
 Attention: The Directors 

Email: REID_Infra_Ops@adia.ae 
 with a copy to:
Projesh.Banerjea@adia.ae 
 with a required copy (which copy shall not constitute notice) to: 

Abu Dhabi Investment Authority 

 Address: 211 Corniche Street, PO Box 3600, Abu Dhabi, United Arab Emirates 

Attention: The Infrastructure Division 
 Email:
REID_Infra_Ops@adia.ae 
 Freshfields Bruckhaus Deringer LLP 

Address: 10 Collyer Quay 42-01 

Ocean Financial Centre, 
 Singapore 049315 

Attention: Arun Balasubramanian, Esq. 
 E-mail: Arun.balasubramanian@freshfields.com 
 Freshfields Bruckhaus Deringer LLP 

Address: 601 Lexington Avenue, 31st Floor, New York, NY 10022 

Attention: Sebastian Fain, Esq. 
 Email:
Sebastian.fain@freshfields.com 
 JERA 
 Address:
De entrée 250, 1101EE Amsterdam, The Netherlands 
 Attention: Sachio Kosaka 

Email: Sachio.Kosaka@jerapi.nl 
 with a required copy
(which copy shall not constitute notice) to: 
 Allen & Overy Gaikokuho Kyodo Jigyo Horitsu Jimusho 

Address: Roppingi Hills Mori Tower 38F, 6-10-1 Roppingi, Minato-ku, Tokyo 
 106-6138, Japan 

Attention: Nick Wall 
 Email: Nick.Wall@allenovery.com 

GEF SACEF India 
 Address: c/o IQEQ, 33, Edith Cavell
Street, 11324, Port-Louis, Mauritius 
 Email: kvasilescu@globalenvironmentfund.com 

Attention: Ms Katie Vasilescu / Mr Stuart Barkoff 
 Telephone
number: +1-571-3310374 
 with a required copy (which copy shall not
constitute notice) to: 
 Touchstone Partners 
 Address: The
Mira, 2nd Floor, Block – E Mathura Road, New Delhi – 110 065, India 
 Email: uday.walia@touchstonepartners.com; snarayan@gefcapital.com

 Attention: Uday Walia 

 Sponsor 

Address: 57 Ocean, Suite 403, 5775 Collins Avenue, Miami Beach, Florida 33140 

Attention: Philip Kassin 
 Email:
pkassin@rmginvestments.com 
 with a required copy (which copy shall not constitute notice) to: 

Skadden, Arps, Slate, Meagher & Flom LLP 
 40 Bank
Street 
 Canary Wharf 
 London 

E14 5DS 
 Attention: Scott V. Simpson; Lorenzo Corte 

Email: scott.simpson@skadden.com; lorenzo.corte@skadden.com 

Founder 
 1017B, Aralias, Golf Course Road, DLF Phase V,
Gurgaon, Haryana – 122009, India 
 Attention: Mr. Sumant Sinha 

E-mail: sumant@renewpower.in

with a copy (which shall not constitute notice) to: 
 AR 1017 B,
The Aralias, DLF Golf Course Road, Gurgaon – 122009 India 
 Attention: Mr. Dinesh Kumar 

E-mail: dinesh@renewpower.in 

Contact no: +91 99589 61868 
 SS Entity 

1017B, Aralias, Golf Course Road, DLF Phase V, Gurgaon, Haryana – 122009, India 

Attention: Mr. Dinesh Kumar 

E-mail: dinesh@renewpower.in 

Cognisa 
 1017B, Aralias, Golf Course Road, DLF Phase V,
Gurgaon, Haryana – 122009, India 
 Attention: Mr. Dinesh Kumar 

E-mail: dinesh@renewpower.in 

 Schedule B 
  

																	
	 	  	As of Closing	 
	 Investor
	  	Effective Economic
Interest	 	 	Equivalent
Economic
Beneficial Shares	 	  	GSW Total Equity
Interest	 	 	GSW Voting
Interest	 
	 SS Entity
	  	 	2.1	% 	 	 	9,093,522	 	  	 	—  	 	 	 	—  	 
	 Cognisa
	  	 	1.5	% 	 	 	6,498,328	 	  	 	—  	 	 	 	—  	 
	 Founder
	  	 	0.0	% 	 	 	82	 	  	 	—  	 	 	 	—  	 
	 JERA
	  	 	6.7	% 	 	 	28,524,255	 	  	 	—  	 	 	 	—  	 
	 Sponsor
	  	 	2.0	% 	 	 	8,625,000	 	  	 	—  	 	 	 	—  	 
	 GSW
	  	 	35.6	% 	 	 	152,497,242	 	  	 	38.1	% 	 	 	12.1	% 
	 CPP Investments
	  	 	13.8	% 	 	 	59,213,369	 	  	 	—  	 	 	 	—  	 
	 Platinum Cactus
	  	 	13.6	% 	 	 	58,170,916	 	  	 	—  	 	 	 	—  	 
	 SACEF
	  	 	2.3	% 	 	 	9,658,421	 	  	 	—  	 	 	 	—EX-4.5

 Exhibit 4.5 

Execution Version 
 Dated
23 August 2021 
 RENEW ENERGY GLOBAL PLC 

AND 
 SUMANT SINHA 

 
  

SERVICE AGREEMENT 
  

 
  

 
 London 

99 Bishopsgate 
 London EC2M 3XF

 (44) 020 7710 1000 (Tel) 
 (44)
020 7374 4460 (Fax) 
 www.lw.com 

 THIS AGREEMENT is made on 23 August 2021 

BETWEEN 
  

	(1)	 RENEW ENERGY GLOBAL PLC, a company registered in England with registered number 13220321 and having its
registered office at c/o Vistra (UK) Ltd, 3rd Floor, 11-12 St. James’s Square, London, SW1Y 4LB (the “Company”); and 

 

	(2)	 SUMANT SINHA residing at 1017 B, Aralias, DLF Golf Course Road, Gurgaon—122009
(“you” or the “Executive”) . 

 BACKGROUND 

The Company wishes to employ you as Chairman and Chief Executive Officer on the terms and conditions of this Agreement and you wish to accept such employment.

 IT IS AGREED as follows: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 Definitions 

In this Agreement, unless the context otherwise requires: 

 

			
	“Basic Salary”	  	means the salary, as specified in Clause 6.1(a) or, as appropriate, the reviewed annual salary from time to time;
		
	“Board”	  	means the board of directors of the Company from time to time or any duly authorised committee thereof, or where the relevant powers have been reserved to the Company’s members, its members from time to
time;

  
 2 

			
	“Cause”	  	 means any of the following events as determined by the Board (at which meeting the Executive will recuse himself) by following due procedure
in consonance with principles of natural justice and duly communicated in writing to the Executive: (i) the commission of an act of breach of fiduciary duty, fraud, theft or embezzlement on the part of the Executive; (ii) the conviction or
indictment of Executive, or a plea of nolo contendere by the Executive, to any felony or any crime involving moral turpitude; (iii) the commission of an act of wilful misconduct in the nature of: (A) the Executive’s material
breach of the employment agreement; or (B) the Executive’s deliberate and persistent failure to (x) substantially perform the Executive’s duties with the Company or any of its subsidiaries (other than any such failure resulting
from the Executive’s disability) following repeated written notices to the Executive which specifically identifies the manner in which the Company believes that the Executive has consistently failed to perform the Executive’s duties or
(y) comply with, in any material respect, any of the Company’s material policies following written notice to the Executive which specifically identifies the manner in which the Company believes that the Executive has consistently failed to
perform executive’s duties; (C) the Executive’s deliberate and persistent failure in any material respect to carry out or comply with any lawful and reasonable directive of the Board following written notice to the Executive.

A ‘deliberate and persistent’ failure shall mean failure of the Executive to cure any breach within 90 days of having been issued written notice
identifying the breach and after having been provided an opportunity to do so. If the Executive commits the same breach again, then that will automatically constitute “Cause”.

		
	“Closing”	  	has the meaning given to such term in the business combination agreement, dated as of 24 February 2021, as amended from time to time, between, among others, the Company, Renew Power Private Limited and RMG Acquisition
Corporation II.
		
	“Confidential Information”	  	means all information which is identified or treated by the Company or any Group Company or any of the Group’s clients or customers as confidential or which by reason of its character or the circumstances or manner of its
disclosure is evidently confidential including (without prejudice to the foregoing generality) any information about the personal affairs of any of the directors (or their families) of the Company or any Group Company, business plans, proposals
relating to the acquisition or disposal of a company or business or proposed expansion or contraction of activities, maturing new business opportunities, research and development projects, designs, secret processes, trade secrets, product or
services development and formulae, know-how, inventions, sales statistics and forecasts, marketing strategies and plans, costs, profit and loss and other financial information (save to the extent published in
audited accounts), prices and discount structures and the names, addresses and contact and other details of: (a) employees and their terms of employment; (b) customers and potential customers, their requirements and their terms of business
with the Company or Group; and (c) suppliers and potential suppliers and their terms of business (all whether or not recorded in writing or in electronic or other format);
		
	“Corruption”	  	includes bribery, extortion, fraud, deception, collusion, and money laundering, and each of these terms shall have the meaning ascribed to them by applicable law including but not limited to the Bribery Act 2010, the Fraud Act 2006,
and the Proceeds of Crime Act 2002, or any similar legislation in any other jurisdiction;
		
	“EBITDA”	  	means earnings before interest, tax, depreciation and amortization expenses;
		
	“Employment”	  	means your employment under this Agreement or, as the context requires, the duration of that employment;

  
 3 

			
	“Existing Investments”	  	means your investments (in shares, loan capital or in any other security), and the investments of your partner and/or children or your partner’s children under the age of 18, in any company or any other person, whether or not
listed or dealt in on a recognised stock exchange, which are on the date of this Agreement held directly or indirectly including through any nominee, fund or pooled vehicle, details of which are set out in Schedule 3.
		
	“Good Reason”	  	 means (i) a material reduction, without the Executive’s consent, in the Executive’s Basic Salary or annual target bonus
opportunity, (ii) a material and adverse change in Executive’s authority, duties or responsibilities, (iii) a material breach of this Agreement by the Company or (iv) a Change in Control (as defined in the Company’s 2021
Incentive Award Plan).
 Notwithstanding the foregoing, no Good Reason will have occurred unless and until the Executive has (a) provided the Company,
within ninety (90) days of the Executive’s knowledge of the occurrence of the fact and circumstances underlying the Good Reason event, written notice stating the applicable facts and circumstances underlying such finding of Good Reason;
(b) provided the Company with an opportunity to cure the same within thirty (30) days after the receipt of such notice; and (c) the Executive resigns from employment within one hundred and eighty (180) days following the
Company’s failure to cure.

		
	“Group”	  	means together or separately the Company, any holding company or undertaking of the Company and any subsidiaries and subsidiary undertakings of the Company or such holding company or undertaking from time to time (and the words
“subsidiary” and “holding company” shall have the meanings given to them in section 1159 in the Companies Act 2006);
		
	“Group Company”	  	means any company within the Group;
		
	“Health Care Scheme”	  	means medical expenses insurance, group life assurance, permanent health insurance (“PHI”) or other healthcare or disability scheme(s) or arrangement(s) as may be provided or introduced from time to time by the
Company (at the Company’s discretion) for the benefit of similarly situated executives in the Company or Group;
		
	“Intellectual Property Rights”	  	means any and all existing and future intellectual or industrial property rights in and to any Works (whether registered or unregistered), including all existing and future patents, copyrights, design rights, database rights, trade
marks, semiconductor topography rights, plant varieties rights, internet rights/domain names, know-how and any and all applications for any of the foregoing and any and all rights to apply for any of the
foregoing in and to any Works;

  
 4 

			
	“Minority Holder”	  	means a person who either solely or jointly holds (directly or through nominees) any shares or loan capital in any company, whether or not it is listed or dealt in on a recognised stock exchange, provided that such holding does not,
when aggregated with any shares or loan capital held by your partner and/or your children or your partner’s children under the age of 18, exceed 5% of the shares or loan capital of the class concerned for the time being
issued;
		
	“Minority VC Holder”	  	means a person who directly or indirectly holds (including through nominees, funds or pooled vehicles) any shares or loan capital in any privately held start-up company, provided that such
holding does not, when aggregated with any shares or loan capital held by your partner and/or your children or your partner’s children under the age of 18 in any such privately held start-up company,
exceed 20% of the shares or loan capital for the time being issued;
		
	“Remuneration Committee”	  	means the remuneration committee appointed by the Board;
		
	“Share Incentive”	  	means any option or other right that you may have to purchase, hold or otherwise acquire a share or right in respect of or relating to shares in the Company and/or a Group Company;
		
	“Termination Date”	  	means the date of termination of the Employment;
		
	“Works”	  	means any documents, materials, models, designs, drawings, processes, inventions, formulae, computer coding, methodologies, know-how, Confidential Information or other work, performed made,
created, devised, developed or discovered by you during the Employment (and whether or not made or discovered in the course of the Employment) either alone or with any other person in connection with or in any way affecting or relating to the
business of the Company or any Group Company or capable of being used or adapted for use therein or in connection therewith;

  

	1.2	 Interpretation and Construction 

Save to the extent that the context or the express provisions of this Agreement require otherwise, in this Agreement: 

 

	 	(a)	 words importing the singular shall include the plural and vice versa; 

 

	 	(b)	 words importing any gender shall include all other genders; 

 

	 	(c)	 words importing the whole shall be treated as including reference to any part of the whole;

  

	 	(d)	 any reference to a Clause, the Schedule or part of the Schedule is to the relevant Clause, Schedule or part of
the Schedule of or to this Agreement unless otherwise specified; 

  

	 	(e)	 reference to this Agreement or to any other document is a reference to this Agreement or to that other document
as modified, amended, varied, supplemented, assigned, novated or replaced from time to time; 

  
 5 

	 	(f)	 reference to a provision of law is a reference to that provision as extended, applied, amended, consolidated or
re-enacted or as the application thereof is modified from time to time and shall be construed as including reference to any order, instrument, regulation or other subordinate legislation from time to time made
under it except to the extent that any extension, application, amendment, consolidation, re-enactment modification or construction takes effect after the date of this Agreement and has the effect of increasing
or extending any obligation or liability or otherwise adversely affects the rights of, any Party; 

  

	 	(g)	 references to a “person” includes any individual, firm, company, corporation, body corporate,
government, state or agency of state, trust or foundation, or any association, partnership or unincorporated body (whether or not having separate legal personality) or two or more of the foregoing; 

 

	 	(h)	 general words shall not be given a restrictive meaning because they are followed by words which are particular
examples of the acts, matters or things covered by the general words and “including”, “include” and “in particular” shall be construed without limitation; and 

 

	 	(i)	 the meaning of any words coming after “other” or “otherwise” shall not be constrained by
the meaning of any words coming before “other” or “otherwise where a wider construction is possible. 

  

	1.3	 Headings 

The headings in this Agreement are included for convenience only and shall be ignored in construing this Agreement. 

 

	2.	 THE EMPLOYMENT 

 

	2.1	 Appointment 

The terms and effect of this Agreement are conditional on and shall only be effective upon Closing. Subject to the provisions of this
Agreement, the Company employs you and you accept employment as Chief Executive Officer and Chairman of the Company with effect from Closing notwithstanding the date or dates of this Agreement. If Closing does not occur, this Agreement will not come
into effect and will not bind the parties. 
  

	2.2	 Work Permits and Company’s covenant 

 

	 	(a)	 You warrant to the Company that by virtue of entering into this Agreement you will not be in breach of any
express or implied obligation to any third party, including any restrictive covenants. 

  

	 	(b)	 The Company agrees that it will use its best endeavours to procure as soon as reasonably practicable and
maintain throughout the Employment thereafter a valid United Kingdom work permit so that you are entitled to work in the United Kingdom , subject at all times to your compliance with the requirements of any such work permit and not doing anything
that would prejudice the validity of the work permit. Should the Company fail to discharge the foregoing obligation, you shall be entitled to perform the CEO and Chairman duties from any location where you are legally permitted to work and the
Company will reimburse you for your reasonable expenses (up to a reasonable amount to be agreed in good faith between the Company and the CEO) properly incurred for working in that location. If your employment terminates solely due to a failure by
the Company to obtain or maintain a work permit to allow you to work in the United Kingdom in circumstances where you have provided all reasonable assistance to the Company in applying for or maintaining such work permit, that termination of
employment will be treated as termination without Cause. 

  
 6 

	3.	 DURATION OF THE EMPLOYMENT 

 

	3.1	 Continuous Employment  

Your continuous period of employment with the Company commenced on 19 January 2011. No probationary period applies to your employment.

  

	3.2	 Duration 

Subject to the provisions of Clauses 3 and 18.1 the Employment shall continue unless and until terminated at any time by: 

 

	 	(a)	 the Company, which must give to you not less than six months’ prior written notice of termination of the
Employment; or 

  

	 	(b)	 you, who must give to the Company not less than six months’ prior written notice of termination of the
Employment. 

 Any termination of the Agreement by either Party under Clause 3.2 shall be without prejudice to and subject
to Clause 3.4 and Clause 3.6 
  

	3.3	 Payment in lieu of notice 

 

	 	(a)	 The Company shall be entitled, at its sole discretion, to terminate the Employment immediately at any time by
giving you notice in writing. In these circumstances, if such termination is other than for Cause, the Company will subsequently make a payment to you in lieu of notice, calculated in accordance with the provisions this Clause 3.3 (the payment being
referred to as a “Notice Payment”). The Notice Payment shall be paid within 10 business days following the termination date. For the avoidance of doubt the Company shall not be required to make a Notice Payment if your employment is
terminated with immediate effect for Cause. 

  

	 	(b)	 The Notice Payment will be paid less all deductions that are required by law to be made including in respect of
income tax, national insurance contributions and any sums due to the Company or any Group Company. 

  

	 	(c)	 The Notice Payment will consist of a sum equivalent to the Basic Salary which you would have received in
respect of any notice period outstanding on the Termination Date. Any entitlement to bonus, commission and share of profit and any other benefits (for example any benefits derived from any Share Incentives) which you would have received or would
have accrued to you during that period will be determined by the terms of Clauses 6.3, 6.4 and the relevant bonus, commission or share incentive plan. 

  

	3.4	 Additional Severance 

Subject to Clause 3.5, if at any time either: 
  

	 	(a)	 the Company terminates your Employment other than for Cause; or 

 

	 	(b)	 you resign from your Employment for Good Reason, 

then, provided that you enter into a settlement agreement and release of claims in favour of the Company, each Group Company and each of their
employees, officers and directors and in a form acceptable to the Company, the Company shall, in addition to any amounts otherwise payable to you (including without limitations any entitlements under the Company’s 2021 Incentive Award Plan) and
your entitlement to notice in accordance with Clause 3.2 or a payment in lieu of notice in accordance with Clause 3.3, pay you a severance payment equal to the amount set out below in lump sum payment and on or before the last date of your
Employment: 

  
 7 

	 	(i)	 12 months’ Basic Salary; 

 

	 	(ii)	 a payment equal to the Annual Bonus which would have been payable to you in the year that your Employment
terminates, reduced pro-rata to reflect the duration of the bonus year in which you remained employed; and 

  

	 	(iii)	 a payment in lieu of 12 months’ Company paid medical insurance. 

 

	3.5	 Change in Control Severance 

If there is a Change in Control (as defined in the Company’s 2021 Incentive Award Plan) and within 12 months’ following that Change
in Control either: 
  

	 	(a)	 the Company terminates your Employment other than for Cause; or 

 

	 	(b)	 you resign from your Employment for Good Reason, 

then, provided that you enter into a settlement agreement and release of claims in favour of the Company, each Group Company and each of their
employees, officers and directors and in a form acceptable to the Company, in lieu of any payments pursuant to Clause 3.4, the Company shall, in addition to any amounts otherwise payable to you (including without limitations any entitlements under
the Company’s 2021 Incentive Award Plan but excluding, for the avoidance of doubt, any payments pursuant to Clause 3.4) and your entitlement to notice in accordance with Clause 3.2 or a payment in lieu of notice in accordance with Clause 3.3,
pay you a severance payment equal to the amount set out below in lump sum payment and on or before the last date of your Employment: 
  

	 	(i)	 18 months’ Basic Salary; 

 

	 	(ii)	 a payment equal to the Annual Bonus which would have been payable to you in the year that your Employment
terminates, reduced pro-rata to reflect the duration of the bonus year in which you remained employed; 

  

	 	(iii)	 a payment equal to the 18 months’ Bonus Target for the bonus year that your Employment terminates; and

  

	 	(iv)	 18 months of Company paid medical coverage. 

 

	3.6	 For the avoidance of doubt, the agreements between you and the Company in respect of the purchase of shares in
Renew Power Private Limited held by you or certain of your affiliates are set out in, and are subject to the terms and conditions of, the registration rights, coordination and put option agreement entered into between, among others, you and the
Company. 

  

	4.	 HOURS OF WORK 

 

	4.1	 Hours of work 

You agree that you shall work normal business hours together with such additional hours as are necessary for the proper performance of your
duties. 
  

	4.2	 Working Time Regulations 

The duration of your working time is not measured or predetermined. 

  
 8 

	5.	 SCOPE OF THE EMPLOYMENT 

 

	5.1	 Duties  

During the Employment you shall: 
  

	 	(a)	 work under the overall supervision and guidance of the Board, which shall be responsible for the key management
and commercial decisions necessary for the conduct of the business of the Company as a whole; 

  

	 	(b)	 undertake and carry out to the best of your ability such duties and exercise such powers in relation to the
Company or Group’s business as may from time to time be assigned to or vested in you by the Board including where those duties require you to work for any Group Company (it being acknowledged that the Board will only assign such duties to you
as are appropriate to your position); 

  

	 	(c)	 in the discharge of those duties and the exercise of those powers observe and comply with all lawful
resolutions, regulations and directions from time to time made by, or under the authority of, the Board and promptly upon request, give a full account to the Board or a person duly authorised by the Board of all matters with which you are involved.
You will provide the information in writing if requested; 

  

	 	(d)	 comply with the Articles of Association (as amended from time to time) of the Company and any Group Company;

  

	 	(e)	 do, or refrain from doing, such things as are necessary or expedient to ensure compliance by you and the
Company and any Group Company with applicable law and regulations including any rules applied by the US Securities Exchange Commission, NYSE or NASDAQ and all other regulatory authorities relevant to the Company and any Group Company, and any codes
of practice issued by the Company and any Group Company (as amended from time to time); 

  

	 	(f)	 act in accordance with all statutory, fiduciary and common law duties that you owe to the Company and any Group
Company; 

  

	 	(g)	 refrain from doing anything which would cause you to be disqualified from acting as a director;

  

	 	(h)	 unless prevented by ill-health, holidays or other unavoidable cause,
devote a substantial amount of your working time, attention and skill to the discharge of your duties in respect of the Company and any Group Company, as may be reasonably required; 

 

	 	(i)	 faithfully and diligently perform your duties and at all times use your best endeavours to promote and protect
the interests of the Company and the Group; and 

  

	 	(j)	 promptly disclose to the Board upon becoming aware, full details of any wrongdoing by you or any other employee
of any Group Company where that wrongdoing in your opinion is material to that employee’s employment by the relevant company or to the interests or reputation of any Group Company. 

 

	5.2	 Directorships and Directors & Officers insurance 

 

	 	(a)	 You will be required to act as a director of the Company and other Group Companies (either executive or non-executive) as the Board reasonably requires from time to time. The Company reserves the right on giving written notice to you to terminate any office or directorship held by you immediately at any time, if there
is a conflict between your duties to the Company and your role as a director or office bearer of any other organisation. 

  
 9 

	 	(b)	 The Company has directors’ and officers’ liability insurance and shall at all times maintain adequate
insurance (not being less than the amount currently in place) for the full term of your appointment as a director or officer of the Company or any Group Company. The Company will provide the directors’ and officers’ liability insurance
policy and the proof of coverage within 10 business days of receiving a request from you. 

  

	5.3	 Right to suspend duties and powers  

 

	 	(a)	 During any notice period, the Company reserves the right in its absolute discretion to suspend all or any of
your duties and powers on terms it considers expedient or to require you to perform only such duties, specific projects or tasks as are assigned to you expressly by the Company (including the duties of another position of equivalent status) in any
case for such period or periods and at such place or places consistent with Clause 4 (including, without limitation, your home) as the Company deems necessary, acting reasonably (the “Garden Leave”). During any period of Garden
Leave the terms and conditions set out in this Agreement shall continue to apply to you. 

  

	 	(b)	 The Company may, at its sole discretion, require that during the Garden Leave you shall not:

  

	 	(i)	 enter or attend the premises of the Company or any Group Company; 

 

	 	(ii)	 contact or have any communication with any client or prospective client or supplier of the Company or any Group
Company in relation to the business of the Company or any Group Company; 

  

	 	(iii)	 contact or have any communication with any employee, officer, director, agent or consultant of the Company or
any Group Company in relation to the business of the Company or any Group Company (other than social contact with employees/ directors); 

  

	 	(iv)	 remain or become involved in any aspect of the business of the Company or any Group Company except as required
by such companies; or 

  

	 	(v)	 work either on your own account or on behalf of any other person. 

 

	 	(c)	 During Garden Leave, you will continue to receive your Basic Salary and benefits, accrue bonus, commission or
share of profit and your Share Incentives will continue to vest. 

  

	 	(d)	 For the avoidance of doubt, the Company may exercise its powers under this Clause 5.3 at any time during the
Employment including after notice of termination has been given by either party. 

  

	5.4	 Succession Planning  

The Board will consult with you in relation to the appointment of any successor to the role of Chairman, CEO or Managing Director of the
Company, prior to the termination of your appointment in those roles. 

  
 10 

	6.	 REMUNERATION 

  

	6.1	 Basic Salary 

  

	 	(a)	 During the Employment the Company shall pay you a Basic Salary of not less than INR 57,000,000 per annum. The
Basic Salary shall accrue from day to day and be payable by credit transfer in equal monthly instalments in arrears on or around the last day of each calendar month or otherwise as arranged from time to time. 

 

	 	(b)	 The Basic Salary shall be inclusive of all director’s fees (if any) to which you may become entitled
including all remuneration and director’s fees in respect of services rendered by you to any Group Company. 

  

	 	(c)	 The Company acknowledges that you will be employed by and provide services directly to various Group Companies
and reserves the right to procure that a portion of your remuneration will be paid by any such Group Company to which you are providing services under a separate employment contract with such Group Company. The remuneration payable by the Company
pursuant to this Agreement shall be reduced by the amount of any remuneration which is paid to you by another Group Company. 

  

	6.2	 Salary review 

The Basic Salary shall be reviewed regularly. The Remuneration Committee is not obliged to increase the Basic Salary at any review. 

 

	6.3	 Annual bonus 

You will be eligible to receive an annual bonus from the Company / Group Company for each year of employment subject to the performance
criteria and terms specified by the Remuneration Committee and the terms of any applicable Remuneration Policy in place from time to time (the “Annual Bonus”). Your Annual Bonus for each financial year will be determined in
accordance with the targets specified in Schedule 1. 
  

	6.4	 Share Based Incentives 

In addition to your entitlement to Base Salary and Annual Bonus, you will receive awards under the Company’s 2021 Incentive Award Plan as
detailed in this Clause 6.4 and Schedule 2 to this Agreement. Where the Employment is terminated for whatever reason and whether or not in breach of contract, the Executive shall not be entitled, by way of compensation for loss of office or
employment or otherwise, to any sum or other benefits to compensate him for the loss of any rights under the Company’s 2021 Incentive Award Plan, unless expressly provided for in this Clause 6.4, Schedule 2 or that plan. 

 

	 	(a)	 Grant of Time-Based Options: Stock options (the “Time Based Options”) in respect of
0.80% of the fully diluted outstanding beneficial Shares as of immediately following the Closing shall be granted at the end of the first anniversary following the Closing. Thereafter, stock options in respect of 0.80% of the fully diluted
outstanding beneficial Shares as of immediately following the Closing shall be granted at each of the 2nd, 3rd and 4th anniversary of the Closing, subject to the Participant’s continuous employment with the Company through each such date. For avoidance of doubt, the Time Based Options shall vest in accordance
with the “Vesting Schedule” as set out in the grant notice and stock option agreements set out in Schedule 2 in respect of the Time Based Options once the Time Based Options are granted in accordance with this Clause 6.4(a). Each
such date on which such stock options are granted in accordance with the foregoing shall be deemed to be the “Grant Date” for the purposes of the “Grant Notice” in respect of the relevant stock option. 

  
 11 

	 	(b)	 Grant of Performance-Based Options: To the extent 100% of the consolidated EBITDA targets of the
Company, as set out in the Company’s business plan for any applicable financial year as presented to the PIPE investors prior to the Closing (as set out on page 38 of the May 2021 ReNew Power Roadshow Presentation, as filed with the SEC at: https://www.sec.gov/Archives/edgar/data/0001820143/000119312521168628/d168467dex991.htm),
 are realized, stock options (the “Performance Based Options”) in respect of 0.20% of the fully diluted outstanding beneficial Shares as of immediately following the Closing shall be granted within sixty (60) days
following the end of such financial year, subject to the Participant’s employment with the Company through such date of grant. If the consolidated EBITDA target for any financial year is not met, then such grants shall accumulate and the
Participant shall be entitled to receive a full catch up of all such previous ungranted Performance Based Options in the first year when the consolidated EBITDA target for the year is met. If none of the targets are met for the 5 financial years
after the Grant Date, then future grants of the Performance Based Options will be subject to meeting the consolidated EBITDA targets set by the Board. It is clarified that in such an event all the accumulated ungranted Performance Based Options
shall then be granted in the first year when the targets set by the Board are met. For avoidance of doubt, vesting of the Performance Based Options shall not be linked to performance parameters set out above and the Performance Based Options shall
vest in accordance with the “Vesting Schedule” as set out in the grant notice and stock option agreements set out in Schedule 2 in respect of the Performance Based Options once the Performance Based Options are granted in accordance
with this Clause 6.4(b). Each such date on which stock options are granted in accordance with the foregoing shall be deemed to be the “Grant Date” for the purposes of the “Grant Notice” in respect of the relevant stock option.

  

	6.5	 Corporate Governance 

All payments and/or benefits payable to you are subject to and conditional upon: (i) the terms of applicable law, regulation and
governance codes that regulate or govern executive pay from time to time; and (ii) the consent of the shareholders of the Company (together “Remuneration Governance”). The Company reserves the right to amend, reduce, hold back,
defer, claw back and alter the structure of any payments and benefits payable to you in order to comply with Remuneration Governance. The Company (i) represents and warrants that true, accurate and complete copies of the Company’s board
and shareholder resolutions authorizing the Company to enter into and perform this Agreement have been provided to the Founder Investors and that such resolutions have not been amended, revoked or otherwise withdrawn, and (ii) the Company
undertakes to use its reasonable best efforts to procure, to the extent the Company is not already authorized, such authority as it may require under its articles of association to perform its obligations under this Agreement. 

 

	7.	 EXPENSES 

  

	7.1	 Out-of-pocket expenses

 The Company / Group Company shall reimburse to you (against receipts or other appropriate evidence as the Board may
require) the amount of all out-of-pocket expenses (including traveling expenses) reasonably and properly incurred by you in the proper discharge of your duties hereunder
to the extent that such expenses are incurred in accordance with the Company’s business expenses policy from time to time. 

  
 12 

	8.	 DEDUCTIONS 

You agree that the Company / Group Company may deduct from any sums due to you under this Agreement, any sums due by you to the Company from
Company / Group Company including, without limitation, any debits to your Company credit or charge card not authorised by the Company, your pension contributions (if any), any overpayments, loans or advances made to you by the Company, the cost of
repairing any damage or loss to the Company’s property caused by you, in each case following prior written notice of the sums due and the basis for the proposed deduction. Additionally, the Company / Group Company may withhold or deduct from
any sums due to you under this Agreement any amounts required by applicable law to be withheld or deducted, including in respect of income tax or national insurance contributions. 

 

	9.	 PENSION SCHEME 

 

	9.1	 Pensions arrangements  

During the period of your service with the Company, the Company will comply at all times with the employer duties under Part 1 of the Pensions
Act 2008 to the extent applicable to your employment. 
  

	9.2	 If you notify the Company that you wish to opt-out of the Pension
Scheme, the contributions set out in clause 9.1 above will not be made on your behalf but shall be replaced by a payment from the Company (less any required deductions) equal to 3 per cent of your qualifying earnings. Such payments will accrue
on a daily basis and will be payable to you in arrears in equal monthly instalments at the time of the Company’s usual payroll run. 

  

	10.	 OTHER INSURANCE & BENEFITS 

 

	10.1	 Health Care Scheme 

Without prejudice to the terms of Clauses 3 and 18, you will be eligible to participate in any Health Care Scheme or other benefit plans
generally made available to senior executives of the Company, subject to the following terms and conditions: 
  

	 	(a)	 your and (if applicable) your family’s participation is subject to the Company’s rules regarding
eligibility in force from time to time and the rules, terms and conditions of the relevant Health Care Scheme and/or insurance policy in force from time to time (a copy of each scheme in force at any time shall be available from the Human Resources
Department); 

  

	 	(b)	 the Company reserves the right to terminate your or your family’s or the Company’s participation in
any of the Health Care Scheme(s) provided the Company replaces existing scheme being terminated with a new scheme on terms and conditions no less favourable than the existing scheme (but only if such cover is reasonably available), substitute a new
scheme(s) for an existing scheme(s) and/or alter the level or type of benefits available under any scheme(s); 

  

	 	(c)	 if a scheme provider (e.g. an insurance company or pensions provider) refuses for any reason (whether under its
own interpretation of the rules, terms and conditions of the relevant insurance policy or otherwise) to accept a claim and/or provide the relevant benefit(s) to you (or your family) under the applicable Health Care Scheme, the Company shall not be
liable to provide (or compensate you for the loss of) such benefit(s) nor shall it be obliged to take action against the provider to enforce any rights under the Health Care Scheme; 

  
 13 

	 	(d)	 the fact that the termination of the Employment may result in you or your family ceasing to be eligible to
receive or continue to receive benefits under any Health Care Scheme does not remove the Company’s right to terminate the Employment; and 

  

	 	(e)	 your acceptance of such variations to your terms and conditions of employment as may from time to time be
required by the Company. 

  

	10.2	 Payments 

  

	 	(a)	 All payments under a PHI scheme or the like will be subject to the deductions required by law.

  

	 	(b)	 Where payments are made under a PHI scheme all other payments or benefits provided to or in respect of you will
cease from the start of those payments (if they have not done so already), save that you will continue to accrue statutory and contractual holidays, unless the Company is fully reimbursed by the PHI scheme for the cost of providing the benefit.

  

	10.3	 Medical examinations 

At any reasonable time during the Employment the Company may require you to undergo a medical examination by a medical practitioner appointed
by the Company and at the Company’s expense and you will consent to such examination and to the results being made available to the Company subject to your rights under the Access to Medical Reports Act 1988. 

 

	10.4	 Other leave and benefits 

 

	 	(a)	 You may be eligible for other forms of paid leave, subject to any statutory eligibility requirements or
conditions and the Company’s rules applicable to each type of leave in force from time to time. Further details of such leave are available in the Company’s Staff Handbook. Other forms of paid leave which you may be eligible for, depending
on the circumstances and subject to eligibility criteria including as set out in the Staff Handbook, include paid time off for jury service, statutory maternity leave and pay, statutory adoption leave and pay, shared parental leave and pay, time off
for antenatal or adoption appointments, statutory parental bereavement leave and pay, compassionate leave at the discretion of the Company. The Company may replace, amend or withdraw the Company’s policy on any types of leave at any time.

  

	 	(b)	 You may be eligible to be provided with the following benefits during your employment with the Company, subject
to any rules applicable to the relevant benefit: cycle to work scheme and employee assistance helpline. You may request further details of the benefits for which you may be eligible from the Company’s Human Resources department. The Company may
replace or withdraw such benefits, or amend the terms of such benefits, at any time on reasonable notice to you. 

  

	11.	 HOLIDAYS 

  

	11.1	 The holiday year 

The Company’s holiday year runs from 1st January to 31st December. Holidays can only be taken with the prior permission of the Board. 

 

	11.2	 Annual entitlement 

  
 14 

	 	(a)	 Your annual entitlement to paid holidays is to those public or customary holidays recognised by the Company in
any holiday year (which for you will be dependent on the place of your work) and in addition, 25 contractual days’ holiday. 

  

	 	(b)	 Entitlement to contractual holidays is accrued pro rata throughout the holiday year. You will be entitled to
take public and customary holidays on the days that they are recognised by the Company during the holiday year. 

  

	 	(c)	 You are entitled to carry up to five days’ unused holiday entitlement forward to the next holiday year.

  

	11.3	 Holiday entitlement on termination 

Upon notice of termination of the Employment being served by either party, the Company may require you to take any unused holidays accrued in
the holiday year in which the termination takes place at that time during any notice period. Alternatively, the Company may, at its discretion, on termination of the Employment, make a payment in lieu of accrued contractual holiday entitlement. You
will be required to make a payment to the Company in respect of any holidays taken in excess of your holiday entitlement accrued at the Termination Date. Any sums so due may be deducted from any money owing to you by the Company. 

 

	12.	 TRAINING 

As at the date of this Agreement, you are not required to undertake any particular training. If any particular training is required or offered,
details will be provided. 
  

	13.	 ABSENCE 

  

	13.1	 Absence due to sickness or injury 

If you are absent from work due to sickness or injury you shall: 
  

	 	(a)	 Subject to you being medically able to do so, as soon as possible inform the Company of your sickness or
injury; and 

  

	 	(b)	 In respect of absence due to sickness, injury or accident that continues for more than 7 consecutive days
(including weekends) you must provide the Company with a note of fitness to work stating the reason for the absence. Thereafter notes of fitness to work must be provided to the Company to cover the remainder of the period of continuing sickness
absence. Failure to follow these requirements may result in disciplinary action and loss of Statutory Sick Pay and/or sick pay pursuant to Clause 13.2. 

  

	13.2	 Payment of salary during absence 

 

	 	(a)	 Subject to you complying with the terms of Clause 13.1, the Company shall continue to pay (i) full Basic
Salary and other benefits during any period of absence due to sickness or injury for up to a maximum period of three consecutive months; and (ii) fifty percent. of Basic Salary and other benefits during any further period of absence due to
sickness or injury for up to a maximum period of three further consecutive months, in each case in the same period of 12 consecutive months. Thereafter you will only be eligible for Statutory Sick Pay during any period of sickness absence and
anything additional paid by the Company shall be paid at the Board’s sole discretion. 

  

	 	(b)	 Payment of the Basic Salary in terms of Clause 13.2(a) shall be made less: 

 

	 	(i)	 an amount equivalent to any Statutory Sick Pay paid to you; 

  
 15 

	 	(ii)	 any sums which are received by you under any insurance policy effected by the Company; and

  

	 	(iii)	 any other benefits or sums which you receive e.g. under a PHI or other insurance scheme in terms of the
Employment or under any relevant legislation 

  

	 	(c)	 Once payment of Basic Salary under Clause 13.2(a) ceases, then you shall have no right to any benefit or
emolument from the Company except any permanent health insurance benefit in accordance with Clause 10 or any remaining entitlement to Statutory Sick Pay. 

  

	14.	 OTHER INTERESTS 

 

	14.1	 Disclosure of other interests 

You shall disclose to the Board any interest of your own (or that of your partner or of any child of yours or of your partner under eighteen
years of age): 
  

	 	(a)	 in any trade, business or occupation whatsoever which is in any way similar to any of those in which the
Company or any Group Company is involved; and 

  

	 	(b)	 in any trade, business or occupation carried on by any supplier or customer of the Company or any Group Company
whether or not such trade, business or occupation is conducted for profit or gain. 

  

	14.2	 Restrictions on other activities and interests 

 

	 	(a)	 During the Employment you shall not at any time, without the prior written consent of the Board, either alone
or jointly with any other person, carry on or be directly or indirectly employed, engaged, concerned or interested in any business, prospective business or undertaking other than a Group Company. Nothing contained in this Clause shall preclude you
from: (i) continuing to hold your Existing Investments; (ii) being a Minority Holder; or (iii) subject to Clause 14.2(b) being a Minority VC Holder, unless in each case the holding is in a company that is a direct business competitor
of the Company or any Group Company, or could reasonably be expected to create a conflict between your duties to the Company or any Group Company and your interest as an investor of the other company or person. If any of the exclusions in the
preceding sentence could reasonably be considered to apply, you shall seek, and be required to obtain, the prior consent of the Board to the continuation (in the case of the Existing Investments), acquisition or increase of such holding. For the
avoidance of doubt, the exceptions set out in sub-clauses (i), (ii) and (iii) apply only to passive investment holdings in the relevant company or person, and do not apply to you being directly or
indirectly employed, engaged or appointed in any capacity (including as a shadow director) by, or being otherwise concerned, interested or associated with, the relevant company or person. 

 

	 	(b)	 In each rolling 12 month period of the Employment, you shall not, without the prior written consent of the
Board, directly or indirectly (including through nominees, funds or pooled vehicles) make any investment as a Minority VC Holder if the amount of your direct or indirect investment would, when taken together with the amount of any other investment
made directly or indirectly as a Minority VC Holder in the same period, exceed USD 5 million in the aggregate. 

  

	 	(c)	 If you, with the consent of the Board, accept any other appointment you must keep the Company accurately
informed of the amount of time you spend working under that appointment. 

  
 16 

	15.	 ANTI-BRIBERY AND CORRUPTION POLICY AND PROCEDURES 

 

	15.1	 Prohibition of Corruption 

The Company prohibits Corruption and will not tolerate any involvement or attempted involvement in Corruption by you, the Company or any
executives, employees, agents, associates or any parties in any way associated with the business of the Company or the Group. This prohibition extends to all of the Group’s business dealings and transactions in all countries in which it, its
subsidiaries, its agents and its associates operate. 
  

	15.2	 Compliance with the Anti-Bribery and Corruption Policy 

You must comply with any Anti-Bribery and Corruption Policy that the Company has in place from time to time and must report any instances of
Corruption (including those attempted and/or resisted) and/or corrupt activity involving the Company or any Group Company or any of its officers, employees, agents or associates which you become aware of irrespective of the identity or position of
those alleged to be involved. 
  

	15.3	 Corruption events 

During the Employment you shall not: 
  

	 	(a)	 become involved in bribery whether by offering, promising, giving, agreeing to, soliciting, demanding,
requesting, receiving, or accepting bribes, or behaving corruptly in expectation of a bribe or an advantage; 

  

	 	(b)	 offer any hospitality, gift or gratuity to customers, suppliers or any other person connected with the business
of the Company or the Group with the intention of gaining a business advantage. Any gifts or invitations to hospitality events that you wish to issue which are expected to exceed the value of £100 must be agreed in advance with the Board;

  

	 	(c)	 receive or obtain directly or indirectly any discount, rebate, commission, or gratuity over the value of
£100 or any hospitality or other form of gift known to have a value of over £100 (any of these referred to as a “Gratuity”) as a result of the Employment or any sale or purchase of goods or services effected or other
business transacted (whether or not by you) by or on behalf of the Company or any Group Company and if you (or any person in which you are interested) obtain any Gratuity you must first seek permission from the Board and may be required to account
to the Company for the amount received by you (or a due proportion of the amount received by the person having regard to the extent of your interest therein). 

 

	16.	 CONFIDENTIALITY AND COMPANY DOCUMENTS 

 

	16.1	 Restrictions on disclosure and use of Confidential Information 

You must not either during the Employment (except in the proper performance of your duties) or at any time (without limit) after the
Termination Date: 
  

	 	(a)	 divulge or communicate to any person; 

 

	 	(b)	 use for your own purposes or for any purposes other than those of the Company or any Group Company; or

  

	 	(c)	 through any failure to exercise due care and diligence, cause any unauthorised disclosure of;

  
 17 

 any Confidential Information. You must at all times use your best endeavours to prevent
publication or disclosure of any Confidential Information. These restrictions shall cease to apply to any information which shall become available to the public generally otherwise than through the default of you. These restrictions shall not apply
to any use or disclosure authorised by the Board or required by law, or any protected disclosure within the meaning of section 43A of the Employment Rights Act 1996. 
  

	16.2	 Protection of Company documents and materials 

All notes, records, lists of customers, suppliers and employees, correspondence, computer and other discs or tapes, data listings, codes, keys
and passwords, designs, drawings and other documents or material whatsoever (whether made or created by you or otherwise and in whatever medium or format) relating to the business of the Company or any Group Company or any of its or their clients
(and any copies of the same): 
  

	 	(a)	 shall be and remain the property of the Company or the relevant Group Company or client; and

  

	 	(b)	 shall be handed over by you to the Company or the relevant Group Company or client on demand by the Company and
in any event on the termination of the Employment; 

 provided that following the termination of the Employment, you shall
be provided with reasonable access to Board Minutes, and the relevant papers comprising the Board packs referred to in those Minutes, and agendas of the Company or any Group Company relating to a period during which you were a director of the
Company or such Group Company to the extent that this is reasonably required by you in connection with any investigation, proceeding or requirements of applicable law regarding your tenure as a director and on condition that that such materials
shall nevertheless remain confidential. 
  

	17.	 INVENTIONS AND OTHER WORKS 

 

	17.1	 Obligation to further interests of the Company 

The Company and you agree that you may make or create Works in the course of and/or during the Employment and agree that in this respect you
are obliged to further the interests of the Company and any Group Company. 
  

	17.2	 Disclosure and ownership of Works 

You must immediately disclose to the Company all Works and all Intellectual Property Rights. Both the Works and all Intellectual Property
Rights will (subject to sections 39 to 43 Patents Act 1977) belong to and be the absolute property of the Company or any other person the Company may nominate. 
  

	17.3	 Protection, registration and vesting of Works 

You shall immediately on request by the Company (whether during or after the Employment) and at the expense of the Company: 

 

	 	(a)	 apply or join with the Company or any Group Company in applying for any Intellectual Property Rights or other
protection or registration (“Protection”) in the United Kingdom and in any other part of the world for, or in relation to, any Works; 

  

  
 18 

	 	(b)	 execute all instruments and do all things necessary for vesting all Intellectual Property Rights or Protection
when obtained and all right, title and interest to and in the same absolutely and as sole beneficial owner in the Company or such Group Company or other person as the Company may nominate; and 

 

	 	(c)	 sign and execute any documents and do any acts reasonably required by the Company in connection with any
proceedings in respect of any applications and any publication or application for revocation of any Intellectual Property Rights or Protection. 

  

	17.4	 Waiver of rights  

You hereby irrevocably and unconditionally waive all rights under Chapter IV Copyright, Designs and Patents Act 1988 and any other moral rights
which you may have in the Works, in whatever part of the world such rights may be enforceable including: 
  

	 	(a)	 the right conferred by section 77 of that Act to be identified as the author of any such Works; and

  

	 	(b)	 the right conferred by section 80 of that Act not to have any such Works subjected to derogatory treatment.

  

	17.5	 Power of Attorney 

You hereby irrevocably appoint the Company to be your attorney and in your name and on your behalf to execute any such act and to sign all
deeds and documents and generally to use your name for the purpose of giving to the Company the full benefit of this Clause. You agree that, with respect to any third parties, a certificate signed by any duly authorised officer of the Company that
any act or deed or document falls within the authority hereby conferred shall be conclusive evidence that this is the case. 
  

	17.6	 Statutory rights 

Nothing in this Clause 17 shall be construed as restricting the rights of you or the Company under sections 39 to 43 Patents Act 1977. 

 

	18.	 TERMINATION 

  

	18.1	 Termination events 

Notwithstanding the provisions of Clauses 3 and 10, the Company shall be entitled, but not bound, to terminate the Employment with immediate
effect, without payment of compensation, by giving to you notice in writing at any time for Cause 
  

	18.2	 Termination on resignation as director 

If you resign as a director of the Company or any Group Company (otherwise than at the request of the Company), you shall be deemed to have
terminated the Employment with effect from the date of your resignation and the Employment shall terminate at that time, unless the Company agrees with you that the Employment should continue, in which case the Employment may be subject to any terms
and conditions stipulated by the Company in its absolute discretion. 
  

	18.3	 No damages or payment in lieu of notice 

In the event of the Employment being terminated pursuant to Clause 18.1, you shall not be entitled to receive any payment in lieu of notice nor
make any claim against the Company or any Group Company for damages for loss of office or termination of the Employment. Regardless of this, the termination shall be without prejudice to your continuing obligations under this Agreement. 

  
 19 

	19.	 EVENTS UPON TERMINATION 

 

	19.1	 Obligations upon termination 

Immediately upon the termination of the Employment howsoever arising or immediately at the request of the Board at any time after either the
Company or you have served notice of termination of the Employment, you shall: 
  

	 	(a)	 deliver to the Company all Works, materials within the scope of Clause 16.2 and all other materials and
property including credit or charge cards, mobile telephone, computer equipment, disks and software, passwords, encryption keys or the like, keys, security pass, letters, stationery, documents, files, films, records, reports, plans and papers (in
whatever format including electronic) and all copies thereof used in or relating to the business of the Company or the Group which are in your possession or under your control; 

 

	 	(b)	 resign (without claim for compensation) as a director and from all other offices held by you in the Company or
any Group Company or otherwise by virtue of the Employment. For the avoidance of doubt, such resignations shall be without prejudice to any claims you may have against the Company or any Group Company arising out of the termination of the
Employment; and 

  

	 	(c)	 transfer without payment, to the Company, or as the Company may direct, any shares or other securities held by
you as nominee or trustee for the Company or any Group Company; 

 and should you fail to do so the Company is hereby
irrevocably authorised to appoint some person to sign any documents and/or do all things in your name and on your behalf necessary to give effect thereto. 
  

	20.	 RESTRICTIONS AFTER TERMINATION 

 

	20.1	 Definitions 

Since you are likely to obtain Confidential Information in the course of the Employment and personal knowledge of and influence over suppliers,
customers, clients and employees of the Company and Group Companies, you hereby agree with the Company that in addition to the other terms of this Agreement and without prejudice to the other restrictions imposed upon you by law, you will be bound
by the covenants and undertakings contained in this Clause 20. In this Clause 20, unless the context otherwise requires: 
  

			
	“Customer”	  	means any person to which the Company distributed, sold or supplied Restricted Products or Restricted Services during the Relevant Period and with which, during that period either you, or any employee under your direct (or indirect
through your immediate reports) supervision, had material dealings in the course of the Employment, or about which you had Confidential Information, but always excluding therefrom, any division, branch or office of such person with which you and/or
any such employee had no dealings during that period and about which you had no Confidential Information;

  
 20 

			
	“Prospective Customer”	  	means any person with which the Company was actively negotiating during the Relevant Period regarding a material contract for distribution, sale or supply of Restricted Products or Restricted Services and with which during such
period you, or any employee who was under your direct (or indirect through your immediate reports) supervision, had material dealings in the course of the Employment, or about which you had Confidential Information, but always excluding therefrom
any division, branch or office of that person with which you and/or any such employee had no dealings during that period and about which you had no Confidential Information;
		
	“Relevant Period”	  	means: (i) where the Employment is continuing, the period of the Employment; and (ii) where the Employment has terminated, the period of 12 months immediately preceding the Termination Date;
		
	“Restricted Area”	  	 means:
 (a)India; and

(b)any other country in the world where, on the Termination Date, the Company dealt in Restricted Products or Restricted Services;

		
	“Restricted Employee”	  	means any person who was a director, employee of the Company who is dealing with a Restricted Product or engaged in Restricted Services at any time within the Relevant Period who by reason of that position and in particular their
seniority or knowledge of Confidential Information or knowledge of or influence over the clients, customers or contacts of the Company is likely to cause damage to the Company if they were to leave the employment of the Company and become employed
by a competitor of the Company;
		
	“Restricted Period”	  	means the period commencing on the Termination Date and, subject to the terms of Clause 20.4, continuing for 12 months;
		
	“Restricted Products”	  	means any products, equipment or machinery or artificial intelligence technology researched into, developed, manufactured, supplied, marketed, distributed or sold by the Company and with which your duties were materially concerned
or for which either you, or any employee who was under your direct (or indirect through your immediate reports) supervision, were responsible during the Relevant Period or about which you had Confidential Information;
		
	“Restricted Services”	  	means any services (including but not limited to technical and product support, technical advice and customer services) researched into, developed or supplied by the Company and with which your duties were materially concerned or
for which either you, or any employee who was under your direct (or indirect through your immediate reports) supervision, were responsible during the Relevant Period or about which you had Confidential Information;

  
 21 

			
	“Supplier”	  	means any supplier, agent, distributor or other person who, during the Relevant Period was in the habit of dealing with the Company and with which, during that period, you, or any employee under your direct (or indirect through your
immediate reports)supervision, had material dealings in the course of the Relevant Period, or about which you had Confidential Information.

  

	20.2	 Restrictive covenants 

Both during the Employment and during the Restricted Period, you will not, without the prior written consent of the Company, whether by
yourself, through your employees or agents and whether on your own behalf or on behalf of any person, directly or indirectly: 
  

	 	(a)	 so as to compete with the Company solicit business from any Customer or Prospective Customer in respect of
Restricted Products or Restricted Services; 

  

	 	(b)	 so as to compete with the Company, accept any orders from, act or have any business dealings with, any Customer
or Prospective Customer in respect of Restricted Products or Restricted Services; 

  

	 	(c)	 within the Restricted Area, be employed or engaged in or provide Confidential Information to that part of a
business which is involved in Restricted Products or Restricted Services, if the business is or seeks to be in competition with the Company. For the purposes of this sub-clause, acts done by you outside the
Restricted Area shall nonetheless be deemed to be done within the Restricted Area where their primary purpose is to distribute, sell, supply or otherwise deal with Restricted Products or Restricted Services in the Restricted Area to a material
extent; 

  

	 	(d)	 solicit or induce any person who is a Restricted Employee (and with whom you had dealings during the Relevant
Period) to cease working for or providing services to the Company, whether or not any such person would thereby commit a breach of contract; 

  

	 	(e)	 employ or otherwise engage any Restricted Employee in the business of Restricted Products or Restricted
Services if that business is, or seeks to be, in competition with the Company; or 

  

	 	(f)	 solicit or induce any Supplier to cease to deal with the Company and shall not interfere in any way with any
relationship between a Supplier and the Company. 

  

	20.3	 Application of restrictive covenants to other Group Companies 

Clause 20.2 shall also apply as though references to the “Company” in Clauses 20.1 and 20.2 include references to each Group Company
in relation to which you have in the course of the Employment or by reason of rendering services to or holding office in such Group Company: 
  

	 	(a)	 acquired knowledge of its product, services, trade secrets or Confidential Information; or

  

	 	(b)	 had dealings with, or Confidential Information about, its Customers or Prospective Customers in your capacity
as an employee of the Company; or 

  

	 	(c)	 supervised directly (or indirectly through your immediate reports) employees having dealings with its Customers
or Prospective Customers in their capacity as employees of the Company; 

 but so that references to the
“Company” shall for this purpose be deemed to be references to the relevant Group Company. The obligations undertaken by you pursuant to this Clause 20.3 shall, with respect to each Group Company, constitute a separate and distinct
covenant in favour of and for the benefit of each Group Company and which shall be enforceable either by the particular Group Company or by the Company on behalf of the Group Company and the invalidity or unenforceability of any such covenant shall
not affect the validity or enforceability of the covenants in favour of any other Group Company. 

  
 22 

	20.4	 Effect of suspension on Restricted Period 

If the Company exercises its right to suspend your duties and powers under Clause 5.3 after notice of termination of the Employment has been
given, the aggregate of the period of the suspension and the Restricted Period shall not exceed 12 months and if the aggregate of the two periods would exceed 12 months, the Restricted Period shall be reduced accordingly. 

 

	20.5	 Further undertakings 

You hereby undertake to the Company that you will not at any time: 
  

	 	(a)	 during the Employment or after the Termination Date engage in any trade or business or be associated with any
person (except the Company or any Group Company or any person to which the Company or the Group Company has authorised the usage of the trading names of the Company or any Group Company) engaged in any trade or business using any trading names used
by the Company or any Group Company including the name(s) or incorporating the word(s) “ReNew”; 

  

	 	(b)	 after the Termination Date represent or otherwise indicate any association or connection with the Company or
any Group Company, other than as a shareholder. 

  

	20.6	 Protection of Company reputation  

You undertake that, you will not at any time during the Employment and at any time (without limit) after the Termination Date make or publish
or cause to be made or published to anyone in any circumstances any disparaging remarks concerning the Company or any Group Company or any of its or their respective shareholders, officers, employees or agents. However, this shall not apply to any
protected disclosure by you within the meaning of section 43A of the Employment Rights Act 1996.  
  

	20.7	 Severance 

The restrictions in this Clause 20 (on which you have had the opportunity to take independent advice, as you hereby acknowledge) are separate
and severable restrictions and are considered by the parties to be reasonable in all the circumstances. It is agreed that if any such restrictions, by themselves, or taken together, shall be adjudged to go beyond what is reasonable in all the
circumstances for the protection of the legitimate interests of the Company or a Group Company but would be adjudged reasonable if some part of it were deleted, the relevant restriction or restrictions shall apply with such deletion(s) as may be
necessary to make it or them valid and enforceable. 
  

	21.	 RECONSTRUCTION AND AMALGAMATIONS 

Subject to Clause 3.5, if the Company undergoes any process of reconstruction or amalgamation (whether or not involving the liquidation of the
Company) and you are offered employment by the successor or proposed successor to the Company or any Group Companies on terms not materially less favourable overall to those under this Agreement whether as to duties, responsibilities, remuneration
or otherwise and you do not accept the offer within one month of it being made, then you shall have no claim against the Company or the successor to the Company in respect of termination of this Agreement and the Employment. 

  
 23 

	22.	 DISCIPLINARY AND GRIEVANCE PROCEDURE 

 

	22.1	 Disciplinary procedures 

Any disciplinary action taken in connection with the Employment will usually be taken in accordance with the Company’s normal disciplinary
procedures (which are workplace rules and not contractually binding) a copy of which is available from the Staff Handbook. 
  

	22.2	 Grievance procedure 

If you wish to obtain redress of any grievance relating to the Employment or you are dissatisfied with any reprimand, suspension or other
disciplinary step taken by the Company, you shall apply in writing to a senior independent director, setting out the nature and details of any such grievance or dissatisfaction. 

 

	23.	 GENERAL 

  

	23.1	 Provisions which survive termination 

Any provision of this Agreement that is expressed or intended to have effect on, or to continue in force after, the termination of this
Agreement shall have such effect, or, as the case may be, continue in force, after such termination. 
  

	23.2	 No collective agreements 

There are no collective agreements that directly affect the terms and conditions of the Employment. 

 

	23.3	 Compliance with rules of law and the Market Abuse Regulations  

During the Employment and at all times whilst you remain a director of the Company and any Group Company, you shall comply in all respects with
every rule of law, code of best practice (including, as appropriate the Market Abuse Regulations (as amended and/or replaced from time to time)) and any regulations or rules made by the Board from time to time. 

 

	24.	 DATA PROTECTION AND PRIVACY 

 

	24.1	 Data Protection 

The Company will hold, collect and otherwise process certain personal data as set out in the Company’s privacy notice, which is on the
intranet. All personal data will be treated in accordance with applicable data protection laws and regulations. 
  

	25.	 AMENDMENTS, WAIVERS AND REMEDIES 

 

	25.1	 Amendments 

No amendment or variation of this Agreement or any of the documents referred to in it (other than an alteration in the Basic Salary) shall be
effective unless it is in writing and signed by or on behalf of each of the parties. 
  

	25.2	 Waivers and remedies cumulative 

 

	 	(a)	 The rights of each party under this Agreement: 

 

	 	(i)	 may be exercised as often as necessary; 

  
 24 

	 	(ii)	 are cumulative and not exclusive of its rights under the general law; and 

 

	 	(iii)	 may be waived only in writing and specifically. 

 

	 	(b)	 Delay in exercising or non-exercise of any right is not a waiver of
that right. 

  

	 	(c)	 Any right of rescission conferred upon the Company by this Agreement shall be in addition to and without
prejudice to all other rights and remedies available to it. 

  

	26.	 ENTIRE AGREEMENT 

 

	 	(a)	 This Agreement and the documents referred to in it constitute the entire agreement and understanding of the
parties and supersede and extinguish all previous agreements, promises, assurances, warranties, representations and understandings between the parties, whether written or oral, relating to the subject matter of this Agreement. 

 

	 	(b)	 Each party acknowledges that in entering into this Agreement it does not rely on, and shall have no remedies in
respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this Agreement. 

  

	 	(c)	 Each party agrees that it shall have no claim for innocent or negligent misrepresentation or negligent
misstatement based on any statement in this Agreement. 

  

	 	(d)	 Nothing in this Clause shall limit or exclude any liability for fraud. 

 

	27.	 NO OUTSTANDING CLAIMS 

You hereby acknowledge that you have no outstanding claims of any kind against the Company or any Group Company (other than in respect of
remuneration and expenses due to the date of this Agreement but not yet paid). 
  

	28.	 SEVERANCE 

If any provision of this Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect: 

 

	 	(a)	 the legality, validity or enforceability in that jurisdiction of any other provisions of this Agreement; or

  

	 	(b)	 the legality, validity or enforceability in any other jurisdiction of that or any other provision of this
Agreement. 

  

	29.	 NOTICE 

  

	29.1	 Notices and deemed receipt 

Any notice hereunder shall be given by either party to the other either personally to you or the Company Secretary (as appropriate) or sent in
the case of the Company, to its registered office for the time being and, in the case of you, to your address last known to the Company. Any such notice shall be in writing and shall be given by letter delivered by hand or sent by first class
prepaid recorded delivery or registered post or by facsimile transmission. Any such notice shall be deemed to have been received: 
  

	 	(a)	 if delivered personally, at the time of delivery; 

 

	 	(b)	 in the case of pre-paid recorded delivery or registered post, 48 hours
from the date of posting; and 

  
 25 

	 	(c)	 in the case of registered airmail, five days from the date of posting; and 

 

	 	(d)	 in the case of fax or email, at the time of transmission; 

provided that if deemed receipt occurs before 9am on a business day the notice shall be deemed to have been received at 9am on that day and if
deemed receipt occurs after 5pm on a business day, or on a day which is not a business day, the notice shall be deemed to have been received at 9am on the next business day. For the purpose of this Clause, “business day” means any day
which is not a Saturday, a Sunday or a public holiday in the place at or to which the notice is left or sent. 
  

	29.2	 Electronic service 

For the avoidance of doubt, notice given under this Agreement shall be validly served if sent by email. 

 

	30.	 GOVERNING LAW AND JURISDICTION 

 

	30.1	 Governing law 

This Agreement is governed by and to be construed in accordance with English law. 

 

	30.2	 Jurisdiction 

Each party hereby submits to the exclusive jurisdiction of the English courts as regards any claim, dispute or matter arising out of or in
connection with this Agreement and its implementation and effect. The parties may agree that any dispute, claim, difference or controversy arising out of, relating to or having any connection with this Agreement (save in so far as it relates to any
intellectual property rights), may be referred to and finally resolved by arbitration under the LCIA Arbitration Rules (the “Rules”) in which case the seat (legal place) of arbitration shall be London, England and the language to be used
in the arbitral proceedings shall be English. 

  
 26 

 Schedule 1 – Bonus Terms for Financial Year 

 

	1.	 For the financial year ending 31 March 2022 and each subsequent financial year thereafter, the CEO will be
eligible to receive an Annual Bonus calculated in accordance with this Schedule 1. 

  

	2.	 Subject to meeting the performance targets outlined in this Schedule, the CEO will be eligible for a total
Annual Bonus as follows: 

  

	 	a.	 Bonus Target: INR 45,000,000; 

 

	 	b.	 Maximum Bonus Target: INR 57,000,000. 

 

	3.	 The Annual Bonus will be measured 90% against financial targets as described below and 10% based on non-financial criteria objectives proposed and agreed by the Board. 

  

	4.	 90% of the Bonus Target (the “Financial Bonus”) or 90% of the Maximum Bonus Target (the
“Maximum Financial Bonus”) will be determined as follows: 

  

	5.	 The Budget EBITDA for each financial year will be determined by the Board annually. 

 

			
	 Financial performance
	  	 Financial bonus payable

		
	80% or less of Budget EBITDA	  	No financial bonus
		
	More than 80% but less than 100% of Budget EBITDA	  	 Pro rata Financial Bonus payable linear between 80% and 100% Budget EBITDA based on the following formula:

Financial Bonus Payable = (Achieved EBITDA/ Budget EBITDA) * Financial Bonus

		
	100% Budget EBITDA	  	Financial Bonus
		
	More than 100% but less than 110% of Budget EBITDA	  	 Pro rata Maximum Financial Bonus payable linear between 100% and 110% Budget EBITDA based on the following formula:

Financial Bonus Payable = (Achieved EBITDA/ 110% of Budget EBITDA) * Maximum Financial Bonus

		
	110% or more of Budget EBITDA	  	Maximum Financial Bonus

  

	6.	 The Board will provide details of the Budget EBITDA, prior to commencement of Employment.

  
 27 

 Schedule 2 - CEO 2021 Incentive Award Plan Grant Agreements 

[Form of CEO Time Based and Performance Based Subsequent Option Agreements] 

  
 28 

 Schedule 3 - Existing Investments 

  
 29 

 IN WITNESS of which this Agreement has been executed and delivered as a deed on the
first date written above. 
  

							
	 EXECUTED as a Deed
 by RENEW
ENERGY
 GLOBAL PLC
 acting by:
	  		  	 /s/ Samir Rambihari Rai
	  	                                    
	  	                    	  		  	
	  		  		  	
	  		  	 Samir Rambihari Rai
	  	
		  		  	a director                    	  	
				
	Witness’s Signature:	  		  	  
	  	
				
	Full Name:	  		  	  
	  	
				
	Address:	  		  	  
	  	
				
		  		  	  
	  	
				
		  		  	  
	  	

 [Nova—Service Agreement (Sumant Sinha)—Signature Page] 

							
	 EXECUTED as a Deed
	  		 		  	
	by SUMANT SINHA	  		 	/s/ Sumant Sinha	  	
	 in the presence of:
	  		 		  	
				
	 Witness’s Signature:
	  	                    	 	  
	  	
				
	 Full Name:
	  		 	  
	  	
				
	 Address:
	  		 	  
	  	
				
		  		 	  
	  	
				
		  		 	  
	  	

 [Nova—Service Agreement (Sumant Sinha)—Signature Page]

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