Dear CK Cheng,
Microsoft Volume Licensing customers are entitled to downgrade rights, which allow installation of earlier versions of Windows in place of the licensed product. However, as noted in our Downgrade Rights Licensing Brief, Microsoft does not provide installation media or product keys for older versions such as LTSC 2015.
This means that while you are permitted to install LTSC 2015 under your LTSC 2021 license, you will need to supply the installation media and product key independently. The Microsoft 365 Admin Center typically only provides access to the current version (N) and the previous version (N–1), which in this case is LTSC 2019.
- Check with your original license provider or IT administrator to see if the LTSC 2015 key was archived or backed up elsewhere.
Review any previous activation records or emails that may contain the key.
If your organization uses Key Management Services (KMS), verify whether the LTSC 2015 key was registered with your KMS host. You can find guidance on KMS activation here.
If no recovery is possible, you may need to consider using LTSC 2019 or LTSC 2021, depending on compatibility requirements.
I hope this helps,
Best regards,
Domic Vo