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I think I have a solution for this.

I had to create a new PUTTY session using the GUI and set the following options:

Session:  Set your host Name, Port, Connection type
Connection\Data:  Set your Auto-login username to root
Connection\SSH: Set the Remote command for your backup job or script file (/vmfs/volumes/osdata/xsi-dir/backupvm.sh)

Go back to the 'Session' settings and save the session as something easy (xsibackup), etc.

Now, when using PLINK, connect to the session instead of the server and add your password if you want to automate it.

PLINK <sessionName> -pw <password> -v -batch