New Delhi – Mr. Apurve Goel, Director of Kundan Green Energy, has expressed optimism about the Union Budget 2024, highlighting its progressive stance on renewable energy and climate change mitigation.
In his post-budget comment, Mr. Goel commended the government’s commitment to the renewable energy sector. He emphasized the need for special attention to hydropower projects, stating, “We see the Union Budget 2024 highlights as progressive from the renewable energy and climate change mitigation perspective.”
Mr. Goel urged the government to consider enhancing support for hydropower projects, citing their unique challenges. He specifically addressed the issue of viability gap funding and the overall availability of green finance for hydropower. “Building a hydel plant typically costs two to three times more capital than solar or wind. Similarly, the gestation period is longer,” he stated.
Hydropower projects, being capital-intensive with extended gestation periods, require a more robust and longer-term commitment. Mr. Goel proposed that developers need to factor in anticipated cost inflations into project costs and minimize over-runs through optimal resource utilization, speed, and adherence to tight timelines.
To further support the hydropower sector, Mr. Goel called for a friendlier and more accessible fiscal ecosystem. He emphasized the importance of easier access to insurance, stating that it would help energize this critical renewable energy generation category.
Mr. Goel concluded his statement by expressing confidence that the government’s continued support and a conducive fiscal environment would contribute to the growth of hydropower projects and, by extension, the overall renewable energy sector.
