Udit Garg serves as chief executive officer and director at Kundan Green Energy. As a key member of the team that shifted Kundan Group’s focus to renewable energy, he played a crucial role in launching Kundan Green Energy, focusing on hydropower, wind and solar. He now leads business development, strategic partnerships and market expansion while overseeing global operations and optimising growth.
According to Garg, in 2023, hydropower output fell by 16.3 per cent, the steepest drop in 40 years, due to erratic rainfall and increased thermal power use. This decline, caused by the lowest reservoir levels in five years, impeded India’s 175 GW renewable energy goal, resulting in a 38 per cent shortfall and a five-year low in renewable additions. However, ongoing hydro projects will increase India’s hydropower capacity from 42 GW to 67 GW by 2032. To achieve this, an investment of Rs 1,737 billion is needed, which may rise with delays. Despite the low financial sentiment and recent sector challenges, hydropower remains crucial for
grid stability and balancing variable renewable sources.
Garg notes that India, with the fifth-largest hydropower capacity globally and over 51.35 GW installed, has significant untapped potential, with only 29 per cent of its 145,320 MW potential developed. As India targets 175 GW of renewable capacity, hydropower is crucial for grid stability. To enhance flexibility and adaptability, improvements such as plant redesigns, equipment upgrades and advanced technologies are needed. Government incentives, streamlined regulations and integration into green bond taxonomies can attract investment and support hydropower development, while adjusting electricity markets to recognise its full value will maximise its benefits. benefits. “In a nutshell, markets should take advantage of the flexibility offered by hydro power, while rewarding its storage capabilities and regulation services, such as dynamic reactive”, he adds.
His most memorable assignment was conceptualising and launching Kundan Green Energy. The experience was both challenging and rewarding due to the creative solutions required, evolving dynamics, diverse stakeholder engagement and the need to work harmoniously and respectfully with nature.
Garg believes in a transformational management style. He likes to lead by example and encourage teams to not only work harder in this critical build-out phase, but also enhance capability, learn, innovate and skill up.