Onix Renewable has announced plans to invest nearly Rs 25,000 crore over the next three years to develop a 7 GW renewable energy capacity, including 5 GW in solar module and cell production. By 2030, the company intends to grow its renewable energy portfolio to 10 GW, with a projected investment of Rs 30,000 crore, according to Chief Operating Officer Hardik Adhiya.
Adhiya highlighted that approximately 80% of the projects will focus on solar energy, while the remaining 20% will be dedicated to wind energy. This strategic expansion aligns with India’s national goal of achieving 500 GW of renewable energy capacity by 2030. Onix’s move comes as major industry players like Adani Green, ReNew, and Tata Power have already made significant strides in renewable energy, with Adani Green recently surpassing 13 GW in operational capacity.
The company also plans to raise Rs 1,000 crore through an IPO by October this year to fund these initiatives, while also seeking private investments and loans from financial institutions. In addition, Onix will invest Rs 2,500 crore to establish 10 GW of solar module and cell manufacturing capacity over the next five years, with the first phase involving the construction of a 2,400 MW module plant, set to begin production in May. The company is also investing Rs 700 crore to build a 1,200 MW cell plant in Gujarat, with operations expected to commence in December. Currently, Onix has a 100 MW manufacturing capacity.
Adhiya acknowledged that land acquisition has been a significant challenge in several states, and securing timely project financing remains a hurdle. “In a typical 12-month project timeline, it takes four to six months to secure financing, leaving only five to six months for execution,” he explained.
Onix is also constructing power plants under the PM KusumYojana in Gujarat and Maharashtra, both of which are expected to be commissioned in June and December, respectively. The company aims to generate 3,000 MW by 2026 under this initiative.
Additionally, Onix plans to collaborate with a German company to manufacture electrolysers for green hydrogen and ammonia production, with an investment of Rs 650 crore. The company is also exploring future investments in electric vehicle (EV) charging infrastructure.
