Onix Renewable has announced an ambitious plan to invest nearly ₹25,000 crore over the next three years to develop a renewable energy capacity of 7 gigawatts (GW), including 5 GW dedicated to solar module and cell production. By 2030, the company aims to expand its renewable energy portfolio to 10 GW with an estimated total investment of ₹30,000 crore, according to Chief Operating Officer Hardik Adhiya.
Adhiya emphasized that approximately 80% of the new projects will focus on solar energy, while the remaining 20% will be allocated to wind energy. This strategic expansion aligns with India’s national target of achieving 500 GW of renewable energy capacity by 2030. Major industry players, including Adani Green, ReNew, and Tata Power, have already made significant advancements in this sector, with Adani Green surpassing 13 GW in operational capacity recently.
To support these ambitious initiatives, Onix plans to raise ₹1,000 crore through an initial public offering (IPO) by October this year, in addition to seeking private investments and loans from financial institutions. The company is also set to invest ₹2,500 crore over the next five years to establish a 10 GW solar module and cell manufacturing capacity. The first phase of this plan involves constructing a 2,400 MW module plant, which is expected to begin production in May. Furthermore, Onix will invest ₹700 crore to develop a 1,200 MW cell plant in Gujarat, slated to commence operations in December. Currently, Onix operates a manufacturing capacity of 100 MW.
Adhiya acknowledged that land acquisition remains a significant challenge in several states, and securing timely project financing continues to be 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 actively constructing power plants under the PM Kusum Yojana in Gujarat and Maharashtra, with commissioning expected in June and December, respectively. The company aims to generate 3,000 MW from this initiative by 2026.
In addition to its renewable energy projects, Onix plans to collaborate with a German firm to manufacture electrolysers for green hydrogen and ammonia production, investing ₹650 crore in this venture. The company is also exploring future investments in electric vehicle (EV) charging infrastructure, further diversifying its portfolio.
With its significant investment plans and strategic focus on solar and wind energy, Onix Renewable is positioning itself as a key player in India’s renewable energy landscape. As the company navigates challenges in financing and land acquisition, its commitment to innovation and sustainability remains clear.
