Onix Renewable has unveiled plans to invest Rs 25,000 crore over the next three years to develop a 7 GW renewable energy capacity. This expansion will include a 5 GW focus on solar module and cell production. The company also aims to increase its renewable energy portfolio to 10 GW by 2030, with a total investment of Rs 30,000 crore, according to Chief Operating Officer Hardik Adhiya.
Adhiya shared that approximately 80% of the investment will be directed towards solar energy projects, while the remaining 20% will be allocated to wind energy. This expansion supports India’s national goal of achieving 500 GW of renewable energy capacity by 2030. Onix’s move comes as major industry players, such as Adani Green, ReNew, and Tata Power, are making significant progress in the renewable energy sector. Notably, Adani Green recently surpassed 13 GW in operational capacity.
As part of its investment strategy, Onix Renewable plans to raise Rs 1,000 crore through an initial public offering (IPO) by October. The company will also seek private investments and financial loans to fund its initiatives. In addition, Onix plans to invest Rs 2,500 crore over the next five years to establish 10 GW of solar module and cell manufacturing capacity. The first phase of this initiative involves building a 2,400 MW solar module plant, which is set to begin production in May. Additionally, the company will invest Rs 700 crore to build a 1,200 MW solar cell plant in Gujarat, with operations expected to start in December. Currently, Onix has a manufacturing capacity of 100 MW.
Adhiya pointed out that land acquisition has been a major challenge in some states, and securing timely project financing remains a significant 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 said.
Onix Renewable is also constructing power plants under the PM KusumYojana in Gujarat and Maharashtra. These projects are expected to be commissioned in June and December, respectively, and the company aims to generate 3,000 MW by 2026 through this initiative.
In a further expansion of its operations, 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.
