Onix Renewable to Develop 7 GW Energy Plants.

Onix Renewable plans to invest nearly Rs 25,000 crore over the next three years to develop 7 gigawatts of renewable energy capacity and 5 GW of solar module and cell production.

By 2030, the company aims to build a renewable energy portfolio of 10 GW, with an investment of Rs 30,000 crore, according to Chief Operating Officer Hardik Adhiya. About 80% of these projects will focus on solar energy, with the remaining capacity dedicated to wind energy.

This ambitious plan aligns with India's target of achieving 500 GW of renewable energy capacity by 2030. Onix Renewable’s strategy mirrors the success of its larger peers like Adani Green, ReNew, and Tata Power, which have already established significant green energy capacities. For example, Adani Green recently announced it had surpassed 13 GW of operational capacity in green energy.
Onix plans to launch an IPO to raise approximately Rs 1,000 crore by October this year and attract private investors to fund its projects, Adhiya stated. Additionally, the company will seek to raise debt from financial institutions.

The company also plans to invest an additional Rs 2,500 crore to build 10 GW of solar modules and cells over the next five years, Adhiya stated. Initially, Onix will construct 2,400 MW of module plants in phases, with production set to begin by May this year. It also plans to set up 1,200 MW cell plants in Gujarat with an investment of Rs 700 crore, aiming to start production by December. Currently, the company has a capacity of 100 MW.

Adhiya mentioned that land acquisition has been a challenge in many states, and timely project financing has also become an issue.

"Out of a total project timeline of 12 months, it takes about four to six months to secure financing. This leaves us with only five to six months for project execution, which includes inventory procurement, installation, and other tasks," he explained.

The company is developing power plants under the PM Kusum Yojana in Gujarat and Maharashtra, with commissioning slated for June and December, respectively. It aims to produce 3,000 MW by 2026 under this initiative.

Additionally, the company is exploring a partnership with a German firm for electrolyzer manufacturing, with an investment of Rs 650 crore. “We plan to manufacture green hydrogen and green ammonia as well,” Adhiya said.

Looking ahead, the company is also considering investments in EV charging infrastructure.

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