Onix Renewable: ₹25,000 Crore to Spark 7 GW Renewable Revolution

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

By 2030, the company aims to build a 10 GW renewable energy portfolio with a total investment of Rs 30,000 crore, according to Chief Operating Officer Hardik Adhiya. He noted that approximately 80% of the projects will be solar-based, with the remainder focused on wind energy.

To support its expansion, Onix will launch an IPO in October to raise Rs 1,000 crore, alongside securing private investments and debt financing. Additionally, the company plans to invest Rs 2,500 crore over five years to establish 10 GW of solar module and cell manufacturing. An initial 2,400 MW module plant will begin production in May, while a 1,200 MW cell plant in Gujarat, requiring Rs 700 crore, is set to start operations by December.

Onix is also developing power plants under the PM Kusum Yojana in Gujarat and Maharashtra, targeting 3,000 MW by 2026, with commissioning expected in June and December. The company is exploring a partnership with a German firm for electrolyser manufacturing and plans to invest Rs 650 crore in green hydrogen and ammonia production. Additionally, Onix is considering expansion into EV charging infrastructure.

News by Rahul Yelligetti.