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

By 2030, the company aims to develop a 10 GW renewable portfolio with a total investment of Rs 30,000 crore, according to Chief Operating Officer Hardik Adhiya. He stated that “about 80% of the projects will be based on solar and the rest will include wind.”

Onix will launch an IPO in October to raise Rs 1,000 crore and secure private investments. It will also raise debt from financial institutions. Additionally, Onix 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 start production in May, while a 1,200 MW cell plant in Gujarat, requiring Rs 700 crore, is set to begin operations by December.

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