Onix Renewable aims to invest approximately Rs 25,000 crore over the next three years to establish 7 GW of renewable energy capacity and 5 GW of solar module and cell manufacturing capacity.

By 2030, the company plans to establish a renewable energy portfolio of 10 GW with an investment of Rs 30,000 crore, according to its Chief Operating Officer, Hardik Adhiya. He further stated that approximately 80% of these projects will focus on solar energy, while the remaining capacity will be dedicated to wind energy. This initiative aligns with the nation's goal of achieving a renewable energy capacity of 500 GW by 2030. Meanwhile, larger industry players such as Adani Green, ReNew, and Tata Power have already made significant strides in the green energy sector. For example, Adani Green recently announced that it has surpassed an operational capacity of 13 GW in renewable energy.

Onix plans to launch an IPO by October this year, aiming to raise approximately Rs 1,000 crore. The funds will be used to finance their projects, with additional capital being secured through debt from financial institutions, according to Adhiya.

The company plans to invest an additional Rs 2,500 crore over the next five years to establish 10 GW of solar modules and cells, according to Adhiya. Initially, it will set up 2,400 MW of module plants in phases, with production set to begin in May this year. Additionally, the company intends to build 1,200 MW of cell plants in Gujarat, investing Rs 700 crore, with production slated to commence by December. Currently, the company has a capacity of 100 MW.

Adhiya noted that land acquisition has posed significant challenges in many states and that securing timely project financing has also become a growing concern. "With a total project timeline of 12 months, securing financing typically takes four to six months. This leaves just five to six months for project execution, including tasks like inventory procurement and installation," he said.