KuberGrow Team Onix Renewable firm’s investment plan of ₹25,000 crore over the next three years to build 7 GW of renewable capacity and manufacture 5 GW of solar modules and cells will make a lasting impact on India’s renewable sector. In fact, India’s target of reaching 500 GW of renewable capacity by the end of the decade is in agreement with the firm seeking to boost its renewable capacity to 10 GW by 2030.
Solar power will be the dominant source of energy for Onix, contributing to almost 80% of the proposed projects, with the rest being wind power. The firm is also gearing up for an initial public offering (IPO) by October 2025 to raise approximately ₹1,000 crore to fuel its growth. Besides equity raising, Onix also plans to raise debt finance from financial institutions to accelerate its growth.
The manufacturing ambitions of the company are also as ambitious. It intends to spend ₹2,500 crore over the next five years to set up 10 GW of solar module and cell manufacturing capacity. The initial phase consists of a 2,400 MW solar module factory which is anticipated to start production in May 2025. Onix will also set up a 1,200 MW solar cell facility in Gujarat for an investment of ₹700 crore, with the goal of starting production in December. The company currently has a humble capacity of 100 MW.
Onix is also progressing in distributed solar projects under the PM Kusum Yojana, with current plant developments in Gujarat and Maharashtra to be commissioned in June and December, respectively. The company plans to contribute 3,000 MW under this scheme by 2026.
Despite the optimism, Adhiya pointed to land acquisition and project funding challenges, observing that it typically takes four to six months to raise funds in a typical 12-month project cycle, leaving little room for execution, inventory management, and installation.
Futurewise, Onix is looking into diversification to green hydrogen and green ammonia production. Talks have been initiated with a German company for establishing manufacturing facilities for electrolysers at an investment proposal of ₹650 crore. Furthermore, the firm has also envisioned entering the EV charging infrastructure space, further augmenting its presence in India’s clean energy market.
