Onix Renewables has unveiled an aggressive growth strategy, committing ₹25,000 crore to expand its renewable energy portfolio over the next three years. The company plans to build 7 GW of clean energy capacity while also setting up 5 GW of solar module and cell production. This marks a significant push in India’s journey towards achieving 500 GW of renewable energy capacity by 2030.
With a long-term vision, Onix aims to develop a total of 10 GW of green energy projects by the end of the decade, requiring an estimated investment of ₹30,000 crore. About 80% of its projects will be focused on solar power, while the remaining will include wind energy. The company’s strategy places it alongside industry leaders like Adani Green, ReNew, and Tata Power, which have already built large-scale renewable capacities. Adani Green, for instance, has reached an impressive 13 GW capacity.
To fund its expansion, Onix plans to raise ₹1,000 crore through an initial public offering (IPO) by October 2025. Additionally, the company will seek investments from private investors and financial institutions to support its large-scale projects.
A key focus area for Onix is solar module and cell production. The company has allocated ₹2,500 crore to set up a 10 GW manufacturing capacity. The initial phase will see 2,400 MW of production starting in May 2025. Furthermore, Onix is investing ₹700 crore to establish a 1,200 MW solar cell plant in Gujarat, with production expected to commence in December 2025.
Despite its ambitious plans, Onix faces challenges such as land acquisition, which has historically been a roadblock for large renewable projects in India. Securing timely financing for these massive developments also remains a concern.