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Onix Renewable to Invest Rs30,000 Crore for 10 GW RE Capacity by 2030

Onix Renewable has unveiled an ambitious Rs30,000 crore investment plan to develop a 10 GW renewable energy portfolio by 2030, with 80% solar and 20% wind projects. Over the next three years, the company will allocate Rs25,000 crore to build 7 GW of renewable energy capacity and a 5 GW solar module and cell manufacturing facility.

To fund these projects, Onix plans to launch an IPO in October 2025, aiming to raise Rs1,000 crore, while also seeking private investments and debt financing. COO Hardik Adhiya highlighted that the company is addressing challenges like land acquisition and project financing delays.

In the solar manufacturing sector, Onix will invest Rs2,500 crore over five years to establish 10 GW of module and cell production. The first phase includes a 2,400 MW module plant, starting production in May 2025, and a 1,200 MW cell plant in Gujarat, expected to be operational by December 2025.

This expansion aligns with India’s 500 GW renewable energy target by 2030, positioning Onix alongside major players like Adani Green, ReNew, and Tata Power, which have already built large capacities in the sector.