Onix Renewable plans to invest nearly ₹25,000 crore to establish 7 gigawatt (GW) of renewable energy capacity and 5 GW of solar module and cell manufacturing capabilities over the next three years. The company aims to have a 10 GW renewable energy portfolio by 2030, with a total investment of ₹30,000 crore, with approximately 80% of the projects based on solar energy and the rest on wind.

The company's expansion aligns with India's ambitious goal of achieving 500 GW of renewable energy capacity by 2030. In comparison, larger players like Adani Green and Tata Power have already built substantial green energy capacities. Adani Green, for example, recently announced that it surpassed an operational capacity of 13 GW. To finance its ambitious projects, Onix Renewable plans to launch an IPO to raise about ₹1,000 crore by October of this year. Additionally, they intend to tap private investors and secure debt financing from financial institutions. The company also plans to invest ₹2,500 crore to build 10 GW of solar modules and cells in the next five years, starting with 2,400 MW of module plants with production expected to commence by May of this year, followed by 1,200 MW cell plants in Gujarat by December.

Despite its ambitious plans, the company faces challenges such as land acquisition delays and timely project financing. Land acquisition has been a challenge in many states and project financing typically takes 4 to 6 months, leaving only 5 to 6 months for project execution.

Onix is also building power plants under the PM Kusum Yojana in Gujarat and Maharashtra, slated for commissioning in June and December, respectively, and aims to produce 3,000 MW by 2026 under this initiative. Additionally, the company is considering a partnership with a German company to invest ₹650 crore in electrolyzer manufacturing, with the goal of producing green hydrogen and green ammonia. Onix Renewable also envisions expanding into EV charging infrastructure in the future.