Onix Renewable to set up 7 GW energy plants

Onix Renewable plans to spend nearly Rs 25,000 crore to build 7 gigawatt renewable energy capacity and 5 CW solar module and cell capacities in the next three years. renewable energy portfolic* By 2030, the company will build a of 10 GW and looks to invest Rs 30,000 crore, its chief operating officer Hardik Adhiya said. He said that about 80% of the projects will be based on solar and the rest will include wind. The company's plans align with the country's target to build a renewable energy capacity of 500 CW by 2030. Onix'slarger peers such as Adani Green, ReNew and Tata Power have already build large capacities in green energy. For instance , Adani Green recently said it crossed operational capacity of 13 CW in green energy.Onix will float IPO to raise about Rs 1,000 crore by October this year and tap private investors to fund the projects, Adhiya said, adding they will also raise debt from financial institutions.