Onix Renewable's IPO Plans: Funding Expansion Amidst New Hybrid Energy Orders

Onix Renewable Ltd is planning to launch an Initial Public Offering (IPO) this year to raise funds for its renewable energy generation projects and the expansion of its solar panel manufacturing business. Specifically, the IPO will serve to finance substantial investments in solar, wind, hybrid solar-wind, and green hydrogen projects. The company has implemented over 500 MW of projects to date and is scaling up its solar PV module production capacity from 100 MW per year to 1.2 GW by the end of 2024. It executed a 52 MW hybrid (wind and solar) project within a span of merely four months, encompassing everything from land acquisition to commissioning. “This achievement underscores our agility and efficiency in delivering sustainable energy solutions,” said Divyesh Savaliya, chairman and managing director, Onix Renewable. In January this year, during the Vibrant Gujarat Global Summit, Onix Renewable signed a Memorandum of Understanding (MoU) with the Gujarat Government, committing to invest INR 19,000 crore in renewable energy projects focusing on hybrid (solar and wind) energy.