Onix Renewable Ltd. is significantly expanding its manufacturing capacity for solar cells and solar modules to 1,200 MW, strengthening its ability to meet the growing global demand for solar technology. This expansion is part of the company’s strategy to support its international projects and contribute to the global shift towards renewable energy. Onix Renewable plans to launch its Initial Public Offering (IPO) by the end of 2024, says Divyesh Savaliya, Founder and CEO, Onix Renewable Ltd. in an interaction with Anurima Mondal, Editor of EVolution Auto India.
Q: Please walk us through the crucial achievements of Onix Renewable Ltd.
Divyesh Savaliya: We have completed India’s fastest 52 MW hybrid (wind + solar) project in the history of renewable energy in India within four months only.
We are planning to launch Our Initial Public Offering (IPO) in 2024. The IPO will serve to finance substantial investments in renewable energy sectors.
In January 2024 during the Vibrant Gujarat Global Summit, Onix Renewable signed a Memorandum of Understanding (MoU) with the Gujarat Government, committing to invest INR 19000 crore for renewable energy projects focusing on hybrid (solar and wind) energy.
We recently entered into a Memorandum of Understanding (MOU) with the Government of Gujarat for INR 66,540 Crore for the project to produce green hydrogen/ammonia in Dholera and Kutch, Gujarat.
Q: What have been the recent developments at Onix Renewable Ltd.?
Divyesh Savaliya: As part of our expansion efforts, we are currently seeking opportunities in green hydrogen production alongside our renewable energy projects.
Onix Renewable Ltd. is significantly expanding its manufacturing capacity for solar cells and solar modules to 1,200 MW, strengthening its ability to meet the growing global demand for solar technology.
This expansion is part of the company’s strategy to support its international projects and contribute to the global shift towards renewable energy.
By investing in advanced manufacturing facilities, Onix Renewable Ltd. is enhancing its production capabilities, creating jobs, and driving sustainable economic growth, all while reinforcing its leadership in the renewable energy sector.
We plan to launch its Initial Public Offering (IPO) in 2024. The IPO will serve to finance substantial investments in renewable energy, encompassing solar, wind, and hybrid solar-wind projects, and green hydrogen, in addition to bolstering its solar panel manufacturing division.
Q: Onix Renewable has announced the launch of an IPO by the end of this year. What critical areas would you focus on?
Divyesh Savaliya: The company’s financial stability, profitability, and sources of income, as well as our growth prospects—including our pipeline of projects and market position—should be the main points of attention for our assessing Onix Renewable’s impending initial public offering (IPO).
The company’s sustainability and ESG (Environmental, Social, and Governance) performance are crucial, as are the regulatory environment and adherence to governmental rules.
Innovation in technology, R&D spending, management team strength, and corporate governance standards are all significant factors.
Furthermore, knowing the state of the market, when the IPO is scheduled, and how the funds are going to be used can help you appreciate the company’s potential and related dangers.
Earlier this year, Onix Renewable signed a Memorandum of Understanding (MoU) with the Gujarat Government. Please tell us more about the development. What are your long-term goals?
Divyesh Savaliya: The recent Memorandums of Understanding (MoU) that Onix Renewable signed with the Gujarat government demonstrate a strong commitment to promoting green hydrogen production and renewable energy.
The first Memorandum of Understanding (MoU), which was signed during the 2024 Vibrant Gujarat Global Summit, calls for an investment of INR 19,000 crore in hybrid solar and wind energy projects.
The second is focused on creating green hydrogen and ammonia in Dholera and Kutch, with a commitment of INR 66,540 crore.
These programs serve Onix’s long-term objectives of helping India achieve its net-zero emissions targets and become a pioneer in green hydrogen and renewable energy. They also help the country move to a more energy-efficient economy.
Q: Onix has also secured 187 MW of solar projects in Gujarat under the PM KUSUM Scheme. What are your views on the PM KUSUM Scheme? Also, please shed some light on this project.
Divyesh Savaliya: The PM KUSUM Scheme is a transformative initiative by the Indian government aimed at promoting solar energy in agriculture, enhancing energy security, generating additional income for farmers, and reducing environmental impact.
Onix’s 187 MW solar projects in Gujarat under this scheme are a significant contribution to both the state’s renewable energy capacity and the agricultural sector.
This is 40 percent of total capacity of Gujarat and Onix stands at No.1 Place for PM KUSUM Gujarat scheme.
PM KUSUM means ‘Pradhan Mantri Kisan Urja Suraksha Evam Uthan Mahabhiyaan’.
Onix Renewable Ltd.. is making history by aiming to establish a world record through its groundbreaking initiative to undertake this project will be distributed across 60 varied locations in Gujarat.
These projects will provide farmers with reliable, cost-effective solar-powered irrigation solutions while enabling them to sell excess energy back to the grid, thereby supporting sustainable agriculture and contributing to India’s broader renewable energy goals.
Q: How, in your opinion, is digitalization making the renewable energy sector smarter and more efficient?
Divyesh Savaliya: Digitalization is bringing about a revolution in the renewable energy industry by improving intelligence and efficiency in various aspects.
It enhances grid management, facilitates efficient energy storage, and maximizes energy output through real-time data analytics, smart grids, and AI-driven predictive tools.
Blockchain technology makes decentralized energy trading possible, and demand response programs and smart meters give users more control over how much energy they use.
Furthermore, digital platforms facilitate the development of novel business models such as Virtual Power Plants and Energy-as-a-Service, which enhance the integration of renewable energy sources into the grid.
In general, digitization promotes sustainability through streamlining processes, cutting carbon emissions, and facilitating better-informed decision-making in renewable energy initiatives.
Q: What are your views on integrating renewable energy sources in the charging infrastructure for electric vehicles (EVs)? What are the potential economic benefits and drawbacks of investing in renewable energy infrastructure for EV charging?
Divyesh Savaliya: According to Onix Renewable Ltd., developing an EV charging infrastructure that incorporates renewable energy is crucial to building a genuinely sustainable transportation system.
Long-term cost savings, energy independence, government subsidies, a rise in demand for electric vehicles, and improved brand recognition are among the financial advantages.
But there are obstacles to take into account, like high upfront expenditures, erratic energy supplies, space needs, and complicated upkeep.
In spite of these disadvantages, Onix’s commitment to sustainability is upheld by the combination of renewable energy sources with EV charging, which presents a viable avenue for market expansion.
Q: Is there anything else you wish to add to this interaction?
Divyesh Savaliya: Onix Renewable Ltd. accelerates International Expansion with Solar Captive Projects in the USA, Vietnam, Thailand, and Africa.
Onix Renewable Ltd., a prominent player in the renewable energy industry, is making significant headway in its global expansion strategy with the launch of solar captive projects across four key regions: the USA, Vietnam, Thailand, and Africa. These projects represent a critical component of the company’s mission to advance the adoption of clean energy solutions worldwide.
In the USA, Onix Renewable Ltd. is tapping into one of the world’s most dynamic renewable energy markets. The company is focused on deploying cutting-edge solar technology to develop high-efficiency solar farms that will supply clean energy to various industrial and commercial sectors. This initiative not only aligns with the USA’s increasing demand for renewable energy but also positions Onix Renewable Ltd. as a key contributor to the nation’s energy transition.
Vietnam, with its rapidly growing economy and favorable conditions for solar power, presents another strategic opportunity for Onix Renewable Ltd. The company is investing in large-scale solar captive projects designed to meet the country’s rising energy needs while supporting its commitment to reducing greenhouse gas emissions. By harnessing Vietnam’s abundant solar resources, Onix Renewable Ltd. aims to deliver reliable and sustainable energy to local industries, helping to drive the nation’s green energy agenda.
In Thailand, Onix Renewable Ltd. is capitalizing on the country’s progressive renewable energy policies. The company’s solar projects are set to play a vital role in Thailand’s energy mix, contributing to national goals of increasing the share of renewables in the energy sector. Onix Renewable Ltd.’s investment in Thailand underscores its dedication to supporting the region’s long-term energy security and sustainability.
Simultaneously, Onix Renewable Ltd. is expanding its footprint in Africa, where the need for sustainable energy solutions is critical. The company’s solar captive projects across the continent are aimed at addressing the energy deficits faced by many African nations. By providing clean, affordable energy, Onix Renewable Ltd. is not only helping to improve energy access but also supporting economic development and environmental stewardship in the region.
These international projects are a testament to Onix Renewable Ltd.’s commitment to global growth and its vision of a sustainable future. By investing in solar captive projects in diverse markets, the company is poised to make a substantial impact on the global renewable energy landscape, driving forward the transition to cleaner, greener energy solutions around the world.