India Clears Massive Floating Solar Scheme

The Union Cabinet has sanctioned the Pradhan Mantri Surya Sarovar Yojana (PM-SSY), a significant ₹5,070 crore initiative focused on developing 5,000 MW of Floating Solar Photovoltaic (FSPV) projects. This ambitious plan includes co-located Energy Storage Systems (ESS) to bolster grid reliability and expand renewable energy capacity across the nation.

The scheme, approved by Prime Minister Narendra Modi, mandates a minimum energy storage capacity of two hours for the floating solar projects. The development phase is scheduled between FY 2026-27 and FY 2030-31, with financial support extending up to FY 2032-33. This initiative is based on an assessment that India has a floating solar potential of approximately 102.18 GWp.

Financial assistance of ₹1 crore per MW will be provided for project commissioning, along with up to ₹50 lakh for essential feasibility studies. The PM-SSY is expected to boost India's floating solar capacity from the current 700 MW to 5,000 MW. This will reduce carbon emissions by an estimated 10 million tonnes annually and create about 16,000-17,000 jobs.

The scheme supports the vision of 'Aatmanirbhar Bharat' by promoting domestic manufacturing of solar components and energy storage systems. It aims to optimize the use of water resources while contributing to national energy and climate objectives and advancing the vision of 'Viksit Bharat'.