The Union Cabinet has approved the Pradhan Mantri Surya Sarovar Yojana (PM-SSY) for the development of floating solar photovoltaic (PV) projects with energy storage systems (ESS). The scheme has a total outlay of Rs 50.7 billion and aims to develop 5,000 MW of floating solar capacity with co-located ESS with a minimum storage capacity of two hours, equivalent to 10,000 MWh. The projects will be sanctioned between FY 2026-27 and FY 2030-31, while financial support will continue to be disbursed until FY 2032-33.
The approval of the scheme follows an assessment by the National Institute of Solar Energy, which estimated a floating solar potential of around 102.18 GWp across reservoirs and other suitable inland water bodies in India. Under the scheme, central financial assistance of Rs 10 million per MW will be provided to eligible floating solar projects after successful commissioning. In addition, up to Rs 5 million per project will be available for feasibility studies, including bathymetry, hydrography, environmental studies, and other preparatory activities. The scheme will be implemented across all states and union territories and is expected to increase India’s floating solar PV capacity by 5,000 MW from the current installed capacity of around 700 MW.