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The Expenditure Finance Committee (EFC) under the Finance Ministry has approved a proposed ₹5,500 crore scheme focused on floating solar projects integrated with battery energy storage systems (BESS). The proposal will now be forwarded to the Union Cabinet for final approval as India accelerates efforts to strengthen energy security and expand renewable energy capacity.
The initiative is aimed at encouraging states and project developers to deploy floating solar installations along with battery storage infrastructure across the country. Floating solar systems are installed on reservoirs and other water bodies, which may to help reduce pressure on land availability while improving solar generation performance due to the cooling effect of water surfaces.
Officials view battery energy storage as a critical component of the country’s clean energy transition, particularly for managing the intermittent nature of solar and wind power. By integrating storage systems with floating solar projects, the government aims to improve the reliability and stability of renewable electricity supply.
While the Ministry of New and Renewable Energy (MNRE) had sought an allocation of around ₹6,700 crore for the programme, the EFC approved a lower outlay of ₹5,500 crore. The committee has also asked the ministry to revise certain elements of the proposed incentive structure before the scheme is placed before the Cabinet.
The revised framework is expected to fine-tune financial incentives and implementation mechanisms to improve efficiency and optimise fund utilisation under the programme.
The latest development builds up on a earlier call of Union Ministry of New and Renewable Energy (MNRE) has on States and Union Territories to identify and prioritise suitable water bodies for the development of floating solar photovoltaic (FSPV) projects. This is intended to open a new segment for India’s renewable growth that has installed less than 1 GW solar capacity so far, according to MNRE.
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