Infrastructure
Swarajya Staff
Aug 01, 2026 | Updated 10:48 AM GMT+5:30
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The Union Cabinet approved the Pradhan Mantri Surya Sarovar Yojana on Friday (31 July), allocating Rs 5,070 crore to develop 5,000 MW of floating solar photovoltaic projects with co-located energy storage systems.
The scheme, running from FY 2026-27 to FY 2030-31, offers central financial assistance of Rs 1 crore per MW post-commissioning and up to Rs 50 lakh for feasibility studies.
India currently has around 700 MW of floating solar capacity, and the initiative aims to enhance this by sevenfold.
The projects will be installed on reservoirs and industrial ponds, utilising water bodies without requiring additional land.
Each installation will include energy storage systems with a minimum capacity of two hours, equivalent to 10,000 MWh, improving grid reliability and managing intermittent solar power.
The approval follows an assessment by the National Institute of Solar Energy, which estimated India’s floating solar potential at approximately 102.18 GWp across reservoirs and suitable inland water bodies.
Union Information and Broadcasting Minister Ashwini Vaishnaw announced the decision after the Cabinet meeting chaired by Prime Minister Narendra Modi.
The government estimates the scheme will reduce carbon dioxide emissions by around 10 million tonnes annually and generate approximately 16,000 to 17,000 full-time equivalent employment opportunities across manufacturing, construction, installation, operations and maintenance. Financial support will continue to be disbursed until FY 2032-33.
The programme provides a boost to domestic manufacturing by promoting the production of floatation systems, photovoltaic cells and modules, energy storage systems and other components required across the floating solar value chain, aligning with the Aatmanirbhar Bharat vision.
All states and union territories will benefit from the scheme, which supports India’s renewable energy and climate commitments.
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