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The Union Cabinet of India has approved the five-year Pradhan Mantri Surya Sarovar Yojana for floating PV and energy storage. The scheme targets 5 GW of floating PV capacity, increasing India’s installed base from about 700 MW. Its INR 5,070 crore (~ $507 million) outlay provides INR 1 crore (~ $100,000) per MW after commissioning. Each eligible project will include at least two hours of co-located storage, totalling 10,000 MWh nationwide. Projects will be selected through tariff-based competitive bidding across all states and Union Territories nationwide. Approvals will run from FY2026-27 through FY2030-31, while financial assistance will continue nationally until FY2032-33. The scheme also provides INR 50 lakh (~ $50,000) for feasibility studies and other preparatory work. It is expected to use reservoirs, canals and industrial ponds without requiring additional land acquisition.
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