The Indian government has approved the Pradhan Mantri Surya Sarovar Yojana (PM-SSY), a INR 5,070 crore program to support the deployment of 5 GW of floating solar PV projects paired with energy storage systems. The scheme aims to expand floating solar capacity by utilizing existing reservoirs and industrial ponds, reducing competition for scarce land resources while improving grid reliability through integrated energy storage.
The scheme targets the development of 5 GW of floating solar PV projects with co-located energy storage systems having a minimum storage capacity of two hours, i.e., 10 GWh. The projects will be sanctioned during FY 2026-27 to FY 2030-31, with disbursement of financial support continuing up to FY 2032-33.
The approval follows the recent assessment undertaken by the National Institute of Solar Energy (NISE), which has estimated a floating solar potential of approximately 102.18 GWp across reservoirs and other suitable inland water bodies in the country. Maharashtra has the highest estimated potential at 16.28 GWp, followed by Madhya Pradesh (14.89 GWp), Karnataka (13.69 GWp), Odisha (12.81 GWp), and Telangana (10.72 GWp).
Under the scheme, central financial assistance (CFA) of INR 1 crore per MW will be provided for eligible floating solar photovoltaic projects after successful commissioning. In addition, CFA of up to INR 50 lakh per project will be provided for undertaking feasibility studies, including bathymetry and hydrography assessments, environmental studies, and other preparatory activities required for de-risking the project development.
India currently has only around 700 MW of installed floating solar PV capacity.
The scheme would help in the reduction of around 10 million tonnes of CO₂ emissions annually. It would also help in the generation of 16,000–17,000 full-time equivalent employment opportunities across the project value chain.
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