New Delhi
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Friday approved the ₹5,070 crore Pradhan Mantri Surya Sarovar Yojana (PM-SSY) to develop 5,000 MW of floating solar photovoltaic capacity across the country.
The scheme aims to promote the use of water bodies such as reservoirs, dams and lakes for renewable-energy generation while reducing pressure on land resources.
Under the scheme, floating solar projects will be developed with co-located energy storage facilities providing a minimum of two hours of storage capacity. The planned storage capacity is expected to total 10,000 MWh, helping address the intermittent nature of solar generation and supporting electricity supply during periods of low sunlight or high demand.
The projects are expected to be sanctioned between the financial years 2026-27 and 2030-31. Financial assistance under the scheme will continue to be released until 2032-33, allowing sufficient time for project implementation and completion.
The government said the initiative would significantly expand India’s floating solar capacity and strengthen the country’s clean-energy infrastructure. Floating solar installations can also help reduce water evaporation and may improve panel efficiency because of the cooling effect of water.
Union Minister Ashwini Vaishnaw said the scheme would utilise the solar potential of water bodies and target a major increase in floating solar generation over the next five years. Eligible projects will receive central financial assistance after successful commissioning.
The PM Surya Sarovar Yojana is expected to support India’s renewable-energy targets, improve energy security and encourage the wider adoption of innovative solar technologies. The programme could also generate employment and investment opportunities in project development, manufacturing, installation, energy storage and related services.
New scheme for floating solar projects
- Floating solar initiatives developed with co-located energy storage facilities.
- Minimum storage capacity of two hours provided for stability.
- Total planned storage expected to reach 10,000 MWh.
- Project sanctions scheduled between financial years 2026-27 and 2030-31.
- Financial assistance continued for implementation until 2032-33.