The Union Cabinet has approved the Pradhan Mantri Surya Sarovar Yojana, a ₹5,070 crore initiative aimed at accelerating India's floating solar power capacity. The programme will support the development of 5,000 MW (5 GW) of floating solar photovoltaic projects integrated with energy storage systems over the period from FY 2026-27 to FY 2030-31.
To encourage project development, the Centre will provide financial assistance of ₹1 crore per MW after successful commissioning, along with up to ₹50 lakh for feasibility studies during the planning stage.
India currently operates nearly 700 MW of floating solar capacity. The new scheme seeks to significantly expand this footprint by promoting solar installations on reservoirs, lakes, and industrial water bodies, helping generate renewable energy without increasing land requirements.
Each project will also incorporate co-located energy storage systems capable of supplying at least two hours of stored power, creating a combined storage capacity of around 10,000 MWh. The addition of storage is expected to improve grid stability and enhance the reliability of renewable power by addressing the intermittent nature of solar generation.
- Buildonomics Staff
