Cabinet approves ‘Pradhan Mantri Surya Sarovar Yojana (PM-SSY)’ for Development of Floating Solar Photovoltaic Projects

The Union Cabinet on 31 July 2026 approved the Pradhan Mantri Surya Sarovar Yojana (PM-SSY) of the Ministry of New and Renewable Energy for developing floating solar photovoltaic (PV) projects integrated with Energy Storage Systems (ESS) across India.

About PM-SSY:

• The scheme aims to develop 5,000 MW of Floating Solar PV projects with co-located Energy Storage Systems.
• Each project must have a minimum storage capacity of two hours, amounting to a total targeted storage capacity of 10,000 MWh.
• Projects will be sanctioned during FY 2026–27 to FY 2030–31, while disbursement of financial assistance will continue up to FY 2032–33.
• The scheme will cover all States and Union Territories.

Financial Assistance:

• Central Financial Assistance (CFA) of ₹1 crore per MW will be provided for eligible projects after successful commissioning.
• Up to ₹50 lakh per project will be provided for feasibility studies and preparatory activities, including:
  • Bathymetry and hydrography assessments
  • Environmental studies
  • Other activities required to de-risk project development

Floating Solar Potential in India:

• The National Institute of Solar Energy (NISE) has estimated India’s floating solar potential at approximately 102.18 GWp across reservoirs and other suitable inland water bodies.
• India’s existing floating solar capacity is currently around 700 MW.
• PM-SSY is expected to increase this capacity by 5,000 MW.

Source: PIB

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