India approves ₹5,070 crore PM Surya Sarovar Yojana for 5 GW floating solar projects

floating solar PM Surya Sarovar Yojana India renewable energy energy storage

The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Pradhan Mantri Surya Sarovar Yojana (PM‑SSY) with a budget of ₹5,070 crore. The scheme will develop 5,000 MW of floating solar photovoltaic projects on reservoirs and other water bodies, each paired with an energy‑storage system capable of at least 10,000 MWh (two‑hour storage). Projects are to be sanctioned from FY 2026‑27 through FY 2030‑31, with central financial assistance continuing until FY 2032‑33.

The National Institute of Solar Energy estimates India’s floating‑solar potential at about 102.18 GWp. Current capacity is roughly 700 MW, so the programme will raise total capacity to around 5,700 MW. The centre will provide ₹1 crore per MW of installed capacity and up to ₹50 lakh per project for feasibility studies such as bathymetry, hydrography and environmental assessments. The government expects the initiative to cut annual CO₂ emissions by about 10 million tonnes and create roughly 16,000‑17,000 full‑time‑equivalent jobs, while promoting domestic manufacturing of floatation systems, PV modules and storage equipment and improving grid reliability.

Entities: India · Indian Government · Narendra Modi · National Institute of Solar Energy · Pradhan Mantri Surya Sarovar Yojana · Prime Minister Narendra Modi · Union Cabinet of India

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[● 4 SOURCES] Projects will be sanctioned between FY 2026‑27 and FY 2030‑31, with financial assistance continuing until FY 2032‑33. (All articles)
[● 4 SOURCES] The National Institute of Solar Energy estimated India's floating‑solar potential at approximately 102.18 GWp across reservoirs and suitable water bodies. (All articles)
[● 4 SOURCES] Current floating‑solar capacity in India is about 700 MW; the scheme will raise total capacity to roughly 5,700 MW. (All articles)
[● 4 SOURCES] Central Financial Assistance of ₹1 crore per MW will be provided for eligible projects after commissioning. (All articles)
[● 4 SOURCES] The scheme is expected to reduce annual CO₂ emissions by about 10 million tonnes and generate roughly 16,000‑17,000 full‑time‑equivalent jobs. (All articles)
[● 4 SOURCES] The Union Cabinet chaired by Prime Minister Narendra Modi approved the Pradhan Mantri Surya Sarovar Yojana with an outlay of ₹5,070 crore. (All articles)
[● 4 SOURCES] Up to ₹50 lakh per project will be available for feasibility studies, including bathymetry, hydrography and environmental assessments. (All articles)
[● 4 SOURCES] The scheme aims to develop 5,000 MW of floating solar photovoltaic projects with co‑located energy storage of at least 10,000 MWh. (All articles)