India Launches Major Initiative for Floating Solar Power
The Union Cabinet, headed by Prime Minister Narendra Modi, has greenlit a landmark project known as the ‘Pradhan Mantri Surya Sarovar Yojana (PM-SSY)’, aimed at enhancing the deployment of Floating Solar Photovoltaic (FSPV) projects across the nation. With a substantial financial commitment of Rs. 5,070 crore, the scheme is set to revolutionize the country’s renewable energy landscape.
The ambitious initiative targets the installation of 5,000 megawatts (MW) of Floating Solar Photovoltaic systems, complemented by co-located Energy Storage Systems (ESS) that will have a minimum storage capacity of two hours, equating to approximately 10,000 MWh. The execution of these projects is scheduled between the financial years 2026-27 and 2030-31, with financial disbursements likely to extend until FY 2032-33.
This plan follows an extensive study by the National Institute of Solar Energy (NISE), revealing an impressive floating solar potential of around 102.18 GWp available in various reservoirs and suitable inland water bodies throughout India.
Financial Assistance and Project Support
Under the new scheme, eligible projects will receive Central Financial Assistance (CFA) amounting to Rs. One crore per MW, disbursed upon successful project commissioning. Additionally, projects may qualify for CFA up to Rs. 50 lakh to conduct feasibility studies. These studies would cover essential assessments such as bathymetry, hydrography, environmental impacts, and other preparatory tasks, all aimed at minimizing risks associated with project development.
Widespread Benefits Across India
The Pradhan Mantri Surya Sarovar Yojana is set to benefit all States and Union Territories, significantly amplifying India’s floating solar capacity from the current 700 MW to 5,000 MW. This initiative offers a strategic advantage by utilizing existing reservoirs and industrial ponds, reducing the competition for increasingly scarce land resources. The integration of energy storage will also strengthen the reliability of the electrical grid.
Moreover, the implementation of this scheme is expected to result in a reduction of approximately 10 million tonnes of COâ‚‚ emissions annually. It is poised to create around 16,000 to 17,000 full-time equivalent job opportunities within the project value chain. The scheme is designed to boost domestic manufacturing related to flotation systems, photovoltaic cells, modules, and energy storage systems, aligning with the vision of Aatmanirbhar Bharat (Self-reliant India).
Contributing to a Sustainable Future
In addition to enhancing renewable energy capacity, the scheme will support India’s ambitious energy and climate goals. It promotes optimal water resource utilization while advancing the broader vision of Viksit Bharat (Developed India). The Pradhan Mantri Surya Sarovar Yojana represents a vital step towards achieving a sustainable future and significant growth in clean energy production.
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