India Launches Ambitious Floating Solar Initiative
The Union Cabinet, led by Prime Minister Narendra Modi, has officially announced the ‘Pradhan Mantri Surya Sarovar Yojana (PM-SSY)’, a groundbreaking initiative aimed at advancing Floating Solar Photovoltaic (FSPV) projects combined with Energy Storage Systems (ESS). This extensive program has a significant budget of Rs. 5,070 crore and aims to develop 5,000 MW of FSPV projects, contributing to India’s renewable energy landscape.
The PM-SSY focuses on enhancing the nation’s solar capacity, targeting the installation of co-located energy storage systems that boast a minimum capacity of two hours, equating to 10,000 MWh. These projects are set to roll out from the fiscal years 2026-27 through 2030-31, with financial support continuing until 2032-33. This initiative follows a comprehensive study by the National Institute of Solar Energy (NISE), which identified a floating solar potential of approximately 102.18 GWp available across reservoirs and suitable inland water bodies throughout the country.
Financial Incentives and Project Scope
Under the PM-SSY, eligible projects will receive Central Financial Assistance (CFA) of Rs. 1 crore per MW upon successful commissioning. Additionally, project developers can avail CFA of up to Rs. 50 lakh for essential feasibility studies, including bathymetry and hydrography assessments, environmental evaluations, and other necessary preparatory activities to mitigate risks linked to project development.
Impact and Environmental Benefits
All states and Union Territories are poised to benefit from this initiative, significantly bolstering the country’s floating solar capacity, which currently stands at about 700 MW. The implementation of these projects is expected to make productive use of existing reservoirs and industrial ponds, thereby alleviating competition for scarce land resources. The integration of energy storage systems within these projects will also enhance grid reliability, making it more resilient.
Job Creation and Domestic Manufacturing
One of the notable outcomes of the PM-SSY will be a substantial reduction in carbon dioxide emissions, with estimates suggesting a decrease of around 10 million tonnes annually. Furthermore, this initiative is anticipated to generate approximately 16,000 to 17,000 full-time equivalent jobs across the project value chain. It also aims to stimulate domestic manufacturing sectors related to flotation systems, photovoltaic cells, modules, and energy storage systems, aligning with the vision of Aatmanirbhar Bharat (Self-Reliant India).
The ‘Pradhan Mantri Surya Sarovar Yojana’ not only promises to add renewable energy capacity but also supports national energy goals and climate objectives while promoting the optimal use of water resources. This initiative is a significant step towards realizing a developed India (Viksit Bharat).
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