Cabinet Approves ₹5,070-Crore PM Surya Sarovar Yojana to Build 5,000 MW Floating Solar Capacity

In a major renewable energy announcement released by the Press Information Bureau, the Union Cabinet chaired by Prime Minister Narendra Modi approved the 'Pradhan Mantri Surya Sarovar Yojana' (PM-SSY). The scheme carries a total budgetary outlay of ₹5,070 crore and aims to develop 5,000 MW of Floating Solar Photovoltaic (FSPV) projects across water bodies in India, integrated with co-located Energy Storage Systems (ESS). According to the official government release, the initiative builds on potential mapping conducted by the National Institute of Solar Energy, which estimated over 102 GW of floating solar potential across reservoirs and inland water bodies in India. Under PM-SSY, eligible floating solar projects will receive Central Financial Assistance of ₹1 crore per MW post-commissioning, alongside dedicated funding for bathymetric, hydrographic, and environmental feasibility studies to de-risk project execution. By installing solar arrays on surface reservoirs and industrial ponds, the scheme avoids competing for agricultural and industrial land while significantly reducing water evaporation. The inclusion of energy storage systems with a minimum two-hour discharge capacity (10,000 MWh total) will assist state electricity grids in managing peak evening demand and enhancing overall grid stability. Government projections estimate that PM-SSY will prevent roughly 10 million tonnes of carbon dioxide emissions annually while generating over 16,000 full-time jobs across project development and maintenance sectors.