A newly-approved government scheme in India plans to support the development of 5 GW of floating solar on existing reservoirs and industrial ponds, to be paired with energy storage systems with a minimum storage capacity of two hours.
The Indian government has approved a INR 50.7 billion ($533 million) program to support the deployment of 5 GW of floating solar PV projects paired with energy storage systems.
The scheme, known as Pradhan Mantri Surya Sarovar Yojana (PM-SSY), aims to expand floating solar capacity by utilizing existing reservoirs and industrial ponds, in turn reducing competition for scarce land resources while improving grid reliability through integrated energy storage.
It will target 5 GW of floating solar with co-located energy storage systems with a minimum storage capacity of two hours. The projects are expected to be sanctioned from financial years (FY) 2026-27 to 2030-31, with disbursement of financial support continuing up to FY 2032-33.
The program will offer central finance assistance of INR 10 million/MW for eligible floating solar photovoltaic projects after successful commissioning, as well as up to INR 5 million per project to cover feasibility studies, including bathymetry and hydrography assessments, environmental studies, and other preparatory activities required for de-risking project development.
