en.Wedoany.com Reported - The Union Cabinet of India has approved the five-year "Pradhan Mantri Surya Sarovar Yojana" for the development of floating solar and energy storage projects. The initiative aims to add 5 GW of floating solar capacity, elevating India's existing installed capacity from approximately 700 MW. The program allocates ₹5,070 crore (approximately $507 million), with a subsidy standard of ₹1 crore (approximately $100,000) per MW of grid-connected capacity. Each eligible project must be equipped with a co-located energy storage system with a minimum capacity of two hours, totaling 10,000 MWh of storage across the country.

Projects will be selected through tariff-based competitive bidding across all states and union territories in the country. The approval process will run from fiscal year 2026-27 to 2030-31, with financial assistance covering all regions nationwide until fiscal year 2032-33. The program also provides ₹5 million (approximately $50,000) in funding for feasibility studies and other preparatory work. The initiative is expected to utilize water surfaces such as reservoirs, canals, and industrial ponds for floating solar installations, eliminating the need for additional land acquisition.