India Approves INR 50.7 Billion Plan for 5 GW Floating Solar with Storage

en.Wedoany.com Reported - The Indian government has approved a plan totaling INR 50.7 billion (approximately USD 533 million) to support the deployment of 5 GW of floating solar projects paired with energy storage systems.

The plan, named the "Pradhan Mantri Surya Sarovar Yojana" (PM-SSY), aims to expand floating solar capacity using existing reservoirs and industrial ponds, reducing competition for scarce land resources while enhancing grid reliability through integrated storage.

The plan targets 5 GW of floating solar capacity with a minimum of two hours of storage. Projects are expected to be approved between fiscal years 2026-27 and 2030-31, with financial support disbursements extending through fiscal year 2032-33.

Under the subsidy arrangement, eligible floating solar projects will receive central financial assistance of INR 10 million per megawatt upon successful grid connection; each project can receive up to INR 5 million for feasibility studies, covering bathymetric surveys, hydrological assessments, environmental studies, and other preparatory work needed to reduce project development risks.

This approval is based on a recent assessment by the National Institute of Solar Energy (NISE). The assessment estimates India's floating solar potential on reservoirs and other suitable inland water bodies at approximately 102.18 GWp.

To date, India has installed approximately 700 MW of floating solar capacity.