Cabinet Approves Rs 5,070 Crore to PM-SSY for Floating Solar Projects

Key facts

• The Union Cabinet approved the Pradhan Mantri Surya Sarovar Yojana (PM-SSY) with a total outlay of Rs 5,070 crore.
• The scheme aims to establish 5,000 MW of floating solar photovoltaic (FSPV) capacity across India.
• It provides Central Financial Assistance (CFA) of Rs 1 crore per MW for eligible projects after commissioning.
• An additional CFA of Rs 50 lakh per project is provided for feasibility studies including bathymetry and hydrography surveys.
• Each FSPV project must include a minimum 2-hour Energy Storage System (ESS), totalling 10,000 MWh.
• The scheme will cover all states and Union Territories, with projects approved from FY2026-27 to FY2030-31.
• It is expected to reduce carbon dioxide emissions by around 10 million tonnes annually and generate 16,000-17,000 jobs.
• The initiative has the potential to unlock 102 GW of floating solar capacity and will promote domestic manufacturing.