Government Launches PM Surya Sarovar Yojana for Floating Solar Projects

Union Cabinet approved Pradhan Mantri Surya Sarovar Yojana (PM-SSY) to improve renewable energy capacity in India. This scheme will develop 5,000 MW of floating solar projects across the country with an investment of about ₹28,500 crore.

## Main features of this scheme

Features include:

• Central Financial Assistance of ₹1 crore per MW.
• Extra risk-reduction grant of ₹50 lakh per MW.
• Required energy storage systems with at least two-hour capacity.

India now has 700 MW of floating solar capacity, though the potential is about 102 GW. By creating steady demand, the government wants to encourage local manufacturing of floaters and aquatic-grade parts. Projects will use a bidding model to keep them commercially viable even with higher setup costs than ground-mounted solar.