Union Cabinet Approves Major Floating Solar Initiative to Boost India's Renewable Energy
The Union Cabinet has approved the Pradhan Mantri Surya Sarovar Yojana (PM-SSY), a significant initiative aimed at enhancing India's renewable energy capacity through the development of 5,000 MW of floating solar photovoltaic (FSPV) systems on reservoirs and water bodies. This scheme, with a financial outlay of ₹5,070 crore, includes Central Financial Assistance of up to ₹1 crore per MW, which will be disbursed post-commissioning of the plants. The initiative mandates the integration of energy storage systems to ensure power availability during peak demand periods. The Solar Energy Corporation of India (SECI) will oversee the implementation, with expectations of attracting ₹28,500 crore in investments. Currently, India's floating solar capacity is approximately 0.7 GW, with a potential of 102 GW.