India approves floating solar scheme
Analysis based on 13 articles · First reported Jul 31, 2026 · Last updated Jul 31, 2026
The approval is expected to boost India's renewable energy sector, particularly floating solar and energy storage, attracting significant private investment and supporting domestic manufacturing. It may positively impact solar equipment manufacturers, EPC companies, and battery storage providers, while reinforcing India's clean energy transition and reducing land-use pressure.
The India — Union Council of Ministers, chaired by Prime Minister Narendra Modi, approved the Pradhan Mantri Surya Sarovar Yojana (PM-SSY) on July 31, 2026. The scheme, with a total outlay of Rs 5,070 crore, aims to develop 5,000 MW of floating solar photovoltaic projects with co-located energy storage systems (minimum 2 hours, 10,000 MWh). Projects will be sanctioned from FY2026-27 to FY2030-31, with financial support disbursed until FY2032-33. Central Financial Assistance of Rs 1 crore per MW will be provided after commissioning, plus up to Rs 50 lakh per project for feasibility studies. The scheme is expected to attract investment of around Rs 28,500 crore, reduce CO2 emissions by about 10 million tonnes annually, and create 16,000-17,000 full-time equivalent jobs. It will be implemented by the India — Solar Energy Corporation of India. The India — National Institute of Solar Energy estimated India's floating solar potential at 102.18 GWp. Currently, India has only 700 MW of floating solar capacity. The scheme aims to boost domestic manufacturing and support the Aatmanirbhar Bharat vision. States with highest potential include India — Maharashtra, India — Madhya Pradesh, India — Karnataka, India — Odisha, and India — Telangana. India recently overtook the United States to become the world's second-largest solar growth market after China.
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