[Solar: India launches INR 50.7bn floating PV-plus-storage scheme]

Published: Aug 4, 2026 09:09

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India’s MNRE has launched the Pradhan Mantri Surya Sarovar Yojana, a new INR 50.7 billion scheme to deploy 5GW of floating solar PV with energy storage across existing reservoirs and industrial ponds. The program targets a minimum storage duration of two hours, equivalent to around 10,000MWh of total storage capacity, and aims to expand India’s floating PV capacity from about 700MW currently to 5GW. Projects will be sanctioned from FY 2026-27 to FY 2030-31 through tariff-based competitive bidding. Eligible projects will receive central financial assistance of INR 1 crore/MW upon successful commissioning, with up to INR 50 lakh per project available for feasibility studies.

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