New Delhi, July 31 -- The Union Cabinet on Friday approved the Pradhan Mantri Surya Sarovar Yojana (PM-SSY), a Rs.5,070 crore scheme for the development of 5,000 MW of Floating Solar Photovoltaic (FSPV) projects with co-located Energy Storage Systems (ESS), aimed at expanding renewable energy capacity and strengthening grid reliability.

According to an official release, the scheme, approved by the Cabinet chaired by Prime Minister Narendra Modi, envisages the development of floating solar projects with a minimum energy storage capacity of two hours, or 10,000 MWh. The projects will be sanctioned between FY 2026-27 and FY 2030-31, while financial support will continue to be disbursed up to FY 2032-33.

The approval follows an assessment b...