New Delhi, Aug. 1 -- The Union Cabinet, chaired by Prime Minister Modi, has approved the Pradhan Mantri Surya Sarovar Yojana (PM-SSY), a new scheme aimed at developing floating solar photovoltaic (FSPV) projects with integrated energy storage systems. The scheme has a total financial outlay of Rs 5,070 crore.

Under the plan, 5,000 MW of floating solar capacity will be developed along with co-located energy storage systems with a minimum storage capacity of two hours, equivalent to 10,000 MWh, the government said in a release.

Projects will be sanctioned between FY 2026-27 and FY 2030-31, with financial support continuing until FY 2032-33.

Leveraging untapped solar potential

The approval follows an assessment by the National Institute ...