Cabinet approves 'Pradhan Mantri Surya Sarovar Yojana (PM-SSY)' for Development of Floating Solar Photovoltaic Projects with Energy Storage Systems with a total outlay of Rs.5,070 crore

The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Pradhan Mantri Surya Sarovar Yojana (PM‑SSY) with a total outlay of Rs 5,070 crore to develop 5,000 MW of floating solar photovoltaic (FSPV) projects equipped with energy storage systems (ESS) of at least two‑hour capacity (10,000 MWh). The scheme will be sanctioned from FY 2026‑27 to FY 2030‑31, with financial support disbursed up to FY 2032‑33. Central Financial Assistance of Rs 1 crore per MW and up to Rs 50 lakh per project for feasibility studies will be provided. The initiative aims to boost renewable capacity, reduce CO₂ emissions by about 10 million tonnes annually, create 16,000‑17,000 jobs, and promote domestic manufacturing while optimising water‑body utilisation.