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) to develop floating solar photovoltaic (FSPV) projects with co‑located energy storage systems (ESS). The scheme targets 5,000 MW of FSPV capacity and 10,000 MWh of storage (minimum two‑hour duration) with a total outlay of Rs 5,070 crore. 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 aims to boost renewable capacity, utilize reservoirs and ponds, reduce land competition, enhance grid reliability, cut CO₂ emissions by about 10 million tonnes annually, and generate 16,000‑17,000 jobs.