Why in News?
The Union Cabinet approved the Pradhan Mantri Surya Sarovar Yojana (PM-SSY) to develop floating solar projects with integrated energy storage, backed by a total outlay of ₹5,070 crore.
What does the scheme offer?
- The scheme targets 5,000 MW of floating solar photovoltaic capacity and energy storage systems with a minimum two-hour capacity (10,000 MWh).
- Projects will be sanctioned between FY 2026-27 and FY 2030-31, with financial support extending to FY 2032-33.
- Central Financial Assistance of ₹1 crore per MW is provided after commissioning, plus up to ₹50 lakh per project for feasibility studies like bathymetry and hydrography.
- The initiative is expected to cut CO₂ emissions by about 10 million tonnes annually and create 16,000–17,000 full-time equivalent jobs.
Why floating solar?
- Floating solar uses reservoirs and industrial ponds, avoiding the need for large land acquisition, a key advantage in land-scarce India.
- India's current operational floating solar capacity is around 700 MW, while the National Institute of Solar Energy estimates the potential at 102.18 GWp across inland water bodies.
- The scheme aligns with India's renewable energy goals by combining solar generation with storage to ensure grid stability.
Exam Connect
PM Surya Sarovar Yojana → Ministry of New and Renewable Energy
National Institute of Solar Energy → Autonomous body under MNRE, HQ in Gurugram