The Indian government will allocate 50.7 billion rupees ($533 million) to support the development of floating solar power plants with a combined capacity of 5 GW. The funding will be provided under the PM-SSY program, which will run from fiscal year 2026–27 through 2030–31.
Participants in the program will receive 10 million Indian rupees per megawatt of installed solar capacity, along with an additional 5 million rupees to fund project feasibility studies, including hydrographic surveys. Subsidy recipients will be required to equip new solar installations with energy storage systems capable of providing two hours of backup power.
India currently has around 700 MW of installed floating solar capacity. Using reservoirs and industrial ponds to host solar installations will help reduce land leasing costs. In addition, floating solar plants are generally more efficient than ground-mounted systems because they accumulate less dust and benefit from natural cooling provided by the water below.
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