August 3, 2026: The Union Cabinet has approved the 'Pradhan Mantri Surya Sarovar Yojana (PM-SSY)', a scheme to develop 5,000 MW of floating solar photovoltaic (FSPV) projects with co-located energy storage, at a total outlay of Rs. 50.70 billion, the government said in a statement on Friday. Projects will be sanctioned between FY2026-27 and FY2030-31, with financial support disbursed up to FY2032-33.

Announcing the decision, Information and Broadcasting Minister Ashwini Vaishnaw said the projects would be selected through tariff-based competitive bidding.

The scheme is the follow-through on a plan MNRE had been signalling. In June, releasing the NISE assessment, Minister for New and Renewable Energy Pralhad Joshi said reservoirs and other water bodies were emerging as assets for clean energy, and MNRE Secretary Santosh Kumar Sarangi said the ministry was preparing dedicated support schemes for floating solar and agri-photovoltaics, then in discussion with the Finance Ministry.

(Source: PSU Watch)