Pradhan Mantri Surya Sarovar Yojana (PM-SSY)

About Pradhan Mantri Surya Sarovar Yojana (PM-SSY) 

• It is  a scheme for the development of Floating Solar Photovoltaic (FSPV) Projects with Energy Storage Systems (ESS).
• Aim: It aimed at accelerating floating solar power by providing central financial assistance of up to ₹1 crore per MW for projects installed on reservoirs and other water bodies.
  • It is also designed to address two of the biggest constraints facing ground-mounted solar projects: acquiring large contiguous parcels of land and the rising costs associated with rehabilitation and resettlement. 
• Budget: It has a total budgetary outlay of Rs.5,070 crore. 
• Duration: It will be sanctioned during FY 2026-27 to FY 2030-31, with disbursement of financial support continuing up to FY 2032-33.
• Target: It targets 5,000 MW of floating solar capacity by 2030-31.
• Coverage: All States and Union Territories will benefit through this scheme.
• Nodal Ministry: Nodal ministry for the scheme is Ministry of New and Renewable Energy.
• Implementing agency: It is to be implemented by the Solar Energy Corporation of India.
• Features:
  • It envisages the development of 5,000 MW of Floating Solar Photovoltaic projects with co-located Energy Storage Systems having a minimum storage capacity of two hours i.e.,10,000 MWh. 
  • Under the scheme, Central Financial Assistance (CFA) of Rs. One crore per MW will be provided for eligible Floating Solar Photovoltaic projects after successful commissioning. 
  • Additionally, CFA of up to Rs.50 lakh per project will be available for undertaking feasibility studies, including bathymetry and hydrography assessments, environmental studies, and other preparatory activities required for de-risking the project development.
• Expected outcome: 
  • It would enhance the floating Solar PV capacity in the country by 5,000 MW, which is presently around 700 MW only. 
  • These projects would provide an opportunity to gainfully utilize existing reservoirs & industrial ponds, and eliminate competition for scarce land resources. 
  • The integration of an energy storage system will help strengthen grid reliability. The scheme would help in the reduction of around 10 million tonnes of CO₂ emissions annually. 
  • It would help in the generation of approximately 16,000–17,000 full-time equivalent employment opportunities across the project value chain. 
  • It would also promote domestic manufacturing of floatation systems as well as the entire value chain of the projects, like PV cells, modules, energy storage systems, etc., and support the vision of Aatmanirbhar Bharat.
  • It will contribute to renewable energy capacity addition, support the achievement of national energy and climate objectives, and facilitate optimal utilisation of water resources.