India has significant untapped potential for floating solar photovoltaic (FSPV), estimated at over 200 GW, making it a strategic solution for expanding renewable energy capacity while minimizing land use. With growing electricity demand and ambitious renewable energy targets under the Odisha Renewable Energy Policy 2022, the state is well-positioned to harness its extensive water bodies for clean energy deployment.

Building on this opportunity, the project supports the Government of Odisha in identifying and unlocking potential through a structured pipeline development approach. This includes a state-wide scoping study, techno-commercial pre-feasibility assessments of 2–3 priority sites, and investor outreach to mobilize private sector participation—thereby strengthening investment readiness and accelerating the deployment of floating solar projects in the state.

GGGI, in collaboration with the Grid Corporation of Odisha (GRIDCO) and other state partners, is supporting the Government of Odisha in unlocking the state’s floating solar potential, in alignment with the targets outlined in the Odisha Renewable Energy Policy 2022. The project aims to explore the floating solar potential of at least 100MW in small and medium reservoirs in the state.

This collaboration is anchored in a Memorandum of Understanding (MoU) signed between GRIDCO and GGGI in August 2024.

By the end of the project, Odisha has enhanced technical, financial, and institutional readiness for floating solar photovoltaic (FSPV) deployment, with a prioritized pipeline of investment-ready sites and increased private sector engagement enabling accelerated implementation and scale-up of floating solar projects

In 2024, the Global Green Growth Institute (GGGI) supported the Government of Madhya Pradesh in advancing and implementing India’s first large-scale FSPV project of 600 MW on the Omkareshwar Dam, situated on the River Narmada. GGGI contributed to strengthening the technical report, monetizing emission reductions, leveraging global relationships for concessional financing, and strengthening the bid processes, which contributed to operationalizing 278 MW of FSPV under Phase 1 of the project.

Building on this experience and in line with the MoU signed with GRIDCO, GGGI will support the Government of Odisha in unlocking the potential for FSPV in the state.

Situated on India’s eastern coast, Odisha is among the country’s most industrially advanced states. With rising electricity demand and growing renewable obligations, there is strong demand from DISCOMs and industries to source renewable power from projects developed within the state. To meet this demand sustainably, the Government of Odisha’s Renewable Energy Policy 2022 (REP 2022) sets an ambitious target of expanding the state’s installed renewable energy capacity from 0.68 GW to 21.7 GW by 2030, in line with India’s net-zero aspirations.

The policy envisions achieving a 43% Renewable Purchase Obligation (RPO) by 2030, requiring large-scale deployment of renewable energy technologies and investments estimated at over USD 10 billion, alongside institutional strengthening and capacity building.

By the end of the project, Odisha has enhanced technical, financial, and institutional readiness for floating solar photovoltaic (FSPV) deployment, with a prioritized pipeline of investment-ready sites and increased private sector engagement enabling accelerated implementation and scale-up of floating solar projects.

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