Floating solar photovoltaic plants in India – A rapid transition to a green energy market and sustainable future

Abstract

The 18,000 square kilometers of water reservoirs in India can generate 280 GW of solar power through floating solar photovoltaic plants. The cumulative installed capacity of FSPV is 0.0027 GW, and the country plans to add 10 GW of FSPV to the 227 GW renewable energy target of 2022. The FSPV addition is small related to the entire market for solar energy, but each contribution is appreciated in the renewable energy market. FSPV could be a viable alternative for speeding up solar power deployment in the country and meeting its NDC targets. So far, the country has achieved the world's lowest investment cost for a floating solar installation. Despite the lower costs, generalizations are still premature because FSPV is still in its initial stages of market entry. Continuous innovation and timely adoption of innovative ideas and technology will support India in meeting its solar energy goals and progressing toward a more sustainable future. Governments must establish clear and enforceable policies to assist developers in reducing risks and increasing investor confidence in the sector. Economic and financial feasibility are examined, and various difficulties in technology, design, finances, environment, maintenance, and occupational health that impact the FSPV deployment are discussed. Based on the research, effective and comprehensive FSPV policy suggestions are included to support establishing an appropriate market, fostering competition and innovation, and attracting large-scale investment. This paper aims to stimulate interest among various policy developers, energy suppliers, industrial designers, ergonomists, project developers, manufacturers, health and safety professionals, executing agencies, training entities, and investment institutions of the FSPV plant to implement effective governance planning and help them to participate in their ways to assure sustainable growth.