Potential and Techno-Economic Feasibility Assessment of Utility-Scale Floating Solar Photovoltaics (FSPV) in India

This study presents the techno-economic potential of utility-scale Floating Solar Photovoltaic (FSPV) in India, where a lot of these projects (kW to MW) are under implementation and commissioning. The Indian government aims to install 500 GW of clean power by 2030 to meet its Nationally Determined Contributions (NDC). FSPV is seen as a key solution to overcome land constraints. The study assessed the techno-economic potential of FSPV over manmade water reservoirs, following global standards. Out of 305 water bodies screened, 28 were deeply evaluated based on relevant parameters to develop FSPV projects using a detailed decision matrix. The gross potential estimate of FSPV was 124.6 GWp, which reduced to 111.9 GWp after further technological screening. The financial assessment was conducted on 10 reservoirs in different climatic zones. Energy Yield Assessment (EYA) for each project was carried out using the Solargis database in PVSYST software. It was observed that FSPV can generate 5-8% more energy compared to Ground-mounted PV (GMPV). However, due to the 10-15% higher cost of FSPV, the Levelized Cost of Energy (LCOE) through FSPV is 1-2% higher than GMPV. The economic benefits of FSPV could potentially increase with larger capacity.