Photovoltaic (PV) has proved to be one of the most compact, durable and economic power generating systems developed by mankind. The potential of solar energy is being used for sustainable development and to meet the increasing power demand. Floating solar photovoltaic (FSPV) is a comparatively newer concept of installing the PV system on the surface of water bodies. Despite its several advantages, it is found that FSPV systems in the sea need to be restricted, and multiple islanded structures should be preferred to reduce the side effects in aquatic ecosystems. The most preferred site for installing FSPV is in the reservoir of hydro plant as integration with the grid and hydro system becomes easy. The USA, the European Union and Southern and Eastern Asia mainly Japan, Indonesia, the Philippines, China and India have very long coastline which can be effectively used for FSPV installation and meeting the load demand through clean and renewable sources without exhausting the land. In India, over 5000 dams are already functional with a total reservoir area of 14855.57 square kilometers. Only 2% covering the reservoirs can add a total of 89.1 TWh of energy to the grid annually during 8 h of sunlight at conversion efficiency of 25% with an underestimate of only 5 months of proper sunlight. It can be achieved with minimum installation costs and maintenance costs. Sustainable development ensures that energy production must also have minimal or nil harmful impact on nature and humankind. This paper lays emphasis on all the technical aspects of the FSPV system and reliable ways to prevent and overcome it efficiently. Moreover, the integration of FSPV with other different non-conventional sources to boost energy production is also analyzed.