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Summary: This paper proposes the use of a floating solar photovoltaic (FSPV) power plant as an alternative renewable energy resource for the San Francisco River Integration Project (SFIP), which aims to deliver water to 12 million people in the Brazilian semiarid. The SFIP requires considerable amounts of energy in a region that has had increasing electricity costs and consumption of water in the past decade. By simulating an FSPV power plant at the System Advisor Model (SAM) using techniques and parameters of real FSPV projects, the results demonstrated the techno‐economic feasibility of this technology linked to the SFIP. The economic outcomes are positive net present value (NPV), $2.8 million, and a payback varying from 10.5 to 11.7 years. The levelized cost of electricity (LCOE) of $32.17/MWh is smaller than the current energy rates paid by the SFIP administrator, and the water costs to final consumers could be reduced by 40%. In addition, the FSPV's capacity factor was 21.1%, and the system could minimize water evaporation from one of the SFIP's reservoirs by 16.7%. The system can also create revenues for the San Francisco and Parnaiba Valleys Development Company (CODEVASF) by trading the excess of electricity with the grid. This paper also analyses the FSPV's environmental impacts and its relevance under the water–energy nexus in the Brazilian Northeast. The FSPV could minimize the SFIP's operational costs, avoid environmental impacts, and improve the efficiency of water and energy management. Such components are crucial when analyzing the water–energy nexus in such a region, marked by strong competition for water access and long periods of drought. [ABSTRACT FROM AUTHOR]