Dams for water supply usually represent an untapped hydroelectric potential. It is a small energetic potential, in most situations, usually requiring a particular solution to be viable. The use of pumps as power turbines often represents an alternative that enables the power generation in hydraulic structures already in operation, as is the case of dams in water supply systems. This potential can be exploited in conjunction with the implementation of PV modules on the water surface, installed on floating structures, both operating in a hydro PV hybrid system. The floating structure can also contribute to reducing the evaporation of water and providing a small increase in hydroelectric power available. This paper presents a pre-feasibility study for implementation of a hydroelectric power plant and PV modules on floating structures in the reservoir formed by the dam of Val de Serra, in southern Brazil. The dam is operated to provide drinking water to about 60% of the population of the city of Santa Maria, in the state of Rio Grande do Sul, in southern Brazil. The pre-feasibility study conducted with Homer software, version Legacy, indicated that the hydroelectric plant with a capacity of 227 kW can operate together with 60 kW of PV modules. This combination will result (in one of the configurations considered) in an initial cost of USD$ 1715.83 per kW installed and a cost of energy of USD$ 0.059/kWh.