In our study, we collected data from a 100 kW floating photovoltaic (PV) system installed in Gyeongnam Hapcheon Dam and observed correlations between the power generation of the floating PV system and the irradiance, water temperature, humidity, ambient temperature, wind speed, and module temperature. Firstly, there was little correlation between the water temperature and power generation. Secondly, the ambient temperature, wind speed, and humidity all showed greater correlations with power generation. Finally, the power generation was very highly correlated with the irradiance and module temperature. In conclusion, the power generation of the floating PV system is related individually to environmental factors.