Canary Islands government to invest EUR 466 million for geothermal development

The Minister for Ecological Transition, Fight Against Climate Change, and Territorial Planning of the Government of the Canary Islands Jose Antonio Valbuena reaffirmed that the government is committed to geothermal area with a strategy for geothermal development with planned funding of EUR 466 million.

From this budget, EUR 30 million each will go towards the exploration and research work on the islands that are deemed to have the best geothermal potential in the Canary Islands – Tenerife, Gran Canaria, and La Palma.

Valbuena mentioned that the exploration and investigation of resources will take time, but the budget allocation should help ascertain the existence of geothermal resources in the islands and whether they can be used for power production.

There is particular interest in geothermal development in the La Palma island because of the eruption of the Cumbre Vieja volcano that took place in late 2021. The Minister of the Presidency, Relations with the Courts and Democratic Memory Felix Bolanos has expressed support for turning this volcanic activity into an “opportunity” thru geothermal power.

The Island Council for Water and Energy Carlos Cabrera also mentioned that prior exploration work in La Palma had been done by the Canary Islands Volcanological Institute (Involcan). Based on these preliminary works, the area most suitable for geothermal development would be at the south of La Pala, specifically in the municipality of Fuencaliente.

The islands of Tenerife and La Palma had already been cited as having better geothermal prospects during an event organized by the Illustrious College of Geologists back in 2021, as we reported.

Source: El Periodico de la Energia and Canarias Ahora