Canary Islands government to invest EUR 466 million for geothermal development
17.08.2022The Government of Canary Islands has reiterated commitment to geothermal development with exploration works planned for the islands of Tenerife, La Palma, and Gran Canaria.
The government is committed to geothermal 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.
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. This volcanic activity presents an opportunity through geothermal power.
