Following the award of EUR 120 million in funding for geothermal proposals in Spain by the the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) which was announced in November 2023, multiple announcements have been made for proposed geothermal studies mostly in the Canary Islands.
Gran Canaria
In Gran Canaria, the Island Energy Council (CIE) has proposed a EUR 31-million project that will focus on geothermal exploration and possible drilling in the municipalities of Valsequillo, Ingenio, Agüimes, and Telde. These sites had been previously identified by Canary Islands Volcanological Institute (Involcan) as high-potential areas for geothermal development.
The CIE has established a public-private consortium to carry out the project, currently consisting of three companies from the Canary Islands – Canary Islands Base, Ayagaures Medio Ambienta, and Canaluz Infinita. The consortium is currently in negotiations with other parties that may join the project.
Tenerife
In Tenerife, a private-public partnership between the Technological Institute of Renewable Energy (ITER) and Canarian group Disa through its Disa Renovables division is planning to start a geothermal exploration campaign in the summer of 2024. The plan will then be for this campaign to culminate in drilling by the 1st half of 2025.
The public-private initiative will provide 50% of the funding for the project, with the other 50% to be covered by the grant. Juan José Martínez, Minister of Innovation, Research, and Development of the Cabildo of Tenerife stated that the subsidy is conditional on obtaining the definitive mining concession. Currently, a provisional concession has been granted.
Projects awarded to Repsol
The Spanish energy and petrochemical company Repsol has been awarded EUR 16 million to conduct geothermal studies in Tenerife, La Palma, and Madrid. The results of these studies are expected by February 2026. Repsol will be collaborating with the Autonomous University of Madrid for its project in Madrid.
