22 Jan 2024

The IDAE grants subsidies for projects to harness geothermal energy on La Palma

The IDAE grants aid for projects to harness geothermal energy on La PalmaThe Institute for Energy Diversification and Saving (IDAE) has published the resolution for the award of 53 million in aid for six feasibility studies for projects to harness geothermal energy on La Palma. Among the main proposed beneficiaries are public and private companies such as Repsol, Sodepal, Canopalma or Energía Bonita, which, once the projects are completed, must present a document that includes the technical evaluation and analysis of the geothermal resource, based on the results of the tests, soundings and trials carried out.

These reports, which must be fully completed by 31 January 2026 as part of the strategic projects for economic recovery and transformation (PERTE), are intended to identify the feasibility, resources required and prospects for success in the implementation of geothermal energy on the island.

The special commissioner for the reconstruction of La Palma, Héctor Izquierdo, has assessed this assignment as “very positive”, as the island has the largest number of initiatives and funding in the Canary Islands, “promoting and demonstrating that geothermal energy here has a high chance of being viable”. Izquierdo also recalled that “La Palma has been selected by the European Commission to be one of the 30 island territories managed 100% by renewable energies”.