Reykjavík Geothermal and DISA have achieved a significant milestone in their joint effort to bring geothermal energy to the Canary Islands, securing up to €58 million in grants awarded by the Spanish government’s Institute of Energy Diversification and Saving (IDAE) with funding from the European Union for their three development projects in Tenerife and one in La Palma.
In Tenerife, RG and DISA applied for the grants with two public institutions, ITER and INVOLCAN. The grants in Tenerife, of up to €43 million, are specifically allocated to exploration drilling operations in three concession areas held by the applicants, following the successful acquisition of geothermal exploration licenses in a public auction in Tenerife.
In La Palma, RG and DISA secured a grant of up to €14.5 million for their planned geothermal exploration project, but the award of the grant is contingent on successfully securing a geothermal concession in the ongoing public auction on the island.
The planned geothermal projects aim to reduce the Canary Islands’ reliance on imported fossil fuels, which currently generate over 80% of the islands’ electricity and drive high carbon emissions.
The secured funds underscore the EU’s commitment to supporting renewable energy efforts across Europe, with geothermal energy playing a key role in the Canary Islands’ sustainable development strategy, a region with substantial geothermal potential but no previous development in the sector.
The partnership between Reykjavík Geothermal and DISA reflects a shared commitment to renewable energy and a cleaner future for the Canary Islands. As these projects progress, they are expected to significantly reduce reliance on fossil fuels, supporting the island’s energy independence, and promoting long-term environmental sustainability in the region.
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About DISA
DISA is an integrated energy provider with more than 90 years of experience. It has a team of nearly 5,000 people operating in Spain, Portugal, and Uruguay. It is the leader in the energy sector in the Canary Islands, the region where it was founded, and has also become a key driver of the energy transition there. Over the last decade, DISA has focused its investments on the development and production of renewable electricity, harnessing solar and wind energy. It is currently conducting robust studies to explore the introduction of geothermal energy in the Canary Islands, a volcanic territory with great potential for utilizing subsurface heat as a renewable energy source.
About ITER
ITER (Instituto Tecnológico y de Energías Renovables) is a public research institution based in Tenerife, Canary Islands, Spain. Founded in 1990 by the Cabildo de Tenerife (the island’s government), ITER focuses on renewable energy, sustainability, and technological innovation.
About INVOLCAN
INVOLCAN (Instituto Volcanológico de Canarias) is a public research institute in the Canary Islands dedicated to volcanology, geothermal research, and risk prevention. It monitors volcanic activity, conducts scientific studies on geothermal energy, and works to improve disaster preparedness and public safety in the region.
