The Spanish Government has unveiled a €1 billion financial package aimed at securing La Palma as the future home of the Thirty Metre Telescope (TMT), a project that would become the largest optical and infrared telescope in the Northern Hemisphere.

The funding package, developed in partnership with the European Investment Bank (EIB), is conditional on the international TMT consortium selecting the Roque de los Muchachos Observatory as the project's final location.

If La Palma is chosen, the Spanish Ministry of Science, Innovation and Universities would contribute €400 million through the Centre for the Development of Technology and Innovation (CDTI).

A further €300 million would be provided through an EIB loan, subject to technical, financial and legal approvals, while Spain's Official Credit Institute (ICO) is considering an additional €300 million under similar terms.

The Government has also indicated that Spain's export credit agency, Cesce, could provide further financial guarantees, pending the necessary approvals.

Strongest financial proposal yet

Officials say the new package transforms Spain's bid into one of the strongest financial proposals submitted so far.

The funding model concludes that the project would have sufficient long-term financial support not only to build the telescope, but also to fund its scientific operations for more than 50 years.

The announcement represents a significant step forward from the Government's initial commitment last year, when Science Minister Diana Morant pledged €400 million if La Palma were selected.

Following a year of work involving the Ministry of Science, the CDTI, the Instituto de Astrofísica de Canarias (IAC), the European Investment Bank, the ICO and representatives of the international TMT consortium, that initial offer has now evolved into a comprehensive long-term funding strategy.

La Palma highlights its advantages

Alongside the financial package, Spain has also promoted La Palma's scientific and technical strengths.

The Government says the Roque de los Muchachos Observatory offers world-class observing conditions and is already well prepared for the project, with permits, engineering studies and technical planning largely completed.

Spain's proposal also promises a stable governance model that would safeguard the rights and participation of all members of the international consortium throughout the telescope's lifetime.

The final decision on the location of the TMT Telescope will be made by the international consortium, with La Palma continuing to compete as one of the leading candidates for what would become one of the world's most important astronomical research facilities.