Spain: EIB Advisory helps develop groundbreaking Thirty Meter Telescope project in La Palma

• EIB Advisory will contribute to the project’s feasibility study.
• Comprehensive economic and financial planning advisory services will be provided to accelerate European leadership on the cutting edge of astronomy.
• This strategic investment will position Europe at the forefront of global astronomical research.

The European Investment Bank (EIB) has announced InvestEU Advisory Hub-backed advisory support for the development of the Thirty Meter Telescope (TMT) on the Spanish island of La Palma, a project that will place Europe at the forefront of global astronomical research. The initiative, led by the Instituto de Astrofísica de Canarias (IAC), involves an international consortium of research institutes, private universities and governments, including the United States, Japan, India and Canada.

If located in La Palma, the telescope will strengthen Europe’s role in global research and innovation, enabling scientists to explore the universe with unprecedented precision. The telescope will cost an estimated €3 billion to develop. To assist the consortium and IAC in the decision-making process regarding the telescope’s location in Europe, the EIB Advisory team will put together a robust plan to direct its strategic development. The plan includes identifying possible public and private sector investors to develop one of the most pieces of scientific infrastructure for the coming decades.

European Investment Bank Group President Nadia Calviño said: “At the European Investment Bank, we are fully committed to backing science and research in the Canary Islands, in Spain, across Europe and around the world. Europe is a global tech leader and the cutting-edge research in La Palma will have a major positive impact.”

European Commissioner for Startups, Research and Innovation Ekaterina Zaharieva added: “Europe does not lead in science by chance, it leads by investing together. The telescope in La Palma shows how European investment strengthens research excellence and competitiveness.”

Instituto de Astrofísica de Canarias Director Valentín Martínez Pillet said: “At the Instituto de Astrofísica de Canarias, we have been working intensively to make the construction of the Thirty Meter Telescope on La Palma a realistic prospect. We are delighted by the collaboration developed in recent months with the European Investment Bank, whose professionalism and constructive support have been instrumental in advancing this work.”

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

High-quality, up-to-date photos of EIB headquarters for media use are available here.

InvestEU

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union's policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment. The InvestEU Advisory Hub, through advisory support offered to project developers, improves the quality of investment projects and their alignment with the EU long term policy goals.