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.”

Source: EIB