Citing delays in allowing that can compromise the granting of support, Repsol has withdrawn from geothermal exploration actions in La Palma.
Spanish power and petrochemical firm Repsol has withdrawn from a geothermal exploration mission within the island of La Palma, citing delays within the issuance of permits which have resulted within the lapse of the interval for granting of support. The announcement was made by Manuel Dominguez, Vice President of the Canary Islands and Minister of Financial system, Trade, Commerce, and Self-Employed Employees,
Repsol was certainly one of six firms that have been awarded geothermal exploration blocks masking the southern half of La Palma following a young by the Division of Ecological Transition and Power of the Authorities of the Canary Islands.
The proposal of Repsol for geothermal exploration concerned investigation in 16 municipalities together with Fuencaliente, Villa de Mazo, Breña Baja, and Breña Alta. The corporate had deliberate to spend EUR 34 million on the mission and was set to obtain round EUR 4 million of support from the Institute for the Diversification and Saving of Power (IDAE) particularly for his or her La Palma initiatives.
Earlier in 2024, it was additionally reported that each Repsol and Unelco had withdrawn their analysis permits for geothermal exploration in Tenerife.
Mariano Hernandez Zapata, Minister of Ecological Transition and Power, stated that he’s not involved about Repsol withdrawing from the mission, because the blocks awarded to the corporate shall be assigned to different beneficiaries. The Minister additionally stated that in instances the place the execution interval for subsidies is simply too quick, he trusts within the “good work of the Commissioner in order that there extensions and deadlines may be prolonged.”
The top of the Canary Island power portfolio nevertheless expressed hopes that the funding for geothermal exploration allotted by the IDAE to Repsol can as an alternative be distributed to different contractors.
Supply: El Economista and Atlantico Hoy
