On 18 September 2026, the Instituto de Astrofísica de Canarias (IAC) and the Ministry of Science, Innovation and Universities (MICIU) received a communication from the Executive Director of the TMT International Observatory (TIO) stating that its partners had been unable to reach the consensus required to accept the financial offer presented by the Ministry on 29 July to begin construction of the Thirty Meter Telescope (TMT) at the Roque de los Muchachos Observatory (ORM) on the island of La Palma.
The proposal envisaged financing of up to €1 billion: a contribution from the Centre for the Development of Industrial Technology and Innovation (CDTI), structured through an equity participation model, and a loan involving the European Investment Bank (EIB) and Spain’s Official Credit Institute (ICO).
Over the past decade, the IAC has worked closely and continuously with TIO teams to make it possible to locate the TMT at the ORM. In 2025, under the leadership of the MICIU, this effort led to the formulation of an offer involving the CDTI that included €400 million in financing for the construction of the telescope on La Palma.
To cover the project’s remaining financial requirements, the IAC began discussions with the EIB in early 2025. These efforts, supported and closely followed by the MICIU and the CDTI, made it possible to structure an additional €600 million in financing through a loan involving the ICO.
On the basis of these financial instruments, and working closely with TIO staff and the European institutions, the Ministry presented a proposal of up to €1 billion in July of this year. The proposal was intended to cover the project’s financing requirements and incorporated the conditions established by the participating financial institutions. This is the financial proposal on which the members of the organization did not reach consensus following its assessment and vote. Consequently, the steps required to begin construction of the telescope at the ORM will not be undertaken in the short term.
The IAC wishes to acknowledge the dedication and professionalism of the teams at the MICIU, the CDTI, the EIB and the ICO, whose work made it possible to put together a financial offer of this magnitude within an extraordinarily short period. We would particularly like to thank the General Secretariat for Research, the diplomatic missions under the Ministry of Foreign Affairs, European Union and Cooperation that it mobilized, the Directorate-General of the CDTI, and the EIB representation in Madrid for their support and confidence.
For the IAC, the strong backing shown by the Canary Islands institutions, which have consistently expressed their support for the construction of the telescope on La Palma, is also a source of profound pride. We would particularly like to recognize the commitment of the municipalities of Garafía and Puntagorda, the Cabildo Insular de La Palma, the Government of the Canary Islands, the University of La Laguna and, most especially, the wider communities of La Palma and the Canary Islands. Their exceptional welcome for scientific projects and infrastructure at the Canary Islands Observatories is an essential part of what makes the Canary Islands a unique location for astronomy worldwide. This support for science carried out in the Canary Islands, unparalleled on the international scientific landscape, reinforces the IAC’s commitment to continue working to ensure that Spain maintains a leading position in the astronomy of the future.
Finally, the IAC wishes to reiterate that the Roque de los Muchachos Observatory remains one of the world’s finest astronomical sites. The Institute remains fully committed to the scientific and technological development of the Observatory and will continue to promote the installation of new internationally significant research infrastructure, including the medium-sized telescopes of the Cherenkov Telescope Array Observatory (CTAO) and the European Solar Telescope (EST).
