Photo from the founding meeting and signing of the EGC in Santa Cruz, Tenerife. From left: Joaquín Gurriarán Florido, CEO of DISA Renovables S.L, Santiago Rull Cullen, CEO of the DISA Group, Rosa Dávila Mamely, President of the Tenerife Council (Cabildo Insular de Tenerife), Magnús Ásbjörnsson, CEO of Reykjavik Geothermal, and Juan José Martínez, Head of Innovation, Research and Development of the Tenerife Council.
The drilling will involve boreholes reaching depths of 2,500 to 3,000 meters in western and southern Tenerife to assess the potential for geothermal energy production. EGC and ITER secured exploration licenses through a tender process in late 2024, with approval granted by the Canary Islands government earlier this year. EGC also received geothermal exploration licenses for La Palma during the same tender.
Tenerife currently relies on imported oil for over 80% of its electricity, a costly and environmentally challenging practice. With limited space for large-scale wind or solar installations and no viable hydroelectric options, geothermal energy is increasingly vital for the island’s sustainable energy future. Geothermal plants require significantly less land than wind or solar facilities, making them a practical solution for Tenerife’s energy needs.
Surface surveys conducted in 2024 indicated promising geothermal potential in the targeted regions. The project awaits final administrative approval from the Canary Islands authorities, but the drilling tender process has already begun. If successful, geothermal power plants could reduce Tenerife’s dependence on imported oil, enhancing energy stability and sustainability.
Reykjavík Geothermal brings extensive global expertise to the project, serving as both a partner and technical leader. Magnús Ásbjörnsson, CEO of Reykjavík Geothermal, stated: “This project is based on the experience, knowledge and belief of us Icelanders in geothermal energy as a sustainable energy source, and could completely change the situation for energy production in Tenerife. The trust that our partners in the project place in us is a great recognition of Icelandic ingenuity and expertise in the field of geothermal energy and an honor for us.” This collaboration leverages Icelandic know-how to support Tenerife’s renewable energy ambitions.
The initiative aligns with Tenerife’s goal of reducing energy costs and environmental impact, contributing to a cleaner and more self-sufficient energy system for the island.
