The Governing Council gave the go-ahead yesterday for the use of funds from the Investment Reserve in Canary Islands (RIC) by the company Light Bridges, SL, to finance, execute and operate a private telescopic installation on the Teide. This equipment will be used to observe large fields of sky and detect low-magnitude objects.
The project, called the Transient Survey Telescope (TST), will be financed with €2.5 million and includes the acquisition, as a wholesaler, of securities that give the right to ownership of the use and partial enjoyment of various buildings, in the form of Observation Time Rights (DTO) generated.
Among others, in the Two-Meter Twin Telescope (TTT), New Robotic Telescopes (NRT) projects and, where appropriate, in other Canary Islands telescopic facilities, for their specialized exploitation from the Canary Islands and, in particular, in this project, creating and developing the market for observation time rights in the United States, as reported by the Government of the Canary Islands.
The agreement also contemplates the acquisition and commercialization of the aforementioned observation time rights generated in other telescopic facilities, located in the Observatories of the Instituto de Astrofísica de Canarias (IAC), as complementary goods that will increase the value.
The deadline for the creation of the telescope is foreseen less than 24 months from the subscription of the first issue of financial instruments. The exploitation will be carried out during the required legal period and its useful life will be a minimum of 35 years. The economic exploitation of the assets will enhance the scientific objectives.
ANDl Economic and Fiscal Regime of the Canary Islands (REF) provides that the RIC endowments can materialize in the subscription of any financial instrument issued by financial entities, provided that the funds raised are used to finance private projects in the Canary Islands, whose investments are suitable, and it is necessary that the emissions are supervised by the Government of the Canary Islands and have a binding report from the State Tax Administration Agency.
The Ministry of Finance of the regional Executive proceeds to declare the suitability of the financial instrument to materialize the RICwhile the effective verification of the correctness of said materialization, mainly in relation to the investment to be financed, corresponds to the Spanish Tax Agency.
