Insular de Aguas de Lanzarote, S.A. (Inalsa) pays five million euros as "amortization of the loan granted by the Water Consortium of Lanzarote in 2013", with "charge to the concession fee that Canal Gestión Lanzarote had to pay, to face the debts with the creditors."
This was approved this Thursday by the General Board of Inalsa, only with the abstentions of the Town Halls of Tías and Haría. In the same meeting, the transfer to the Water Consortium of 934,730.56 euros corresponding to 5% of the income from the sale of renewable energy, during the years 2018 to 2024, for improvement actions in hydraulic infrastructures, according to the agreement formalized in September 2007, was also unanimously approved.
The president of the Cabildo and of the General Board of INALSA, Oswaldo Betancort, recalls that the only shareholder of Inalsa is the Water Consortium of Lanzarote, and that “it is a loan and not a subsidy, as it was intended to defend in the past legislature. And for that reason, the debt had not begun to be settled until this government group arrived at the Cabildo.”
To pay the bankruptcy debt, the Water Consortium of Lanzarote granted a loan to INALSA. This loan served to settle the debt with the creditors in an agreement that included a reduction of 21.72% on the total debt, with the final credit amounting to 36 million euros.
“In April 2024, the first payment of eight million euros was made to the Consortium and now an additional payment of five million is proposed as part of the loan amortization. Inalsa can make this payment given that the company has a treasury of more than 15 million, and another 23 million would remain to be settled,” says the Minister of Water, Domingo Cejas.