SPAIN will invest 37.7 million euros over 12 years in the world's largest telescope, under construction in Chile.
Known as a European Extra-Large Telescope (E-ELT) and being built by the European Space Organisation (ESO), the contraption is 16 times the size of Hubble and is expected to cost just under 1.1 billion euros.
Spanish aeronautical engineering firms have placed bids for the telescope's construction, which could bring benefits of up to 130 million euros back into the country.
Only countries which are members of the ESO can apply, meaning Spain is almost certain to get part of the works.
Spain has been a member of the ESO since 2006, and contributes 11 million euros a year towards the organisation's annual budget of 140 million.
The E-ELT will be set on the Armazones hill in Chile, which stands at 3,060 metres above sea-level and will be created using the same technology as the second-largest telescope in the world, based in the Canary Islands.
With a lens of 39 metres in diameter capable of capturing images with 13 times as much light as the largest telescopes currently in existence, as well as being able to correct distortions produced in the atmosphere, the optic and infrared telescope will be able to produce pictures with 16 times the clarity of those generated by Hubble.
Of the funds needed to build it, 300 million will come from the ESO itself, 350 million from Brazil and the rest split between the other member countries.
