The old power station hasn't been used for getting on for 40 years.

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At the Council of Mallorca plenary session on Wednesday, there was approval for exercising the right of first refusal to acquire the old power station in Alcudia. The approval was unanimous, save for votes against by two Vox councillors.

The Council will have to pay 300,000 euros, which was the sum that the site's owners, electricity company Endesa, had agreed with Gingko, a foreign investment fund. As the Council had initiated the process to list the power station as an asset in the cultural interest, it had the legal right of first refusal.

Time is short, as the Council must complete the purchase by July 9. It also needs to assess the cost of decontamination and recovery of the land. Under the agreement between Endesa and Gingko, this was put at around 20 million euros. The Council wants to be sure that this is a fair estimate, as it will be assuming the cost.

The president of the Council of Mallorca, Catalina Cladera, said on Wednesday that there was an "historic opportunity" to convert the plant, which was built in 1957, and to ensure that, rather than in foreign hands, it remains "in the hands of all Mallorcan men and women, led by public institutions".

If all goes to plan, the Council will lead the project for redevelopment of the power station. European funds are to be sought for the creation of Alcudia TechMar, an international centre for the blue economy and decarbonisation of the sea which will feature, among other things, a University of the Balearic Islands research facility.

Alcudia TechMar has been identified as a project of strategic importance by the Balearic government. Redevelopment would retain elements that make the power station one of Mallorca's most significant industrial heritage sites. These would include the two chimneys.