At a recent meeting ESO’s main governing body, the Council, gave the green light 
for the construction of the European Extremely Large Telescope (E-ELT) in two phases. Spending of around one billion euros has been authorised for the first phase, which will cover the construction costs of a fully working telescope with a suite of powerful instruments and first light targeted in ten years time. It will enable tremendous scientific discoveries in the fields of exoplanets, the stellar composition of nearby galaxies and the deep Universe. The largest ESO contract ever, for the telescope dome and main structure, will be placed within the next year.
The E-ELT will be a 39-metre aperture optical and infrared telescope sited on Cerro Armazones in the Chilean Atacama Desert, 20 kilometres from ESO’s Very Large Telescope on Cerro Paranal. It will be the world’s largest “eye on the sky”.
Source: Green Light for E-ELT Construction | ESO United States