French investment group Meridiam takes majority stake in Great Sea Interconnector linking Cyprus and Greece

The Great Sea Interconnector (GSI) is a planned subsea electricity link designed to connect Cyprus to the European electricity system through Greece. The project will connect the electricity systems of Cyprus and Greece, strengthening energy links between the Eastern Mediterranean and the European electricity market. The project is intended to end Cyprus electricity isolation and strengthen the energy security and resilience of Cyprus and Greece, while also enhancing Greece’s role as a regional energy hub.

The project is being implemented through Great Sea Interconnector S.A., a subsidiary of Greece’s Independent Power Transmission Operator (IPTO/ADMIE). Meridiam, a French infrastructure investment group, has now become the majority shareholder in the company, taking over the controlling position previously held by IPTO. Cyprus is awaiting a due-diligence study by the European Investment Bank (EIB) before deciding whether to participate in the project as a shareholder. The European Commission has already provided € 658 million in grants for the project, while Greece and Cyprus are seeking further financing, including potential EIB support.

Meridiam’s entry is expected to give the project new momentum by bringing international infrastructure expertise and investment credibility. A tripartite agreement between Meridiam, IPTO and French cable manufacturer Nexans has also been signed, with the parties agreeing to work together to accelerate the project, with priority given to completing the required seabed surveys.

The GSI continues to face significant financial and technical challenges. One issue is the completion of the seabed surveys required before the submarine cable can be laid. The project has also faced concerns over its financial and technical parameters, prompting Greece and Cyprus to seek updated assessments and a new EIB due-diligence study.

Source:

Cyprus to pay interconnector dues once Greece issues survey notice 10 August 2026

French asset management firm Meridiam takes majority share in interconnector 05 August 2026

Cyprus energy minister: Meridiam's entry into Great Sea Interconnector is 'vote of confidence' 07 August 2026