Meridiam to take majority control of Greece-Cyprus electricity interconnector project
French investment group Meridiam is set to become the majority shareholder of Great Sea Interconnector (GSI), the company responsible for the Greece-Cyprus electricity interconnection. The project, valued at over €2 billion, aims to link Cyprus to the European electricity grid and enhance energy security in the region. The agreement is to be signed in Athens in the presence of Greek Prime Minister Kyriakos Mitsotakis, highlighting the project's strategic importance.
Alongside Meridiam’s entry, a tripartite agreement involving Greece’s Independent Power Transmission Operator (IPTO), GSI, and French company Nexans will initiate seabed surveys. These surveys are crucial to determining the optimal route and geological conditions for the underwater cable, a technically challenging component given the project’s depth.
The involvement of Meridiam is expected to strengthen financial backing and accelerate the project, which had faced delays due to geopolitical issues. As Cyprus remains the only EU member state not connected to the continental electricity grid, this interconnection is vital for integrating renewable energy sources and unifying regional electricity markets.
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