Cyprus Welcomes Meridiam's Stake in Great Sea Interconnector but Awaits EIB Review
Cyprus has expressed support for the agreement granting France’s Meridiam a controlling two-thirds stake in the Great Sea Interconnector (GSI) project, pending a review by the European Investment Bank (EIB). The government stated it will not decide on investing in the project until the EIB completes its due diligence, expected before the end of 2026. Energy Minister Michalis Damianou described Meridiam's involvement as a positive development, giving the project significant momentum and confidence.
However, Cyprus has limited information about the agreement, as it is not a direct party to the contract between Greece’s Independent Power Transmission Operator (IPTO) and Meridiam. This has hindered full briefings to political parties and delayed updates from the Cyprus Energy Regulatory Authority on regulatory matters. The financial terms remain unclear, though media reports suggest Meridiam may reimburse IPTO for costs accrued and fund seabed surveys.
While the agreement has renewed optimism about the project’s viability, Cypriot officials emphasize that any decision on equity participation will consider the EIB’s findings and potential cost increases beyond the estimated €1.9 billion. The government remains cautious, balancing enthusiasm with the need for thorough assessment to ensure economic and consumer benefits.
No news yet
CYPRadar is a state-of-the-art, AI-powered Cyprus news aggregator that automatically crawls, filters, and translates local updates in real time. By continuously scanning a wide range of trusted Cypriot media outlets, blogs, and official RSS feeds, the platform identifies original stories and uses advanced language models to filter out duplicate coverage. The service then generates concise, objective summaries, ensuring that readers get a quick and clear understanding of every significant event without information overload.
The primary mission of CYPRadar is to provide comprehensive, multi-language coverage of Cyprus news to keep both residents and international visitors well-informed. The platform covers key events across all major cities and districts, including Nicosia, Limassol, Larnaca, Paphos, and Famagusta. By offering all updates simultaneously in five languages — English, Russian, Greek, Ukrainian, and Turkish — CYPRadar bridges communication gaps and ensures that everyone has equal access to critical local information, from policy changes to community events.
Find essential updates on Cyprus's power grid, electricity supply, and energy sector. Stay informed about scheduled power cuts, grid maintenance, electricity price fluctuations, and the transition to renewable energy sources.