Meridiam acquires majority stake in Great Sea Interconnector to boost Cyprus-Greece energy link
French asset management firm Meridiam has become the majority shareholder in the company behind the Great Sea Interconnector (GSI), a project linking Cyprus to the Greek electricity grid. Greek Prime Minister Kyriakos Mitsotakis hailed the deal as a significant boost that would enhance the financial and technical strength of the energy connection. French cable manufacturer Nexans will be responsible for manufacturing and laying the cable, which aims to end Cyprus’ energy isolation and strengthen Greece's role as a regional energy hub.
The agreement aligns with efforts to promote renewable energy, supported by Greece’s new Special Spatial Framework for Renewable Energy Sources, which designates areas for industrial development and protects natural habitats. However, the framework has drawn criticism from Turkey, which disputes some territorial claims linked to the Aegean Sea. Mitsotakis reaffirmed Greece's commitment to international law and dialogue with Turkey, while insisting the country will proceed with its energy and environmental policies.
Former Cypriot energy minister George Papanastasiou described Meridiam’s involvement as positive, noting it could facilitate further funding for the GSI project from sources like the European Investment Bank. The transfer of Greece’s independent transmission system operator (Admie) shares to Meridiam was completed on August 5, marking a key milestone in the project’s development.
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