French firm Meridiam becomes majority shareholder in Great Sea Interconnector project

On August 5, 2026, Greek Prime Minister Kyriakos Mitsotakis announced that the French investment firm Meridiam has acquired a majority stake in the Great Sea Interconnector (GSI) project, an ambitious initiative to link the electricity grids of Cyprus, Greece, and Israel. The signing ceremony took place at the Maximos Mansion in Athens, with reports indicating that Meridiam now holds a 66% stake, while the Greek Independent Power Transmission Operator (IPTO/Admie) retains 34% and technical oversight. This move is expected to bolster the project's financial stability and provide a diplomatic shield for upcoming offshore seabed surveys.

The project has remained stalled for nearly two years due to geopolitical tensions in the Eastern Mediterranean, with Turkey previously challenging surveying activities. With the new ownership structure, Greece plans to issue NAVTEX notices as early as September 2026 to resume these critical surveys. While the Greek government views the deal as a major boost, the Cypriot government has faced criticism from domestic experts for remaining on the sidelines, with President Nikos Christodoulides expected to discuss the development at a cabinet meeting. Meanwhile, work continues on the cost-benefit analysis for the Cyprus-Israel leg of the interconnector, which is set to be submitted to regulators shortly.