French firm Meridiam becomes majority shareholder in Great Sea Interconnector

The French infrastructure investor Meridiam has officially acquired a majority stake in the Great Sea Interconnector (GSI), the project aimed at linking the electricity grids of Cyprus, Greece, and Israel. The deal, announced on August 6, 2026, involves the transfer of controlling interest from the Greek Independent Power Transmission Operator (ADMIE) to Meridiam. Greek Environment and Energy Minister Stavros Papastavrou described the move as a major vote of confidence that creates significant momentum for the initiative, which remains a key European priority for ending the energy isolation of Cyprus.

While the Greek government and political figures have praised the agreement, the Cypriot government has adopted a cautious stance. Energy Minister Michalis Damianou stated that the government is currently awaiting a due diligence study from the European Investment Bank (EIB) regarding the project's financial viability, expected by late 2026, before deciding on its own formal participation. Meanwhile, major opposition parties in Cyprus, including DISY and AKEL, have called for full transparency regarding the terms of the agreement, the project's total costs, and the potential impact on domestic consumers.

Reports have surfaced suggesting a potential navtex may be issued to commence seabed surveys between Cyprus and Crete, though no official confirmation has been provided by the ministries involved. The project remains a complex endeavor facing ongoing technical, economic, and geopolitical challenges.