French investment firm Meridiam becomes majority shareholder of Great Sea Interconnector

On August 5, 2026, an agreement was signed at the Maximos Mansion in Athens to bring the French investment firm Meridiam in as the majority shareholder of the Great Sea Interconnector (GSI). The project, budgeted at over €2 billion, aims to connect the electrical grids of Greece, Cyprus, and eventually Israel, effectively ending Cyprus's energy isolation and strengthening security in the Eastern Mediterranean. Prime Minister Kyriakos Mitsotakis attended the ceremony, describing the deal as a strategic move that demonstrates Greece's ability to attract major international investors.

Alongside the ownership change, a tripartite agreement was signed between Greece's Independent Power Transmission Operator (IPTO/ADMIE), the GSI, and the French company Nexans. This deal initiates critical seabed surveys, which are necessary to determine the optimal route for the underwater cable. While Meridiam assumes majority control, IPTO will remain a strategic partner with minority rights, maintaining technical leadership and operational responsibility for the link upon completion.

The project, which has faced historical delays due to geopolitical uncertainties and regulatory disagreements between Athens and Nicosia, is now expected to accelerate. Officials hope that Meridiam's involvement will serve as a catalyst to secure long-term financing, including potential support from the European Investment Bank.