French firm Meridiam becomes majority shareholder in Great Sea Interconnector

The French investment group Meridiam has acquired a 66% stake in the Great Sea Interconnector (GSI) project, an undersea electricity link designed to connect the grids of Cyprus and Greece. This move, finalized in early August 2026, involves a commitment of approximately €17 million in loan financing to restart the project and cover immediate operational needs. The Greek power grid operator ADMIE remains a stakeholder and will continue to manage the project, while the signing ceremony was hosted at the Megaro Maximou in Athens, signaling high-level political support.

The project is intended to end Cyprus's energy isolation, although officials like Energy Minister Michalis Damianos have clarified that electricity prices for consumers may rise rather than decrease. The Cypriot government is awaiting a due diligence report from the European Investment Bank, expected by November 2026, before deciding on its own financial participation. Meanwhile, the development has triggered a sharp political confrontation in Cyprus between the ruling party and the opposition party AKEL, with both sides trading accusations over past energy policies, alleged scandals, and the project's strategic necessity versus its cost and associated risks.