French group Meridiam acquires majority stake in Great Sea Interconnector

On August 5, 2026, the French investment group Meridiam signed an agreement in Athens to acquire a 66% majority stake in the Great Sea Interconnector (GSI), a project designed to link the electricity grids of Greece and Cyprus. The remaining 34% of the special purpose vehicle remains with the Greek Independent Power Transmission Operator (IPTO). The deal aims to inject momentum into the project, which seeks to end Cyprus's energy isolation.

Despite the significance of the move, the European Commission confirmed on August 6 that the transaction has not yet been formally notified for competition review, a mandatory step for projects with European dimensions. Consequently, the legal finalization of the agreement remains pending. Furthermore, the Cypriot government has indicated it possesses limited details regarding the agreement's specifics, as it is not a direct party to the deal.

Energy Minister Michalis Damianos described the move as a vote of confidence in the project. However, he clarified that Cyprus’s potential equity participation remains undecided, pending a due diligence study by the European Investment Bank (EIB). While officials emphasize that the interconnector will ensure energy sufficiency, they have warned that it does not guarantee lower electricity prices for consumers, which may conversely rise due to the project's costs.