Meridiam acquires majority stake in Great Sea Interconnector project

On August 5, 2026, an agreement was signed at the Maximos Mansion in Athens to finalize the entry of the French investment firm Meridiam as the majority shareholder of the Great Sea Interconnector (GSI). Under the deal, Meridiam acquires a 66% stake in the project, which aims to provide an electrical connection between Greece and Cyprus, while the Independent Power Transmission Operator (IPTO/ADMHE) retains a 34% minority stake. The agreement also includes a tripartite contract between IPTO, GSI, and Nexans to initiate deep-sea survey operations.

This strategic partnership is expected to accelerate the completion of subsea cable surveys, which have been historically hindered by Turkish interference. According to reports, the first NAVTEX alerts for the survey areas are expected as early as next month, with Meridiam fully funding the research phase. Prime Minister Kyriakos Mitsotakis, who oversaw the signing, emphasized the project's significance in ending Cyprus's energy isolation.

While the agreement marks a major step forward, European Commission representatives confirmed as of August 6 that the transaction has not yet been officially notified to Brussels for competition and merger control review. The Commission noted that such notification is the sole responsibility of the involved companies. Furthermore, while the deal has revitalized the project, reports indicate that the development initially surprised the Nicosia government, which has been cautious in its official response.