Meridiam becomes majority shareholder in Great Sea Interconnector project

On August 5, 2026, an agreement was signed at the Maximos Mansion in Athens to bring the French investment firm Meridiam into the Great Sea Interconnector (GSI) project. Under the deal, Meridiam acquires a 66% majority stake, while the Independent Power Transmission Operator (ADMIE/IPTO) retains the remaining 34%. Furthermore, a tripartite agreement was signed between ADMIE, GSI, and Nexans to initiate seabed research for the cable installation, which has faced significant geopolitical challenges from Turkey in the past. Meridiam will fully fund these upcoming marine surveys, with the first NAVTEX notices expected as early as September 2026.

While the project moves toward construction, the European Commission stated on August 6 that the transaction has not yet been formally notified to Brussels for merger control review. A Commission spokesperson noted that it remains the responsibility of the participating companies to notify the regulatory body if a deal constitutes a concentration with a Union dimension. Manos Manousakis, CEO of ADMIE, confirmed that the agreement serves as a critical step forward, effectively clearing the path for the actual construction phase of the electrical interconnection between Greece and Cyprus to begin.