French group Meridiam to take control of Cyprus-Greece power link operator

French investment group Meridiam is set to take control of Great Sea Interconnector (GSI), the company managing the Greece-Cyprus electricity interconnection, strengthening the financial base of a project budgeted at more than €2 billion. According to a report by Capital.gr, the agreement for Meridiam’s entry into GSI is scheduled to be signed at 4:30pm at the Maximos Mansion in Athens, in the presence of Greek Prime Minister Kyriakos Mitsotakis. Under the agreement, Meridiam will become the majority shareholder of GSI, marking a restructuring of the company’s ownership. The French group’s involvement is expected to make it easier to secure the funding needed to complete the interconnection, which has been designated a project of common interest by the European Union. Tripartite agreement for seabed surveys Alongside the Meridiam agreement, a tripartite agreement is expected to be signed between Greece’s Independent Power Transmission Operator (IPTO), Great Sea Interconnector and French company Nexans. The agreement covers the launch of seabed surveys, a critical technical step for the project. The surveys will determine the optimal route for the underwater cable with greater precision and examine the geological and geotechnical conditions of the seabed. The results will form the basis for the final installation study. The work is considered necessary for construction of the interconnection to proceed, in what will be one of the deepest and most technically demanding such projects in the world. Restart after delays The signing of the agreements marks a new phase for the project, which faced delays in recent months due to geopolitical developments in the Eastern Mediterranean and the suspension of surveys along sections of the proposed route. Meridiam’s participation is expected to strengthen the credibility of the investment scheme and create the conditions for accelerating both financing and implementation. The Greek Prime Minister’s presence at the signing ceremony lends particular political weight to the development and underlines the strategic importance Athens attaches to the project. The interconnection also carries a wider European dimension, as it aims to end Cyprus’s electrical isolation. Cyprus remains the only EU member state not connected to the European electricity grid. Meridiam’s investment footprint Meridiam is among the largest international investors in infrastructure projects, with a portfolio spanning energy, transport and social projects in Europe, North America and Africa. Its entry into Great Sea Interconnector is considered to give the project a stronger financial base and to enhance its international credibility with investors and European institutions. The Greece-Cyprus electricity interconnection is a critical part of European energy planning in the Eastern Mediterranean. The project is expected to strengthen energy supply security, facilitate further integration of renewable energy sources, and contribute to the unification of the region’s electricity markets.