Greece–Cyprus Power Link Secured: Meridiam Signs Landmark Deal for Great Sea Interconnector

France’s infrastructure giant Meridiam has officially joined the Great Sea Interconnector (GSI) as the majority shareholder, marking a major breakthrough for the Greece–Cyprus electricity interconnection project. Valued at €1.9 billion, the strategic project is considered one of the European Union’s eight priority “Energy Highways” and is expected to reshape the energy landscape of the Eastern Mediterranean.

A major milestone has been reached for one of Europe’s most ambitious energy infrastructure projects. In the presence of Greek Prime Minister Kyriakos Mitsotakis, agreements were signed in Athens confirming the entry of French investment group Meridiam as the majority shareholder of Great Sea Interconnector (GSI), the special-purpose company responsible for delivering the Greece–Cyprus electricity interconnection.

At the same ceremony, ADMIE (Independent Power Transmission Operator), GSI and Nexans signed a trilateral agreement to launch the seabed survey works that will pave the way for the installation of the subsea cable.

A Strategic Project for Europe

The Great Sea Interconnector is far more than an energy infrastructure investment. It is a project with significant geopolitical and strategic importance, as it will end Cyprus’ long-standing energy isolation by connecting the island to the European electricity grid for the first time.

With a total investment of €1.9 billion, a 900-kilometre subsea cable, and an initial transmission capacity of 1,000 MW, expandable to 2,000 MW, it will become one of the world’s deepest and most technologically advanced electricity interconnections, reaching depths of up to 3,000 metres.

Recognising its strategic importance, the European Commission has included the project among its eight flagship “Energy Highways”, while allocating €657 million in funding through the Connecting Europe Facility (CEF).

Meridiam Brings Global Expertise

The entry of Meridiam is widely seen as a turning point for the project.

Headquartered in Paris, Meridiam is one of the world’s leading long-term infrastructure investors, managing projects representing more than €100 billion in total investments across Europe, North America, Africa and the Middle East.

Its portfolio includes landmark infrastructure projects such as:

• the NeuConnect electricity interconnector between the UK and Germany,
• France’s high-speed rail network,
• Jordan’s massive desalination project,
• Sofia International Airport,
• and numerous large-scale environmental and water management investments.

Its participation significantly strengthens the financial credibility and international standing of the Great Sea Interconnector.

ADMIE Retains Strategic Role

Although Meridiam becomes the majority shareholder, ADMIE remains a strategic partner with minority protection rights and will continue to lead the technical implementation of the project.

ADMIE will also be responsible for operating the electricity interconnection once construction is completed.

The new ownership structure is expected to facilitate both commercial financing and a planned €1 billion loan from the European Investment Bank (EIB).

Papastavrou Played a Key Role

According to government sources, Greek Minister of Environment and Energy Stavros Papastavrou played a decisive role in advancing negotiations with Meridiam over recent months, helping overcome regulatory and financial obstacles that had delayed the project.

His behind-the-scenes diplomatic efforts are credited with bringing the agreement to completion.

Mitsotakis: “A Strong Vote of Confidence”

Prime Minister Kyriakos Mitsotakis described the agreement as a major vote of confidence in Greece’s energy sector.

“Through this project, we are joining forces in a European project of common interest. Meridiam’s participation represents a strong vote of confidence in Greece’s energy sector.”

He also highlighted the project’s wider strategic value.

“The Great Sea Interconnector will end Cyprus’ energy isolation while strengthening the energy security of the Eastern Mediterranean and Europe as a whole.”

Looking Ahead: Cyprus–Israel

The Greece–Cyprus cable is only the first phase of a broader regional vision.

Preparations are already underway for the Cyprus–Israel section, with ADMIE finalising the project’s cost-benefit analysis before submitting it to the Cypriot and Israeli regulatory authorities.

Once completed, the full interconnection will significantly strengthen Greece’s position as the main electricity gateway linking the Eastern Mediterranean with the European energy market.

A New Energy Era for the Eastern Mediterranean

The agreement with Meridiam marks a decisive step forward for a project that has faced years of technical, financial and geopolitical challenges.

With strong European backing, international private investment and ADMIE maintaining its strategic operational role, the Great Sea Interconnector now enters a new implementation phase.

Beyond its technical significance, the project reinforces Greece’s role as a regional energy hub, enhances Cyprus’ integration into the European electricity market and contributes to Europe’s broader strategy of energy security, diversification and resilience.

Source: pagenews.gr