The Greek government has taken a significant step toward advancing a long‑planned electricity interconnection between Greece and Cyprus, signing a series of agreements that bring one of Europe’s largest infrastructure investors into the project. In a ceremony at the Maximos Mansion on August 5, 2026, and in the presence of Prime Minister Kyriakos Mitsotakis, French investment group Meridiam formally became the majority shareholder in the Great Sea Interconnector (GSI), the special‑purpose company tasked with developing the subsea link.
The deal marks a turning point for the project, which has been discussed for more than a decade but struggled to secure the capital and technical partnerships needed to move forward. Meridiam’s entry is expected to strengthen the project’s financial base and accelerate its development, offering what the Prime Minister described as a “strong vote of confidence” in Greece’s energy sector and in the strategic value of the interconnection.
A second agreement was signed between the Independent Power Transmission Operator (IPTO), GSI and French cable manufacturer Nexans, covering seabed survey work for the planned route. These surveys represent the first major technical milestone and will determine the precise path of the high‑voltage subsea cable connecting the two countries.
In remarks following the signing, Mr. Mitsotakis framed the development as a milestone not only for Greece and Cyprus but for Europe’s broader energy security. He emphasized that the partnership brings together complementary strengths: IPTO’s experience in delivering complex interconnections—most recently the Athens–Crete link—and Meridiam’s international track record in long‑term infrastructure investment. The combination, he said, creates a “much more credible platform” for the project’s construction and eventual completion.
Although Meridiam becomes the majority shareholder, IPTO will remain a strategic partner, ensuring continuity and technical oversight. The Prime Minister noted that the strengthened capital base and clearer allocation of responsibilities improve the project’s ability to proceed at pace after months of negotiations aimed at securing international participation.
Beyond its technical and financial dimensions, the Great Sea Interconnector carries geopolitical weight. Cyprus remains the only EU member state without an electricity connection to the continental grid, a vulnerability that limits its ability to integrate renewable energy and exposes it to higher energy costs. The Greece–Cyprus link is expected to end that isolation, support regional grid stability and contribute to Europe’s long‑term energy resilience.
Mr. Mitsotakis also cast the investment as evidence of Greece’s growing ability to attract major international players to strategic infrastructure projects. He described Meridiam as one of Europe’s most prominent investors in the sector and said the timing is right for reinforcing the interconnection with global capital and expertise. Concluding his remarks, he congratulated all parties involved and expressed confidence that the agreements signed in Athens will accelerate the project’s progress.
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HCRI; w/ notes from GNA and AMNA
The deal marks a turning point for the project, which has been discussed for more than a decade but struggled to secure the capital and technical partnerships needed to move forward. Meridiam’s entry is expected to strengthen the project’s financial base and accelerate its development, offering what the Prime Minister described as a “strong vote of confidence” in Greece’s energy sector and in the strategic value of the interconnection.
A second agreement was signed between the Independent Power Transmission Operator (IPTO), GSI and French cable manufacturer Nexans, covering seabed survey work for the planned route. These surveys represent the first major technical milestone and will determine the precise path of the high‑voltage subsea cable connecting the two countries.
In remarks following the signing, Mr. Mitsotakis framed the development as a milestone not only for Greece and Cyprus but for Europe’s broader energy security. He emphasized that the partnership brings together complementary strengths: IPTO’s experience in delivering complex interconnections—most recently the Athens–Crete link—and Meridiam’s international track record in long‑term infrastructure investment. The combination, he said, creates a “much more credible platform” for the project’s construction and eventual completion.
Although Meridiam becomes the majority shareholder, IPTO will remain a strategic partner, ensuring continuity and technical oversight. The Prime Minister noted that the strengthened capital base and clearer allocation of responsibilities improve the project’s ability to proceed at pace after months of negotiations aimed at securing international participation.
Beyond its technical and financial dimensions, the Great Sea Interconnector carries geopolitical weight. Cyprus remains the only EU member state without an electricity connection to the continental grid, a vulnerability that limits its ability to integrate renewable energy and exposes it to higher energy costs. The Greece–Cyprus link is expected to end that isolation, support regional grid stability and contribute to Europe’s long‑term energy resilience.
Mr. Mitsotakis also cast the investment as evidence of Greece’s growing ability to attract major international players to strategic infrastructure projects. He described Meridiam as one of Europe’s most prominent investors in the sector and said the timing is right for reinforcing the interconnection with global capital and expertise. Concluding his remarks, he congratulated all parties involved and expressed confidence that the agreements signed in Athens will accelerate the project’s progress.
_____
HCRI; w/ notes from GNA and AMNA
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