A major step toward restarting the Greece–Cyprus electricity interconnection project will take place today. At 4:30 p.m., at the Maximos Mansion and in the presence of Prime Minister Kyriakos Mitsotakis, an agreement will be signed for French investment group Meridiam to become the majority shareholder of Great Sea Interconnector (GSI) with a stake of more than 50%. GSI is the company responsible, under the current plan, for developing the strategically important project.

Meridiam’s entry strengthens GSI’s shareholder and financing base, giving fresh momentum to one of Europe’s most important energy projects. The interconnection aims to end Cyprus’ energy isolation and enhance energy security in the Eastern Mediterranean.

The French infrastructure investor had been involved in discussions on the project for nearly two years. Although its participation had been agreed in principle, it was delayed due to geopolitical uncertainty surrounding the Greece–Cyprus interconnection, as well as disagreements between Athens and Nicosia over the project’s implementation and financing.

These developments tested the viability of the Great Sea Interconnector and delayed the finalization of Meridiam’s investment. Today’s agreement effectively relaunches the project by bringing in a major international investor and creating the conditions to accelerate its implementation.

As part of the ceremony, a tripartite agreement will also be signed between IPTO (ADMIE), Great Sea Interconnector, and Nexans for the execution of offshore seabed surveys—a critical technical milestone for advancing the project. The surveys are essential for determining the final route of the subsea cable and preparing for the next construction phases.

The prime minister’s presence underscores the political significance of the agreement, which comes as the Greek government seeks to secure progress on a project with major geopolitical and energy importance for Greece, Cyprus, and the European Union.

Also attending the signing ceremony in Athens are Kostas Papadopoulos of Meridiam, Pascal Radue, Executive Vice President of Nexans, and the Chargé d’Affaires of the French Embassy. Representing the Greek side, alongside Prime Minister Mitsotakis, will be Environment and Energy Minister Stavros Papastavrou, Deputy Minister Nikos Tsafos, ADMIE Chairman and CEO Manousos Manousakis, and the Prime Minister’s diplomatic adviser, Ambassador Katerina Nasika.

Meridiam’s participation is expected to strengthen both the project’s financial capacity and international credibility, while the agreement with Nexans marks the beginning of key technical works necessary for advancing the electricity interconnection.

Market analysts note that the involvement of Meridiam—an investor with a strong track record in European infrastructure and close ties to the French state—opens a new chapter of support for the project, boosting its international standing and investment profile.

However, the main challenge remains overcoming the obstacles that have delayed the interconnection in recent years, particularly geopolitical tensions and opposition from Ankara. Whether the enhanced French involvement will help resolve these issues remains to be seen.

French Infrastructure Giant Meridiam

Meridiam’s involvement dates back to autumn 2024, following a trilateral meeting in Paris between French President Emmanuel Macron, Kyriakos Mitsotakis, and Cypriot President Nikos Christodoulides. It was then that the French investment group began exploring participation in the GSI consortium.

Beyond adding significant French backing to the project, Meridiam’s key advantage is its long-standing cooperation with the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). The company has also completed a comparable large-scale infrastructure project: the subsea electricity interconnector between the United Kingdom and Germany.

Although initial discussions focused on Meridiam acquiring less than a 50% stake in the consortium, the French infrastructure investor will ultimately take more than 50% ownership. The agreements between ADMIE, Meridiam, and the French cable manufacturer Nexans will be formally signed at the Maximos Mansion.

Sources familiar with the negotiations say talks gained renewed momentum following President Emmanuel Macron’s visit to Greece last April.

Among the French business delegation accompanying Macron was Meridiam CEO Thierry Déau, who is in Athens today for the signing ceremony.

According to the same sources, the meeting between the Greek prime minister and the French president resulted in more substantive discussions, while Environment and Energy Minister Stavros Papastavrou has also held talks with the French investors in recent months.