The agreement for the Greece–Cyprus electricity interconnection was officially signed today, with French infrastructure investment group Meridiam acquiring a majority stake of more than 50% in Great Sea Interconnector (GSI), the special-purpose company responsible for developing the project.

Speaking at the signing ceremony, Greek Prime Minister Kyriakos Mitsotakis described Meridiam’s participation as a strong vote of confidence in Greece’s energy sector.

“We are joining forces on a European project of common interest. The Great Sea Interconnector will end Cyprus’ energy isolation while strengthening the energy security of the Eastern Mediterranean and enhancing Europe’s resilience in the energy sector,” Mitsotakis said.

French backing strengthens the project’s credibility

According to government sources, Meridiam’s entry as the majority shareholder significantly enhances the financial strength and international credibility of the Greece–Cyprus electricity interconnection, creating the conditions needed to accelerate implementation.

The Great Sea Interconnector was originally established as the dedicated special purpose vehicle (SPV) for developing the strategic subsea cable, with the participation of international investors. Following the successful capital increase by Greece’s Independent Power Transmission Operator (IPTO/ADMIE), the agreement further reinforces the project’s financial capacity.

Although Meridiam will become the majority shareholder, ADMIE will remain a strategic partner, retaining minority protection rights while continuing to lead the project’s technical development and eventually operating the interconnection once completed.

Government officials emphasized that the partnership not only strengthens the project’s capital base but also brings valuable international expertise and execution capabilities.

Strategic agreement with Nexans

Alongside the shareholder agreement, ADMIE, Great Sea Interconnector, and French cable manufacturer Nexans signed a strategic cooperation agreement to accelerate project implementation.

The parties will immediately begin work on marine seabed surveys, considered one of the most critical technical milestones before construction of the subsea cable can proceed.

Meridiam: A leading global infrastructure investor

Government officials described Meridiam as one of the world’s leading infrastructure investors, developers, and asset managers.

Headquartered in Paris, the company specializes in developing, financing, constructing, and managing major public infrastructure projects across Europe, North America, Africa, and the Middle East through long-term partnerships with governments and public institutions.

Its portfolio includes some of Europe’s largest infrastructure projects, including NeuConnect, the high-voltage subsea electricity interconnector linking the United Kingdom and Germany.

Officials stressed that the agreement demonstrates growing international confidence in both Greece’s energy sector and ADMIE as the project’s implementing authority.

Catalyst for financing and regulatory progress

The participation of Meridiam is expected to help resolve remaining regulatory issues while improving the project’s access to long-term financing from international lenders.

At the same time, approval procedures are continuing for financing from the European Investment Bank (EIB).

Meanwhile, ADMIE is also advancing the Cyprus–Israel electricity interconnection, with the project’s cost-benefit analysis expected to be submitted to the Cypriot and Israeli regulatory authorities in the coming days.

Greece expands its role as an energy hub

Government officials said the latest agreements reinforce Greece’s ambition to become a strategic energy hub connecting the electricity systems of the Eastern Mediterranean with the wider European market.

ADMIE has already completed the landmark Crete–Attica electricity interconnection, which entered operation in 2025. Additional island interconnections—including Santorini, Milos, Serifos, and Folegandros—are progressing, while new projects are underway for the Dodecanese, the North Aegean, and a new Greece–Italy electricity interconnector.

About Meridiam

Founded in 2005 and headquartered in Paris, Meridiam manages more than 130 infrastructure projects across Europe, North America, the Middle East, and Africa, representing investments totaling approximately €100 billion.

The company’s investors include major pension funds, insurance companies, sovereign wealth funds, and development finance institutions. Its projects also receive financing from organizations such as the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and the World Bank.

Meridiam is known for maintaining long-term ownership throughout the full lifecycle of its infrastructure investments and operates under France’s “société à mission” legal framework, which requires companies to pursue defined public-interest objectives alongside financial performance.

Among its flagship projects are the NeuConnect UK–Germany power interconnector, France’s Sud Europe Atlantique high-speed rail line, Jordan’s Aqaba–Amman desalination project, Sofia Airport, the Florence tram network, and the University of Montreal Health Centre Research Institute.