Great Sea Interconnector project gains momentum with French investment

The Great Sea Interconnector (GSI) project, designed to link the electrical grids of Greece, Cyprus, and Israel, has entered a new phase following significant financial and strategic developments. On August 5, the French fund Meridiam acquired a 66% stake in the GSI company, an increase from its initial interest of 49.9%. This move is intended to strengthen the project's capital base and improve the distribution of investment risk.

On the same day, a tripartite agreement was signed between ADMIE, GSI, and Nexans to complete seabed surveys. The Greek government has positioned the entry of the French fund as a vital step for the project, which had faced stagnation for approximately two years. This development follows an increase in ADMIE's share capital, further bolstering the financial framework for the interconnection.

The project's progress and the involvement of French interests have drawn scrutiny from the Turkish government. Ankara is reportedly analyzing the situation and preparing responses to the technical design and the geopolitical implications of the cable's route.