Meridiam takes majority stake in Greece-Cyprus power link

French investment group Meridiam has acquired a majority stake in the Great Sea Interconnector (GSI) project, which aims to establish an undersea electricity cable between Greece and Cyprus. Meridiam's stake is reported to be between 50% and 66%, a move intended to provide the project with enhanced international credibility and financing capacity.

The interconnector is designed to end Cyprus' energy isolation by connecting its electricity market to the broader European grid. This integration is expected to drive economic benefits through increased competition, allowing Cyprus to access cheaper renewable energy and forcing domestic producers to operate more efficiently.

The project has previously faced delays due to geopolitical tensions and opposition from Turkey. To advance technical preparations, a tripartite agreement was signed between ADMIE, GSI, and the French manufacturer Nexans to conduct offshore seabed surveys to determine the final cable route.