Meridiam joins Great Sea Interconnector as majority shareholder

French investment group Meridiam has entered as the majority shareholder in the Great Sea Interconnector (GSI) special purpose company, which is developing the electrical interconnection project between Greece and Cyprus.

Signed on August 5, 2026, the agreement shifts the project's financial and operational structure. Meridiam is expected to hold approximately 66% of the shares, providing significant private capital to a project with a budget of nearly €1.9 billion. The Greek Independent Power Transmission Operator (ADME) remains a strategic shareholder with roughly one-third stake and will maintain technical leadership.

A tripartite agreement between ADME, GSI, and Nexans was also signed to restart seabed surveys, which had previously been stalled due to geopolitical tensions involving Turkey. Nexans is contracted for the cable construction, a deal valued at approximately €1.43 billion. While the project promises to end Cyprus's energy isolation through a 1,200 km high-voltage direct current (HVDC) cable, the involvement of Meridiam has drawn criticism. Some observers raise concerns regarding the firm's significant business presence and interests within Turkey, questioning how this might impact regional geopolitical tensions in the Aegean and Eastern Mediterranean.