Meridiam acquires majority stake in Great Sea Interconnector

The French investment firm Meridiam has signed an agreement to become the majority shareholder of the Great Sea Interconnector (GSI), a major electrical interconnection project linking Greece, Cyprus, and Israel.

Greek authorities have clarified the licensing framework for the GSI project, asserting that the interconnection is licensed exclusively by Greece within its maritime jurisdiction in accordance with international law. The Greek government emphasized that no external licensing or joint authorization from third countries is required, aiming to maintain control over the energy infrastructure and maritime zones.

While Meridiam takes a leading role in the GSI, the cable manufacturer Nexans has not yet received the full order to commence work. The project remains sensitive due to overlapping maritime claims between Greece and Turkey in the Eastern Mediterranean. Notably, Meridiam maintains a significant presence in Turkey, holding a portfolio of hospitals valued at over 2.3 billion euros, which adds a complex layer to its involvement in this regional energy project.