Great Sea Interconnector development

The Great Sea Interconnector (GSI) project, designed to establish an electrical interconnection between Greece and Cyprus, has undergone significant structural and political shifts following the entry of the French investment group Meridiam as the majority shareholder.

On August 5, 2026, an agreement was signed that positioned Meridiam to hold approximately 66% of the shares in the GSI special purpose company. This move provides substantial private capital to the nearly €1.9 billion project, while the Greek Independent Power Transmission Operator (ADME) retains a one-third stake and technical leadership. A tripartite agreement with Nexans was also established to restart seabed surveys, which had been delayed by geopolitical tensions involving Turkey.

Subsequent developments indicate that Meridiam’s involvement is viewed as a strategic political move coordinated at the highest levels by the leaders of Greece, Cyprus, and France. Cypriot government spokesperson Konstantinos Letympiotis noted that French participation is expected to strengthen the diplomatic influence of Greece and Cyprus. The presence of French economic interests is seen as a mechanism to mitigate potential interference from Turkey and align the project with broader political interests in the Eastern Mediterranean.