The agreement for the acquisition of the majority stake in the Greece-Cyprus electricity interconnection project by Meridiam was signed at Maximos Mansion on August 5. [Intime News]
A months-long round of negotiations between Athens and Paris aimed at improving the conditions for the Greece-Cyprus electricity interconnection project ended with an agreement signed Wednesday for the entry of French investment group Meridiam and its acquisition of a majority stake in the Great Sea Interconnector (GSI).
The agreement reflects the Greek government’s assessment that the French group can help secure progress on the project, shifting risk to Paris, which will now be expected to address what Greek officials describe as the main obstacle: Turkish objections.
Work on the interconnection stalled after Turkey intervened in international waters south of Kasos, where surveys linked to the project were being conducted. Despite repeated efforts, those surveys were never restarted. The objective is for research activities to resume in September.
Although disputes within Cyprus were part of the broader picture, the central challenge was geopolitical, according to the account presented by officials. Based on assessments available at the time, authorities chose to follow what was described as a standard process, concluding that Turkey was unlikely to react to surveys in the Eastern Mediterranean because they neither created a legal precedent nor affected Ankara’s claims regarding the continental shelf. That assessment proved incorrect when Turkey responded by sending vessels.
