The controlling stake that a French investment group has acquired in the company responsible for the long-delayed electricity interconnection between Greece and Cyprus, is seen in Athens as both a financial and diplomatic boost for the project.
Under an agreement signed Wednesday at the Greek prime minister’s office, Meridiam acquired 66% of Great Sea Interconnector (GSI), the special-purpose company tasked with developing the subsea power link. The project’s next major test is expected in the coming months, when a chartered vessel resumes seabed surveys in international waters southeast of Crete and south of Kasos and Karpathos.
The agreement follows diplomatic contacts that began in April between Greek Prime Minister Kyriakos Mitsotakis and French President Emmanuel Macron. Greek officials see French involvement as a safeguard should new disputes arise with Turkey over the project.
A separate agreement among Greece’s power transmission operator, GSI and Nexans covers the resumption of marine surveys that were halted after a confrontation off Kasos in July 2024. It remains unclear whether the cable’s route could be revised, a step that could further delay the project and increase costs.
