Meridiam takes majority stake in Great Sea Interconnector

Nicosia, Cyprus. Energy Minister Michael Damianos welcomed French investment group Meridiam’s entry as majority shareholder in the Great Sea Interconnector, saying it gives the electricity link new momentum and reflects Cyprus and Greece’s commitment to the project.

Meridiam will acquire a 66 per cent stake in the project, while Greece’s electricity transmission system operator Admie will retain the remaining one-third.

Strategic investor

Speaking after the first cabinet meeting following the government reshuffle on Thursday, Damianos said Meridiam’s participation fulfilled a joint decision by President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis.

The decision was taken during the third Cyprus-Greece Intergovernmental Summit in Athens on November 12, 2025, to secure a strong strategic investor for the project.

Damianos said the participation of a major French international group with relevant expertise would support efforts to implement the project and demonstrate the political will of Nicosia and Athens to advance the electricity interconnection.

He added that Christodoulides had been kept continuously informed by Mitsotakis throughout the discussions that led to the agreement.

Financial viability study

Asked whether the Republic of Cyprus should become a shareholder, Damianos said the government would first wait for the European Investment Bank’s due diligence study on the project’s financial viability.

He said the study, requested by Admie, was expected to be completed before the end of the year and received in the coming months. The government would then examine whether Cyprus should participate as a shareholder.

Geopolitical risks and further investment

Asked whether Meridiam’s involvement could reduce geopolitical risks associated with Turkey, Damianos said the participation of a major French international group would help the project.

On the possibility of further investors joining, he said it was too early to speculate, while noting that a project of this scale that had attracted such investment interest could be expected to draw additional interest.