France has thrown its weight behind the long-delayed Great Sea Interconnector (GSI), with infrastructure investment giant Meridiam becoming the majority shareholder in the company responsible for developing the strategic electricity link between Greece and Cyprus.
The agreement, signed Wednesday at Greece’s Maximos Mansion in the presence of Prime Minister Kyriakos Mitsotakis, marks one of the most significant advances for the project in recent years. A separate three-way agreement between Greece’s Independent Power Transmission Operator (IPTO), Great Sea Interconnector, and French cable manufacturer Nexans was also signed to accelerate seabed survey work—the next critical stage before construction.
The development comes months after Mitsotakis reiterated Greece’s commitment to the project despite regional tensions and described the interconnector as a strategic priority for both Europe and the Eastern Mediterranean.
Strategic European Infrastructure
Speaking at the signing ceremony, Mitsotakis called the agreement “a very important milestone” for a project that extends far beyond Greece and Cyprus.
“This is a project of strategic importance not only for Greece and Cyprus, but also for Europe,” he said.
The prime minister described Meridiam’s investment as “a strong vote of confidence” in Greece’s energy sector, IPTO’s technical expertise, and the long-term importance of connecting Cyprus—the only EU member state still isolated from the European electricity grid.
Mitsotakis emphasized that the partnership combines complementary strengths. IPTO brings proven engineering experience, including the successful completion of the technically demanding Crete-Attica electricity interconnection, while Meridiam contributes extensive international infrastructure expertise and long-term investment capacity.
“The most important message today is that we are joining forces for a European project of common interest,” he said.
French Backing Strengthens Project
Meridiam Chairman and CEO Thierry Déau described the interconnector as “a project of major strategic importance for Europe,” noting that it follows the broader strategic partnership between Greece and France.
The Paris-based investment group manages approximately €25 billion in assets and has invested in numerous European infrastructure projects, including major cross-border electricity interconnections.
Déau said Meridiam would contribute both financial strength and experience in delivering complex trans-European infrastructure.
Nexans Executive Vice President Pascal Radue said the agreement represented “a very important step forward,” adding that all stakeholders must now work together to ensure the project is successfully completed.
Ending Cyprus’ Energy Isolation
Once completed, the Great Sea Interconnector will link the electricity grids of Greece and Cyprus through a high-voltage submarine cable, eventually allowing Cyprus to become fully integrated into the European electricity market.
The project is expected to improve regional energy security, facilitate greater use of renewable energy, and strengthen the resilience of Europe’s interconnected power network.
Mitsotakis said the interconnector would make “a substantial contribution to ending Cyprus’s energy isolation” while enhancing the stability of the wider regional grid.
IPTO Chairman and CEO Manousos Manousakis described the new shareholder structure as sending “a clear message” that the project is moving forward as a European initiative.
He noted that European Commission President Ursula von der Leyen has ranked it among the EU’s most important strategic infrastructure projects.
The signing also follows French President Emmanuel Macron’s recent visit to Greece, during which energy cooperation featured prominently in discussions between Athens and Paris, further underscoring the growing strategic partnership between the two countries.
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