French investment group Meridiam signed an agreement on Aug. 5, 2026, to acquire a majority stake of over 50 percent in the Great Sea Interconnector power project. The signing took place at 4:30 p.m. at the Maximos Mansion in Athens in the presence of Greek Prime Minister Kyriakos Mitsotakis.
The acquisition makes Meridiam the majority shareholder in Great Sea Interconnector, the entity designated under current plans to develop the subsea power cable between Greece and Cyprus. The strategic project of common European interest aims to end the energy isolation of Cyprus and improve supply security in the Eastern Mediterranean.
Meridiam had been considering entry into the project for approximately two years. Although an entry agreement had been reached in principle earlier, progress was delayed by geopolitical uncertainty around the route and disputes between Athens and Nicosia over funding and project management.
Agreement details and key attendees
The ceremony at the Maximos Mansion also included the signing of a tripartite agreement between Greek grid operator ADMIE, Great Sea Interconnector, and French firm Nexans. The deal covers marine seabed surveys required to finalize the subsea cable route before construction begins.
Attending the event alongside Prime Minister Mitsotakis were Environment Minister Stavros Papastavrou, Deputy Environment Minister Nikos Tsafos, ADMIE Chairman and CEO Manousos Manousakis, and diplomatic advisor Ambassador Katerina Nasika. The French delegation included Costas Papadopoulos of Meridiam, Nexans Executive Vice President Pascal Radue, Meridiam CEO Thierry Deau, and the charge d'affaires of the French embassy.
Market sources said Meridiam brings strong backing and close ties to the French government, enhancing the international credibility of the venture. However, market observers noted that the project still faces external challenges, including geopolitical tensions and obstacles raised by Ankara.
Seabed surveys and infrastructure experience
Meridiam first explored joining the consortium in autumn 2024 after a tripartite meeting in Paris between French President Emmanuel Macron, Greek Prime Minister Mitsotakis, and Cypriot President Nikos Christodoulides. Although initial talks focused on a minority stake under 50 percent, the investment firm ultimately decided to take a controlling interest.
The French firm has existing partnerships with the European Investment Bank and the European Bank for Reconstruction and Development. Meridiam previously completed a similar subsea power link connecting England and Germany.
Geopolitical hurdles and diplomatic history
Competent sources said negotiations resumed following a visit by President Macron to Greece in April 2026. Meridiam CEO Thierry Deau joined the French business delegation during that visit and participated in discussions with the Hellenic Federation of Enterprises.
Substantive talks between Mitsotakis and Macron, along with direct contacts between Papastavrou and French investors, helped resolve earlier delays. The final agreements signed with ADMIE establish the financial and technical framework to advance the interconnector project.
