French investment group Meridiam has agreed to enter as the majority shareholder in Great Sea Interconnector for the Greece-Cyprus electricity interconnection project. Government sources said the French involvement strengthens conditions and credibility to accelerate the project's implementation.
Great Sea Interconnector was originally designed as a special purpose vehicle to develop and execute the project with strategic investors. According to officials, the deal with Meridiam fulfills this plan following a successful share capital increase by grid operator IPTO, boosting the project's financial firepower.
IPTO will remain a strategic shareholder and key partner holding statutory minority rights. The Greek operator will retain technical leadership and manage the interconnection's operation upon completion, while Meridiam expands the capital base, adds international expertise, and enhances implementation capability.
Government sources described the agreement as a strong vote of confidence in Greece's energy sector and in IPTO. Alongside the main deal, IPTO, Great Sea Interconnector, and Nexans signed a strategic agreement to cooperate immediately on accelerating work, prioritizing marine seabed surveys.
Investor Profile and Regional Projects
Paris-based Meridiam is an international investor, developer, and infrastructure manager active in Europe, the United States, and Africa. The firm specializes in strategic public infrastructure projects that it finances, develops, implements, and manages over a long-term horizon alongside governments, regulatory authorities, and public bodies.
Its portfolio includes major European infrastructure assets, such as the cross-border electricity link connecting the United Kingdom and Germany, which is one of Europe's largest energy projects. Government sources said the new agreement joins forces to safeguard project delivery.
IPTO continues to expand regional transmission networks, having completed the Crete-Attica power link that began operating in 2025. Energization of the Santorini interconnection is currently underway, while links to Milos, Serifos, and Folegandros are scheduled for completion in 2026.
The grid operator is also advancing tenders for electrical connections linking the Dodecanese and the North Aegean to the mainland grid, alongside a new Greece-Italy interconnection.
Regulatory Steps and Regional Links
Officials noted that Meridiam's participation supports the strategic goal of connecting Cyprus to the European electricity system via Greece, boosting energy security and resilience for both countries. The agreement is expected to trigger the resolution of pending regulatory matters and support long-term commercial bank financing. In addition, an approval process for European Investment Bank financing is currently in progress.
Plans for a Cyprus-Israel electricity interconnection are also advancing. As the implementation body, IPTO has completed a cost-benefit study for the project and will send it to regulatory authorities in Cyprus and Israel in the coming days.
Government officials stated that these investments and agreements strengthen Greece's role as a strategic energy hub connecting Eastern Mediterranean electrical systems to the European electricity market.
