Cyprus energy minister: Meridiam’s entry into Great Sea Interconnector is ‘vote of confidence’

Cyprus Energy Minister Welcomes Meridiam’s Strategic Investment in Great Sea Interconnector

Poinews.com – The Cyprus energy minister has officially welcomed the French investment group Meridiam as the new majority shareholder in the Great Sea Interconnector project. Michalis Damianou, Cyprus’ Energy Minister, emphasized that this partnership represents a significant milestone for regional energy infrastructure. He noted that Meridiam’s involvement provides fresh momentum for project implementation while demonstrating the strong political commitment between Cyprus and Greece to enhance their electricity interconnection capabilities.

According to the Cyprus energy minister, the Republic is currently awaiting the completion of the European Investment Bank’s due diligence study. This assessment will be crucial in determining whether Cyprus will join as an official shareholder in the project. Damianou characterized Meridiam’s participation as a clear “vote of confidence” in the Great Sea Interconnector’s long-term viability and strategic importance for the Eastern Mediterranean region.

Strengthening Regional Energy Security Through International Partnership

The formal agreement establishing Meridiam as majority shareholder was signed in Athens on Thursday. Under the current framework, Great Sea Interconnector (GSI), which operates as a subsidiary of Greece’s Independent Power Transmission Operator (IPTO), will lead the development of the electricity interconnection between the two nations. This partnership is expected to bring valuable international expertise and financial credibility to the project.

The strategic objectives are clear: connecting Cyprus directly to the European electricity system through Greece while simultaneously enhancing energy security for both countries. A complementary tripartite agreement was also executed between IPTO, GSI, and Nexans. These three organizations will collaborate from the outset, with seabed survey completion receiving immediate priority in their work schedule.

Meridiam, headquartered in Paris, has established itself as a premier international investor and developer of critical infrastructure projects. The company maintains substantial operations across Europe, the United States, and Africa. Its specialized focus on strategically important public infrastructure aligns perfectly with the Great Sea Interconnector’s ambitions. The company typically develops, finances, delivers, and manages projects with extended investment horizons, working closely alongside governments and regulatory bodies throughout each phase.

Concurrently, progress continues on the Cyprus–Israel electricity interconnection initiative. IPTO has finalized the comprehensive cost-benefit analysis and will soon submit this documentation to the regulatory authorities in both Cyprus and Israel. This represents another significant step forward for regional energy integration. The broader vision positions Greece as a central energy hub connecting Eastern Mediterranean electricity systems with the wider European market.

What Investors and Citizens Should Know About the Great Sea Interconnector

FAQ: Great Sea Interconnector Updates

When was the Meridiam agreement signed? The agreement establishing Meridiam as majority shareholder was signed on Thursday in Athens, marking a pivotal moment for the project’s development timeline.

What role does the European Investment Bank play? The EIB is conducting a comprehensive due diligence study that will influence Cyprus’s decision regarding shareholder participation and help determine the project’s final cost structure.

How will this benefit Cyprus’s energy security? The interconnection will directly link Cyprus to the European electricity system through Greece, diversifying energy sources and strengthening the island nation’s resilience against supply disruptions.

What comes next for the project? Priority work includes completing seabed surveys, while Cyprus awaits the EIB’s final recommendations before making its shareholder commitment decision.