French infrastructure investor Meridiam has acquired a majority stake in Great Sea Interconnector (GSI), the special-purpose vehicle established by Greek transmission system operator IPTO (ADMIE) to develop the Greece-Cyprus electricity interconnection project (Greek government press release, 05/08/2026). In parallel, IPTO, GSI and Nexans signed an agreement covering the seabed surveys required for the project's implementation.
The project will consist of a 1,208 km, 525 kV HVDC submarine cable linking Greece and Cyprus, with an initial transmission capacity of 1 GW and a potential expansion to 2 GW. The EUR1.9bn project, designated as an EU Project of Common Interest, is expected to receive EUR657m in funding from the European Commission. The completion of the interconnector is now expected beyond the original late-2029/early-2030 target. It could later be extended to Israel.
The Greece-Cyprus interconnector aims to end Cyprus's electrical isolation by linking the island to the European power system, while facilitating the integration of renewable energy and strengthening regional energy security. IPTO will remain a strategic shareholder in the project, while Meridiam's participation is expected to strengthen the project's capital base and support its implementation.