On the occasion of the signing ceremony marking French investment group Meridiam’s entry as majority shareholder in Great Sea Interconnector (GSI), held on Wednesday (05/08), Kyriakos Mitsotakis described the agreement as “a very strong vote of confidence in Greece’s energy sector.” According to the original plans, the company will take on the development of the Greece-Cyprus electricity interconnection project. Alongside this agreement, a trilateral deal was also signed today between ADMIE, GSI, and Nexans, covering seabed survey works required for the project’s implementation.
Read also: Greece-Cyprus electricity interconnection relaunched with Mitsotakis’s seal of approval — Signing ceremony with France’s Meridiam (Photos)
Mitsotakis: Completing seabed surveys is the top priority
In his remarks, the Prime Minister opened by saying: “Welcome to Athens. Today is, I believe, a very important day — one that marks a significant step forward for the Great Sea Interconnector project. As you know, this is a project of strategic importance not only for Greece and Cyprus, but I believe for Europe as a whole. And Meridiam’s entry as majority shareholder in Great Sea Interconnector — a special purpose vehicle established by ADMIE to develop this project — represents, in my view, a very strong vote of confidence in Greece’s energy sector, in ADMIE’s technical capabilities, and in the strategic value of this interconnection project.”
“I believe, however, that the most important message is that we are joining forces for a European project of common interest. And this milestone is accompanied by the signing of a strategic agreement between ADMIE, GSI, and Nexans. All three parties will collaborate from the outset to accelerate the project’s delivery, with completing the seabed surveys as the immediate top priority,” he added.
“A strategic project for the stability of our region’s entire energy network”
“I believe ADMIE brings deep technical expertise to this project, an in-depth understanding of electricity systems, and a proven track record in delivering major energy interconnections — with the Athens-Crete link serving as a prime example of a particularly complex project that was recently completed. And of course, you bring international experience in similar projects and a long-term commitment to strategic infrastructure,” the Prime Minister continued.
“By combining these complementary strengths, the two partners are creating a far more robust and credible platform for constructing and successfully completing the project. This transaction, of course, concerns the project’s special purpose vehicle, which is responsible for developing the interconnection.
I would like to emphasize that ADMIE remains a strategic shareholder and a core partner in this project, while your participation strengthens the capital base, leads to better risk allocation, and enhances deliverability. We have been exploring this possibility over recent months, and we are particularly pleased to have succeeded in bolstering the project’s financial foundation,” he added.
Ending Cyprus’s energy isolation
Mr. Mitsotakis also highlighted the project’s role in ending Cyprus’s energy isolation.
“This is, of course, both a strategic project and one of particular importance for the energy structure and stability of our region’s entire grid. It will make a substantial contribution to ending Cyprus’s energy isolation and connecting the country to the broader European electricity system. And naturally, it will facilitate the integration of greater volumes of renewable energy into the grid and will overall strengthen Europe’s energy resilience,” he stated.
In closing, he added: “I am very pleased that Greece is once again demonstrating its ability to attract serious, long-term international investors for projects of strategic importance. I think it is particularly significant that we have managed to attract one of the largest — if not the largest — infrastructure investor from Europe, and I also believe that this is the right moment to support strong strategic participation, international investment, technical expertise, and a clear allocation of responsibilities and risks.
Allow me, therefore, to congratulate all parties involved in signing this agreement. We look forward to taking every initiative necessary to advance the project as swiftly as possible. And again, welcome.”
Papastavrou: A milestone moment for the project’s implementation
Environment and Energy Minister Stavros Papastavrou expressed his gratitude to the companies and stakeholders involved for their professional commitment.
“Prime Minister, following President Macron’s visit here, you provided the direction and guidance. We met with Thierry, and I believe the companies managed to conclude this agreement in record time. And as everyone has said, this is just the beginning — a beginning that marks a milestone on the path to delivering this project,” Mr. Papastavrou said.
Thierry Déau, Chairman and CEO of Meridiam, stated: “Thank you, Prime Minister, dear ministers. It is a great honor for me to be here today to sign this agreement. This is a project of great strategic importance for Europe, and it builds upon the strategic partnership that Greece has signed with France. I must say that my president strongly supports this project — in fact, he calls me about it every day.
We are very pleased to bring, of course, our financial strength — the €25 billion we manage — with our focus on long-term infrastructure investments. We have been involved in most trans-European networks, whether the electricity interconnection between the United Kingdom and Germany or transport and other sector networks, essentially responding to long-term policies for building the infrastructure that makes Europe more resilient.
I am therefore very pleased to be here alongside my colleagues from Nexans. And we are here to work and deliver results.”
Pascal Radue, Executive Vice President of Nexans, also expressed his appreciation, noting: “Thank you very much, Prime Minister and ministers. On behalf of Nexans, I would also like to say that we are extremely pleased to see the signing of this project today, which represents a very significant step forward. Further steps will follow. I believe that all stakeholders must work together to ensure that this project is delivered in practice. We are particularly pleased, because I believe it represents an important step forward — and we are very happy that, ultimately, as members of ‘Team France,’ we will be able to add value through our technology, both in Greece and across broader Europe.”
ADMIE Chairman and CEO Manousos Manousakis stated: “I would like to thank the government for the support it has provided in this extremely challenging effort, and I would also like to thank Meridiam for the trust it has shown in ADMIE. As the Prime Minister said, this is a European project, and today, with the new shareholder structure, I believe we are declaring to everyone that this is a European project that is moving forward. It was cited as the second most important project by Ursula von der Leyen of the European Commission. We are here to work — to work hard — and to deliver strong results once again, as we have done in the past, all together.”
The agreement that gets the project moving
The Greece-Cyprus electricity interconnection project (Great Sea Interconnector) is one of the largest electricity interconnection projects in the world, pioneering cable laying at depths of up to 3,000 meters and employing innovative High Voltage Direct Current (HVDC) converter station technology.
The agreement for French investment group Meridiam to enter as majority shareholder of Great Sea Interconnector (GSI) represents a highly significant development for the Greece-Cyprus electricity interconnection, with the French stamp of approval strengthening the conditions and credibility needed to accelerate the project’s delivery.
A crucial role in unblocking the deal and pushing it forward was played by Energy Minister Stavros Papastavrou, who had been working quietly behind the scenes in recent months to get the agreement across the line.
ADMIE’s role in the project
GSI was designed from the outset as the special purpose vehicle (SPV) for developing and implementing the project, with the participation of strategic investors. The agreement with Meridiam is the realization of that design and, following ADMIE’s successful share capital increase, significantly enhances the project’s financial firepower.
ADMIE remains a strategic shareholder and key partner with statutory minority rights, retaining technical leadership of the project and responsibility for operating the interconnection upon its completion. Meridiam’s majority stake strengthens the project’s capital base, adds technical know-how, and enhances its capacity for delivery.
The signed agreement represents a strong vote of confidence in Greece’s energy sector and in ADMIE as the project’s implementing body. It is accompanied by the signing of a strategic agreement between ADMIE, GSI, and Nexans. All three parties will collaborate from day one to accelerate progress, with priority given to completing the seabed surveys.
Meridiam is a leading international investor, developer, and manager of infrastructure projects, headquartered in Paris and with a strong presence across Europe, the United States, and Africa. The firm specializes in strategically significant public infrastructure projects, which it develops, finances, builds, and manages with a long-term investment horizon, working closely with governments, regulatory authorities, and public bodies. Its investment portfolio includes some of Europe’s most important infrastructure projects, among them the electricity interconnection linking the United Kingdom with Germany — one of Europe’s largest cross-border energy projects. In essence, through this agreement, we are joining forces and reinforcing the project’s path to delivery.
As Greece’s electricity transmission system operator, ADMIE has consistently invested in the country’s infrastructure, having completed the landmark Crete–Attica electricity interconnection, which has been operational since 2025. Work on electrifying the Santorini interconnection is currently underway, while the interconnections for Milos, Serifos, and Folegandros are set to be completed during 2026. At the same time, tender processes are advancing for the electricity interconnections of the Dodecanese and North Aegean islands with the mainland grid, as well as a new Greece–Italy electricity interconnection.
Meridiam’s participation in the share capital of ADMIE’s subsidiary, GSI, significantly strengthens the project by contributing international expertise and robust investment credibility — bolstering the company’s strategic goal: connecting Cyprus to the European electricity system via Greece and enhancing the energy security and resilience of both countries.
The agreement is expected to act as a catalyst for resolving the project’s outstanding regulatory issues and contribute to its long-term bank financing, reinforcing the security and stability of its funding structure. It is also noted that the process of securing project financing from the European Investment Bank (EIB) is currently underway.
In parallel with this development, the maturation of the Cyprus–Israel electricity interconnection is also progressing. ADMIE, as the implementing body, has completed and will submit in the coming days to the regulatory authorities of Cyprus and Israel a cost-benefit study — a significant milestone in the project’s advancement. Through these investments and agreements, Greece is strengthening its role as a strategic energy hub connecting the electricity systems of the Eastern Mediterranean to the European energy market.
The project’s budget stands at €1.9 billion. Its initial transmission capacity will be 1,000 MW, with the potential to be upgraded to 2,000 MW. It will connect Crete with Cyprus via a 900-kilometer submarine cable.
The Cyprus-Israel interconnection comes next
This is a project that sits very high on the European Union’s energy agenda. Tellingly, it has been included among the 8 high-priority “Energy Corridors” identified by the European Commission — corridors set to play a pivotal role in further integrating European energy markets. The primary reason is that it will end Cyprus’s energy isolation: Cyprus is currently the only EU member state not connected to any other European electricity market.
The importance the EU attaches to the project’s delivery is underscored by the fact that it is being funded with €657 million in EU resources through the Connecting Europe Facility (CEF). Additionally, ADMIE — which until now has been the sole shareholder of the implementing entity — has submitted a request for €1 billion in project financing from the EIB.
In a second phase, the construction of the next and final leg of the interconnection is planned — namely the Cyprus–Israel section. The maturation of this second segment was, in fact, discussed by the Energy Ministers of Greece and Israel, Stavros Papastavrou and Eli Cohen, during a phone call on Tuesday, 4 August.
