The Greece-Cyprus cable has a French stamp, with Meridiam entering with a share of over 50%

Meridiam's entry marks the strengthening of GSI's shareholding and financial base, giving new momentum to one of the most important energy projects of common European interest, which aims to end Cyprus' energy isolation and strengthen security of supply in the Eastern Mediterranean.

The powerful French investment group has been in the antechamber of the project for about two years. Its entry had been agreed at the level of authorities, however, it did not proceed due to the geopolitical uncertainty surrounding the Greece-Cyprus interconnection, as well as the disagreements that developed between Athens and Nicosia on the way to promote and finance the project.

These developments tested the strength and prospects of the Great Sea Interconnector, resulting in a delay in the finalization of Meridiam's investment participation. Today's agreement essentially marks the restart of the project, as it brings a strong international investor to the project and creates the conditions for accelerating its implementation.

A tripartite agreement will also be signed during the event between IPTO, Great Sea Interconnector and Nexans, which concerns the execution of seabed surveys, a crucial technical stage for promoting the implementation of the project. The surveys are a key prerequisite for the final design of the submarine cable route and the start of the next phases of construction.

The presence of the Prime Minister at the ceremony gives particular political weight to the agreement, which comes at a time when the Greek government is seeking to ensure the progress of a project of strong geopolitical and energy importance for Greece, Cyprus and the European Union as a whole.

Also in Athens for the signing are Costas Papadopoulos of Meridiam, Pascal Randy, executive vice president of Nexans and chargé d’affaires of the French embassy. On the Greek side, in addition to Kyriakos Mitsotakis, Stavros Papastavrou, Deputy Minister of Environment Nikos Tsafos, the President and CEO of IPTO Manousos Manousakis and the diplomatic advisor to the Prime Minister, Ambassador Katerina Nasika will be present.

Meridiam's participation is estimated to enhance the project's credibility and financial adequacy, while the agreement with Nexans marks the start of critical technical work that is considered necessary for the maturation and development of the electrical interconnection.

Market players point out, however, that the entry of Meridiam, an investor with a strong presence in European infrastructure and close relations with the French state, opens a new window of support for the project, strengthening its international credibility and investment base.

However, the big issue remains the removal of the obstacles that have stalled the progress of the electrical interconnection in the past and are linked to geopolitical issues and Ankara's obstacles. Whether the enhanced French presence will contribute to overcoming them is a question that remains to be answered in practice.

The French giant Meridiam
The beginning of the activation of the French giant Meridiam can be traced back to the fall of 2024, after a tripartite meeting between Macron, Mitsotakis and Christodoulides in Paris. There, the French company began to become active, exploring the prospect of entering the consortium for the GSI cable.

Meridiam's comparative advantage, in addition to the strong French stamp on the project and the cooperative relationship it has with the EIB and the EBRD, is that it has implemented a similar nature and scope, the England-Germany submarine interconnection.

While the initial discussions concerned Meridiam's acquisition of less than 50% in the cable's consortium, the French group, with its wide portfolio of investment positions, will take a stake of more than 50%. At the Maximos Mansion, the signing of agreements between IPTO and Meridiam, as well as with the also French Nexans, will take place.

Competent sources identify the restart of discussions that seemed to have stalled during the visit of French President Emmanuel Macron to our country last April.

At that time, a member of the French business delegation that accompanied Macron and also participated in discussions with SEVA was the CEO of Meridiam Thierry Do, who is coming to Athens today for the relevant signatures.

At the meeting of the Greek Prime Ministe a more substantive discussion took place between the Greek Prime Minister and the French President, while in the previous period there were also contacts between the Minister of Environment Stavros Papastavros and the French investors.