In the presence of Prime Minister Kyriakos Mitsotakis, an agreement was signed at the Maximos Mansion on August 5, 2026 for the entry of the French investment group Meridiam as the majority shareholder in Great Sea Interconnector (GSI), which, according to the initial planning, will undertake the development of the Greece-Cyprus electricity interconnection project. A tripartite agreement was also signed between the Independent Power Transmission Operator (IPTO), GSI and Nexans concerning seabed survey works for the implementation of the project.

“Welcome to Athens. Today is, I believe, a very important day, marking significant progress for the Great Sea Interconnector project. As you know, this is a project of strategic importance both for Greece and Cyprus, but I believe also for Europe as a whole. And Meridiam’s entry as the majority shareholder in Great Sea Interconnector, a special-purpose company established by IPTO to implement the project, is, in my view, a very strong vote of confidence in Greece’s energy sector, in IPTO’s technical capabilities, and in the strategic value of this interconnection project,” the Prime Minister said in his remarks.

“I believe, however, that the most important message is that we are joining forces for a European project of common interest and, at the same time, that this development is accompanied by the signing of a strategic agreement between IPTO, GSI and Nexans. The three parties will work together from the outset to accelerate the implementation of the project, with the completion of the seabed surveys being the first priority.

“I believe IPTO brings to this project deep technical expertise, extensive knowledge of power systems and a proven ability to implement major energy interconnections, with the Athens-Crete interconnection serving as an 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.

“By combining these complementary strengths, the two partners are creating a significantly stronger and much more credible platform for the construction and successful completion of the project. This particular transaction, of course, concerns the project’s special-purpose company, which is responsible for developing the interconnection.

“I would like to emphasize that IPTO remains a strategic shareholder and a central partner in this project, while your participation strengthens the capital base, leads to better risk allocation and enhances the project’s ability to be implemented. We have been exploring this possibility over the past few months, and we are particularly pleased that we have succeeded in strengthening the project’s capital base.

“Clearly, for us this is both a strategic project and a project of particular importance for the energy structure and stability of the entire network in our region. It will make a substantial contribution to ending Cyprus’s energy isolation and connecting the country to the wider European electricity system. And, of course, it will facilitate the integration of more renewable energy into the grid and will strengthen Europe’s overall energy resilience.

“I am very pleased that Greece is once again demonstrating that it can attract serious, long-term international investors for projects of strategic importance. I believe it is particularly significant that we have managed to attract one of the largest, if not the largest, European investors in the infrastructure sector. I also believe that this is the right time to support strong strategic participation, international investment, technical expertise, as well as a clear allocation of responsibilities and risks.

“Allow me, therefore, to congratulate all the parties involved on the signing of this agreement, and we look forward to taking all the necessary initiatives so that the project can move forward as quickly as possible. Once again, welcome,” Kyriakos Mitsotakis concluded.

Source: Athens-Macedonian News Agency