Energy Minister Michael Damianos on Thursday welcomed the entry of French investment group Meridiam as the majority shareholder in the Great Sea Interconnector (GSI), saying the move gives the project “tremendous new momentum” and demonstrates the shared commitment of Cyprus and Greece to delivering the electricity link.
Speaking after the first cabinet meeting following the government’s reshuffle, Damianos said Meridiam’s participation fulfils a joint decision taken by President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis during the third Cyprus-Greece Intergovernmental Summit in Athens on November 12, 2025, to secure a strong strategic investor for the project.
“The participation of a major international French group with the necessary expertise clearly gives tremendous new momentum to efforts to implement the project, while also demonstrating the shared political will of Nicosia and Athens to advance the electricity interconnection,” he said.
Damianos added that Christodoulides had been kept continuously informed by Mitsotakis throughout the discussions leading to the agreement.
Asked whether the Republic of Cyprus should now become a shareholder in the project, the minister said the government would first await the results of the European Investment Bank’s due diligence study into the project’s financial viability.
“As you know, we are awaiting the due diligence study from the European Investment Bank (EIB) regarding the financial aspects of the GSI, which we expect to receive in the coming months. Whether the Republic of Cyprus will participate as a shareholder is something we will examine in due course,” he said.
He noted that project promoter Greece’s electricity transmission system operator (Admie) had already submitted the relevant request to the EIB and said the study is expected to be completed before the end of the year.
Asked whether Meridiam’s involvement would help reduce the geopolitical risks associated with Turkey, Damianos said only that “the participation of a major international French group certainly helps the project itself, for all the obvious reasons.”
On the prospect of attracting additional investors, the minister said it was too early to speculate, but added that “a project of this calibre, which has attracted investment interest of this level, would naturally be expected to attract further investor interest.”
Under the agreement, Meridiam will acquire a 66 per cent stake in the project, while Admie will retain the remaining one-third.
Asked whether Meridiam’s entry meant the project’s viability had now been secured, Damianos described it as “a vote of confidence” but stressed that the government’s decisions would ultimately depend on the conclusions of the EIB’s due diligence study.
“It is a vote of confidence, but as I have said before, we certainly need to wait for the due diligence study from the European Investment Bank, and that is what we will base our decisions on,” he said.
He added that the study would clarify the project’s final cost and determine how any increase beyond the current €1.9 billion estimate would be financed.
“The study will show exactly what the cost will be, because if it has increased beyond €1.9 billion, we will have to examine how any additional financing needs can be covered by investors,” he said.
Damianos reiterated that the government’s position remained unchanged, updated financial data from the European Investment Bank would be required before any final decisions are taken on Cyprus’ participation in the project.
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