Greek media reports that the electricity transmission system operator ADMIE has finalized a partnership with French investment firm Meridiam for the long-awaited Cyprus-Greece electricity cable project, known as the Great Sea Interconnector. This agreement ensures new funding and introduces a strategic partner for the project.
Under the terms of the deal, Meridiam will acquire a 49.9% stake in the project company, Great Sea Interconnector (GSI), while ADMIE will retain a controlling 50.1% share. Meridiam will invest 1.9 billion euros for its stake and will have five seats on GSI’s board, with ADMIE holding six.
The agreement also allows for the inclusion of additional investors, which could be of particular interest to Cyprus. Meridiam’s involvement is expected to address geopolitical concerns, a key issue raised by Cyprus, by bringing in a prominent European investor. This addition is seen as strengthening the project’s credibility and security.
ADMIE and Meridiam will share the financial responsibilities for the project based on their respective stakes. This new partnership builds on the Framework Agreement signed in September.
