Greece and Cyprus signed an energy agreement with French firm Meridiam at the Maximos Mansion to construct a subsea electricity cable across the Eastern Mediterranean.
The agreement restarts the troubled Great Sea Interconnector project, ending the energy isolation of Cyprus as the only European Union member state disconnected from the continent's power grid and integrating Nicosia into the European electrical system.
Two separate deals were finalized during the signing ceremony at the prime ministerial headquarters in Athens. The first agreement grants Paris-based infrastructure firm Meridiam a majority stake in Great Sea Interconnector, the special purpose vehicle established by Greek grid operator ADMIE to manage the project. The second agreement is a tripartite pact between ADMIE, Great Sea Interconnector, and French subsea cable manufacturer Nexans, clearing the way for immediate seabed surveys.
ADMIE, officially known as the Independent Power Transmission Operator of Greece, maintains responsibility for operating the Greek national electricity transmission grid. Under the terms of the new agreement, ADMIE retains its role as a strategic shareholder and technical lead for the project, and will assume full operational control of the subsea link once construction is completed.
Geopolitical Protection and Maritime Claims
An experienced analyst in international relations stated that securing Meridiam as the majority shareholder alongside Nexans for construction provides a French and European shield over the project. The analyst noted that the cable will traverse Greek, Cypriot, and international waters in a maritime zone that Ankara systematically disputes and claims as its own continental shelf.
Turkey has long contested maritime boundaries in the Eastern Mediterranean, asserting overlapping claims on seabed rights. The analyst added that the project elevates the status of Greece as an energy bridge connecting the Eastern Mediterranean to mainland Europe. Furthermore, the cable lays the groundwork for Israel to join the network, solidifying trilateral energy cooperation between Athens, Nicosia, and Tel Aviv.
Diplomatic discussions regarding the expansion of the grid are already underway. Greek Energy Minister Stavros Papastavrou spoke with his Israeli counterpart, Eli Cohen, to advance plans for the second phase of the project connecting Cyprus to Israel. Grid operator ADMIE has completed a cost-benefit study for the Cyprus-Israel section and plans to submit the document to energy regulatory authorities in both nations in the coming days.
Government Backing and Risk Distribution
Greek Prime Minister Kyriakos Mitsotakis attended the signing ceremony to signal his government's strong political backing for the subsea interconnector. Mitsotakis described the entry of Meridiam into Great Sea Interconnector as a decisive step forward for an initiative of strategic importance to Greece, Cyprus, and the wider European continent.
Mitsotakis said the investment by the French group serves as a major vote of confidence in the Greek energy market, the technical expertise of ADMIE, and the overall strategic value of the interconnector. He emphasized that combining the capabilities of Meridiam, ADMIE, and Nexans will accelerate project development, establishing underwater surveys as the immediate operational priority.
The Prime Minister noted that ADMIE will remain a strategic partner throughout the project's development. He added that Meridiam's capital injection strengthens the financial standing of the venture while ensuring a more effective distribution of investment risks among stakeholders.
Infrastructure Expertise and Technical Leadership
Under the terms of the deal, ADMIE retains technical leadership of the subsea interconnector and will assume full operational control of the power link once construction concludes. Meridiam supplies the necessary equity capital and international financial credibility required to execute the long-delayed energy corridor.
Meridiam is a global equity firm based in Paris specializing in the development, financing, and management of major public infrastructure projects across Europe, North America, and Africa. The company maintains long-term investment partnerships with governments and regulatory authorities to deliver critical public utilities.
The firm's European energy portfolio includes NeuConnect, a landmark cross-border subsea cable connecting the power grids of Germany and the United Kingdom across the North Sea. Officials expect the combined expertise of ADMIE, Meridiam, and Nexans to secure the successful implementation of the Eastern Mediterranean cable.
