Great Sea Interconnector

Who owns Great Sea Interconnector?

Great Sea Interconnector is currently owned by Meridiam through Meridiam Infrastructure Europe III (2016 vintage), since 2024.

Hand-verified · updated 2026-07-14

About Great Sea Interconnector

Great Sea Interconnector is the Athens-based project company developing a subsea high-voltage electricity link designed to connect the power grids of Greece, Cyprus and Israel across the Eastern Mediterranean. The scheme comprises roughly 1,208 kilometres of HVDC submarine cable rated at 525 kV, laid at depths of up to 3,000 metres, with an initial transmission capacity of 1 GW that can be expanded to 2 GW. Budgeted at around EUR 1.9 billion, it is designated a European Union Project of Common Interest and has been allocated EUR 657 million in support from the Connecting Europe Facility. Its central purpose is to end the electrical isolation of Cyprus, the last non-interconnected EU member state, and to integrate renewable generation and improve energy security across the region.

Ownership journey

The venture was first announced in Nicosia in January 2012 as the EuroAsia Interconnector, promoted by EuroAsia Interconnector Ltd, before Greece's Independent Power Transmission Operator, ADMIE/IPTO, took over its implementation in October 2023 and incorporated a dedicated project company, subsequently renamed Great Sea Interconnector, in late 2023. French infrastructure investor Meridiam entered in 2024 through its Meridiam Infrastructure Europe III fund, bringing capital and large-project expertise to a scheme that had struggled to advance under public ownership alone. In August 2026 Meridiam signed a binding agreement to take a 66 percent majority stake in the project company, with IPTO retaining the balance as a strategic shareholder and technical lead. Meridiam is the current majority owner, and no exit or secondary transaction has been recorded.

Under PE ownership

Meridiam's entry was framed by Greek and Cypriot officials as a vote of confidence intended to inject private capital and infrastructure delivery experience into a project that had stalled since the summer of 2024 amid Turkish objections during seabed surveys and frozen payments. Alongside the shareholder agreement, a tripartite arrangement with cable manufacturer Nexans was signed to resume bathymetric surveys and accelerate cable production, the critical stage ahead of full construction. The parties have been awaiting European Investment Bank viability studies and regulatory clearances from the Greek and Cypriot energy authorities to finalise the 2026 funding package. The transaction reset the project's momentum after prolonged delays, keeping alive the target of linking Cyprus to the European grid later in the decade.