French infrastructure investor Meridiam acquired a 66% stake in the Great Sea Intercon-nector (GSI) project company from Greece’s Independent Power Transmission Operator (IPTO) on 5 August. IPTO retains 34%, and financial terms were not disclosed. The 1GW, €1.9bn ($2.2bn) project is intended to link the electricity grids of Greece and Cyprus, and a potential second phase will connect to Israel. However, the project is facing a European Public Prosecutor’s Office (EPPO) probe into potential criminal offences relating to the pro-ject’s development and the use of EU funding (MEES, 12 September 2025).
The deal makes Meridiam the controlling shareholder and substantially shifts the project’s risk profile, with IPTO retaining technical leadership and responsibility for operating the in-terconnector. A separate agreement signed the same day by IPTO, GSI and cable contractor Nexans aims to accelerate implementation, with completion of long-delayed seabed sur-veys the immediate priority. (CONTINUED – 256 WORDS)
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