The entry of French investment group Meridiam as the majority shareholder in the Great Sea Interconnector company creates a new strong momentum for the project, Environment and Energy Minister Stavros Papastavrou said.
The agreement was signed at the Maximos Mansion in the presence of Greek Prime Minister Kyriakos Mitsotakis, with Papastavrou highlighting the strategic importance of the Greece-Cyprus-Israel electricity interconnection.
Cyprus remains the only EU member state without an electricity connection to the European grid.
Strategic link for Cyprus and the region
Speaking to OPEN TV, Papastavrou said Meridiam’s participation significantly strengthens the project’s prospects, as the investment group has proven experience in technically demanding subsea electricity interconnections, including the link between the United Kingdom and Germany.
“It is a complex project with technical, geopolitical and economic challenges. No one said all these issues would be resolved overnight. However, this new partnership creates strong momentum, expands the base of participants and makes it clear that the project concerns not only Greece and Cyprus but is also a European priority,” he said.
Energy security and renewables
Papastavrou said completing the Great Sea Interconnector would be a decisive step towards ending Cyprus’ energy isolation.
He added that the project would strengthen security of supply, increase opportunities for renewable energy integration and improve overall energy security in the Eastern Mediterranean.
The minister also announced that a cost-benefit study for the Cyprus-Israel section is expected to be completed in the coming days and submitted to the regulatory authorities of both countries.
“Electricity interconnections are essential for Europe’s energy security, particularly in the Eastern Mediterranean. We are moving forward with decisive steps to complete the Greece-Cyprus-Israel electricity connection,” he said.
Greece rejects threats in Eastern Mediterranean
Referring to Turkey’s position, Papastavrou said Greece exercises its sovereign rights based on international law and the Law of the Sea, while continuing to build strong international partnerships.
“Greece’s strategy for the Eastern Mediterranean is a strategy of development, cooperation and progress for all countries in the region, without exclusions, but also without accepting coercive practices or threats,” he said.
“Threats have no place in the modern Eastern Mediterranean,” he added.
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