French investment boosts Great Sea Interconnector, bolstering regional renewables hub
"Greek Prime Minister Kyriakos Mitsotakis welcomed French asset management firm Meridiam as the new majority shareholder in the Great Sea Interconnector (GSI), describing the deal and Nexans' cable-laying contract as a strong vote of confidence in regional energy infrastructure. While emphasizing the project's role in ending Cyprus’s energy isolation, Mitsotakis firmly rejected Turkish objections to Greece’s renewable energy spatial framework, asserting Greece's rights under international law against "grey zone" claims."
EU Directive 2019/790 Article 15 Attribution • Verified Energy Document
Greek Prime Minister Kyriakos Mitsotakis has lauded a significant agreement marking French asset management firm Meridiam as the new majority shareholder in the Great Sea Interconnector (GSI) project. The deal, he stated, will provide the crucial Cyprus-Greece electricity link with enhanced financial and technical capabilities.
In a social media post today, Mitsotakis announced that French cable manufacturer Nexans is set to undertake the demanding task of manufacturing and laying the interconnector cable, calling the agreement "a strong vote of confidence" in Greece’s burgeoning energy infrastructure. The Prime Minister emphasized that this project is poised to finally end Cyprus’ energy isolation by connecting the island to the Greek electricity grid. This move is also expected to reinforce Greece's strategic position as a key regional energy hub and accelerate the transition towards greater integration of clean energy from renewable sources.
The discussion, however, extended beyond energy, touching upon Greek-Turkish relations. Mitsotakis referenced Turkey’s reaction to Greece’s Special Spatial Framework for Renewable Energy Sources, characterizing Ankara's objections as a "revival of unfounded claims concerning grey zones." He firmly reiterated Greece’s unwavering position: "Our position is clear and remains unchanged: Greece acts in accordance with international law, exercises its rights and will not allow threats or unlawful claims to determine its decisions."
The Greek policy, which establishes defined geographic boundaries for renewable investments, delineates specific areas for industrial development while also defining exclusion zones to protect natural habitats. Notably, the framework expands exclusion zones for wind, solar, and storage projects, introduces new restrictions for islands and high-altitude regions, and closely ties renewable energy permitting with tourism and environmental planning.
Ankara has reacted negatively to this new framework, particularly as it encompasses parts of the Aegean Sea. Turkish foreign ministry spokesman Oncu Keceli, cited by Kathimerini, asserted that the framework, like other Greek initiatives, "will have no legal consequence" for Turkey. The Turkish side connected its stance to what it termed "interrelated Aegean issues," referring to "geographical formations whose sovereignty has not been transferred to Greece by international agreements."
Mitsotakis concluded by underscoring Greece's consistent pursuit of dialogue and good-neighbourly relations with Turkey, while firmly stating that "dialogue does not mean making concessions," nor would it deter Greece from pursuing what is deemed right and necessary for the country.
Meridiam secured its majority stake in the GSI on Wednesday, August 5, purchasing the controlling interest from Greece’s independent transmission system operator (Admie). Former Cypriot energy minister George Papanastasiou told the Cyprus Mail that Meridiam’s involvement "will of course help" the project’s future, describing it as "very good news" and highlighting that a viable fund is joining a project in need of financiers. He added that this development could also aid the governments of Greece and Cyprus in their efforts to secure funding from the European Investment Bank.