Meridiam has acquired a 49.9% stake in the Greece-Cyprus-Israel Great Sea Interconnector project, according to Bloomberg. Under the deal, the French infrastructure investment company will have 49.9% and IPTO 50.1% in the €1.9 billion project.

Each company will finance its share of the project, and the deal allows for the possible entry of other investors in the project in the future. ΙPTO will select six board members of GSI and Meridiam the other five.

It is recalled that the construction of the cable connecting Cyprus to Greece started in 2023. In the next phase of the project, Israel will be able to enhance the security of its supplies, gaining the ability to further and faster increase the share of renewables in its energy mix.

The project has been included in the EU's list of projects of common interest and has already received a €657 million grant for the Cyprus-Crete section.