French infrastructure firm Meridiam SAS has reached an agreement to acquire a stake in Greece’s 1.9-billion-euro project to connect its electricity grid with Cyprus and Israel via undersea cables in the eastern Mediterranean, Bloomberg reports citing sources familiar with the matter.
As part of the deal, Meridiam will acquire a 49.9% share in the Great Sea Interconnector project, while the Greek electricity grid operator IPTO (Independent Power Transmission Operator) will maintain a majority holding of 50.1%, the sources revealed, speaking on condition of anonymity as the details of the agreement have not yet been made public.
The Great Sea Interconnector project, designed to link Greece, Cyprus, and Israel through underwater electrical cables, has faced delays due to disputes between Cyprus and Greece over several issues, including cost distribution and addressing the potential risks associated with geopolitical instability, particularly the ongoing conflict between Israel and Hamas.
