The French infrastructure investment company Meridiam SAS has agreed to acquire 49.9% of the Cyprus-Israel electricity interconnection project via submarine cables (Great Sea Interconnector – GSI), while the Greek grid operator ADMIE will retain 50.1% of GSI, according to individuals familiar with the matter who requested anonymity because the deal has not yet been made public.

As reported by Bloomberg, the €1.9 billion submarine electricity interconnection will be one of the largest globally and will pave the way for Cyprus, the last non-interconnected member of the European Union, to join the Union’s transmission system. It is noted that high-voltage cables over 1,200 kilometers (745 miles) long will be installed at depths of up to 3,000 meters.

The two companies will finance their respective shares of the project, and the agreement also allows for the possibility of additional investors joining in the future, the same individuals stated, according to the report. Representatives from ADMIE and Meridiam declined to comment.

GSI is the implementing entity for the Greece-Cyprus-Israel electricity interconnection project and a subsidiary of ADMIE.

Under the agreement, as reported by the American news agency, GSI's Board of Directors will initially consist of 11 members, six of whom will be appointed by ADMIE and the remaining five by Meridiam, according to a source.

It is noted that GSI’s organizational structure will follow the terms of the agreement to which both parties have consented, one of the sources stated.

Additionally, it is reported that construction of the electricity interconnection between Cyprus and Greece, via Crete, began in 2023.

In the next phase of the project, Israel will also be able to enhance its electricity supply security while gaining the capacity to further and more rapidly increase the share of Renewable Energy Sources (RES) in its energy mix.