**Mitsotakis Welcomes French Investment in Great Sea Interconnector Project**
Greek Prime Minister Kyriakos Mitsotakis has expressed his approval of a recent agreement that positions French asset management firm Meridiam as the majority shareholder in the company responsible for the Great Sea Interconnector (GSI). This development is anticipated to enhance both the financial and technical capabilities of the electricity link between Cyprus and Greece.
In a social media post on Sunday, Mitsotakis highlighted the significance of the partnership, noting that French cable manufacturer Nexans would be tasked with the complex job of manufacturing and laying the cable for the interconnector. He characterized the agreement as a “strong vote of confidence” in Greece’s energy infrastructure, emphasizing its potential to eliminate Cyprus’ energy isolation by connecting the island to the Greek electricity grid.
The GSI project is expected to bolster Greece's role as a key regional energy hub, facilitating increased utilization of clean energy sourced from renewable resources. Mitsotakis underscored the importance of this project in the context of broader energy strategy and regional cooperation.
In addition to discussing the GSI, Mitsotakis addressed ongoing tensions in Greek-Turkish relations, particularly in light of Turkey's criticism of Greece’s Special Spatial Framework for Renewable Energy Sources. He noted that Turkey had revived “unfounded claims concerning grey zones” in response to Greece's energy policies. The framework, which delineates geographic boundaries for renewable investments, aims to establish specific areas for industrial development while designating exclusion zones to protect natural habitats.
The proposed framework significantly expands exclusion zones for wind, solar, and energy storage projects, introduces new restrictions for islands and high-altitude areas, and aligns renewable permitting with tourism and environmental planning. The Turkish foreign ministry has reacted to this initiative, asserting that it will have “no legal consequence” for Turkey and linking its stance to what it describes as “interrelated Aegean issues.”
Mitsotakis reiterated Greece's commitment to acting in accordance with international law, asserting that the country would not be swayed by threats or unlawful claims. He emphasized that while Greece seeks dialogue and maintains good-neighbourly relations with Turkey, such dialogue should not be misconstrued as a willingness to make concessions.
The acquisition of a controlling stake in the GSI by Meridiam, which took place on August 5, is seen as a positive step for the project's future. Former Cypriot energy minister George Papanastasiou commented on the development, stating that Meridiam's involvement is “very good news” for the project, which had been in search of viable financing. He also noted that this investment could assist the governments of Greece and Cyprus in their efforts to secure funding from the European Investment Bank.
The Great Sea Interconnector is poised to play a crucial role in the energy landscape of the Eastern Mediterranean, with its successful implementation expected to enhance energy security and promote renewable energy initiatives in the region. As the project progresses, it will be closely monitored by stakeholders in both Greece and Cyprus, as well as by international investors and institutions interested in the future of energy in the area.