French Meridiam to become majority shareholder in Greece-Cyprus power link company
French Meridiam to become majority shareholder in Greece-Cyprus power link company Aug 5 (Reuters) - French investment group Meridiam will sign an agreement on Wednesday to become the majority shareholder in Great Sea Interconnector (GSI), the company tasked with developing the planned electricity link between Greece and Cyprus, the Greek prime minister's office said.
The Great Sea Interconnector is a €1.9 billion ($2.19 billion) project to build a transmission cable linking Greece to Cyprus and later Israel under the Mediterranean Sea.
Cyprus is the only European Union country that has no link to other members' electricity markets, and the cable aims to improve its energy security.
The project has been stalled for years, amid concerns over its cost and tension in the eastern Mediterranean, where Greece and Turkey are at odds over the limits of their continental shelves.
A separate agreement will also be signed between Greece's power grid operator ADMIE ADMr.AT , GSI and French cable maker Nexans NEXS.PA covering seabed survey works required for the implementation of the project, the statement said.
No financial details of Meridiam's investment were disclosed.
($1 = 0.8659 euros)
(Reporting by Antonis Pothitos; Editing by Kirsten Donovan)
((antonis.pothitos@thomsonreuters.com; +48 58 769 65 78;))
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French Meridiam to become majority shareholder in Greece-Cyprus power link company