A stalled subsea cable project for which Nexans holds a US$1.65 billion supply and installation contract may be moving toward a restart after French infrastructure investor Meridiam agreed to take control of the Great Sea Interconnector project company.
Meridiam to take 66% stake
Under an agreement announced by Meridiam and Greece's Independent Power Transmission Operator (IPTO), Meridiam will acquire a 66% interest in the company developing the Greece-Cyprus electricity link. IPTO will retain 34%, continue as technical leader and operate the interconnector upon completion. The ownership change is intended to strengthen the project's financial base and bring Meridiam's infrastructure-investment experience to the project.
Nexans was awarded the contract to manufacture and install the 525-kV HVDC connection between Crete and Cyprus, a nearly 900-km subsea link initially designed to transmit 1,000 MW. Nexans put the contract value at €1.43 billion (about US$1.65 billion) when it announced the award in 2024.
Surveys to resume
IPTO, the Great Sea Interconnector company and Nexans also signed an agreement to resume bathymetric (seabed-route) surveys, Nexans said. The surveys are needed to establish the final cable route and advance engineering work. Nexans said the agreement allows it to maintain manufacturing capacity for the project while survey and engineering work resume.
The broader interconnector is intended to link the grids of Greece and Cyprus, with a later connection to Israel contemplated. The Greece-Cyprus section is estimated to cost about US$2.19 billion and has received approximately US$758 million in EU Connecting Europe Facility funding.
Full construction has not resumed, however, as financing, regulatory and technical milestones remain. Nexans said the development marks an important step toward allowing the project to restart.
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