Meridiam Takes Control Of Great Sea Interconnector

by News Editor

August 5, 2026

French infrastructure investment firm Meridiam has acquired a majority stake in the Great Sea Interconnector, taking over control of the project from Greece’s Independent Power Transmission Operator (Admie).

The deal places Meridiam, which manages infrastructure assets worth around €19.9 billion, at the helm of the project linking the electricity grids of Cyprus, Greece and Israel. Former Cypriot Energy Minister George Papanastasiou welcomed the move, saying the involvement of a financially strong investor could improve the project’s prospects and support efforts by Cyprus and Greece to secure financing from the European Investment Bank.

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“It is very good news. This is a fund which is viable joining a project which was looking for financiers,” Papanastasiou said.

Fresh Momentum For A Delayed Project

Admie took over the project in October 2023 after replacing Cyprus-based EuroAsia Interconnector Ltd. Progress has been slower than expected, although Nexans completed an underwater cable trial earlier this year.

The European Commission has backed the interconnector as a strategic project that would end Cyprus’ energy isolation, strengthen grid stability and help lower electricity prices. Brussels has already allocated €658 million in grant funding.

Funding Challenges Persist

Despite that support, the project has faced financial and political setbacks. Cyprus withheld previously agreed annual €25 million payments to Admie, citing limited progress and disagreements over the financing model.

The European Public Prosecutor’s Office is also investigating the allocation of EU grants following allegations that a politically exposed person influenced the funding process. Greek Foreign Minister Giorgos Gerapetritis has denied any wrongdoing.

Meridiam’s entry as the controlling shareholder is expected to strengthen investor confidence as the project seeks additional financing and moves toward implementation.

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Cyprus’ Strong Youth Employment Rate Still Does Not Guarantee Early Independence

by THEFUTURE.TEAM

September 16, 2026

Young people in Cyprus have a relatively high employment rate, but they leave the parental home later than the EU average, according to Eurostat data.

Cypriots left home at an average age of 27 in 2025, compared with 26.3 years across the EU. At the same time, 72.3% of people aged 20 to 29 in Cyprus were employed, well above the EU average of 65.5%.

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Strong Employment Does Not Mean Early Independence

Only nine countries recorded higher youth employment rates than Cyprus. Iceland led at 85.3%, followed by the Netherlands at 84%, Malta at 82.1%, Switzerland at 78.3% and Germany at 77%.

Norway recorded 76.5%, Ireland 76.1%, Denmark 74.8% and Austria 74.6%. Eurostat said countries where young people leave home earlier generally tend to have higher youth employment rates.

Southern Europe Sees Later Moves

Finland had the lowest average age for leaving the parental home at 21.4 years, followed by Denmark at 21.8 and Estonia and Lithuania at 22.7. Croatia recorded the highest average at 31.5 years, followed by Greece and Slovakia at 30.9. Spain and Italy both stood at 30.2 years.

Across the EU, the average has remained close to 26 since 2002, rising only slightly from 26.2 years in 2024 to 26.3 years in 2025.

Cyprus Labour Market Is Cooling

The figures come as Cyprus’ labor market shows some signs of easing, although demand for workers remains relatively strong by European standards.

Separate Eurostat data showed Cyprus had the EU’s largest annual decline in its job vacancy rate in the second quarter of 2026. The rate fell to 2.6% from 3.3% a year earlier, but remained above the EU average of 2.0% and the euro area average of 2.1%.

Cost Of Living Remains A Factor

Housing and other living costs can also affect how quickly young workers establish independent households. Eurostat reported that Cyprus’ household consumption price level was 89.2% of the EU average in 2025.

A relatively lower overall price level does not eliminate affordability pressures for people on modest incomes. For younger workers, the issue can be whether wages are sufficient to cover rent, utilities, food and other basic expenses.

Cyprus therefore combines relatively high youth employment with a later transition to independent living, suggesting that access to work and the ability to afford a separate household do not always move together.

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