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25 September 2026

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Addleshaw Goddard advises Jersey Electricity on major refinancing and extension of debt facilities

International law firm Addleshaw Goddard has advised Jersey Electricity on a significant enhancement to its long-term financing arrangement, to support the largest investment programme in the company's history.

The financing is intending to provide long-term funding flexibility to support the delivery of Jersey’s five-year capital investment programme, which includes the ‘Big Upgrade’ project for its electricity network.

The previously announced £180 million five-year capital investment programme aims to increase network capacity, strengthen long-term energy resilience and support the island's transition towards increased electrification.

The new arrangements feature a £100 million sustainability-linked revolving credit facility (RCF), with an additional uncommitted accordion option of up to £50 million, provided by a syndicate of commercial banks consisting of Lloyds, NatWest and HSBC. It also includes a new £100 million uncommitted US Private Placement (USPP) shelf Notes facility provided by PGIM Inc.

We continue to see strong investor/funder appetite for energy transition aligned infrastructure assets, especially those with secure contracted or regulated cashflows. We were delighted to work alongside the Jersey Electricity team and the financing parties, and other advisers, on this strategically important transaction, which delivers a robust and flexible long-term funding platform for Jersey Electricity as it embarks on the largest capital investment programme in its history

Rory Connnor

Partner, Co-Head of Power, Infrastructure Projects & Energy

Addleshaw Goddard

The Addleshaw Goddard team advising Jersey Electricity comprised of Rory Connor (Infrastructure, Projects & Energy), William Morrison (IPE), Kayode Adeniran (IPE), Sarah Snowden (IPE), Ryan Ogg (IPE), Roberta Markovina (Finance/US Securities), Jonathan Malim (Finance/US Private Placement), Alistair Stark (Finance/US Private Placement), and Paul Denham (Derivatives).