Jersey Electricity has announced that longer-term financing arrangements have been put in place to replace the existing two year revolving credit facility which was initiated to cover the expected costs associated with a further subsea cable between Jersey and France (along with associated land cabling works and equipment installation) during the period up to commissioning.

Normandie 3 will be the third interconnector to be installed between Jersey and mainland France and will become the second in active service, alongside Normandie 2.

It is a shared ã70m investment between Jersey Electricity and Guernsey Electricity as part of its long-standing partnership, the Channel Islands Electricity Grid (CIEG).

Jersey Electricity has obtained 20 and 25 year financing via a private placement supplemented with a five year revolving credit facility.

At 11:01am: (LON:JEL) Jersey Electricity Company The Ltd share price was +1.5p at 334p