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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] Woori Bank said on May 3 it has arranged $825 million (about KRW 1.1 trillion) in refinancing for a combined-cycle gas power plant in Trumbull County, Ohio, as the facility begins commercial operations.
The project is jointly backed by Korea Southern Power, Korea Overseas Infrastructure & Urban Development Corporation, and Siemens Energy. Woori Bank led the financial structuring, converting construction-phase loans into long-term project financing suitable for operations.
The plant is located within the PJM Interconnection, one of the world’s largest electricity markets, serving 13 U.S. states in the eastern and midwestern regions. The area has seen surging electricity demand driven by the rapid expansion of artificial intelligence and data centers.
Woori Bank said the deal demonstrates its capability to arrange financing for stable, high-quality infrastructure assets. The bank initially secured its lead arranger role in 2022 by raising $150 million from domestic financial institutions.
During the refinancing process, Woori Bank, together with KB Kookmin Bank, underwrote $230 million in long-term facility loans as well as a revolving credit line for operational funding.
“We have strengthened our presence in the North American energy market by providing timely financing aligned with the plant’s commercial launch,” said Lee Hae-yeon, deputy head of infrastructure finance at Woori Bank. “We will continue to identify high-quality global assets and support Korean companies’ overseas expansion as a financial partner.”
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
