Woori Bank Arranges KRW 1.22 Trillion Refinancing for U.S. Gas-Fired Combined Cycle Power Plant
Existing Construction Loans Converted to Long-Term Facility Financing
Woori Bank announced on May 3 that it has completed arranging a refinancing package totaling USD 825 million (approximately KRW 1.22 trillion) in line with the start of commercial operations at the gas-fired combined cycle power plant located in Trumbull County, Ohio, USA.
This project is a joint investment by Korea Southern Power, Korea Overseas Infrastructure & Urban Development Corporation (KIND), and Siemens Energy. In mid-April, Woori Bank led the refinancing process by converting the existing construction-phase loan into a long-term facility loan suitable for the operation phase, coinciding with the plant's full-scale launch.
The power plant is located in a key area of the PJM market, the world’s largest electricity trading market, responsible for supplying power to 13 states in the Eastern and Midwestern United States. With electricity demand rapidly increasing due to the expansion of artificial intelligence (AI) and data centers, Woori Bank stated that this deal demonstrates its capability to arrange financing for high-quality assets expected to generate stable returns.
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A Woori Bank representative said, "This financing arrangement is a case of strengthening our presence in the North American energy market by supplying funds in a timely manner in line with the start of commercial operations. We will continue to do our utmost as a financial partner by identifying high-quality global assets and supporting Korean companies’ overseas expansion."
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