Woori Bank Arranges Korean Financing for Major US Gas Combined Cycle Power Plant

Woori Bank has successfully completed the arrangement of a refinancing package totaling USD 825 million for a major gas combined cycle power plant in the United States.

According to Woori Bank on May 3, this transaction was structured to convert the construction-phase loan into long-term facility financing in line with the commencement of commercial operations. The project involves a 950MW gas combined cycle power plant located in Trumbull County, Ohio, United States. It is a joint investment by Korea Southern Power, Korea Overseas Infrastructure & Urban Development Corporation (KIND), and Siemens Energy. Woori Bank explained that it led the financial arrangement in conjunction with the start of commercial operations of the power plant on April 15.

Refinancing is the process of converting existing construction finance into long-term capital suitable for the operational phase. The move is significant as it restructures the financial framework based on the stable cash flow of the power plant. Through this transaction, Woori Bank led the refinancing of a total of USD 825 million.

The power plant is located in a key area of the PJM market, the world's largest electricity exchange, which supplies power to 13 states in the eastern and midwestern United States. With the rapid increase in electricity demand driven by artificial intelligence (AI) and data center expansion, the plant is considered a high-quality project in financial markets due to its status as an infrastructure asset with a stable income base. Ha Hyeyeon, Deputy General Manager of the Infrastructure Finance Department at Woori Bank, stated, "This financing arrangement is a case of timely capital provision in line with the commencement of commercial operations, further strengthening our position in the North American energy market. We will continue to identify high-quality global assets and serve as a financial partner supporting the overseas expansion of domestic companies."

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