Woori Bank said it has completed a refinancing arrangement worth $825 million (about 1.1 trillion won) for a 950-megawatt gas-fired combined-cycle power plant in Trumbull County, Ohio, expanding its footprint in North American infrastructure finance.
The bank said Sunday the refinancing was timed to the start of commercial operations at the plant. The project is jointly funded by Korea Southern Power Co., the Korea Overseas Infrastructure & Urban Development Corp. (KIND) and Siemens Energy. After the plant began full operations on April 15, Woori led the conversion of construction-stage loans into long-term facilities financing suited to the operating phase.
Woori said it first provided financial support for the project in 2022, when it secured a lead role by raising $150 million from South Korean financial institutions. In the latest refinancing, it said it and KB Kookmin Bank jointly underwrote a total of $230 million in long-term facilities loans and a revolving credit line to be used for working capital.
Lee Hae-yeon, deputy head of Woori Bank’s infrastructure finance department, said the deal supplied funding on schedule with the start of commercial operations and strengthened the bank’s position in the North American energy market. Lee said Woori will continue to seek high-quality global assets and support South Korean companies expanding overseas as a financial partner.
* This article has been translated by AI.
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