Woori Bank announced Sunday the successful completion of an $825 million refinancing deal for a state-of-the-art 950-megawatt combined-cycle gas turbine power plant located in Trumbull County, Ohio. This significant financial milestone coincides with the facility’s official entry into commercial operation, marking a crucial step in North American energy infrastructure.
This ambitious energy project is a strategic joint investment, bringing together prominent partners including Korea Southern Power Co., the Korea Overseas Infrastructure & Urban Development Corporation, and Siemens Energy. Following the power plant’s successful start-up on April 15, Woori Bank spearheaded the refinancing efforts, transitioning construction loans into robust, long-term facility financing solutions.
Strategically positioned within the PJM Interconnection, the power plant plays a vital role in managing electricity supply across 13 US states. Experts anticipate stable and strong returns, primarily driven by the escalating demand for electricity fueled by advancements in AI technology and the rapid expansion of data centers across the region.
Woori Bank secured the initial financing rights for this pivotal project back in 2022, successfully raising $150 million from various domestic institutions. The recent transaction solidified its commitment, with Woori co-underwriting an additional $230 million alongside KB Kookmin Bank. This latest financing package is expertly structured, combining long-term loans with flexible revolving credit facilities designed to support ongoing operations.
“This transaction significantly strengthens our strategic presence within the dynamic North American energy market. It underscores our ability to provide crucial and timely financing solutions precisely when commercial operations commence,” stated Lee Hae-yeon, Deputy General Manager of Woori Bank’s infrastructure finance department.
Woori Bank reiterated its strategic focus on continuously identifying and investing in high-quality global assets. The bank remains dedicated to facilitating and supporting the overseas expansion efforts of Korean companies through its specialized project financing expertise and robust financial backing.
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