Woori Bank leads $825m refinancing for Ohio power plant

(Woori Bank)

Woori Bank said Sunday it has completed an $825 million refinancing for a 950-megawatt combined-cycle gas turbine power plant in Trumbull County, Ohio, as the facility enters commercial operation.

The project is a joint investment with Korea Southern Power Co., the Korea Overseas Infrastructure & Urban Development Corporation and Siemens Energy. Following the plant’s April 15 start-up, Woori led the refinancing of construction loans into long-term facility financing.

The plant sits within the PJM Interconnection, which manages electricity supply across 13 US states. Rising demand driven by AI and data center expansion is expected to support stable returns.

Woori secured financing rights for the project in 2022 and raised $150 million from domestic institutions. It completed the latest transaction by co-underwriting $230 million with KB Kookmin Bank, structured as long-term loans and revolving credit facilities for operations.

“This transaction strengthens our presence in the North American energy market by providing timely financing at the start of commercial operations,” said Lee Hae-yeon, deputy general manager of Woori Bank’s infrastructure finance department.

The bank said it plans to continue targeting high-quality global assets and support the overseas expansion of Korean companies through project financing.