Woori Bank Finalizes $825M Refinancing for Ohio Power Plant

Woori Bank executed an $825 million refinancing for a 950-megawatt combined-cycle gas turbine power plant in Trumbull County, Ohio, as it begins commercial operations. The refinancing converted construction loans into long-term financing, co-underwritten with KB Kookmin Bank, which involved $230 million structured as long-term loans and revolving credit facilities.

The project, a collaboration with Korea Southern Power Co., Korea Overseas Infrastructure & Urban Development Corporation, and Siemens Energy, aims to capitalize on rising electricity demand in the PJM Interconnection region. As Woori seeks to enhance its position in the North American energy sector, it underscores a strategy of targeting global assets and facilitating Korean companies' overseas ventures.