Woori Bank said on the 3rd that it completed arranging a total of $825 million (Hanwha 1.1 trillion won) in refinancing to coincide with the start of commercial operation at a large U.S. gas combined-cycle power plant. The financing focused on converting loans raised during the construction phase into long-term facility funds suitable for the operation phase.
According to Woori Bank, the site is a 950 MW gas combined-cycle power plant in Trumbull County, Ohio. Korea Southern Power (KOSPO), Korea Overseas Infrastructure & Urban Development Corporation (KIND), and Siemens Energy jointly invested and are carrying out the plant construction and operation project.
Woori Bank also secured the arranger role when it first supported the project financially in 2022 by raising a total of $150 million from domestic financial institutions. In this refinancing, it jointly underwrote with KB Kookmin Bank a total of $230 million in long-term facility loans and a revolving credit facility for working capital, bringing the transaction to a close.
Lee Hae-yeon, deputy general manager of Woori Bank's infrastructure finance department, said, "This financing arrangement supplied funds in a timely manner to match the start of commercial operation, solidifying our footing in the North American energy market," adding, "We will identify high-quality global assets and help domestic companies expand overseas."