Woori Bank said on Saturday it completed arranging $825 million (1.1 trillion won) in refinancing for a 950-megawatt gas-fired combined-cycle power plant in Trumbull County, Ohio.

The project had Korea Southern Power, the Korea Overseas Infrastructure and Urban Development Corp (KIND) and Siemens Energy participating as joint investors. Woori Bank oversaw a financing structure transition in line with the plant’s operating schedule and served as the arranger.

The power plant is located in a key area within PJM (Pennsylvania, new Jersey, Maryland Interconnection), spanning the eastern and midwestern United States. It is a region where power demand is rising rapidly due to the spread of AI and an increase in data centres, and is assessed as an infrastructure asset capable of generating stable returns.

Hae-yeon Lee (이해연), a deputy general manager in Woori Bank’s infrastructure finance division, said, "By refinancing in line with the start of commercial operations, we strengthened our position in the North American energy market." She said the bank plans to continue expanding global infrastructure investment and support for overseas expansion by South Korean companies.