Kim & Chang supported a 950MW combined-cycle gas power project in Trumbull County, Ohio on its USD 825 million post-commercial operation date (“COD”) refinancing which achieved financial close on April 29, 2026. The transaction represents the largest refinancing to date of a US power infrastructure asset majority-sponsored by Korean public-sector entities. The project, sponsored by Korea Southern Power Co., Ltd. (“KOSPO”) and Korea Overseas Infrastructure & Urban Development Corporation (“KIND”), together with Siemens Energy, will feed the PJM Interconnection, the largest regional transmission organization (“RTO”) in the US, which is experiencing high demand in the wake of an explosion in regional data center growth.

The refinancing, which includes a USD 200 million Term Loan A (“TLA”) facility (underwritten by Korean commercial banks) and a broadly-syndicated USD 625 million Term Loan B (“TLB”) facility, replaces pre-existing construction financing and mezzanine debt. The project’s successful COD and refinancing underscore the increasingly important role of Korean strategic and financial investors in helping to address the evolving energy and infrastructure needs of the US market.

Our firm advised in connection with the US merchant power-specific financing agreement architecture and lender group negotiations, supporting the deal team in adapting prevailing PJM merchant financing and TLA/TLB structures to accommodate the institutional and regulatory requirements of Korean financial institutions. Drawing on our firm’s extensive cross-border project finance experience and integrated understanding of both Korean sponsor and lender practice and US market practice, we contributed to the structural robustness of the transaction and the efficient progression of negotiations between the various transaction parties.

This transaction constitutes a new baseline for Korean sponsors and financial institutions advancing into the US energy and infrastructure market. It is also expected to serve as a practical benchmark for similar future transactions and a potential indicator of expanded Korea-sourced strategic and financial investments in critical US energy infrastructure.