NH Nonghyup Bank has signed a deal to provide a senior bank loan worth US$590 million (691.78 billion won) for a power plant project in Nile, Michigan of the United States. A signing ceremony was held in Lotte New York Palace Hotel on May 7 (local time).
More than US$1.05 billion (1.23 trillion won) is being invested in this project to build a gas-fired combined-cycle power plant in Michigan with an annual capacity of 1,085 megawatts.
Once commercial operation begins in March 2022, the plant will be providing power to North America’s largest electricity market that stretches across Philadelphia, New Jersey and Maryland (PJM).
Korea Southern Power Co. and Daelim Energy Co. are participating as strategic investors. NH Bank, NH Investment & Securities Co. and Hana Financial Investment Co., along with Japan’s Nomura Securities Co. and France’s BNP Paribas S.A. and Credit AgricoleGroup, are in charge of joint financing.