South Korea officially unveiled comprehensive implementation plans on Thursday for three major energy initiatives in the US, advancing a $350 billion strategic investment package designed to secure critical exemptions from punishing US import tariffs.
– The two will launch a $22.3 billion gas-fired power project in Encinal, Texas, to directly power artificial intelligence data centers, with initial commercial operations slated for 2029, according to the South Korean government.
– US President Donald Trump also announced the plan in a briefing at the White House on Wednesday.
- The 6.47-gigawatt-hour plant is scheduled to begin commercial operations in 2029, the Korean government said in a statement issued in Seoul on Thursday following Trump’s announcement.
- South Korea plans to invest $120 billion in building eight nuclear reactors in the US, including two based on South Korea’s APR-1400 design.
- Seoul and Washington will review a project to build pipelines and a terminal to transport and export liquefied natural gas in Alaska, although the project will proceed only if commercial and legal conditions are met.
- South Korea’s investments will be capped at $20 billion annually under a legally binding agreement.
- Profit will be equally split between South Korea and the US until South Korea recovers its principal investment across all projects.
- Specific details on the nuclear power plant project haven’t been decided yet.