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South Korea Selects Gas-Fired Power Plant as First Major U.S. Investment Project on July 28

2026-07-28 09:52:02

According to South Korea's Ministry of Industry, Trade and Energy on July 28, the government has selected a gas-fired combined-cycle power plant construction as its first investment project in the United States. The project aims to address rapid electricity demand growth driven by AI data center expansion in the U.S. South Korea committed to investing a total of $200 billion in the U.S. with an annual cap of $20 billion, under a joint framework agreement finalized during last year's Korea-U.S. summit. If ongoing coordination with the U.S. Commerce Department proceeds smoothly, the project could be submitted for approval to the U.S. Committee on Foreign Investment in the United States as early as next month, followed by President Trump's final approval. Combined-cycle plants offer shorter construction timelines and higher efficiency compared to conventional thermal power plants.

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