South Korea wires $2.4 billion to U.S. for Texas AI power plant project

Finance Minister Lee Hyoung-il confirmed that South Korea has transferred US$2.4 billion to Washington, covering roughly one-tenth of the budget for the Texas “Project Star” gas-fired combined-cycle power plant slated to generate 6,472 MW for AI data centers at a total cost of $22.3 billion. The transfer, made on Thursday, satisfies part of Seoul’s investment initiative that also includes $150 billion for shipbuilding cooperation and $200 billion for strategic U.S. projects.

Lee responded to a People Power Party lawmaker’s query, asserting the project meets commercial viability criteria. He added that the Alaska LNG “Project North,” which would involve a 1,298-km pipeline from the North Slope to a liquefaction terminal in southern Alaska, is still being assessed for feasibility. The U.S. administration, led by Donald Trump, has announced a $54 billion commitment to the Alaska project, though South Korea’s industry ministry says no final decision has been made. Vice President JD Vance indicated ongoing discussions, emphasizing strong Asian demand for U.S. gas.