South Korea transfers US$2.4 billion to Washington for a Texas energy project, Finance Minister Lee Hyoung-il confirms during a parliamentary audit response. Lee says the transfer is made as part of funding tied to an agreement between South Korea and the United States under Seoul’s investment initiative.
The project, referred to as “Project Star,” is a gas-fired combined-cycle power plant intended to supply electricity for AI data centers in Texas. Korea Times and Yonhap describe it as involving the construction of a 6,472-megawatt power plant with an estimated total cost of about US$22.3 billion. Lee indicates that roughly 10% of the project’s budget is sent to the United States, with the transfer occurring on Thursday.
Different outlets frame the confirmation through the broader investment context. Korea Times links the transfer to South Korea’s pledge to the U.S. made last year in connection with lower tariffs, describing other components of the pledge. Yonhap focuses on the transfer itself and the minister’s statement in parliament.
