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South Korea lines up $22.3 billion Texas gas power project
The gas-fired plant in Encinal, Texas would be built in stages starting with 1.4 GW, with customer and power purchase agreement details still pending.
South Korea has identified its first major US investment site tied to a planned $350 billion commitment, selecting a gas-fired power complex in Encinal, Texas, according to OilPrice.
The proposed project is valued at $22.3 billion and would deliver 6.3 gigawatts of capacity, with initial construction planned for 1.4 GW of simple-cycle gas turbines, followed by about 4.9 GW of combined-cycle generation, the outlet said.
OilPrice also noted that the plan requires final US approval and that no customers have been confirmed yet. It said a power purchase agreement has not been signed, with signing targeted for 2027, and it reported the Trump administration requested expanding the project by about 25%, which would raise the price to roughly $25 billion.
The article further states that under a November 2025 agreement, Seoul would supply $200 billion in upfront capital for projects in strategic industries, capped at $20 billion per year, with additional details still incomplete.