The US Department of Commerce announced on September 30 that South Korea will invest $120 billion in US nuclear power projects. The commitment, called Project Power, is the largest of three projects in a $200 billion investment package. The other two are a $22.3 billion natural gas power plant in Texas and a liquefied natural gas project in Alaska.
Under the framework the two countries will deploy eight large reactors at federal sites: two APR1400 units and six AP1000 units. Signatories include both governments, Westinghouse, Korea Electric Power Corporation and Korea Hydro and Nuclear Power. The AP1000 has a nameplate capacity of 1,110 megawatts and the APR1400 has 1,400 megawatts. Brookfield Asset Management, a part owner of Westinghouse, said the AP1000s will be built as twin units at three federal sites and the APR1400s will also go on federal sites. Commerce officials said at a September 30 briefing that the plants will be located in Ohio, Tennessee, South Carolina and Kentucky.
Of the $120 billion, $100 billion is designated for construction and $20 billion for contingency. The countries agreed to transfer a $10 billion advance payment by the end of the year to buy long-lead items. The agreement also allows Korea Electric Power and Korea Hydro and Nuclear Power to acquire a significant minority stake in Westinghouse, with terms to be settled in commercial negotiations. Brookfield said the framework provides for a Korean equity investment of 5 percent to 10 percent in Westinghouse.
Specific construction timelines and site locations have not been published. Westinghouse President and CEO Dan Sumner called the announcement a defining moment for US nuclear energy. Cameco, the other part owner of Westinghouse, acknowledged the framework announcement. The package is part of a larger $350 billion South Korean plan that also includes $150 billion for shipbuilding.
Source: ANS Nuclear Newswire - https://www.ans.org/news/2026-10-01/article-8453/south-korea-to-invest-in-us-nuclear-projects-including-8-large-reactors/