The South Korean government looks to invest in a Texas gas-fired combined cycle power plant and is in talks for a stake that could range from between 5% and 10% in U.S. nuclear power company Westinghouse Electric, The Chosun Daily reported Tuesday, citing People Power Party Rep. Choi Soo-jin.
The government confirmed the potential investments, part of a $200 billion project pipeline in the U.S., to the National Assembly, as a reporting requirement under the Korea-U.S. Strategic Investment Act, the news outlet said.
Terms for the Texas power plant, which the government tagged as its first project under the plan, has been finalized with the U.S. side, but negotiations on other major U.S. investments such as nuclear power plants and gas fields are still ongoing, according to the report.
The government has set a $20 billion annual limit on U.S. investments, the report cited Choi as saying.
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