The Korean and U.S. governments have agreed to proceed with three Korea-U.S. projects under the bilateral strategic investment MOU.

The three are Project Star (Texas gas combined-cycle power), Project Power (nuclear framework), and Project North (Alaska LNG), according to the Ministry of Trade, Industry and Resources in a statement on Thursday.

Project Star will officially proceed as the first Korea-U.S. strategic investment project-a 6,472 MW gas combined-cycle plant in Encinal, Texas, costing $22.3 billion.

The project will be led by Related Companies and NextEra Energy with Lewis Energy Group, targeting first-phase commercial operation in 2029 and full operation in 2032.

Project Power establishes a ROK-U.S. Nuclear Framework to build eight large nuclear plants in the U.S. using up to $120 billion from the ROK-U.S. Strategic Investment Fund.

Project Power require an advance payment of up to $10 billion by year-end, though specific projects, sites, and schedules remain undecided pending commercial feasibility reviews and parliamentary procedures.

However, Project North remains undecided, with the two countries agreeing only to begin a review and a decision contingent on meeting commercial reasonableness requirements under the MOU and relevant domestic laws.

If it proceeds, the U.S. would create favorable conditions for Korean equipment and suppliers, including tariff reductions on steel, a long-term LNG offtake agreement at economically viable terms, and priority access for Korea to Alaska LNG.