South Korea and the United States have agreed on a $120 billion nuclear investment programme that will support the construction of eight large nuclear reactors at federal sites across the US. The agreement is part of a wider $200 billion strategic investment covering three energy projects, within South Korea’s broader $350 billion investment commitment to the United States.
The nuclear programme, known as Project Power, will involve two Korean-designed APR1400 reactors and six Westinghouse AP1000 reactors. The AP1000 has a capacity of about 1,110 MWe, while each APR1400 can produce approximately 1,400 MWe. Specific construction dates and final locations have not yet been announced, although US officials have identified Ohio, Tennessee, South Carolina and Kentucky as locations for the projects.
Of the $120 billion, $100 billion will fund construction, while $20 billion will be held as contingency. The US and South Korea also plan to transfer a $10 billion advance payment by the end of 2026 to secure long-lead equipment. South Korea’s KEPCO and KHNP could additionally acquire a 5–10% minority stake in Westinghouse, strengthening the commercial relationship between Korean and US nuclear companies.
The agreement represents a major expansion of US nuclear construction and a deeper Korea-US nuclear partnership. The APR1400 has already been deployed in South Korea and the United Arab Emirates, while AP1000 reactors are operating in the US and China. Beyond generating electricity, US officials say the projects are intended to rebuild the domestic nuclear supply chain and strengthen America’s position as a global nuclear technology exporter.
Photo: Bloomberg