The administration of President Donald Trump has announced three projects worth $36 billion that will be financed by Japan, including an "oil export facility" in Texas, an industrial diamond plant in Georgia and a natural gas power plant in Ohio, Reuters reported, BTA reported.
The projects are the first investments under Japan's pledge to invest $550 billion in the United States as part of a trade deal that reduced Trump's tariffs on Japanese imports to 15%, Trump said in "Truth Social". He gave few details about the projects.
Commercial Secretary Howard Lutnick said in a statement that the $33 billion Portsmouth, Ohio, power plant will be the largest natural gas-fired power plant in history, with a capacity of 9.2 gigawatts.
The facility, which will be operated by SB Energy, a subsidiary of Japanese technology investor SoftBank Group, will increase baseload power at a time of rapidly growing demand for electricity from data centers built to power artificial intelligence applications, Reuters reported.