President Donald Trump’s administration on Tuesday announced three projects valued at $36 billion to be financed by Japan, including an oil export facility in Texas, an industrial diamonds plant in Georgia and a natural gas power plant in Ohio.
The projects are the first investments under Japan’s $550 billion U.S. investment pledge as part of a trade deal that cut Trump’s tariffs on Japanese imports to 15%, Trump said on Truth Social. He gave few details about the projects.
Commerce Secretary Howard Lutnick said in a statement that the Portsmouth, Ohio power plant, valued at $33 billion, would be the largest natural gas-fired generating facility in history with a capacity of 9.2 gigawatts.
The facility, to be operated by SB Energy, a subsidiary of Japanese tech investor SoftBank Group
, would increase baseload power at a time of fast-growing electricity demand from data centers built to power artificial intelligence applications.
