Potential participation in a 9.2 GW natural gas power plant project in Ohio

Deal Analysis

Toshiba Corp. and Hitachi Ltd.'s potential participation in SB Energy's 9.2 GW natural gas power plant project in Ohio represents a significant investment in U.S. energy infrastructure. With a potential Japanese investment of up to $33 billion, this project underscores the continued importance of natural gas in the energy mix, even amidst growing renewable energy adoption. The involvement of major Japanese conglomerates like Toshiba, Hitachi, and SoftBank highlights the global interest in U.S. energy assets and the potential for international collaboration in large-scale infrastructure development. This deal is notable for its substantial capacity (9.2 GW), the significant financial commitment involved, and the participation of prominent players in the technology and energy sectors. The project's scale suggests a strategic focus on meeting a substantial portion of Ohio's energy demand. While the project's stage is currently undefined, the announced interest from Toshiba and Hitachi signals a potential move towards development and construction. The success of this project could influence future investments in natural gas power generation and further solidify the role of Japanese companies in the U.S. energy market.

9.2 GW natural gas power plant project in Ohio
Potential investment of up to $33 billion from Japan
Involvement of major players: Toshiba, Hitachi, and SoftBank
Highlights continued importance of natural gas in the energy mix

Market Context: The U.S. energy market is undergoing a transition, with increasing adoption of renewable energy sources alongside existing fossil fuel infrastructure. Natural gas remains a significant component of the energy mix, providing baseload power and supporting grid stability. Ohio is a major energy-producing state, with a mix of coal, natural gas, and renewable energy sources.

Source Intelligence

KEY DETAILS

Japan is expected to invest up to $33 billion in the gas plant. "Japan is expected to invest up to $33 billion in the gas plant, which will be led by SoftBank Group Corp. subsidiary SB Energy, according to a U.S. Commerce Department fact sheet outlining the investments."

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Deal Size

Japan plans to invest up to $36 billion in U.S. oil, gas and critical mineral projects, the first tranche of its $550 billion commitment under the trade agreement it struck with President Donald Trump.

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Capacity

The most significant investment is a natural gas facility in Ohio that’s expected to generate 9.2 gigawatts of power, according to a statement from U.S. Commerce Secretary Howard Lutnick, a massive project which Trump described as “the largest in History.”

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Location

The most significant investment is a natural gas facility in Ohio that’s expected to generate 9.2 gigawatts of power, according to a statement from U.S. Commerce Secretary Howard Lutnick, a massive project which Trump described as “the largest in History.”

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Announcement

February 18, 2026

PARTIES MENTIONED IN SOURCE

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SoftBank Group Corp. developer

"Japan is expected to invest up to $33 billion in the gas plant, which will be led by SoftBank Group Corp. subsidiary SB Energy, according to a U.S. Commerce Department fact sheet outlining the investments."

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SB Energy developer

"Japan is expected to invest up to $33 billion in the gas plant, which will be led by SoftBank Group Corp. subsidiary SB Energy, according to a U.S. Commerce Department fact sheet outlining the investments."

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Toshiba Corp. investor

"Japanese companies Toshiba Corp. and Hitachi Ltd. have also expressed interest in participating in the gas project, the country’s trade minister Ryosei Akazawa told reporters on February 18."

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Hitachi Ltd. investor

"Japanese companies Toshiba Corp. and Hitachi Ltd. have also expressed interest in participating in the gas project, the country’s trade minister Ryosei Akazawa told reporters on February 18."

high quality Enriched Feb 19, 2026