President Donald Trump is expected to sign legislation Friday to build a $2 billion power plant in southwest Kentucky, his administration announced.
Trump, who is on a two-day trip to Louisville, has pledged to sign the $2,873 million contract by the end of the week.
It’s a significant boost for a project that is a centerpiece of the president’s energy strategy.
Trump is also expected to announce the $1.8 billion contract for a $1 billion power project in Tennessee.
“Kentucky’s economy and the energy sector are key to our country’s long-term success, and this project will help build our coal and natural gas infrastructure while also creating jobs,” Trump said in a statement.
“This project is critical to Kentucky’s ability to meet our obligations to the United States and international investors.”
The plant would create about 400 construction jobs and could generate $1 million in annual revenue.
The deal includes an $8.7 billion loan, plus another $1,500 per worker for each hour worked and $4 million for a tax credit for each job.
The coal project is part of a larger energy policy push to spur economic growth and create jobs, with Trump pledging to slash taxes on fossil fuels and invest in renewable energy.
The president’s budget calls for cutting federal spending by $1 trillion over the next decade and to spend more on domestic energy projects.
Trump has called on coal companies to invest in renewables, which is the largest source of federal investment in the coal industry.
The White House said the coal plant would generate about 3,000 jobs in the region.
The plant would also help support jobs in manufacturing, construction and maintenance, administration officials said.