LEXINGTON, Ky. — Global Laser Enrichment announced plans to develop the Paducah Laser Enrichment Facility, a $1.76 billion project that will create 240 new high-wage positions in McCracken County, Gov. Andy Beshear announced March 26. According to the governor's office, this represents the single largest capital investment in Western Kentucky history.

The performance-based agreement can provide up to $24 million in tax incentives based on the company's investment of $1.76 billion and annual targets of creation and maintenance of 240 Kentucky-resident, full-time jobs across 15 years at an average hourly wage of $62, including benefits. KEDFA also approved GLE for up to $3 million in tax incentives through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.

GLE's 665-acre Paducah site is strategically located adjacent to the U.S. Department of Energy's former Paducah Gaseous Diffusion Plant. Once licensed, the facility is expected to re-enrich over 200,000 metric tons of high-assay depleted uranium under a 2016 contract with the U.S. Department of Energy – accelerating DOE's site cleanup mission, reducing long-term federal costs, and providing a new fuel source for nuclear power generation. The PLEF is currently under license application review by the Nuclear Regulatory Commission.

Formed in 2007, GLE is working to commercialize America's most advanced new uranium enrichment technology, currently enriching significant quantities of uranium at its Wilmington, North Carolina, pilot plant, with commercial deployment supported by more than $550 million in privately funded engineering, design, manufacturing and licensing investments, and the company was recently selected for an award of up to $28.5 million from the U.S. Department of Energy.

Local officials welcomed the announcement. Paducah Mayor George Bray noted that for over 75 years uranium enrichment has been an important contributor to the Paducah/McCracken County economy and that the region is now in exciting times as uranium enrichment enters the next stage of development. McCracken County Judge/Executive Craig Clymer said GLE will promote economic development in McCracken County through hundreds of skilled and stable jobs paying high wages and increased property tax and payroll tax for the county, positioning the county as a major player in the advanced nuclear fuel cycle supply chain.

Since the beginning of Beshear's administration, the governor has announced more than 1,300 private-sector new-location and expansion projects totaling over $48.2 billion in announced investments, creating more than 69,000 jobs, marking the highest investment figure secured during the tenure of any governor in the commonwealth's history.