WASHINGTON/PARIS (Reuters) - France's state-owned nuclear fuel company Orano has selected Oak Ridge, Tennessee as a preferred site to build a multi-billion dollar U.S. uranium enrichment plant, Tennessee and Orano officials said on Wednesday.

The move comes months after the administration of President Joe Biden signed legislation meant to eventually end dependence on Russia, the world's top supplier of enriched uranium. The law imposed a ban on imports of Russian enriched uranium and freed up to $2.7 billion in U.S. funding for domestic uranium projects.

Jean-Luc Palayer, CEO and president of Orano USA, said the company is preparing the next required steps for the plant, including securing U.S. federal support, customer commitments, and obtaining a license from the Nuclear Regulatory Commission and approval from Orano's board.

"But today we celebrate this major milestone towards bringing a new enrichment facility online to help meet our country's need for an increased, secure domestic nuclear fuel supply," said Palayer. Orano USA's headquarters are in Bethesda, Maryland.

The officials said the plant would create more than 300 jobs in Tennessee. The project is also being supported Tennessee's Nuclear Energy Fund, which has about $60 million in approved funding.