AUGUSTA — Saying he sees an opportunity for improved commerce between Maine and Canada, Gov. Paul LePage signed a bill Thursday to set aside $300,000 to study the feasibility of a privately funded east-west highway across Maine.

During a brief State House ceremony, the governor signed the bill and handed the pen to its chief sponsor, Republican Sen. Doug Thomas of Ripley. Thomas said it would likely be two years before the project could start.

The governor said he has communicated with the premiers of New Brunswick and Quebec, which straddle Maine, “and they’re very excited about this opportunity. It is good for commerce” between the United States and Canada, the governor said.

An east-west highway has been talked about for decades in the State House, and LePage said he’s pleased to see legislation that brings the state closer to “a shovel in the ground” on the project.

Unlike past proposals, this one calls for private investors to fund the project, whose estimated cost is in the $2 billion range, and maintain it with tolls paid by motorists. Much of the traffic would be Canadian truckers moving their products from the Maritime Provinces to Quebec and the Midwest, proponents say.

The latest concept calls for a 220-mile highway between Calais, on eastern Maine’s border with New Brunswick, to Coburn Gore, on western Maine’s border with Quebec.

The LePage administration joined construction, paper and other industries in supporting the bill. One of the project’s biggest boosters is Peter Vigue, chairman of Cianbro, a Maine-based construction company with operations around the country.

The environmental group Defending Water for Life expressed concern that the highway would open to exploitation resources including water, timber and gravel, without adding value to those goods. And some lawmakers said they are concerned that the $300,000 cost of the feasibility study – money the administration says is available – could mushroom by hundreds of thousands of dollars at a time when state dollars are tight.

The bill’s supporters answered the latter concern by amending the bill so that contractors investing in the project will have to pay the $300,000 back to the state if the highway’s construction is approved.

Thomas said the feasibility study will basically answer whether construction of the highway is worth the investment. Thomas said the highway means much more than hundreds of construction jobs and an easier route for Canadian truckers.

“This road will connect central Maine to millions of new customers in Canada,” he said. “I hope that after decades of layoffs and business closings, that this is the beginning of a more prosperous Maine.”