SunCable's A$20 billion (US$24 billion) project will generate enough energy to power 3 million homes.
"It will be the largest solar precinct in the world and heralds Australia as the world leader in green energy," Environment Minister Tanya Plibersek said.
The 12,000-hectare Australia-Asia Power Link project will help turn Australia into a renewable energy superpower, the minister added.
The project, backed by tech billionaire and environmental activist Mike Cannon-Brookes, includes panels, batteries and a 4,300 km subsea cable linking Australia with Singapore.
The project aims to deliver up to 6GW of renewable energy to large-scale industrial customers in both Darwin in the North Australia and Singapore.
In a separate statement, SunCable Australia's Managing Director Cameron Garnsworthy said: "SunCable will now focus its efforts on the next stage of planning to advance the project towards a final investment decision targeted by 2027."
SunCable will be investing further in communities in the Northern Territory, Singapore and Indonesia to progress the next phase, Garnsworthy added.
-- BERNAMA
