Larne in Northern Ireland has been named as the only viable location in Ireland in which to build a compressed air energy storage (CAES) facility.
CAES involves capturing energy generated from wind turbines that would otherwise be wasted and storing it as compressed air that can then be utilised at a later date to power a turbine to convert it back into electricity.
Gaelectric, the company behind Project-CAES Larne, wants to begin test drilling in the area in order to locate salt deposits, which it would then extract to make room for CAES, the Larne Times reports.
Project manager Ger Vowles said that CAES has a number of environmental benefits and provides much-needed energy security.
"This will include a significant local economic benefit in the form of investment and jobs in the Larne area during construction of the £175 million facility," he added.
Last month, Northern Ireland environment minister Alex Attwood gave the go ahead for a new £100 million golf course close to the Giant's Causeway on the Northern Antrim coast.