The 305km2 East Anglia THREE development is to be built off the coast of Suffolk.
It will comprise 172 wind turbines with a capacity for 1,200mw, enough to power the electricity demands of over 850,000 homes.
The construction phase of the project is expected to support up to 4,800 jobs, bringing more than £400m into the UK economy.
If the application is approved by the National Infrastructure team within the Planning Inspectorate, construction of the project could begin in 2021.
Offshore work would start in 2022 with first power generation achieved in 2023.
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Keith Anderson, CEO of ScottishPower Renewables, said: "Our East Anglia ONE project was successful in the last government auction with a price of £119/MWh, which will make it the best value offshore windfarm ever developed in the UK.
"The offshore wind industry in the UK now benefits from more powerful and more efficient turbines. We have better vessels, more experience of working offshore, a healthier supply chain, a growing engineering skills base, increased capability to export our products and expertise around the globe, as well as ever increasing investment in UK infrastructure."
Mr Anderson also welcomed Energy Secretary Amber Rudd's commitment to offshore wind projects. Ms Rudd made the pledge during a speech at the Institution of Civil Engineers in London.
"We were very pleased to hear Amber Rudd's commitment today to support the continued growth of offshore wind power," he said. "The more offshore wind capacity we have in the UK, the more secure our energy supplies will be. It already powers 3.5 million homes per year, and with wind around our coasts in plentiful supply, it has the potential to play an even more significant role."
(LM)
