The outline planning application was approved by Wandsworth Council in November last year and received the Mayor of London's backing in December.
The site's developer, Treasury Holdings, has confirmed work is now expected to start on site in 2012.
The project would see the Grade II* Listed power station restored and opened up to the public for the first time.
-- Advertisement --
It also includes a pledge of more than £200m towards a two station extension of the Northern Line from Kennington. One new tube station is to be located at the power station site with another at Wandsworth Road to serve the eastern part of Nine Elms.
The proposals are key to the regeneration of the Vauxhall-Nine Elms-Battersea Opportunity Area which includes 227 hectares of land on the south bank of the Thames.
Wandsworth Council's planning applications committee chairman Cllr Nick Cuff said: "This is excellent news for the power station and a big step forward for the regeneration of Nine Elms. The scheme will secure the future of one of London's best loved landmarks and open up the building to the public for the very first time. Thousands of badly needed homes and jobs will be created across the site and the Northern Line extension will breathe new life into this part of central London."
The completed project would create more than 3,400 new homes and 15,000 new job and training opportunities across the 40 acre power station site.
(CD)
