The sites that have been chosen are America Farm, Morris Fen and Newborough.
Solar panels at America Farm and a potential combination of panels and wind turbines at Morris Fen and Newborough, would generate huge amounts of electricity and income for the council.
Peterborough City Council is facing a £19 million gap in its 2015/16 budget. Profits from the renewable energy parks would be used to protect vital services from cuts.
A report, being presented to a meeting of Cabinet on 24 February, recommends that the America Farm project be taken to a planning committee for a decision.
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This would be subject to the satisfactory resolution of a number of outstanding English Heritage issues, relating to archaeology.
The council is confident a solution can be found.
The proposed ground mounted solar panels at America Farm would generate up to 7.2 megawatts of electricity every year – enough to power approximately 7,000 homes.
Last month, the council's Scrutiny Commission for Rural Communities questioned the cost of the project and the likely financial returns.
Revised figures, which will be discussed by Cabinet, show the America Farm scheme alone would make a profit of between £5.2 and £5.9 million over 25 years.
The tenancy of the farm has been resolved, a study found soil quality to be a lower grade than previously categorised and there has been little local opposition.
The renewable energy projects form part of the council's current, and ongoing, budget consultation. So far, there have only been a handful of comments relating to the three schemes. The council has responded to each one.
(CD/MH)
