The joint venture (JV) between Perpetuus Energy and the Isle of Wight Council is proposing to build an energy facility around 2km offshore from St Catherine's Point.
The 30MW Perpetuus Tidal Energy Centre (PTEC) project is the largest consented tidal stream energy project in England and Wales.
Once operational, it is thought PTEC will generate enough electricity to power more than 15,000 homes.
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Marine works associated with the project have now been approved, including the deployment of tidal energy converters (TECs) and laying export and inter array cables.
Project Director Mark Francis said: "We are delighted with the decision. PTEC will be pivotal to the future growth and success of the UK's tidal energy industry.
"We started work on the PTEC project back in 2010 and secured the seabed Agreement for Lease in November 2012. Following a rigorous development and consenting phase, we have created a project that will deliver reliable power to the UK's grid and has attracted world leading turbine manufacturers to partner with us in its implementation.
"We now look forward to working with the MMO, local planning authority and all relevant stakeholders in completing the final development phase before we begin construction."
Construction on the project is hoped to get underway in 2017, with a view to being operational from late 2018.
(LM)
