A consortium of energy companies looks set to build a connector and lay a subsea power cable, linking the North-east with Europe.
The 350-mile supercable would link Peterhead with Norway, and be the first step towards integrating the Scottish electricity network into a European grid.
It is estimated that the multi-billion pound, 1400-megawatt project would create more than 100 jobs.
The development is due to be commissioned in 2020.
The body behind the proposal, NorthConnect, says the development will promote investment in renewables.
The developer has already signed an agreement with the National Grid for the connection to go ahead.
Scottish Liberal Democrat leader Willie Rennie, who was on a fact-finding visit to Peterhead last week, welcomed the announcement.
He said: “We need a European super grid to improve energy security across Europe. The proposed project between Peterhead and Norway could bring a considerable number of jobs and investment to the Buchan area.
“As we move towards offshore renewables, we should be investing to connect to the European grid,” he added.
Scottish Secretary Michael Moore, who was also visiting the North-east, added: “Investment in renewables represents a massive opportunity for Scotland. I think this proposed energy link would compliment what is already happening in the oil and gas sector in the North-east.”
NorthConnect is owned by Scottish and Southern Energy, Swedish company Vattenfall and a number of Norwegian firms, Agder Energi, E-CO Energi and Lyse.