THE company behind plans for a massive energy storage facility outside Larne said it would have "significant economic benefits" to Northern Ireland.
Renewable energy firm Gaelectric wants to build a compressed air energy storage (CAES) unit at a cost of 300 million.
It said the project could boost economic activity in the north by 161 million and lead to more than 500 new jobs.
The facility would use excess energy from the grid and store it to be used when required.
The company said the project could be a "blueprint" for similar proposals across Europe.
A report by business advisory group FTI Consulting said the project would be an "infrastructural asset for Europe" and had "the potential to help transform the economy of Northern Ireland to become a more competitive business and investment location".
The proposals have been classified as a European Project of Common Interest (PCI).
Gaelectric Group CEO Brendan McGrath said: As Northern Ireland considers its future energy needs in the context of critical capacity constraints within the next five years and as yet unresolved interconnection with the rest of the Single Electricity Market and to the rest of the United Kingdom, the pivotal role of bulk energy storage has moved centre stage.
"However, what is needed is bulk storage that can also provide the range of services to transmission system operators as envisaged under the DS3 process which seeks measures to facilitate the integration of renewable energy sources."
Extra energy is converted into compressed air and then stored in caverns with salt layers deep underground.
The technology is already used in Germany and Alabama in the United States.
Mr McGrath said the project would "provide bulk, grid-level storage that is responsive, safe, effective and supports the integration of Northern Irelands renewable energy resource.
Gaelectric are expected to submit a planning application for the project this autumn hope to get the project "shovel ready" by the end of 2016.
