Atlantic Wind Connection said the NJ Energy Link portion of the overall project would run the length of the state and eventually carry 3,000 megawatts of electricity generated by massive wind turbines off the coast.
"The NJ Energy Link can make the grid more reliable and lower the cost of energy in New Jersey by delivering both offshore wind and conventional electricity to where it is needed and when it is needed along the coast, whether that be southern, central or northern New Jersey," Chief Executive Officer Robert Mitchell said in a written statement.
The project involves running a "backbone" of transmission cables under the sea floor that will connect to the onshore power grid. Construction of the first phase of the NJ Energy Link will begin in 2016 with service beginning in 2019.
The federal government opened the door for the necessary permits last spring when it ruled there were no competing interests to the project. The project is expected to create nearly 20,000 jobs and will bring more wind power into the state's electricity mix.