An independent assessment of Cornwall's planned £15m Wave Hub has found it will have little effect on marine life.
The Hub could generate electricity for 14,000 homes
Sited about 10 miles (16km) out to sea off St Ives Bay, the hub could generate electricity for 14,000 homes and create about 700 jobs by 2020.
The environmental impact assessment looked at the possible effect of the wave to energy converters.
The report concluded that the project would have minimal impact on marine life and fishing.
The north coast of Cornwall has some of the strongest waves in the world which is why the South West RDA is supporting the plans.
The agency has spent £500,000 on a study into whether it is viable, where it would be best located and the economic benefits of the project to the South West.
It would act as an offshore electrical "socket" connected to the national grid by an underwater cable and is due to be put in place by 2007.
If the plans get government consent construction could start early next year.
There is also a public exhibition about the scheme in Hayle on Wednesday.