Battersea Power Station, one of London's most iconic landmarks, could be used to generate electricity again for the first time in 25 years.
Developers have outlined proposals for the 38-acre site which could produce power using biofuels, and have homes, offices, shops and a park.
Construction work on the £4bn development could start in 2012 with an estimated completion date of 2020.
The proposals are subject to planning permission from Wandsworth Council.
The station, which is a grade II listed building, fell into disrepair after it stopped producing power in 1982.
Regeneration plans in the 1980s were hampered by rising costs while economic recession further halted work.
The latest proposals for the site claim more than 3,200 new homes and up to 20,000 new jobs will be created.
However, there have been several proposals for the power station since it closed down, including a £500m scheme given approval in 2000.
The power station, which was built in 1933, was sold to a Real Estate Opportunities (REO) in 2006 for £400m.
Bold designs unveiled to secure Battersea power station
If given the go-ahead, developers plan to spend £150m on saving and repairing the power station, with key historic spaces retained and open to the public.
Alongside the existing power station, developers revealed plans for another "high quality building" which they claim will be the "greenest building in London". Two of the existing power station's chimneys could be reused as flues for the new Energy Centre.
Developers also plan to discuss with Transport for London about extending the Northern Line from Kennington into Battersea.
"We are determined that Londoners will not be disappointed and this area will be brought back to life in the most spectacular way," said Rob Tincknell, from REO.
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