The company wants to develop the site of the former Peboc factory
Plans are to be submitted for a £100m wood biomass plant and wind farm at Llangefni on Anglesey.
The combined power would produce enough electricity for 50,000 homes, according to Irish company EcoPellets Ltd.
The company wants to build the plant in the town on the 55-acre site of the former Eastman Peboc factory.
Anglesey council leader Clive McGregor said any job opportunities were to be welcomed, but the plant would need planning permission first.
The County Cork-based company said it was working with the Welsh Assembly Government on proposals for the "comprehensive redevelopment" of the land.
The company estimates the construction work would create about 100 jobs over three years, with 35 full-time jobs at the end.
The company also has plans to attract other companies to part of the same site.
EcoPellets Ltd director Paul Kellet said: "This investment is large by renewable energy standards and will provide enough green power for 50,000 Welsh homes.
"Applications for building and operating permits are in preparation and dependent on the necessary permissions from the local authority, we will be ready to start the main construction early next year."
Mr Kellett added: "Wales has vast quantities of clean, inexhaustible renewable energy resources.
"It has the best wind regimes in the world and an excellent climate for growing wood."
He said "clean energy sources" currently supplied a "tiny fraction" of energy requirements, but that was now changing.
"Renewable electricity is more than just the biggest solution to our energy needs and response to climate change - it is an enormous energy resource that can bring long term business benefits to Wales," he said.
Anglesey council leader Clive McGregor gave the plan a cautious welcome.
"It fits into our pattern of becoming an 'energy island', and in that respect we welcome it," he said.
"But there is a number of things to be met first, such as planning permission, before we can look forward to the jobs."
Mr McGregor said any concerns by local residents of wood being burned on the site would be addressed during the planning stage.
"We are fortunate in Wales that we have plenty of trees, and it would be a sustainable way to produce energy," he added.
Green energy expert Dr Tom Pritchard said in principle it was an interesting scheme which could be useful.
"It would reduce our need to burn fossil fuel," he said.
"It also brings two things together, burning the wood pellets and the wind turbines - which can create an enormous amount of electricity for use by local people," he added.
A Welsh Assembly Government spokesperson said: "Ecopellets' plans for a biomass energy plant and wind farm still require planning permission from the local authority.
"The Assembly Government has a strong interest in securing the redevelopment of the rest of the 55 acre site - which we believe could attract job-creating investment."