The proposed plant called Wildcat Point Generation Facility is expected to generate enough power to provide electricity to 390,000 homes every year.
ODEC president and CEO Jackson E Reasor Jr said the project will create jobs for the county.
"Constructing a state-of-the art, environmentally sound facility will ensure our members have access to reliable, affordable and locally produced power far in to the future," Reasor Jr added.
The new plant is expected to provide the ODEC’s member distribution cooperatives with reliable access to affordable power including over 170,000 cooperative members on the Eastern Shore.
Wildcat Point is also anticipated to reduce stress on the region’s electric grid.
ODEC’s Wildcat Point is expected to become operational in 2017.
