Real Ventures chief executive officer Ray Tucker said "We are now proceeding to secure funding for the final design and construction work for the Immingham project."
The new Reality Energy Centre will be located on a three-acre site owned by Associated British Ports, and will use sustainably sourced wood pellets as fuel.
The combined heat and power plant will have an electrical output of 49MW enough to meet the power requirements of 90,000 homes.
Detailed plans for the construction of the plant will now begin and the facility will become operational in 2015.
