The battery storage facility is planned for the site of former Thorpe Marsh power station.
Lewis Stokes, senior community relations manager at The Banks Group said the site's existing connection to the National Grid and its closeness to wind farms of the Yorkshire coast made it "an excellent location for this project."
"This is a nationally important project that will put South Yorkshire at the forefront of developments in the increasingly important energy storage industry," he said. "Our vision is to deliver a range of long-term environmental, energy security, employment, economic and community benefits through the reclamation and restoration of this landmark site while also supporting the UK's drive towards its crucial net zero targets."
The company said that it would restore the site's rail link to avoid using lorries to remove the ash waste and bring in equipment and would plant a woodland on part of the site. A planning application could be submitted to Doncaster Council in the coming months. If approved, Banks said they hoped to start work by 2024.
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