Muirhall Energy has made a planning application to the Scottish government to build its 409MW Teviot onshore wind farm.
The final plans for the project are for 62 turbines, down from 75 in the original layout, with a number of turbines removed in response to feedback from local residents, community groups and consultees.
The project would be sited around 8km south of Hawick in the Scottish Borders region, and includes plans for a solar array and battery storage.
It could produce the equivalent of the annual consumption of approximately 440,000 UK homes, or 700,000 electric vehicles, the company said.
If consent is granted, Muirhall Energy will work with community groups to achieve Community Shared Ownership of up to 10% of the wind farm, which could see local groups become the biggest community investors in renewable energy anywhere in the UK.
Muirhall will introduce the model which has successfully delivered community shared ownership at Crossdykes Wind Farm near Langholm, where the community now owns a 5% stake in the wind farm, greatly increasing the annual income generated for the community by the wind farm.
This would be in addition to Teviot Wind Farm’s UK-leading Community Investment Fund of over £2.8m a year, which will be created to enable communities across Teviotdale to develop and support projects of their choice. The fund equates to £114.4m over the 40-year lifetime of the project.
Muirhall project manager Jamie Leslie said: “We really value the level of engagement we have with local residents and community groups, and have worked hard to reflect people’s suggestions wherever we could.
“We want to continue that dialogue and now start to assess the appetite of local communities to take an ownership stake in the project in order to generate an additional revenue stream to invest in the local area.”