The application, submitted by Siemens and Associated British Ports, was approved by Hull City Council’s planning committee last week.
The plans include a factory of between 12,500 and 26,000 square metres, offices, a helicopter landing site and parking for 300 cars. According to the applicants, the site will also create 345 to 445 jobs during construction.
The development, at the port’s Alexandra Dock, forms part of the council’s Green Port Hull project.
Alex Codd, the council’s city planning manager, said it was the first application to be approved on the east coast for the manufacturer of offshore wind turbines and that the development was a "once-in-a-lifetime opportunity for the city and its people".
Four other related applications were also approved allowing the work at Alexandra Dock to take place.
Last week, Hull also approved a local development order (LDO) for the port’s enterprise zone, relaxing planning rules for large-scale developments in the renewables and low-carbon industries.
Codd said the Siemens application and the LDO "places the city in an exceedingly strong position to capture a significant proportion of the renewable market associated with offshore wind".
Steven Bayes, the council’s portfolio holder for economic regeneration and employment, added: "We welcome that the planning committee has approved the application as it marks another key milestone in this major project which is part of Green Port Hull."
He said Hull and the surrounding region wanted to become "the UK renewables hub", adding: "We will now be working with our partners to continue work on the skills, supply chain and land aspects of the Green Port Hull offer to make sure the city and surrounding region can gain the maximum benefits."
Final approval for the plans must be given by the secretary of state for communities and local government.