Thousands of construction jobs are to be created after funding was secured for a project to build one of the world’s largest offshore wind farms.

Estimates suggest the £2.5 billion East Anglia ONE development will generate 714 megawatts of energy - more than the 630 megawatts produced by the next largest wind farm, the London Array.

East Anglia ONE will be built off the coast of Lowestoft, in Suffolk, where it is expected to power some 500,000 homes, a significant proportion of which will be in Norfolk and Suffolk.

According to developer ScottishPower Renewables, the construction phase will see around 3,000 jobs created, while at least half of the total budget set aside for the project will be spent in the UK.

Work to build the 102 turbines around 26 miles off the coast could get off the ground as early as next year, with the wind farm set to start production by 2020.

It is the first - and smallest - of four such projects that ScottishPower Renewables is building off the east coast.

Project director Charlie Jordan said the scheme would help both the environment and bolster the region’s employment figures.

“East Anglia ONE will deliver substantial environmental benefits for the UK, it will stimulate considerable UK investment, and it will support thousands of jobs,” he said.

“East Anglia has some of the best conditions anywhere in the world for the development of offshore wind, and we are fully committed to the region, with future developments already in the pipeline.”

The project was given the go-ahead shortly after Dong Energy made the final funding decision to build another wind farm off the coast of Grimsby, in Lincolnshire.

Hornsea One is expected to create as many as 2,000 jobs during the construction phase and generate enough energy to power around one million homes.