The proponents of a 2000-megawatt floating wind farm off the coast of Newcastle are confident it can help address the state's energy and climate challenge, even though existing wind farms of that type are 40 times smaller.
Only three floating wind farms are in operation, one in Portugal and two in Scotland, and the largest of these has five turbines producing a total of 50MW of power.
The Oceanex proposal for Newcastle, one of seven on the drawing board, is for 130 floating turbines producing up to two gigawatts of power.
Explainer: What offshore wind generation could mean for the Hunter
Wind turbines fixed to the ocean floor in relatively shallow water have operated around the globe for more than a decade. The largest of these produces 1200MW.
The Newcastle proposals are for 100,000-tonne floating turbines tethered to the ocean floor in deep water more than 20 kilometres from the coast.
The Oceanex project, if it passes feasibility and approvals processes, is scheduled to start construction in 2028.
Company spokesman Andy Evans said the floating technology was the future of offshore wind production.
"By the time we get to 2028 most of the new offshore wind farms will be floating because they can access deeper water," he said.
"That's where all the technology's going.
"From 2028 onwards, you're looking at the majority are going to be floating."
Norwegian power giant Equinor has started building a 94MW floating wind farm 140 kilometres off the country's coast to supply power to the Snorre and Gullfaks oil and gas fields.
The Biden administration and California governor Gavin Newsom announced in May that they wanted a floating offshore wind industry in the west coast state.
They identified two areas which could accommodate hundreds of turbines delivering up to 4.6GW of energy.
South Korea and Japan are also working on plans for floating wind farms.
The global industry has a long way to go to meet an International Energy Agency net zero target of 390GW of new wind-generated power projects every year from 2030 to 2050.
But the industry is gathering pace.
The seven largest offshore wind farms in the world were all commissioned in the past three years.
The Hunter ranked second on the government's list of suitable sites behind Gippsland in Victoria.
Oceanex has not yet announced an investment partner for a Newcastle project it estimates will cost $8 billion to $10 billion.
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