The derelict plant, which closed 27 years ago, is to be transformed into a mixed-use development featuring apartments, stores and offices.
Irish developers Richard Barrett and John Ronan, whose Jersey-registered Real Estate Opportunities owns the site, have received permission to build 3,400 homes and 330,000 sq m of commercial space.
The consent means the pair can raise money from investors to finance the project and repay money owed to Lloyds Banking Group and Ireland’s National Asset Management Agency.
But the scheme is dependent on an extension being built on the Northern Line from Kennington, to which REO has promised to contribute £200m.
Barrett and Ronan acquired Battersea Power Station in 2006 for £400m, but their previous plans for the site were thrown out.
The revised proposals have reduced the office and retail space. The power station’s two former turbine halls will become an events venue, and will contain the largest ballroom in London. There will also be 500 affordable homes built.
The proposals involve the demolition and reconstruction of the building’s four smokestacks and the loss of a Victorian-era water-pumping facility.
The project will take more than a decade to complete.
The Battersea Power Station scheme is part of a wider regeneration plan for the Nine Elms neighborhood covering the south bank of the River Thames between the Chelsea and Vauxhall bridges.