It comes less than a fortnight after Prime Minister Scott Morrison killed-off a proposal to explore for gas off the coast between Sydney and Newcastle.

The Hunter Coast Offshore Wind Project is part of a plan to develop at least 4.3 gigawatts of offshore wind capacity in Australian waters in coming years.

BlueFloat is already developing several European offshore wind projects, including in waters off Spain, Portugal, Italy and Scotland and has specialised in the deployment of floating offshore projects.

"Offshore wind energy is booming globally and now it is Australia's time,"BlueFloat Energy chief executive Carlos Martin said.

"We are excited by the prospect of introducing the two types of offshore wind technology (floating and fixed) into Australia, as this will enable us to harness some of the best offshore wind resources globally."

The Hunter project would be located in the offshore wind renewable energy zone to the south of Newcastle.

BlueFloat Energy hopes to start construction in the next five years, pending state and federal government approvals. The turbines would have a lifespan of between 30 to 40 years.

Mr Martin said the project was designed to support the revitalisation of the Hunter region as it transitions from coal-fired power.

"It will supply existing large energy users such as Tomago's aluminium smelter as well as the emerging loads such as green hydrogen being promoted by the Hunter Hydrogen Hub," he said.

A Blue Economy Cooperative Research Centre report said Australia was yet to capitalise on significant offshore wind capacity.

That is despite the International Energy Agency nominating it as one of the "big three" likely sources of renewable energy globally alongside solar and onshore wind.

It said sites that had traditionally been electricity generation hubs, such as the Hunter and Latrobe valleys and Gladstone, were found to be particularly suitable as they were close to transmission grids and had strong offshore winds at times when solar and onshore wind output was limited.

Similarly, the Australian Energy Market Operator has also suggested the Hunter offshore wind zone has the lowest cost to expand of any renewable energy zone in the national electricity market.

The City of Newcastle and Maritime Union of Australia have also endorsed the creation of an offshore wind project off the region's coast.

In addition to generating energy, the project is seen as an opportunity for hundreds of Hunter workers to transition their skills into renewable energy industries.

BlueFloat was formed 18-months ago with the support of the US-based 547 Energy -a renewable energy investment wing of the US$17 billion (A$24 billion) private equity firm Quantum Energy Partners.

The company's Australian manager, former Commonwealth Bank global head of project finance, Nick Sankey, said the recent passage of federal legislation that lifted an effective prohibition on Australian offshore wind projects had facilitated the company's entry into the Australian market.

The partnership's first Australian project will be the Greater Gippsland Offshore wind project located within the Bass Strait.

The project is designed to serve as a renewable energy replacement for the region's brown coal power stations slated to close and take advantage of the established electricity network infrastructure in the region.

Likewise, the Wollongong Offshore wind project will be located across two sites off the coast of the Illawarra industrial precinct that could potentially supply renewable electricity for hydrogen production and metals processing.

Additional projects off the coasts of Tasmania, South Australia and Victoria, are expected to be announced in early 2022.

Oceanex Energy announced earlier this year that it was in the early planning stages for a 1.8 gigawatt floating windfarm off the Hunter coast. It is one of five projects with a combined capacity of 9 gigawatts that the company wants to develop.

The company said the projects would support new industries such as green hydrogen and electric transport as well as avoid the environment issues with land based infrastructure and energy projects.