The plant will lie adjacent to the Belfast Harbour Estate wing facility of Bombardier, which manufactures planes and trains, and is expected to create 130 roles in construction and a further 20 permanent job once complete.
The site is expected to convert 120,000 tonnes of refuse derived fuel with non recyclable fractions into electricity and heat every year.
Mark Durkan, Environment Minster said, “This is good news for Bombardier’s workforce of 6,000. The new plant will help Bombardier to reduce electricity costs, maintain its competiveness within international markets and safeguard employment.
“While I am keen to increase the amount of waste which is recycled, there is still a need for facilities to deal with waste that is not recyclable. This proposal is a win for the environment and a win for the economy and achieves the right balance in planning terms.”