Water turbines could be built at a weir near Newark to harness the power of the River Trent.
Barn Energy has applied for permission from Newark and Sherwood District Council to build a hydropower station at Cromwell Weir.
Three turbines would generate 8m kilowatt-hours of electricity a year — enough to power 3,000 average UK households.
The station would be built alongside the weir and accessed by the Tarmac Quarry track from the A1133.
At its peak the hydropower station would generate 1,600 kilowatt-hours of renewable electricity at any one time.
In its application, Barn Energy said the power station would provide clean, renewable energy to the National Grid at times of most demand.
It would reduce the release of greenhouse gasses by about 8,200 tonnes of carbon dioxide a year.
The turbines are said to have no negative environmental impact and would provide an upstream passage for fish and eels for the first time since the weir was built in 1908.
Barn Energy said that would provide an improvement in biodiversity in the Trent upstream and downstream of the site.
It said: “[The project will] act as a beacon for the development of renewables in Newark, without destroying any environmental, visual or local amenity.
“In construction and operation and maintenance, it will, in turn, generate jobs and growth in the green energy sector in Nottinghamshire and provide 1,600 kilowatt-peak of renewable electricity generation capacity.”