A £310m investment in the country's offshore wind industry is set to deliver 1,000 new skilled jobs.
German manufacturer Siemens is putting up £160m of the money, covering two sites on the banks of the Humber estuary.
The investment comprises additional cash for its previously announced construction, assembly and service facility at the Green Port in Hull.
A new rotor blade manufacturing facility would be built in nearby Paull, in East Riding, the company said.
Siemens, which already employs almost 14,000 staff in the UK, said the plant at Paull would be the first of its kind for the firm's next-generation blade technology designed for wind turbines.
Each rotor blade is 75 metres long and when rotating covers an area the size of two-and-a-half football pitches.
The company's port partner, Associated British Ports (ABP), is spending £150m on the Green Port Hull development.
Michael Suess, chief executive of energy at Siemens, said: "Our decision to construct a production facility for offshore wind turbines in England is part of our global strategy.
The announcement has been hailed as "excellent news" by the Government "We invest in markets with reliable conditions that can ensure that factories can work to capacity.
"The British energy policy creates a favourable framework for the expansion of offshore wind energy. In particular, it recognises the potential of offshore wind energy within the overall portfolio of energy production.
"The offshore wind market in Great Britain has high growth rates, with an even greater potential for the future. Wind power capacity has doubled here within two years, to roughly 10 gigawatts.
"By 2020, a capacity of 14 gigawatts is to be installed at sea alone to combine the country's environmental objectives with secure power supply.
"Projects for just over 40 gigawatts are currently in the long-term planning."
The investment was seen as a boost for the industry following a number of setbacks for new UK wind farm projects - scrapped on cost grounds.
Energy Secretary Ed Davey said of Tuesday's announcement: "This deal is excellent news for the people of Hull and the Humber, the UK, the wind industry, and our energy security.
"We are attracting investment by backing enterprise with better infrastructure and lower taxes.
"As well as helping to keep the lights on and putting more than 1,000 people in work, this deal means we will help to keep consumer bills down as we invest in home-grown green energy and reduce our reliance on foreign imports."
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